It always seems impossible until it’s done…

Karmacat

debtfreeoneday said:

Then I started to look at remortgage options, our fixed rate is up in December. Woah. Estimates are our monthly payment will go up £150. So so annoyed by this. I knew interest rates had gone up but still… we’ve worked so hard to get it down and by the time we remortgage we will have about £35k left I reckon. 

Good grief!  Only £35k left, and your payment will still go up like that?  Doesn't seem fair   Though, and I know a lot of people will say this, imagine what it would be if you hadn't gone into mfw mode!

South_coast

On the plus side, the world could turn again by December 😀! I can't seem to recall a time when things were stable, we seem to live in a constant state of flux these days....

debtfreeoneday

Yeah I know KC. So annoying. I can only hope interest rates might have reduced a little but not hopeful. 

Instead I’m going to really attack the mortgage OP pot and hopefully be able to reduce the amount owing to nearer 30k. 

debtfreeoneday

Finished my monthly diary survey so £5 Amazon voucher on the way. Requested £14.02 TCB from one account and £2.17 from the other. Going to close the second now as I feel I’ve been lucky not to get rumbled and I’ve quite a but of cashback due on the first account. 

Opened up a nectar Amex thanks greent. Credit limit of £13,800 given which is crazy!  I’ll reduce that as soon as the account is set up. Need to spend £2k on there in first three months to get the bonus 20,000 nectar points. Ok then!  Challenge accepted!

debtfreeoneday

South_coast said:

On the plus side, the world could turn again by December 😀! I can't seem to recall a time when things were stable, we seem to live in a constant state of flux these days....

I agree, it all feels so unstable!

debtfreeoneday

£6 requested from Shopmium. £5 in from Vypr.  

Amex cards arrived and in use already. Hoping this will release £1k that sits in our bank account covering the ebbs and flows of money that comes in throughout the month. Hopefully I can put that £1k into premium bonds then. 

debtfreeoneday

January round up. 

OP/SAVE MORT NEUT £3442.83 /£5000

EARN £512.19 /£1500

SAVE Dec 23 food budget £100/£400

SAVE EF £1395 / £2000

SAVE - £405.38/ £1000

SAVE Amazon vouchers £54.01/£300

SAVE Wood £50/£400

Mortgage balance - £40,051.44

Mortgage neutral savings - £813

Mortgage percentage left to pay - 14%

70 months left. 

January monthly interest - £84.75

I’m not even going to mention how annoying that £51.44 is to get me below £40k  I can’t even OP it as I’m on our OP limit.  I actually did just mention it didn’t I!! 🤣

So that aside, pretty happy with progress this month.  Made £176.  Some good progress on the savings goals as well.  Onwards to Feb!!

Suffolk_lass

Did you see the Martin Lewis clip (might have been TV programme) where he explained circumstances where it is worth people changing their mortgages and paying the penalties (for early redemption or OP)? I have no mortgage so did not check. I think the basis was that moving to a longer term fix might save you more in the long-term than an early redemption fee and if your current mortgage rate is quite high, check out the impact of OP above your "annual limit" -

and whether the limit is based on current year balance or initial capital loan. When we moved here I asked the BS that last question and they told me it was the initial capital loan so I paid off 10% of that. It was the wrong info but they recorded the call so they had to stand by it and waive the fee.

debtfreeoneday

Thanks SL. Annoying our interest rate is really low so we are looking at a rise whatever we do but I’ll just hold out until the end I think and hope that competition brings the rates down somewhat. I’m tempted for the first time ever to look at variable rates so I can just OP whatever I want to.  So frustrating to be this close and be facing a hike in interest rates 

South_coast

Hey DFOD, just realised we haven't heard from you for a while. Hope all's well x