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My 5 Year Plan.

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  • jenni_fer
    jenni_fer Posts: 529 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Well done. You'll be sub £40k before you know it!
  • Thank you.  

    I've been thinking,,,,.😂

    Going to break it down into mini goals. 

    Mortgage anniversary is October so going to try for £41K, and then try and start the new year at sub £40k 
  • joedenise
    joedenise Posts: 17,621 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sorry if I'm being a bit thick.....but are "Tilly Tidies" the dribs and drabs that lurk around, the odd few pounds here and there that can be rounded up.  I was thinking I would set up a special savings account to sweep up the dregs each week And then transfer them once a month to add to my normal overpayment.   
    Only just started reading your diary so thought I'd answer your question!  Yes Tilly Tidies are just the odd bits in your accounts.  You can do it daily, weekly, monthly whichever is most convenient.  I reduced my mortgage by quite a bit over the last 5 years with TTs!  I used to make daily overpayments as I wasn't limited at all with my mortgage.  So every time a DD or SO went out there would be odd bits so across of the mortgage they went - anything from a few pence to a few pounds, every little helps!

    Good luck with getting rid of the mortgage and well done on getting below £41K.

  • Thanks Joedenise.  I've decided I will set up a seperate Tilly Tidies account and any money I can make from my decluttering efforts.  Then I'll transfer the lot once a month, together with my usual monthly overpayment, currently £200.  

    Today I have sorted out my energy supplier, saving myself £14 a month so will throw that into the mix as well.  Also need to look at my broadband package.  I have had a quick look and I reckon I can shave that too by around £10 to £15. It would be nice if I could increase my regular monthly overpayments to £250 simply by switching various suppliers and then top up with Tilly Tidies and any extras that come my way.  

    Car insurance, and house insurance all due in October so need to start shopping around. 


  • Tahlullah.H
    Tahlullah.H Posts: 1,227 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Hi.  Tilly Tidies are names after Tilly, who was a regular on this site and pretty much invented the idea of sweeping bits and pieces of small change into the mortgage account.  She still has a diary on here and visits about once a year as she achieved her goal and emigrated.  She has taken on almost legendary proportions  because she was so supportive of others.  It would be a shame if people didn't know who they were emulating.  Good luck with the over payments.
    What I do not give, you must never take by force.
    Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
    God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young.
    Linkin Park
  • Throwaway1
    Throwaway1 Posts: 528 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    Car insurance, and house insurance all due in October so need to start shopping around.
    Don't forget to use a cashback site such as Quidco or TopCashback first as they tend to pay around £35-£50 for searching through them first.

    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £10,626.55/£10,626.55
    2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
    2024: mortgage neutral!
  • Thanks for the reminder Throwaway.  Didn't realise it was that much.  Definitely worth it.  
  • helensbiggestfan
    helensbiggestfan Posts: 2,282 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    edited 31 July 2020 at 11:03AM
    Hi everyone. 

    Just made an overpayment of £250, upped from £200.  

    I'm now saving £24 a month on gas and leccy so throwing that at the mortgage 
    £11.91 in bank interest. Instead of letting it accrue again chucking it at the mortgage. 

    That came to £35.91 so I just rounded it up to £50. 

    I have been overpayIng round about The 10th of the month, after my normal dd on the 7th. No idea why.  Anyway worked out the daily interest was over £3 a day, so I figured if pay 10 days earlier I  save over £30 or so in interest. 

    Anyway now need to start the Tilly Tidies and Also see what I can start selling.  See if I can get to £300 next month.  Also Need to look at both broadband and my mobile.  See if I can make any further savings.  

    I've got the bit between my teeth now. 😁. 

  • Just had confirmation this months mortgage overpayment has gone through.  

    21/7/2020.   Mortgage.  £42,103
    Today           Mortgage.  £41.653
    Normal payments £198.38 
    Aiming for sub £40k by 31/12/2020. 
    Interest is £3.66 per day.  

    I normally overpay by £200 per month.  If my calculations are right I need to overpay by £302 per month to get me to sub £40k by the end of the year.  

    Started a mortgage piggy bank For cash dribs and drabs, small change and any cash sales or savings.  Today sold something for £2-55 in cash.  Into the pig it goes.  😁.  



  • joedenise
    joedenise Posts: 17,621 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Are you able to make small payments as and when with your mortgage, or does it have to be monthly?  If small payments are allowed then it is worth paying them whenever you have something like the £2.55 you got today!  Interest is charged daily so the sooner it's in your mortgage account the sooner you'll stop paying interest on it!  I Tilly tidied over the last 5 years of our mortgage and would often transfer very small amounts daily!  Would have started earlier if we'd had a mortgage we were allowed to do it on but our older mortgage only allowed overpayments in lumps of £500+.
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