£200,593 to go

pebbles01

But in good news - I've earned £11.66 in studies on Prolific today when they pay out.  Prolific payments will go towards premium bonds.  

pebbles01

Well I now have a new oven and dishwasher fitted.  I'm really pleased with both, but it definitely means careful budgeting for the rest of February.  

I'll be really glad when the first "big" mortgage payment goes out on the 24th of this month.  Then next month I can budget normally.  There's certainly scope to save on my shopping budget.  I've definitely decided I will overpay by £100 each month.  This should be do-able, but also allow me to continue the work that the house needs. Eventually when I'm finished with improvements (maybe 2 years time), I can then really increase the overpayments.  

I'm looking forward to keeping the thread updated.  Sadly not so many studies on Prolific the last couple of days.  

Current figures are as follows: 

Mortgage balance - £200,358.  This is a weird one - Santander refunded me my mortgage payment in December and Leeds don't take my first payment until February.  So I did pay my December payment to Leeds, and the £200,358 is what it shows today.  Interest looks to be going on daily.  I also originally assumed Leeds would take my payment in January, so I'm tempted to overpay that.  It'll mean I don't really have anything in the pot for improvements, until I can save it.  However a lot of my improvements now are "nice to do", rather than essential, so I'm happy with the idea of saving up for them.  

Premium bonds - £8,691 which I'm hoping to get to £10k by the end of the year.  I'm going to try and put £150 per month into these.  Any wins are automatically reinvested.  If I do save £150 per month, then I'll get to just over £10k, plus any winnings are a bonus.  

pebbles01

Thought I'd do a bit of an update:

Mortgage balance - £199,397..no real overpayments made.  I paid £990 that I budgeted to pay in January.  I really will be so glad when next month I can budget properly.  I think I saw overpayments need to be under £1,000 or else they will just reduce your monthly payment.  So I may pay across another £120.  Then the Feb payment will be £2k, which I have.  Then it's £1,110 monthly.  I'd love to get my outstanding balance to £185,000 by the time I remortgage in September 2026.  It's difficult as I'm doing this myself but don't have a fantastic salary when I consider my mortgage and age.  

In personal news I've had a lovely morning..went to see a friends new puppy.  It's funny as friends have recently got married.  The puppy is the husband's choice.  The wife wanted another breed.  Anyway since I've got back, she has gone to look at another puppy who is ready to leave today.  I'm fully expecting her to get her.  Either way I'm invited to Sunday lunch tomorrow, where there will be 1 (or maybe 2) puppies to cuddle!  I'm easily pleased!

beanielou

£100 OP a month is not to be sniffed at.
Great savings too 

Shineyhappy

When I started my MFW journey, I was probably paying about £50 a month. We had a fixer upper and my husband thought I was crazy as everyone had a mortgage.

Thankfully our mortgage allowed any overpayment up to £500 so if I found a 50p coin I would transfer the money to the mortgage and the yearly statement was pages and pages long. I even got him to give me cash instead of flowers or an Easter egg or advent calendar and that went to the debt.

It all adds up and thankfully my husband came on board and the mortgage got cleared. However every one said it was impossible and we would never do it, it wasn’t worth it etc.

Keep the faith and keep chipping away and it will make a huge difference 

pebbles01

@Shineyhappy I love the fact you chose cash over flowers for an anniversary!  Should I ever meet someone else, I could do that, but I'm not sure I could sacrifice an Easter egg!  I can just picture pages of an annual statement!  I'm not sure if my mortgage is managed online with Leeds as no letters so far with what I've "overpaid".  No real overpayments made - just what I had budgeted to pay.  

I've worked out that I need to overpay £200 per month to get to £185k by September 2026.  It's more than I can manage but I'll do my best.  I've spent today listing on Vinted and so far have sales of £51.  I don't have much more to sell, but I'm really pleased as it's things that have been sat in cupboards for ages.  

Went to my friends for lunch.  She bought the second puppy.  Both are beautiful but I do have a very soft spot for one!  

pebbles01

Vinted sales are currently at £105.  I have more items listed, but after that nothing else to sell.  

I also have £57 in my Paypal account from Prolific. I'm trying to decide whether to put these side earnings into premium bonds, overpay or split 50:50.  I'm inclined to the 50:50 split.  

Other than posting Vinted parcels, I've no plans for the weekend.  I might give everywhere a good Spring clean.  The lighter evenings really help my mood and motivate me to be productive.  

beanielou

That’s a great amount. 

pebbles01

I wish I had the same positive mood I did on the 16th.  The last 10 days or so have been very tough, and I can't see how I feel changing anytime soon.  I've been reminded that life is so preciously short and it came as such a shock. 

It's times like these I probably shouldn't make any big decisions.  That said, I've moved the very small amount I had left for home improvements into premium bonds, so my home improvement pot stands at 0.  I've also used Prolific payments, Vinted sales, Y Live payment and lodger income for the last two months to top up Premium bonds to my desired £10k.  That was the aim for the end of the year, so although I'm there now, I won't be putting any more into it (other than if I'm lucky enough to win, then any prizes are automatically reinvested). 

This means I will focus any spare money on the overpayment and improvements, although for various reasons, improvements will probably move from focusing on outside the house to inside.  I've overpaid £200 to the mortgage today, which I don't think is entirely affordable every month.  I just need to see.  I've worked out quite a tight budget for March.  

My lodger leaves at the end of April, and I definitely won't replace them.  It's really hard sharing my home, and I can't even fault the lodger.  Realising just how fragile life is has made me much more aware of what's important.  I would rather spend longer saving for improvements, slightly longer tackling my mortgage and have my own sanctuary, than share my space and do things quicker.  There's no point in being unhappy when it is something I have control over.  It would be different if I couldn't afford the mortgage or food.  But if I'm able to overpay and save a bit for improvements, then I'm aware I'm much better off than many people.  I feel I should end on some sort of positive.  

beanielou

Sorry to read this @pebbles01.
Take care of yourself.