Booking myself in for an independent future

BookmobileBadGirl

I have looked into staircasing and can afford to borrow enough to buy another 20%, however I am waiting until things are a bit more settled in my job.

It also depends on what I can get on my current mortgage when my two year fix is up in January, I am quite risk averse and may be able to get a five year fix which is £10 less a month than now or another two year fix that would be £30 a month less.

I still do not quite earn the minimum household income they asked for to qualify for this flat, I had just scrimped for so long that my deposit made it for it.

BookmobileBadGirl

Today has been a no spend day!!!!!!

I have been listening to Dave Ramsey’s podcast today. I can not stand him, I find him rude and the religious aspect grating. So no more of that for me

Any recommendations for a money saving podcasts that will not make me want to cut my ears off?

BookmobileBadGirl

Have just overpaid the remaining money from August pay, mortgage is now £66,200

I received my annual letter from the student loans company, still another four years until that is due to paid off. Still toying with overpaying that a bit.

SSE have said they are going to increase my DD from £18 to £23, I have a smart meter and have never paid more than 50p a day. They shall be getting a phone call from me this weekend to get that moved back down

BookmobileBadGirl

End of the month and another little overpayment of £94.46, am now under £66k

The big news is that I have got a new job, and that it comes with a £10k pay rise, should work out at an extra £400 a month take home.

beanielou

BookmobileBadGirl wrote: »

End of the month and another little overpayment of £94.46, am now under £66k

The big news is that I have got a new job, and that it comes with a £10k pay rise, should work out at an extra £400 a month take home.

Great news on the new job

BookmobileBadGirl

To celebrate turning 32 I have set up the next fix for my mortgage starting in February 2019, fixed for three years at 1.9%

Plan is to continue trying to pay £5,000 off a year for the next three years, to get it down to £50,000 owing

beanielou

BookmobileBadGirl wrote: »

To celebrate turning 32 I have set up the next fix for my mortgage starting in February 2019, fixed for three years at 1.9%

Plan is to continue trying to pay £5,000 off a year for the next three years, to get it down to £50,000 owing

That should be doable?

BookmobileBadGirl

I have a very basic overpayment question, that I should know the answer to really. I can overpay by 10% every year but I need a bit of help to work out how much that is.

So for example I have a £100,000 mortgage, and pay back £250 each much

10% will be £10,000

So could I overpay £10k on the first of January and then still pay my usual mortgage rate each month, so that by the end of the year I will owe £87,000

Or do I need to take into the into account the amount I will pay so can only overpay £7,000 in January?

beanielou

I think it means you can pay 10% of the balance of your mortgage as it is on the anniversary of the date of the mortgage was taken out. This is over & above your normal payment.

BookmobileBadGirl

This is not going to be a good month for overpaying. I did my usual £102 overpayment at the beginning of the month but since then I have spent all the money I budget on overpayment on

- some lovely new boots for winter. They were half price so only £69.99
- lots of meet up with friends

Thankfully I am going to meet my target to be down to £65,300 by the end of December. I will kick everything off again in the new year.