Planning for the next chapter

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  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi guys

    weekend again yeah!

    managed to find an extra £115 so a good month of over payments for me, happy with this

    think that will be all i can managed till after pay day now but you never know
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi guys

    Just had a bit of a boost tonight

    Had a letter to say mortgage fix ending in Jan 18 but i could phone and ask for a new deal now so thats what I did and guess what they reduced from my rate from 4.29% to 2.19%. i know that may still seem high for some but as i can't move to a different supplier (as i wouldn't pass all the checks now) in chufffed

    It reduces my payment by £126 per month so thats an overpayment every month without even trying, just going to set up a standing order for that amount and carry on paying as much as i can find each month as usual

    I get a bit down sometime re my mortgage overpayments but this feels like a real boost

    Keep going everyone we'll get there in the end
  • sleepygirl126
    sleepygirl126 Posts: 279 Forumite
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    That's fantastic...you're doing really well!!
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • BISCUIT1
    BISCUIT1 Posts: 105 Forumite
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    As my Dad would have said, "You can't lose them all!" Nice bit of good luck there on the mortgage-well done and keep going! x :)
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi guys

    ive received the mortgage payment letter now and its just under a £130 a month less from next month

    i sent £100 across today (that was £85 made this month by ebay, surveys etc) that i was holding on to until i received the new payment letter that i rounded to £100 - im happy with making this extra, im amazed how it soon adds up

    ive got my mot, service etc on my car in a couple of weeks so finger crossed i don't need much doing and i can make another overpayment

    when i set myself this challenge of paying off this interest only mortgage i thought it was impossible, but as the months go by im feeling a bit more optimistic - its surprises me how the small amounts really make me feel more positive about my future

    have a good weekend folks
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi guys

    This month £200 has been sent as over payment, ive kept some money back for a second payment once ive had my treatment at the dentist and i had to buy 2 new pairs of glasses as well this week

    I always seem to have extra commitments these last few months but hopefully its all done till car/house insurance next year

    Ive done most of my xmas shopping, cut down loads of relatives i haven't seen for a couple of years, been meaning to do it before but felt guilty - but not now its my future to take care of

    Ive got a few things with bids on ebay ending soon and ive claimed £15 from surveys so that should all go into 2nd mortgage payment im planning

    Think i only have a couple more rates payments then its the 2 free months which im going to pay across (£80 x 2) nice extra amount

    Keep warm and safe everyone
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    What great progress you're making, well done :T.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • skye_blue
    skye_blue Posts: 301 Forumite
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    ok so its stupid o'clock and after doing my outgoings for my next wage my head is spinning, hence the time

    ive decided i need a new approach to this challenge so my plan is to pay £250 as soon as i get my wage each month and set myself the challenge to keep all the small amounts (surveys, cashback, ebay) etc in a separate account until i reach £500 then pay them across. so thats the challenge is to keep getting to the £500 asap

    ive been looking at the big picture (mortgage outstanding) and i was a bit down when my last overpayment only knocked a few pence of my payment now the interest rate has gone to my new lower rate, thats why i need to do something different

    what do we reckon guys, i know a lot of people have mentioned that breaking the amounts owed into smaller chunks is less scarey - so here goes, wish me luck
  • Betterthanever
    Betterthanever Posts: 584 Forumite
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    Its just a case of finding what works for you in terms of motivation - and remembering that we can all get a bit stale at times, so there is nothing wrong with finding a new form of motivation along the way, until that too gets stale etc.


    For me, I put all my payments and interest in the snowball calculator (www.whatsthecost.com) - which is a throwback to my old DFW days. I love to look back and see the difference in the amount that was going out in interest, say 12 months ago, to the amount I have just paid. What you think is just a few pence difference now will be a few £££ difference before long, and even more £££££ difference not long after that. Keep going, you're doing brilliantly!
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi guys

    Paid £285 over payment today - prob last for this year

    ive paid £3,198 extra this year which im pleased with, its not enough to clear my mortgage off before the end of the term/retirement but its more than i would have done if i hadn't kept this diary

    £71,500 to go - im paying extra into my emergency fund going forward with prob just one regular monthly mortgage over payment - emergency fund will hopefully be a mortgage neutral fund in the end just a different way to save - well until i have another change of mind

    take care everyone
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