Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter

Beginning at the start!



  • Thank you for the support south coast :-)
  • doingitanywaydoingitanyway Forumite
    8.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    Happy New Year. I'm a bit late to the party so belated well done on the house purchase.
    I will be following your success :)
    If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them.

    Solicitor/survey savings 300/1700
    Emergency fund 0/1000
    Buffer fund 0/200
  • Happy New Year. I'm a bit late to the party so belated well done on the house purchase.
    I will be following your success

    Thanks for dropping by!

    I’ve updated my spreadsheet and it’s looking like we should have somewhere around £1k a month to put towards savings. I’m considering increasing the mortgage direct debit to a round £3k making a regular OP of £435, then putting the rest, along with anything else I can scrape together into savings for EF / house renovations.

    There are also a number of things we want / need to do to the house. So actually maybe this is the year to get on top of that. At least in terms of detailed prioritising, planning and costing.

    We are on a 5 year fixed rate on the mortgage, due to expire March 2024. So that’s my target. By the time we refinance I want the mortgage to be below a) £500k, and b) 75% LTV. Both those should allow us to access a significantly better rate. Ideally we’d also then have headroom to access some additional lending to fund some more major work on the house (extension).
  • longway2golongway2go Forumite
    1K Posts
    Part of the Furniture 500 Posts Name Dropper

    I thought I would drop in on your diary and see how you are getting along. Fantastic news on getting rid of your other debt. I would say get an ef to see you through a few months before op, I know that's frustrating but if you needed to fall back on it you will be glad you sorted it and once is at a level you are comfortable with you can focus everything on Ops. With my ef, I got it to a comfortable level, I set myself mini targets for my mortgage and am starting to tag in a small addition to the ef so that it's growing all be it gradually.

    Best of luck
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • Well where has this year gone! It's been a weird one that's for sure. 
    I have just submitted a request to increase dd to make a monthly overpayment of £435 - our first OP :-)
    Still debt free. I keep getting notifications that my credit score is decreasing because I'm not using enough credit. That's a problem I'm happy to live with! We've mostly just been slowly plugging away at an EF. Currently have around £16k stashed away. Not earning any interest to speak of, but it does give some comfort that it's there. 
    Mortgage balance today: £547,082. Whilst it's still a very scary number, looking back that's nearly £20k down from where it was at the start of the year, even with no OP. Can't wait to see it moving down a little faster! 
  • LeighofMarLeighofMar Forumite
    548 Posts
    500 Posts Fourth Anniversary Name Dropper
    That's great. A 16K E-fund gives peace of mind. And now your OPs will start making a difference in the mortgage. Every little bit helps, and it's so addictive watching the numbers come down. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $18,550.00
    Business Savings $55,800/100k
    Hope to be mortgage-free by end of 2023 
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