Aiming to be mortgage free before I am 62!

Tiredbutdetermined

Thanks for checking in @northwalesd and @mark55man

Yesterday didn’t quite go to plan with the finance sort. I had a cry, took the kids for a little wander around a shopping park to collect prescriptions. My mum sent me some money to buy new school shoes I am less likely to slip in so I bought a pair of boots in next.
Came home, had a cry again and then went for drinks with my friend. Managed a bottle of Prosecco and 2 gins, which was quite impressive. Came home and the kids had made me tea. Didn’t cry!

I could have cried this morning at my hangover but didn’t! The crying phase has been very weird but I just haven’t been myself since banging my head but I have gone 22hrs without tears (although mentioning this is making me want to cry so I think I need to change the subject!).

I have had a few hours with my budget planner so I am feeling poorer but jollier now! 

I do need to start to get my head around remortgaging as my 2.19% fix ends at the end of February 2024. My current payment is £847.93 but I overpay and have a direct debit at £1100. Given that saving rates are higher than my mortgage rate I know that doesn’t make sense anymore but I do like knowing that I won’t have a massive jump in payment when I remortgage but I hate that my £250 monthly overpayment will just disappear

I have kept plodding with the premium bonds but only have £1400. I know that makes it very unlikely I will ever win a prize but I love the excitement and hope every month.

I am still loving my 7.5% Skipton account and putting the maximum £250 in each month. I am excited for that to mature next summer!

My emergency fund is a little diddy at the moment and I think I will need new front tyres for my car soon 😱 

I think my car needs to be my next focus for now and probably until it is paid off. My balloon payment is £8156.25 but it isn’t due until 31/3/26 so I want to save for that but hopefully over save and pay the finance off sooner.  The interest rate claims to be 9.92% so even once my mortgage rate goes up the car still needs to be the priority. I think I will go add that to my signature now so I have a clear goal to work on!

beanielou

Keep plodding as I always say. 

mark55man

Yes plodding is the key - and trying to keep your bad days to days and weeks not months and years!!

Honeysucklelou2

Sounds like a tough week, hope the head injury has healed.

  Your mortgage figures are looking amazing…must be encouraging to see the balance coming down.

LadyWithAPlan

Well done on all the OPs you seem to have completely turned your life and approach to debt around - I am sure you are a complete inspiration to your kids as well - are you talking to them about budgeting saving etc? 

That holiday sounded great too. 

I hope your head heals ok - can you take some days off if the headache persists? 

Tiredbutdetermined

I disappeared for a while! Again!!
My 2.19% fix ends at the end of the month - gutted 😭 
I am moving on to 4.82% for another 2 years so hoping I may be able to get something better at the end of that. It was quite nice that my mortgage advisor thought she knew my balance and had gone ahead and got me quotes that didn’t sound great. I realised she hadn’t asked my current balance so she was somewhat baffled she was working on a £12,000 higher figure so she was stunned I had lowered it that much in the 18months.

My new payment is higher but would still allow me to overpay by £105 a month to keep my payment at the £1100 I have always paid. Not as exciting as my old £250 overpayment but it is what it is. I just need to decide what my strategy is going forward.

I am still putting the max £250 into the 7.5% savings account, £150 a month into my digital saver at 6% but I have also opened another account today but I am a little confused whether the interest on that is 5.5% or 3.8%. If it is 3.8% then it makes better sense to overpay the mortgage. If it is 5.5% then I should build that to the maximum of £3000 as the rate is higher than my mortgage.

My emergency fund is a pitiful 1.74% but I am going to stick to my strategy of keeping the balance between £500 and £1000 but overpaying the mortgage when it goes over.

I am still working towards my car balloon payment but aspiring to pay my car off early as that would free up the £325 a month car payment. It passed its MOT last weekend so it lives to fight another year hopefully! 

mark55man

That's a blow but all you can do is the best you can get at the time.

I'm not an economic forecaster but I wouldn't be expecting things to be much better in 2 years - if they are well that's a bonus.

I have the same target to get MF by 62 - but that's more because its at the end of my Fixed term (2.09%) rather than a year later when its due to end

Well done on impressing your advisor - they see a lot of stuff so that's a great validation

IN terms of your EF - I just opened a LEEDS regular saving at 5.1% with easy access - 5.1% Only for a year minimum £1000 (was a bit clunky to set up but done and dusted in a week)

Tiredbutdetermined

mark55man said:

That's a blow but all you can do is the best you can get at the time.

I'm not an economic forecaster but I wouldn't be expecting things to be much better in 2 years - if they are well that's a bonus.

I have the same target to get MF by 62 - but that's more because its at the end of my Fixed term (2.09%) rather than a year later when its due to end

Well done on impressing your advisor - they see a lot of stuff so that's a great validation

IN terms of your EF - I just opened a LEEDS regular saving at 5.1% with easy access - 5.1% Only for a year minimum £1000 (was a bit clunky to set up but done and dusted in a week)

I will have a look at the Leeds account as well! I love that I have lots of little saving pots now, whereas 3 years ago I only had debts and overdrafts!

Tiredbutdetermined

The mortgage has gone down to 4.79%. It is only a 0.03% difference but at least it is in the right direction! It still hasn’t gone through but I think I will stick to my £1100 a month, that is only an £85 overpayment but it is something and it doesn’t make much financial sense
to overpay much more if I can grow my money better in savings to offset.

The extra savings account has reverted to 5.5% so I am pleased about that too.

It is half term and I have a monster migraine so that is making me grumpy. I really don’t want to attempt the gymnastics runs tonight but it is what it is

Sistergold

Oh that’s good that the mortgage rate has gone down somewhat. So sorry you were not feeling well but hope by now you are much better? Good news in the savings pots too.