Moving forward and upwards

MovingForwards

Thank you SH, I'm keeping up with your diary, noticed similarities and have been unable to come up with ideas for you, selfishly if I could it would be helpful to me too!

My overall pay increases by about £120, after deductions, and I'd like to put £100 into O/Ps.  My contractual payment and the guaranteed O/Ps would see the mortgage reduce by approx £463pm + whatever I 'earn' from travel.

I'll have a better idea of finance when my 2024 spreadsheet is put together. 

MovingForwards

I've a few long weekends for the remainder of the year and a bit of holiday to carry forward to next year. 

Most bizarre thing happened while out yesterday. I parked next to the woman who part-ex my now car and she started chatting away about how much she loved the car and misses it; we both told her we're not giving it up 🤭

Popped to 2nd home today. I'm still digging what will be the herb section as there's a billion brambles to remove. As it's very open compared to my garden I wraped up but forgot to put a second pair of socks on. 

Called the mortgage co, it's £52,876 outstanding. The contractual payment reduces it by £170pm and I can still make nearly £4k O/Ps; tempting as I've my 7% account maturing next month, but I'm still waiting to see if TomBo wants the shower room done with the money. 
- I've not decided if I'll run another of these savers or if I'll just sink that monthly money into the mortgage instead as that, with current O/Ps, would cover the 10% I'm allowed to make.

I'm just going for a nap and we're having Chinese for tea.

Skint_yet_Again

Sounds like a busy day. I hate having cold feet, perhaps ask Santa to bring you some thermal welly socks? 

It would be nice to continue on flat renovations as well as o/p. Enjoy your Chinese & have a good weekend 😊

MovingForwards

Thanks Skinty, worst thing is I have thermal socks, just forgot to put them on!

Having had a start to my long weekend, even though I'm active in the garden / at 2md home, it's made me realise how much I valued working less days.

I'm swaying towards sinking max 10% O/Ps into the mortgage, throwing surplus money into savings and getting it cleared quickly.

I've got approx 2.5 years left on my fix, based on current amount of capital being paid per month, that would clear £4930 over the fix (sub-prime lender for those who are not aware).
I could potentially make £14.5k of O/Ps, but need to adjust that for each year to ensure I don't breach limits.
I would need to save approx £21.2k, or £731pm, based on current savings in the bank, to clear it in full when the fix is up; need to calculate this properly and adjust upwards to account for 10% O/P limit.

Potentially, this is doable, but I've only a year left on my contract and I'd need to do income / outgoings costing.

Watch this space!

I'm off to do gardening 😊

Skint_yet_Again

Hope you had a good day gardening 😊

Look forward to seeing your income and outgoings. Will you drop to part time ?

MovingForwards

Thank you Skinty

Gardening was a good recharge and much needed potter about.

Calculations for reaching remaining 10% O/P by March 2024:
£700 backpay
£146 x2 CT free months
£590.24 from 'spare' income
= £3943.21

The mortgage would be down to £48,253 ish in April. I'd call the lender to check what capital is then being paid off with the contractual payment and work out a plan for the remainder of my work contract and could recalculate everything if it's extended or I have a different role.

It would still leave £300 to go into savings each payday.

Annual outgoings, without mortgage (over estimated / based on current bills and rounded up):
Gas / elec £1200 (never paid this much yet!)
CT / water £1460
Internet / phones £500
Fuel £600
Car pot (car everything / car and home insurances) £1200
Beauty £1515 (could stretch some appointments to save costs)
Cat £1200. (it's a lot less than this)
Food £3600
Gifts £300
Health £200
Allotment £50 (it's less than this)
Bank fee £24
Total = £11,849

Being mortgage free means I could drop back to PT!

Edit to add the mortgage was a 23 year term and due to O/Ps made to date 7 years 7 months off it already 🤭

Skint_yet_Again

That’s a fantastic reduction to the term from your overpayments 😁

Would be great if you could pay off the mortgage and go back to part time 🤞

savingholmes

That's an amazing reduction 

MovingForwards

Thanks Skinty and SH

The reduction surprised me and just goes to show how chipping away at the mortgage has helped reduce the term.

Noticed a small error in my O/P plan to end of March, I never said the 'spare' income was per month and I've just realised I may not have accounted for being paid every 4 weeks. Still, we all get the gist of it!

NAB3 and newbie have had me foaming at the mouth, so pleased I can speak with a couple of 'sane' people.

I'm hoping the weather will be kind for my long weekend, the last couple of daytime's have been nice, cold but nice. Want to do a bit more on 2nd home herb patch.

Got my feet up.

[Deleted User]

Did you not mention a while back a possible inheritance that could possibly clear your mortgage?