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15 Month Plan
discotek
Posts: 17 Forumite
I've finally been making some headway with the mortgage OPs - 8 months after getting a mortgage with my partner on a two bed flat and wanted to document the journey to maintain the momentum 
I always find everyone else's diaries so interesting! I'm 27 and my boyfriend is 26 (turning 27 next month) and luckily he completely shares my sentiments about paying the banks as little interest as possible. We try and do a bigger holiday every two years so we'll need to figure that into the finances so we don't feel like we're missing out too much!
The stats:
Original mortgage: £147,188.000, 75% LTV, September 2019, 30 year term
Monthly payments: £540 / month
Current mortgage balance: £144,243.34
OPs to date: £1,852.93
Goal 1: by September 2020 OP by £10,800 (approx 69% LTV)
Goal 2: by September 2021 get to 60% LTV (£117,750.00) to put us in the best possible position for changing our rate and reducing the term next year down to 15 years.
The absolute dream is to buy a bungalow near the area we live now as my long long term dream is to build my own home. I know, I know, me and the rest of the country right! But whether it is completely possible or not, it is a driving force to save and accrue as much equity as possible so I'm going to keep going with it
I'm horrifically inpatient so if the perfect bungalow comes up in 2021 when our fix ends I want to be as financially prepared as possible to jump on it but it may be that we end up looking in 2024 if we have to fix for another two years.
Thank you for reading if you've made it this far
I always find everyone else's diaries so interesting! I'm 27 and my boyfriend is 26 (turning 27 next month) and luckily he completely shares my sentiments about paying the banks as little interest as possible. We try and do a bigger holiday every two years so we'll need to figure that into the finances so we don't feel like we're missing out too much!The stats:
Original mortgage: £147,188.000, 75% LTV, September 2019, 30 year term
Monthly payments: £540 / month
Current mortgage balance: £144,243.34
OPs to date: £1,852.93
Goal 1: by September 2020 OP by £10,800 (approx 69% LTV)
Goal 2: by September 2021 get to 60% LTV (£117,750.00) to put us in the best possible position for changing our rate and reducing the term next year down to 15 years.
The absolute dream is to buy a bungalow near the area we live now as my long long term dream is to build my own home. I know, I know, me and the rest of the country right! But whether it is completely possible or not, it is a driving force to save and accrue as much equity as possible so I'm going to keep going with it
I'm horrifically inpatient so if the perfect bungalow comes up in 2021 when our fix ends I want to be as financially prepared as possible to jump on it but it may be that we end up looking in 2024 if we have to fix for another two years.Thank you for reading if you've made it this far
Save 12K in 2020 #145 - £6,900.88 / £10,000 (Aug-20)
MFW 2020 #146 - original balance £147,188 (Sept-19) current balance £142,426.31
2020 OPs: £3,283.41
2020 OPs: £3,283.41
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Comments
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Welcome. It sounds like you have a solid plan and some wonderful dreams. I hope all your hard work gets you that much closer to your bungalow.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 20230 -
-
Update on OPs:
2020:
February - £128.07
March - £150.88
April - £200
May - £1,387.32
June - £1,381.96 (so far)
July -
August -
September -
October -
November -
December -Save 12K in 2020 #145 - £6,900.88 / £10,000 (Aug-20)MFW 2020 #146 - original balance £147,188 (Sept-19) current balance £142,426.31
2020 OPs: £3,283.411 -
Wow! Those are some great OPs and progress! It is so addictive, isn't it?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 20231 -
LeighofMar - it absolutely is! I'm now looking at every spare penny and toying as to whether to throw it at the mortgage!
We had a massive tidy up and clear out over the weekend and put aside some things that we definitely don't need or don't use any more and put them up for sale online. There's been a steady stream of interest and sold £65 worth of things so far which has all been thrown at the mortgage. Still got a few more higher price items for sale but they're quite niche so they might take a while to sell in the current climate. Also sold some old books on Ziffit for £16.96 which again has thrown at the mortgage.
Total OPs for June so far are £1,381.96 - made up of my monthly £1,250 contribution, partners £50 contribution and £81.96 worth of sold items.
Save 12K in 2020 #145 - £6,900.88 / £10,000 (Aug-20)MFW 2020 #146 - original balance £147,188 (Sept-19) current balance £142,426.31
2020 OPs: £3,283.412 -
Welcome and good luck with your dream. Your OPs so far look great. I'm going to look at Ziffit so thanks for the idea.
Have you thought of doing any online surveys? Prolific is quite good.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 swimming0
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