Frosty melts the mortgage!

FrostyFrosty

I have lurked on this forum for years and found it very inspirational, so I've taken the plunge and joined - hello! 😊

On Thursday (23 April) I had a phone call to fix my mortgage again, and I've decided that now is the time to buckle down and clear it. My new fix comes into effect on 2 August, and I've fixed for another 2 years.

My current balance, as of 27 April 2026, is £81,246.36.

I believe it was £94,000 in 2022 when I moved into this flat, and that's gone down with zero overpayments so far. I feel like my maths isn't mathing, but I looked back at my very first statement and that was what the balance was, so I can't really argue with that. It's split into two loans; for what reason I've never really been sure, but for the sake of my brain I'll be focussing on the overall balance.

I currently pay £596.19 every month, and when my new rate is fixed in August it will go up to somewhere around the £620 mark (I can't find the bit of paper with the exact figure I wrote down!). I have 16 years left, and I can overpay a maximum of 10% each year.

I remember the good old days in my first flat, where I only paid about £300 a month for my mortgage. It was a one bedroom, and I got a great deal on the price when I bought it. I loved that flat but just outgrew it after 8 years, during which time I did have some success in making some overpayments.

So why am I here now? I want the mortgage gone! I am not enjoying my job. I am so fed up, but also not in the right headspace to sit and apply for other jobs. I'm also a little stuck because I do earn good money after being at the company for almost 6 years, and moving up the pay band. I don't like my new manager either. My previous manager, who I got on really well with, left a few months ago, and I just haven't taken to the new one at all.

I want to have more freedom career wise - working four days a week, or taking a slightly lower paid job that I actually want to do. I'm also single and as a single person with one income, I think it would just be better to get the mortgage gone and have a little more security in that regard.

I have just checked and over half my monthly payment is going on interest rather than the actual loan - another reason to get this done!

I suppose that's it really. I'll keep updating along the way. I know it's a marathon and not a sprint, and so here we go…

FrostyFrosty

Now I've introduced myself, I will do my update for today!

As I sat in my morning meeting at work, I realised how much I want more options with my job. I cannot do this forever!

I was paid today, so that's good. I cleared my credit card in one go. Now I need to have a lean month so there's minimal on the card to pay off after May's payday, but I am going to a concert with a friend this month so there will be a hotel room to book.

I suppose there are two things I need to do before I can start setting aside money for mortgage overpayments. Firstly, and most urgent, is to save up for a new cam belt for my car which will be £820. My car is now 12 years old and they recommend you change the cam belt every six years. As I don't have the money for a new car, I suppose I should get it changed!

Secondly I need to bump up my savings. I currently have £6k in there, and would like to get to £8.5k which will be just over three months salary.

I would like to join the MFW2026 thread but as I can't jump into mortgage obliteration straight away, maybe I'll wait until those things are in order.

I recently sent a box of books to World of Books, and made £21.44. That money has come in and is now in my savings. I sent off a second box yesterday, and provided they are all approved when they're inspected, I should get another £18.52. It's free to send via InPost lockers and I have some very nearby so that's really handy. I am a big reader, so already have a third box on the go! It's also made me go through my bookshelves and think about which books I actually want to keep and which ones I won't read again, therefore freeing up a bit of space (for more books haha).

This month I'd like to try and crack down on my food expenditure. Historically I've not been very good at coming in under budget, despite setting money aside every month. I suspect that has mainly been due to takeaways, but I am reducing those because they are so ridiculously expensive, and also for health reasons. So if I can come in under budget this month, I will be happy.

Today will not be a no spend day as I've got to buy my nephew a birthday card and a gift voucher after work. And probably some stamps too, as who can ever find them when they need them! Oh and also I need to fill up on petrol.

Anyway, bye for now 😊

beanielou

Happy shiny new diary.

PennysIntoPounds

Welcome and good luck! Perhaps do a SOA so we can see if there are any categories you could save on or focus on to free up more money for overpayments?

Brie

Well done for taking on a nice challenge for yourself.

And I'm impressed by the book disposal! We have an entire garage full and do really need to do something about it. I shall look into World of Books to see if there's an interest in what we have and are happy to shed. Thanks for the inspiration!!!

Ms_Potato_Head

Good luck on your journey! 🍀 As a fellow singleton I can relate to the desire to reduce your vulnerability. MPHx

FrostyFrosty

https://forums.moneysavingexpert.com/discussion/comment/81979101#Comment_81979101

Thank you! Just hoping I can keep it up!

FrostyFrosty

https://forums.moneysavingexpert.com/discussion/comment/81979291#Comment_81979291

Thanks for the suggestion ☺️ I've already done a fairly detailed breakdown of my spending, and I'm comfortable that everything is allocated as best as possible at the moment, while still allowing me to live! I think my focus now is just sticking to my budget, particularly with food, rather than finding more to cut. I think since the pandemic I just got very bad at saving and very good at spending, so I just need to curtail that!

FrostyFrosty

https://forums.moneysavingexpert.com/discussion/comment/81979294#Comment_81979294

No problem, I hope you find it useful ☺️ You download a separate app to the main World of Books app, and you can just scan the barcodes of the books and it gives you a valuation. I think you have to have a certain number of items or a certain value before you can complete the trade. It's kind of anywhere from £1.50 all the way down to 10p. Realistically I am not the type of person who is going to list every book on Vinted or eBay and post them all separately, so it works for me.

FrostyFrosty

https://forums.moneysavingexpert.com/discussion/comment/81979397#Comment_81979397

Thank you! Singles unite 😀

Brie

Question for you!! Do WoB provide the boxes or do you source them yourself?