The end is in sight

Poppycat1

I love your caterpillar, so much better than my squares.  Look forward to seeing it coloured in.

jenni_fer

Love the caterpillar!

Luke86

Good progress? Did you ever sort the interest rate out of interest? For my first purchase (without particularly strong income or credit rating) I got 2.8%. When I remortgaged (admittedly, the property got overvalued giving me 25% equity), it dropped to 1.8%. That would make a big difference to you!

Porridgecat

Hi there Luke86, thanks for popping in. We're still sitting on the higher rate as we now owe too little to move unless to a similar rate, most mortgage dealers aren't keen if you want less than £60 000 and less than £30 000 puts you in the specialist category so back to high rates.  Loans aren't a good option unless we lie as the banks won't lend for mortgage clearance, they say that they can't let you switch secured debt for unsecured consumer debt, so looks like we'll just chuck as much as I can at it and get rid as soon as possible. Being able to do that is one advantage, we're aiming to overpay at least £15 000 this year, most new mortgages would limit us to 10%.

Porridgecat

Thanks for all the positive comments on my caterpillar, I love adult colouring so thought I'd make my own. I'm going to stick it one the kitchen cupboard so I see it every day.

caeler

It seems so wrong that you are stuck on that high rate. I’m sure your plan will work. 

Porridgecat

Not only are we stuck on that rate, but we had the together loan, exactly £25 000 so we didn't qualify for the interest repayment over the CCA, when that happened.

powerspowers

Oh my I love the caterpillar!! 

Good luck with staying on track. I’d be tempted to chuck everything at the mortgage to get it gone, but then something like broken glasses would be a pain and it would be harder to predict how long it will take to pay off (or how long a caterpillar to draw 🐛)

Porridgecat

powers powers I did wonder how much I would make each segment, I decided on a £1000 in the end as we only owe jus over £26 000 now and are managing to overpay just over £1500 a month so with the usual payment its a segment every month and a second one every other month. I'm hoping to overpay extra by the amount of the interest as well to make it two a month, just have to see where I can save. 
It was my payday yesterday and its MrPorridge's tomorrow so I'll be able to fill up YNAB categories and see what's what then, how sad is it looking forward to this. I need to try and make more savings in places as it looks like we might be able to get away later this year and holidays are our big weakness.

Porridgecat

Holidays are looking more likely so I might have to up payment into that pot but I'm determined to do it without affecting the mortgage overpayments. We already have flights booked as we moved them from last year so all paid for, the accommodation is also booked but we pay for that when we get there, I have that in Euro's cash and enough for transfers and about half spending money but we'll have to pay for a flight for MIL to join us for a week and sort out and pay for accommodation. I'm not doing that yet in case we can't go after all. We had promised my PIL the trip for last year as it was MIL's eightieth but then FIL died in January and obviously covid happened. 
I've got £15.99 in prolific, just trying to get that to £20 and I'll cash out and split it between the various pots.