Dream. Believe. Achieve

kittykatneedscash

Hello shiny new diary, I recently became debt free in December 2018 well debt neutral as I have enough money in saving to pay everything back. All my debt is 0% so currently using regular savers to earn 5% so snoozing the CC and will repay loan to parent when my next reg saver matures.

If you want to read my debt free diary it can be found here

https://forums.moneysavingexpert.com/discussion/5507064/dont-call-it-a-dream-call-it-a-plan

A little about me I’m 35 soon to be turning 36 at the end of this month I bought my house in 2013. It was my grandparents house that they’d lived in for 65 years so a lot of sentimental value to me and a great opportunity to get on the property ladder but also needed a lot of work. I bought the house with my boyfriend at the time and we borrowed money from my parents for the deposit and enough to make a start the renovations. As things never pan out quite as you expect our relationship ended so I took on the mortgage and the loan to my parent by myself and a half finished house. So the last 5/6 years have not been the easiest but somehow I’ve managed to finish renovating the house, saved enough money to repay my parents and a 0% purchase credit card . Repay all my overdraft and save a £1800 Emergancy fund.

I have no children yet but a little dog that I adore and I live with a friend/lodger who rents a spare room from me taking advantage of the rent a room scheme.

Current mortgage at 1/1/19 balance was £71804.50

1.89% Fixed until April 2020 this was a three year fix at the time.

Daily interest £3.71

66.8% LTV based on the bank valuation at the start of the last fix

19 yrs 7 months remaining so Aug 2038 when I will be 55.

Now I have money available that was previously all allocated towards debt I’ve jumped ship to join you lovely MFW’s the plan is to build my EF up to 2K, start saving to various virtual pots and start to make OP’s to my mortgage. These will be small at first while I build up my various savings pots then increase the monthly OP’s. I am thinking my situation will change in the summer as I plan to move in with my BF and rent out my property which should see me able to increase OP’s further. Going to use this diary to keep track of my progress and hopefully pick up some hints and tips along the way from you lovely lot.

beanielou

Happy shiney new diary

kittykatneedscash

Thanks Beanielou:)

First OP made of 2019 I've just transferred £26.83 to the mortgage. I haven't set a target for overpayments in 2019 yet I'm just going to see how I go on over the next couple of month to start with.

In other money news I've cashed out £56.70 from TCB and this has gone towards a hotel in Manchester for the night for my birthday in a couple of weeks. The rest of the money for the hotel has come out of my weekly spends so all good.

[Deleted User]

Happy new diary to you!

Subscribed

Dxxx

jodles16

Sounds like you have been working extremaly hard these last few years, impressive stuff!


Welcome to the board, I look forward to following your journey!


Jodles

kittykatneedscash

Thanks Deleted_User and Jodles glad to have you along for the ride!

Another £6.30 transferred to the mortgage I get paid weekly so this was a little Tilly tidy when this week's wage came in. Had a pretty quiet weekend so not spent a lot which is good. It's my birthday next weekend and we're off to Manchester for a night so I can save some of this weeks spends for then. Been for a nice dog walk over the moors this morning and a chilled day now just doing a few jobs round the house.

January total so far £33.13

kittykatneedscash

Monday morning and back at work (urgh) after a lovely weekend. Spent quite a bit of time yesterday discussing plans for my BF’s house. I’m planning to move in later this year and rent mine out we’re thinking about a single storey kitchen extension to have a large kitchen, dining, living space. All very exciting and lots of time spent on Pinterest looking for ideas. Even though I’m not living there yet, we’re making all the decisions for the renovation together and I’m planning it how I want it as this will most likely be our forever house.

Anyway this diary isn’t about that house it’s about owning mine. I cashed out £29.31 from PA which was sent over to the mortgage so a good start to the new week.

January OP total so far is £62.44 pretty pleased with this in less than two weeks.

kittykatneedscash

A question for the more experienced MFW’s that have been here a lot longer than me. I have a spreadsheet that I use to record daily interest, mortgage balance each month, interest paid and balance reduction. Now I’m making mortgage overpayments and keeping a record how do I work out interest saved, cumulative interest saved and reduction in term?

Maybe I’m over thinking it do you just reduce the term remaining by a month when you overpayments add up to your monthly payment? For example my monthly standard payment is £367 so far I have I made OP’s of £62.44 once this reaches £367 do I knock a month of my expected term. Not sure how I would work out the interest saved maybe work out what the daily interest rate would be for each future month without any OP’s then what it actually works out as when I get to that month. This is only for my own records / motivation but wonder what other people do and if any of you more experienced MFW brains could help :j

Moneyfordreams

Welcome

Ladykernow

Happy new diary!

kittykatneedscash

Thanks for the welcomes Ladykernow & Moneyfordreams

Another £7.72 sent to the mortgage yesterday when I got paid. I still have some spends left over from last week and could have transferred more but it's my birthday this weekend I've got a meal out with the girls tonight and a night away this weekend so I'll see how I'm doing at the end of the weekend before I make another payment. On the countdown to 5pm now so the celebrations can begin.

January total OP's so far =£69.71