Onwards towards mortgage free living

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  • gillynomad
    gillynomad Posts: 102 Forumite
    First Post First Anniversary Photogenic Name Dropper
    That does sound distressing. Hope it's not a huge job. Glad you have the money for it.
    It wasn't great to discover just after 10pm on a Sunday with a bank holiday Monday the next day....But I have had the other walls done last year so I know roughly what it could cost and how long it could take. Just need responses to my requests for quotes now.

    In other news, first overpayment of 2023 done - £500 sent across. I am also now in the position that I can secure a new mortgage deal as I'm in the last three months but I'll probably wait a bit longer before securing a new deal. It's pretty scary to look at the difference in interest rates/monthly payment and what that will do to my ability to overpay but with my overpayments over the past few years I am in a much better position that expected. (Plus my house has also gone up by 55grand so my LTV is even better than predicted too)
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • savingholmes
    savingholmes Posts: 27,355 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Good news on LTV
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • gillynomad
    gillynomad Posts: 102 Forumite
    First Post First Anniversary Photogenic Name Dropper
    Finally managed to get a company to come round to do a quote for the wall. Should have a quote by Wednesday or Thursday next week. 

    Paid off another £585 from my mortgage. So that's my Chip savings I had for mortgage purposes all transferred across. I've closed Chip now so all remaining money is in Zopa. 

    Think I need to sit down and do a proper budget for food/drink - don't really have control over what I'm buying and when so want to make sure I am not wasting money that could be going elsewhere. 
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • After my mortgage payment went through yesterday I've added another £400 to the pot. So for January that's a total of £1,485 in overpayments. I knew due to my chip fund I'd have a good start to 2023 in overpayments. Just got to be consistent throughout the year if I can.

    I also got a letter through about my mortgage and my term has reduced from 25yrs and 3months to 23yrs and 7months remaining. So in 5 years I've managed to knock off about 1.5yrs on my term - which is good considering I didn't really try until late 2022. I'll look at the numbers to figure out if I round back up to 25yrs when I remortgage or not. Doesn't stop the overpayments but does slightly reduce the mandatory payment.
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • another £200 overpayment made (£1685 for the month) plus paid £50 towards my phone loan and cleared my credit card from last month. 

    Got the quote through for the works and it seems reasonable for what I need so will give the go ahead and figure out dates with the company. 
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • well January has been a long month. 5 weekends to contend with has just been painful!

    In total, I have managed to overpay £2085 off my mortgage for January. Managed to stick with my target of £850 too which I wasn't sure if I'd manage. 

    Work on the living room has started so got the money for that set aside to pay at some point this week. Dog is a little miffed at me for being kept upstairs until he's hears the drills, then comes bounding back to me for protection... 
    The work this week should mean I'd be able to redecorate in a week or so which is good.

    I dipped into my savings to buy a foldable exercise bike - I have found I am being really lazy in the evenings and zero motivation to properly work out so bought a cheap bike (with good reviews) from Amazon to set up in front of the tv. Had a go on it last night while watching Vera - 20 mins/5k. Think it will work for me and hopefully get me more fired up to doing more.

    Still looking at the mortgages, as I think Feb is probably when I need to make a decision. At this point, I'm still thinking tracker. But believe the start of Feb brings a new BoE rate change, so will see what that does to the current offerings.   
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • Made a £400 overpayment to kick off the month. Unless the fixed rates come down again (which I don't think they will) then I'll be signing up for the tracker rate which is currently better than the fixed rates. The tracker provides no penalty for switching to a fixed later or any early repayment charges so makes sense as the option to take while it is lower.

    Builders have finished the internal work and only have the external work to complete. Due to rain today they weren't able to do anything but hopefully the weather is ok for tomorrow and Monday. Thankfully I still have paint from when I previously decorated the room so I shouldn't need to spend money on that.




    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • Work was completed over a week ago, and the walls are looking really good! Painting and DY this weekend and then I should have my living room and dining room back in working order.
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • Living room is back to normal and dining room looks so much better after a reshuffle. Officially used the last of the living room paint so hopefully no big issues in the near future! 

    Also made final overpayment of the month so managed £750 for Feb which is more than I expected to achieve. 

    I'm also starting to gain some reward money for the Airtime Reward app. have about £5 available, and another £5 due. I can redeem this against my phone bill once balance is over £10. Pretty good considering a lot of the shops I normally use are available in the scheme so nice little extra boost without having to try.

    Think I've made a decision on the mortgage and having done the maths I'm thinking of a two year fixed with no fee. Over the two years, based on my estimations, I would get closer to my target doing this compared to a lower fixed mortgage or tracker that both contain a fee.
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • gillynomad
    gillynomad Posts: 102 Forumite
    First Post First Anniversary Photogenic Name Dropper
    Ended up reserving my mortgage at 4.58% a few days prior to the rates being increased which was a relief. I chose slighter higher interest without a fee as it seemed to be cheaper over the course of the two years and I didn't really want to part with £999 at this point. So have until May 1st on my current rate before interest doubles. 

    Made an overpayment of £450 to start the month off - hopefully looking to be around 650-750 for this month too. Looks like I am target to end up around the 124k mark before the remortgage takes place.
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
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