Chipping away at large mortgage

PEK1

So February has come around quickly! Managed all of my £50's so far, admittedly I would forget if I didn't have an alarm reminder but it is working well for me. Got a small bonus from work so managed my 17k goal on the EF 2 months early and transferred a chunk into an ISA with a better interest rate,  woohoo. Also set up a savings account for my little one and sending little bits there when I can. 
Next thing I want to do is call the mortgage company and round up the regular payments, it will only be £20ish each month but I'm going for small and steady chipping away so hopefully we won't really notice the extra going out and every little helps

PEK1

So here we address nearly at the end of April and in the middle of a pandemic. I managed all of my weekly £50's until mid March when the pandemic hit, I decided to put the extra payments on hold. As I went on maternity at the start of March and my husband had to take a pay cut we looked at taking a mortgage holiday but decided to keep going with the payments and use savings if necessary. My savings pot is upto 20k as I've barely spent a penny the last 2 months. 

Sistergold

PEK1 said:

So February has come around quickly! Managed all of my £50's so far, admittedly I would forget if I didn't have an alarm reminder but it is working well for me. Got a small bonus from work so managed my 17k goal on the EF 2 months early and transferred a chunk into an ISA with a better interest rate,  woohoo. Also set up a savings account for my little one and sending little bits there when I can. 
Next thing I want to do is call the mortgage company and round up the regular payments, it will only be £20ish each month but I'm going for small and steady chipping away so hopefully we won't really notice the extra going out and every little helps

Hello 
just popping in to say hello. Why not set up a standing order through your account you can always amend this to any amount, anytime? Better than remembering to do it? 

PEK1

Well shamefully it's been rather a long time since I've held myself accountable here, things have definitely slipped since the pandemic hit. I did call the mortgage company around a year ago and rounded up our payments to £1300 per month (an overpayment of £64) which is all we can manage at the moment.
We have planning permission for our extension and are currently in negotiations with builders. We plan to get this started ASAP as we have a pot of 50k. We are then looking to borrow the rest against the mortgage when the fixed ends in March 22.
I went back to work in March after a year maternity leave, unfortunately now 70% of my wages goes on childcare so I don't have much wiggle room on overpayments until the little one turns 3 and we get some funding. I need to start working on a side hustle I can do in the evenings!

PEK1

Extension has started and come to an abrupt stop as we are waiting on materials. Remortgage with a different lender has been agreed and in April we will be back to square one with a mortgage of £338k   

savingholmes

Good luck with it all. Hope materials arrive soon

PEK1

Oh dear, has it really been over a year since I visited this! I need to focus this year and try to start chipping away at this more 

Our extension and house renovation is mainly finished. Costs seriously spiralled along the way last year so we still have some internal things to do (decorating, replace existing bathroom) and the back garden to turf.
The mortgage went through in April at £338k for 5 years fixed at 1.44% (what a stroke of luck that was). Or contractual payment is £1232 and we are paying £1400 per month.

Due to building costs increases we now have a credit card debt of £11k to pay off as well.

To add to the problems we now need 2 new cars as the ULEZ expansion means both my husband and I will have to pay £12.50 each a day to get to work from August (our cars are eco diesel on the lowest car tax band but due to age are not ULEZ compliant which is infuriating!)

2023 is going to be a tough one financially as the cost of living crisis is swallowing up all of our money, however I will start to get 30 free hours childcare for my son from April, not sure how much that will be yet but it can only help at least!

PEK1

Thought I'd drop by here and remind myself of the huge task at hand!

I've increased the mortgage payment slightly to £1450, hoping to round this up to £1500 in January 24.

Credit card debt is at £9k (this is 0% interest so only slowly paying this).

My husband is about to take out a loan for a car of £12k over 3 years. We cannot afford another loan for me as well so I'll be cutting my days in the office down to 1 because of the ULEZ charge, not sure how long I'll be able to do that for but it buys me some time.

The funded (because it's nowhere near free) hours childcare has given us back £300 per month which will go towards the car payment rather than the mortgage as hoped.

I've set up round ups on my bank account so some little bits trickling into a savings account, any money left at the end of the month will go into a savings account as well.