Mortgage free and Help to Buy Loan free by 2023

edited 14 August 2020 at 2:01PM in Mortgage-free wannabe
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lovelybones1lovelybones1 Forumite
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edited 14 August 2020 at 2:01PM in Mortgage-free wannabe
Hi everyone,
Sorry another new diary. I have tried in the past to maintain MF diaries and life has always got in the way, but I'm determined to keep this one going  :)
A bit about me and my situation. I'm a SAHM to 4 DS's aged 2 to almost 8   <3 . DH works part-time for a large company. We don't have a particularly big income and we have to make our money work really hard.
We are currently trying to sell our house without much success. We our hoping to upsize and get rid of the help to buy at the same time (whilst only increasing our mortgage to £100,000). We are lucky to have a deposit of £160,000. However, at the moment, it looks like we're staying put. So we have a back up plan if we can't sell. The plan is to look into changing our conservatory roof to a solid roof (we know this isn't going to be cheap), continue OPing the mortgage within our 10% limit and save every penny we have spare to get rid of the H2B loan and pay off mortgage once fixed rate ends in April 2023 and definitely before my 35th birthday in Nov 2023.
Facts and figures
Original Mortgage Amount: 
£86,500
Remaining Mortgage: 
£69,830
Remaining Term: 
28 years and 4 months ( this is without OP's, not sure how to work out how long is left with OP's)
Mortgage Interest Rate: 
3.19%
Monthly payment: 
£317.27
Currently, I'm splitting any spare income into 3 pots, OP's, house move savings (H2B loan savings) and paying off washing machine on interest free credit card. To help push OP's I do surveys, ebay and generally don't spend any money unless its absolutely necessary. If I do buy something, I always look for discounts and cashback or try to get it second hand. 
I will come back later with update on income and my daily MSE activity.
If anyone does read this, how do I work out how much the daily interest is?
MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
NOW : £69,830
Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
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Replies

  • lovelybones1lovelybones1 Forumite
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    Evening MF diarists,
    Today has been a NSD, second one of this week. I have sent an OP of £30 to mortgage today in preparation of taking account balance to 0 tomorrow ready for CB payment on Monday. Yesterday I split £10.96 from [email protected] sales between mortgage and my FD regular savings pot (going towards paying off H2B loan) along with £8.26 from pr0lific that was equally split between the two.
    Other MSE stuff:
    * cashed out £5 from [email protected]
    * cashed out £5 from LP
    * listed 3 items on [email protected]
    * completed all available surveys

    Inspired by others on here, I added up all my OP’s to date in 2020 and in total I have overpaid £1362.99 so far. This has shocked me and I would have never expected it to be this much, this has really motivated to keep going and carry on with my no spend mindset.

    Hope you all have a good evening.

    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
  • Freein45by45Freein45by45 Forumite
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    Hi - good lunch in getting the help to by gone. My fixed rates end in 2023 on my mortgages, so I’m also motivated to get the amounts owed down by then!
    Aug 2020 - Total Mortgage Balance £110,716.08 (£38,840.81 home, £71,875.27 BTL)
    Target Zero Balance - May 2024
  • BabyStepperBabyStepper Forumite
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    I work out my daily interest rate by checking my online mortgage account, seeing how much interest has been added that month then dividing that figure by the amount of days in the month. Currently my daily interest is falling by around 2p per month - not including overpayments.

    Hope that helps. And good luck! 
    Emergency fund £8,500/£8,500
    Mortgage overpayment £260
    Debtfree!
    £21,228.07 paid off in 22 months
  • South_coastSouth_coast Forumite
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    To work out your daily interest: 69830 (balance) x 0.0319 (interest rate) ÷ 365 (days) = £6.10/ day

    Good luck with your journey
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • lovelybones1lovelybones1 Forumite
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    Hi - good lunch in getting the help to by gone. My fixed rates end in 2023 on my mortgages, so I’m also motivated to get the amounts owed down by then!
    Thankyou, good luck with your journey. Do you have a diary?
    BabyStepper said:
    I work out my daily interest rate by checking my online mortgage account, seeing how much interest has been added that month then dividing that figure by the amount of days in the month. Currently my daily interest is falling by around 2p per month - not including overpayments.

    Hope that helps. And good luck! 
    Thank you, that makes sense. Will have a go at the sums later.
    South_coast said:
    To work out your daily interest: 69830 (balance) x 0.0319 (interest rate) ÷ 365 (days) = £6.10/ day

    Good luck with your journey
    Thank you so much. When I see the daily interest it really inspires me to bring that number down.
    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
  • lovelybones1lovelybones1 Forumite
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    Afternoon MFW's
    Update from yesterday. Not much to report other than we had a lovely day at the in-laws whilst DH went to work after 2 weeks off. We had a delicious roast, endless cups of tea, cake and chatting.  :) I sent another OP of  £102.73 to the mortgage yesterday, along with £75 to 0% CC and £25 to house moving savings pot. Our monthly mortgage DD was taken out today, so hopefully mortgage balance will update tomorrow, with monthly payment and OP's applied.
    Other MSE stuff
    *DH managed to buy 6kg of high end dry cat food worth £20 reduced to £3.60 and a huge box of [email protected] sachets for free.
    * Listed 5 more items on [email protected] (one has already received 3 bids on it)
    * All available surveys completed.
    Will come back with today's update later.
    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
  • lovelybones1lovelybones1 Forumite
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    Back again, for today’s update. It was CB payment today, there are spare funds but will wait to OP until Friday which is DH’s payday. I redid my Help to Buy savings totalling up (I have the money spread over several accounts paying interest) and I have actually have more saved than I originally thought. The total stands at £8,392.47/£46,000. I’m going to set a target to increase that figure to £13,000 by the end of 2020.

    MSE things
    * Shaped and tinted my eyebrows (saving £22)
    *DH came home from work with 3 boxes of free cereal
    * Listed 3 more items on [email protected]
    * Listed an a piece of logo school uniform on the local FB selling group.
    * Completed all available surveys.
    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
  • lovelybones1lovelybones1 Forumite
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    Evening everyone,
    I have just OP'ed another £102.50. £100 from CA and £2.50 from swagbuck$. Also sent another £2.50 to my H2B Regular Savings Pot. I have decided to set myself 2 targets to achieve by the end of August to save £100 to pay into my H2B Regular Savings and contribute £100 towards OP's. The money for both these targets will come from [email protected] sales, surveys and CB.
    The totals so far:
    H2B Regular Savings Pot: £12.09/£100
    Contribution to OP's: £12.11/£100
    Other MSE things today
    * ordered some leopard print wellies for £5.40. They were originally £18 reduced to £6 . I then used a 10% off code, plus got 5.95% cashback. Essential item to keep my feet dry later in the year whilst doing the school runs in the autumn.
    *received a bid on [email protected] item
    *cashed out another £5 [email protected] from LP
    * completed all surveys
    * managed to order 22 photos using an app on my phone for £2.20  :)
    * dryed all washing on airer rather than using tumble dryer.
    Night all x


    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
  • South_coastSouth_coast Forumite
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    Love the sound of the leopard print wellies 😀
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • lovelybones1lovelybones1 Forumite
    14 Posts
    Seventh Anniversary 10 Posts Name Dropper Combo Breaker
    Forumite
    Love the sound of the leopard print wellies 😀
    The leopard print wellies are arriving tomorrow. Is it sad that I’m ridiculously excited about the boots arriving?!
    MFW by November 2023. Original mortgage taken out October 2013 £86,500, January '20  72,046
    NOW : £69,830
    Help to Buy 20% Equity Loan savings: £8,392.47/£46,000
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