My Mortgage Reduction and Savings Diary

SuiDreams

Well there is no guarantee that we will achieve it but it helps to have something to aim for feeling very motivated right now.

StuartGMC

Plans should always be reviewed as we go forward, so well done on the re-assessment and revision. Best wishes in achieving your (new) goals.

SuiDreams

Finally got my Barclays Monthly saver opened and transfered the full £250 in for the first month (from Last years halifax regular saver which just closed). Feel like I'm starting to get organised Just wish I could reinvest all of last years regular saver, but as I said previously got an expensive few months coming up. Must start looking for a new washer.

SuiDreams

Just got an update on the balance of the mortgage currently its £23,260, balance has reduced by £560 since 19/03. Its good to see that its starting to reduce at a much faster rate now, which is a bigger incentive to pay more off, once I get all of these big purchases out of the way. I will re-assess budget and savings targets and hopefully I will be able to increase the mortgage payment by a small amount.

setmefree2

SuiDreams wrote: »

Just got an update on the balance of the mortgage currently its £23,260, balance has reduced by £560 since 19/03.

some people have that on a credit card :T

SuiDreams

Unfortunately the 8% rate on My A&L Premier Direct Current Account has now ran out. I rang them today to see if they would put me on the 6% rate but have to downgrade for 3 months then upgrade to 6% account, but they have opened the new 3.15% savings account for me in the mean time and I can still transfer the money via faster payments via my downgraded current account. I had been using the A&L account to keep my bill money in each month. The 3.15% is a cut in Interest but a lot better than a lot of other instant access savings accounts that are available at the moment. Savings will now be earning a lot less that they were last year (10% Halifax reg saver replaced with Barclays 6% monthly saver etc). Plus have had to spend a lot of my savings on various things and possibly a few other expensive things to spend on as well. Going to try very very hard not to spend anymore.

SuiDreams

Sorry haven't updated for a while. I transferred my GAS & Electic in September last year my DD for electirc was set way too high and they wouldn't change it after submitting reading yesterday they will be reducing DD by £10 per month from 1 Oct. With the Gas I was allowed to estimate my own DD and I think I've done this quite well. I have not recieved my bill yet from yesterdays reading, but estimate my account will be incredit by about £2, so looks like I estimated DD correctly as after 12 months it will be approx £0. I have booked 2 one week holidays for next year so need to get on with savings if I'm going to hit my targets.

SuiDreams

Still failled to update savings totals, but electric has now switched waiting for final bill and credit back. Gas is to switch before the end of the month should get some credit back there as well. Investigating Home insurance quotes for end of oct. Still need to call mortgage company for an update on balance.

SuiDreams

Had a letter from Building society yesterday to say my discount on my rate ends on 1 oct so rate increases from 2.5% to 3.5%. Which reduces my overpayment slightly. Am going to look at Increasing my payment from January onwards. My rate is still capped for another two years so if rates do start to increase (rapidly) I will be protected. On another note my balance as of today is £22,694. Balance is coming down but not rapidly. Off to update my signature.

SuiDreams

Have done a very rough calculation and the extra Interest due in October would be £18.82. I will try and reduce spending in the month and atempt to pay this as an additional payment on the mortgage, not that easy as I need to write to them in advance regarding any additional payments. So new plan is to cover additional interest charges as a one off payment each month so over payment stays the same (Mortgage payment was changed to a fixed amount to stop them reducing it as rates were going down). Then look at increasing the fixed payment amount after christmas.