1 brick at a time

As its a new decade I thought I would start a new diary. I have been on the forum for years but never created
a diary or made a single overpayment (which I massively regret!!! :mad:) until July last year before a remortgage which really helped me focus.

I remortgaged for 160, 242 in August to a 10 year fixed rate of 2.64% which allows a 10% overpayment each year. In the last half of the year I made 5312 worth of extra payments so with my normal payments the balance today is 153,122.47 (including this month's interest). We were lucky with a nice ppi payment as part of that.

I like a mini goal and my next is to get under 150k and have 5k in one of my accounts for emergencies. I mentally split my mortgage balance between rooms in my house so for every 16k capital reduction I will 'own' a room to help see progress. The first is my living room so will 'own' that when the balance gets to 144k.

I am really pleased with the achievement (esp as I was on maternity leave for quite a bit) and worked out that I have saved 3107 in interest and almost knocked 9 months off my mortgage term. I do like to look at figures quite a bit to help with motivation as it seems like such a big goal overall and little mini targets keep me focused.

I would love to overpay by the 10% allowed but I have 2 small people and want to make sure I do not regret not having experiences with then so it's about getting a balance. Last year we took them to Florida and will aim to do that again in a few years with other holidays inbetween.

I am trying to be more organised as I think this really helps me to save money and get more time with my DS's.

Having a good think about this months OPs as I would like to make one but we have an expensive car bill due :eek: I have upped my DD so automatically OP by 65 a month although with a (very) small payrise I maybe able to increase that again when I compare net pays.

I look forward to seeing what I can achieve this year and hopefully this diary will keep me accountable.
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
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Comments

  • twinklie
    twinklie Posts: 5,046
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    Congratulations on your OPs. You just inspired me to split my house up into rooms (but I’ve included the loft as a room, the front garden and the back garden as additional rooms), turns out I already own two rooms. :D
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Wow sounds like you’ve made a great start!
  • LeighofMar
    LeighofMar Posts: 672
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    Balance is key. You're off to a great start!
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • MovingForwards
    MovingForwards Posts: 16,810
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    I love how you split it into owning rooms!
    Mortgage started 2020, aiming to clear it in 2026.
  • longway2go
    longway2go Posts: 1,006
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    Thank you for the welcomes, glad that I have inspired people to split the house into rooms, I did it based on the remortgage amount and really looking forward to owning the first one.

    Twinklie which rooms do you own so far ��
    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
  • twinklie
    twinklie Posts: 5,046
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    longway2go wrote: »
    Twinklie which rooms do you own so far ��

    I’ve gone with the living room and study. This year I’m paying off the kitchen. I should probably change the study to the kids playroom. But that’s a bigger room so didn’t really feel right. :rotfl:
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • becky170
    becky170 Posts: 855
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    Wow it sounds like you're off to a great start. You'll own your living room in no time :)
    Mortgage-free wannabe #66 £105/4000
  • BVic28
    BVic28 Posts: 97
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    Glad I found your new diary, you’re progress Is so motivating given we’re at similar stages with raising a family.
    Mortgage balance as of end of Dec 19 - £120,675
    MFW 2020 challenge #35 £94.62/£750; Jan running total - £94.62
    Save 12k in 2020 challenge #34 £560.20/£6000; Jan running total - £560.20
  • longway2go
    longway2go Posts: 1,006
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    Twinklie living room def has to be the first room but I recon go for the bigger room as it will give you more incentive. I have a few questionable rooms such as the driveway lol but hey if it helps inspire for now I'm going with it. We are looking at decorating the living room so maybe that can be a little reward when I actually 'own' it.

    We are looking at booking a holiday... I'm a bit torn as it means less money towards the mortgage but if we don't do it befire DS1 is 5 we will be fined by school and also when DS2 turns 2 we would have to pay for him aswell... Not that I'm trying to talk myself into it!!! It's also given me a big incentive to loose some weigh as I saw some pics from about 6 years ago when I was 2 stone lighter and want to get back to that. So 2 days in and doing well. Anyone know where I can get cheap but good travel ins?

    Had some good news as had a booking for my second job so that is definitely OP funds, not sure if I will get the money this or next though but either way it's positive.

    I am getting a very slight increase in my monthly salary if about 40 a month net so I am going to increase my DD by 50 each month. I will then be automatically OP by 115 each month and then any other bits I can do on top. Will have a look at what that does to the term and report back.

    Managed to get some presents in the sale today which will come in handy and save money long term so they will go in the present box. The best bit though is I found a small gift for oh and he is so difficult to buy for!!!!

    Thank you to everyone for dropping in. I am aiming to read everyone's diaries and follow them
    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
  • longway2go
    longway2go Posts: 1,006
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    Couldn't stay away from the calculator lol 2 years 3 months will be saved by upping my monthly dd by 115 pm
    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
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