Aim to get mortgage down before increasing again

Schoolworker · 15 November 2016 at 2:14PM

Hiya I had joined years back but in the last year been reading most of the diaries re trying to get your mortgage. I have been overpaying the mortgage for the last ten years and managed to overpay over £20k. I want to note my progress as trying to get mortgage down as much as possible before borrowing more money for a 2 Storey extension.

We moved into our 3 bed detached 6years ago and had a mortgage of roughly £110 but to date I have managed to get this down to £60450 approx. I am overpaying £200 per month as this is ok does not affect family life otherwise husband would say something but he is happy that I am doing this. Trying to continue to put more money into our savings so that we have some money to contribute to the extension cost as well as trying to get the mortgage down to £58k or lower.

I'm 42 with Hubble 39 and 2 kids 9 and nearly 5. We are awaiting to hear if we have planning for the rear extension and then will have to see if passed by building control afterwards and then approach our mortgage lender to see if they will allow us extra borrowing of roughly £60k. This will take up up to a higher figure than I would like but I will plod along and see how it goes,

We are on a 5yr fixed which we took out last June at a rate of 2.34%.

Been doing Tilly tally every Sunday and it all adds up and will transfer the extra money to the mortgage and see what else I can do to bring it down before we have to increase.

Will try to keep you posted.

jodles16 · 15 November 2016 at 3:02PM

Welcome and best of luck!

Jodles

Schoolworker · 16 November 2016 at 8:06PM

Hi just received an unexpected cheque so half the money will go to the mortgage and the other half to savings. An obligation has been put in as not happy about 2 storey extension to rear as most extension are single or 2 storey to the side. Got other plans drawned up to state still got more than enough garden left and listed several houses who have 2 storey to the rear. IRS being sent by our architect to the council and will see what the outcome us.

Jessy103 · 16 November 2016 at 8:51PM

Good luck with your journey and I hope the council sorts themselves out and lets you have the extension you want!

Jess x

Schoolworker · 21 November 2016 at 2:24PM

Well the cheque has cleared so fingers crossed I will be able to visit our lender to make the extra overpayment of £100 tomorrow. Just did my weekly Tilly tally so probably end of the month I can put £40 towards the mortgage also. It amazes me how easier it adds up £2 or £3 per week into a spare account as well as the £5 boys gives us at the moment for interest - trying to put it to good use rather than just spend on normal stuff.

Did my weekly shop this week in Iceland so should qualify for the extra £5 they put on your bonus card - will spend this in December for stuff for Christmas. Kids off school today as it's an in service in our area so they came and helped with the shopping.

Was off work on Friday afternoon and spend a lot of time in bookers carry and cash as I have put myself forward to run the sweetie stall at my kids school mass fayre in just over a weeks time. So bought loads of pic n mix sweets as well as wee individual bars and hope it all goes. Been doing my homework of making up the price list and next week will make up some othe bags. Quite stressful as not sure if bought enough but time will tell.

I'm off out to a concert tonight with a friend so should be a good night.

Schoolworker · 22 November 2016 at 6:13PM

Managed to get to nationwide to pay in £100 towards the mortgage as well as paying into our isas. Also managed to do some more Christmas shopping - which is good.

Schoolworker · 29 November 2016 at 10:19PM

Well today I bagged up different sweets to sell at the school Xmas fayre on Thursday. All done and delivered to the head of the PTA to take to school. Got Friday off work to get stuff ready for a busy weekend of birthday celebration. My son is due yo be 5 on Sunday so got family dinner on Saturday and soft play party for his school class o. Sunday. Also we are going to the panto o. Friday.

Will catch up with mortgage stuff next week when we are paid and money allocated. Getting g there with Xmas presents so all going well.

Schoolworker · 5 December 2016 at 7:55PM

Visited my lender today to make an overpayment of my usual £200 plus managed to get an extra £27 from Tilly tally fund so it all good. Will c if I can make s wee payment before Xmas. 2016 - I have made overpayments of £2666 which is OK but much less than last year. This year we have had more expense due to first family holiday to euodisney, new front door, new car and out down a fairly big deposit on this as well some decorating and the last few months trying to bring savings back up as will probably use them next year if we go ahead with building the extension.
Hope to hear if we get planning and then I can try to get builders quote and see if my figures are realistic.

Schoolworker · 15 December 2016 at 9:02PM

Well we expected to hear from the council about the planning of our extension but it's not going to happen this year as the case worker wants more information about our garden so fingers crossed we get the right decision in January and I can progress on costings etc whilst building warrant is being obtained. Going to vamp up my monthly overpayments in the new year to get the original mortgage amount down further before asking for more money as well as saving in our isa for extra costs which may arise. I think my final reading for our mortgage at end December will £59k roughly but will post this in a few weeks.

Schoolworker · 16 December 2016 at 8:35PM

Don't know what happened but the case worker had decided we do need to give any more information and planning has been granted today. Next step is to try to obtain builders quotes and architect to submit to building control in the new year. See what time scales lie ahead for us. Xmas all sorted - just need to get some of the food for the big day and start to deliver parcels to friends etc. Its my works Xmas night out tomorrow after going to see Santa withe kids in the afternoon.

Schoolworker · 24 December 2016 at 1:56PM

We are at our usual softplay with kids on Christmas and then head home for some Xmas film and kids will get their Christmas eve parcel from mum and dad. I hope I have everything in as not going near the shops today so we can do without. My family over for dinner tomorrow for dinner and hubbie family over to swap presents and then we are going to there's on boxing day.
I worked out that my daily interest rate for part 1 mortgage is £1.81 and part 2 is £1.95 so will work on this I. The new year to get down.
Spoke to a builder and I have to email him our passed drawing so he can give us a rough price then we can decide if to go ahead with the engineers report and put in building warrant paperwork in January. Will have to email nezt week as we have no internet and engineer coming to fix 28th dec. Hope to make another payment on 28th Dec since paid early and will report our outstanding balance on hogmany.

Aim to get mortgage down before increasing again

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