Let's go fly a kite..

thriftychick

Mortgages amount: £16,136
Interest: £88.03

Payment today plus an OP and  tilly tidy of £194.58.   Good to see the interest dropping now.

Have been thinking about retirement plans and assessing pension pots.  Mr Thrifty is salary sacrificing into his pension with a view to retiring next year.

We have a couple of small savings accounts which mature in August so those amounts will be used as overpayments to speed things up.

Normal service has been resumed this month with no wins on premium bonds.

thriftychick

Mortgage amount: £14,444
Interest: £82.13 - 6.14% (tracker 0.89% above base rate)

Overpayment of £1201.86 made plus regular payment of £572.45.  Hopefully, still on track to pay it off by Christmas.

Mr Thrifty has had a payrise which will go to his pension via salary sacrifce.  He has also managed to eventually sort out his tax code so that his on the standard code now, first time in many years.

In other money news, we have paid ITVX up front for a year saving two month's payment also, changing Spotify to an annual payment via Amazon which we spotted on MSE, saving around £30 a year.  With electricity costs coming down, I have accumulated a month's payment with Octopus so will reduce the direct debit from £78 a month to £65 which, on average, is what we use each month (our heating is oil - no mains gas in our village).  I know they are all small tweaks but, it keeps things workable on a small budget and lets us overpay to clear the burden of the mortgage.

thriftychick

Mortgage amount: £13,444

Payday today so OP of £1000 made. Money in, money out.

Had a look back through this diary and was surprised to see that we have managed to pay more than £30,000 off the mortgage over the past year. Amazing!

thriftychick

Mortgage amount: £10,755
Interest amount: £70.97

Onto the last row of the sticker chart    Parents kindly gave us £2,000 towards the mortgage which we immediately paid as an OP.  Monthly payment made of £572.45 plus the rest of the monthly OP and a tilly tidy of £187.52.

Next goal is under £10K, we've talked about borrowing from other pots and then talked ourselves out of it.  Need to have patience.  We have two small fixed rate savings accounts which mature end of July/early August so that money plus the interest they have earned will go towards the mortgage too.

thriftychick

Mortgage amount: £9,755

Despite the global IT crisis yesterday, Mr Thrifty's wages were paid and we were able to make an OP to the mortgage of £1,000.  It does make you think how vulnerable everything is.  There is light at the end of the tunnel now as we are down to a four-figure sum. 

I had a notification that my fixed rate account has reached its maturity, it pays 6% whereas, they are trying to entice me to stay with 2.5% on a new deal  ; I'll be withdrawing the money as soon as the interest goes in and doing an OP with it.  We are still paying 6.14% on the mortgage.

Jessy103

Great work on the mortgage, thrifty! Not long to go now! 🙂

thriftychick

Mortgage amount: £6,700
Interest payment: £53.90
Interest rate: 5.89%

Quite a bit of activity this month, usual monthly payment of £572.45 plus normal overpayment of £1,237 including a tilly tidy.  Then, we had two small fixed rate accounts which matured so, an additional £2,299 OP made.  I was offered a new account paying 2.25% and Mr Thrifty was offered 0.10%, not much incentive there!

We have been thinking more about borrowing money from our other savings pots (home/garden/new car) to pay it off perhaps.  We could then replenish the pots before tackling the 0% money transfer card which currently stands at £7,780 (it runs until May 25).  It is very tempting to be mortgage free sooner, any thoughts on that would be appreciated.

In other money news, the cars seem to be costing a fortune this year.  My twelve year old car failed its MOT and needed new brake pads plus, both cars have a service coming up this month.  My annual budget for car maintenance clearly is not enough so that will need some serious thought....there's always something.
 

beanielou

Maybe wait til after the car services. 

thriftychick

Mortgage amount: £0.00

The car services both came in well under my estimated budget.  After a considerable amount of time discussing the pros and cons and a large amount of maths, we decided to use some of our long term savings pots to pay off the remaining amount of the mortgage.  We will save around £120 in interest.

Next steps are to repay the long term pots and then the 0% money transfer card - should take 6 months to do both.  I like the thought of just saving without anyone taking a big bite out of our salary each month.

We paid the mortgage off this morning and spent a good while staring at the screen trying to take in the £0.00.  The sticker chart is now full, the coin jars empty.  It's taken over three years of intense focus but, we have paid it off 6 years early.

Off to fly a kite now....

Bargainhunter30

Well done! Enjoy the feeling 😊