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  • FIRST POST
    • skye blue
    • By skye blue 17th Mar 17, 8:12 PM
    • 125Posts
    • 527Thanks
    skye blue
    Planning for the next chapter
    • #1
    • 17th Mar 17, 8:12 PM
    Planning for the next chapter 17th Mar 17 at 8:12 PM
    Hi

    Newby here, please be kind

    Read loads of threads and have decided to step up to the mark and set myself some targets

    With all the talk around retirement, pensions etc going around its made me think!

    I have 6-7 years to my retirement, small pension but my mortgage is interest only changed after being off work for a year due to illness a while back and could never afford to change back to repayment. Have asked if i could part part repayment but was told no. Cant change providers as i wouldn't pass all the new criteria now.

    Im on a dmp for another two and a half years and i keep putting it up every few months so its hopefully coming down quicker

    Have about a months salary in savings which i add 10 to each week but as its earning little interest im starting to overpay the mortgage. So ive managed 300 this month

    Do you reckon im on the right track? I know i probably can't pay it all back but it saves interest and probably gives me more choices if i need to sell later. I do not have a partner so just my wage to do this

    House value 115,000 owe 75,000

    Thanks for reading
Page 3
    • skye blue
    • By skye blue 8th Sep 17, 8:18 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    Hi guys

    440 paid so far this month, i think i can stretch a few 's more to overpay but having a few minor jobs done at home this weekend so i'll wait and see first

    Payments can be paid up to 10 days before next time payment is due so think i'll try and find another 60 - make it up to 500 this month, that would be good

    Enjoy your weekend folks
    • skye blue
    • By skye blue 15th Sep 17, 8:49 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    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
    • By skye blue 28th Sep 17, 10:13 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    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
    • By sleepygirl126 29th Sep 17, 7:44 AM
    • 278 Posts
    • 647 Thanks
    sleepygirl126
    That's fantastic...you're doing really well!!
    Original mortgage 154,850 (2013)
    Mortgage now 148,370.15

    Original savings 0 (2013)
    Savings now 3000 in ISA and premium bonds
    60 in mini savings pot, 600 in Xmas vouchers
    • BISCUIT1
    • By BISCUIT1 29th Sep 17, 9:05 AM
    • 53 Posts
    • 74 Thanks
    BISCUIT1
    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
    • By skye blue 7th Oct 17, 5:09 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    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
    • By skye blue 5th Nov 17, 7:43 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    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
    • By gallygirl 5th Nov 17, 9:05 PM
    • 16,544 Posts
    • 109,297 Thanks
    gallygirl
    What great progress you're making, well done .
    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
    • By skye blue 21st Nov 17, 4:32 AM
    • 125 Posts
    • 527 Thanks
    skye blue
    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
    • By Betterthanever 21st Nov 17, 7:57 AM
    • 521 Posts
    • 3,553 Thanks
    Betterthanever
    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!

    Current balance 112,593.71. Offset 2,677.73. 109,951.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22 - 2018 O/pay 600
    Make 2018 in 2018 = 406.75/2018
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • skye blue
    • By skye blue 3rd Dec 17, 4:43 PM
    • 125 Posts
    • 527 Thanks
    skye blue
    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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