The Case of the Overwhelming Mortgage

AgathaSquirrel

On the job front I’ve managed to negotiate a permanent 4 day a week role. Too outing to go into details but will be a juggle in the short term while I finish off my secondment. Will probably continue with some other short term contracts on my day off so will effectively be working full time. Gives us some security moving into next year.

Only 2 more payments to go on car loan. Mortgage down to £82000. £5000 away from my goal of being at our initial mortgage level in our old house. Have started some Tilly Tidies to increase overpayments. It won’t bring us to our previous overpayment level but every little helps.

AgathaSquirrel

Just looking back and realised we’ve paid close to 40% of the mortgage- a pleasing thought. Therefore,
goal number 1 is £77,000 (previous mortgage amount)
goal number 2 is sub £70,000 (50% of the mortgage)

In reality we will probably extend our mortgage slightly in the future to extend the kitchen but hoping savings will be better at that point and we’ll manage to partially cover with that and just a small increase to the mortgage. Probably, not a project in the next 5 years or so though.

savingholmes

Congratulations on the job front and the mortgage side of things. Sounds like things are progressing well.

AgathaSquirrel

Currently at £81000. Mortgage payment at the beginning of the month should take us to £80000ish region.

Working lots of extra hours (not wanted but out of necessity) and studying so very little spare time at the moment. Need to try and fit the gym in again.

Fortunately the extra hours will supplement Christmas. Don’t know when or how I’m dealing with the shopping but that’s tomorrow me’s problem 😂

savingholmes

Good to see the progress even if working the extra hours is a lot! Mortgage is going down fast. 

AgathaSquirrel

Here I am on page 14! Clearly haven’t been here for a bit.

Achieved goal number one and mortgage is below £80000. Now on to goal 2 which is to get mortgage below £77000.

Pondering remortgaging at some point so we can add on a utility and new kitchen. No idea how much for? Had originally hoped to save but this seems unachievable at the moment. My job situation needs to be more stable than it currently is before we’ll contemplate it. Currently in the nice situation where 1 of us could just about manage mortgage/bills themselves. Though this won’t last long if prices keep going up.

AgathaSquirrel

Still on page 14!

Overpayments have taken a slight pause as life got in the way. Should manage one at the end of the month. Getting closer to next goal of reaching previous mortgage on last house. Should manage it in a couple of months.

missymoo81

Just read your whole diary, you’re such an inspiration! I’m desperate to start overpaying the mortgage but need to look into pensions and things before then!

savingholmes

Hope you are okay despite life getting in the way.

AgathaSquirrel

Thank you @savingholmes. Life is just busy with a number of expenses. Fortunately, I will get most of these additional expenses paid off soon, just in time as I am about to temporarily drop hours again. Not by much, just 5 days to 4. Should help with other aspects of life.