Our Patch of England
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Hi!!!!!! so good to see you! congrats on the house! youll own 100% in no time!0
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Hi Cinny, nice to see you here, from one East Midlander to another - good luck. Once your loan is paid off you will be in a very good position to over pay the mortgage. My only advice is that however small the extra repayment make one every month. It's a good habit to be in. Good luck.0
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Lovely to "see" some familiar faces. Hope you're both doing well
Having an unexpectedly relaxed late afternoon as LO is having a late nap, which is kind of standard on a weekend. He's timed it nicely so I can listen to the jazz requests on Radio 3 - had no idea this was a thing until a few weekends ago.
Made a small TT of £3.44 into the loan savings. We have £29.90 due in the bank from various cashback sites this week too so we'll be able to round that up to £30 to add to the pot. Slowly chipping away at the shortfall!
Had a quick talk with DH about our over payments, and I think he'll be calling the bank to talk about our annual limits next week. I have it in my mind that we're capped at 10%pa, so we'd be able to pay our limit off and then whatever's extra we can put into a high interest saver? Be very interested to hear what other people with payment limits do with the "overage".
Right, off to read some diaries while I finish off some seaside rock we got on Monday!0 -
Aha the 10 % rule makes your challenge simpler, aim to pay off 10% per year until your tie in ends then find a better deal (lower ltv) that allows over payments of any amount. Any extra goes in a high saving account until you need it for the remortgage. Whatever happens you will be mortgage free in ten years at the most. My bet is that you will be done more quickly than that - you two have your heads together.0
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Welcome aboard. I to am a big picture type person so have to work hard at having small milestones (some people can't the wood for the trees, some people can't see the trees for the forest, and some people can see the minute details of the bark, but miss the trees!). I'm also visual learner so i make sure that i have more monthly goals written into the first post of may dairy.
If you become obsessed with MFW status you'll come up with loads of little techniques that suit you. A must though is a spreadsheet, that is where the obsession really begins!
Good luck.MFW: Was: £136,000.......Now: £61,892.24......
Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
1% Mortgage Challenge 2022 - £157.59 of £6500 -
Thanks for the faith, Tootallulah! In all honesty, paying this off in 10 years seems within our reach and quite exciting. It would be a £500pm overpayment which I think is doable while giving us enough wriggle room to save a nest egg of living costs as well as give us money for renovations.
I'm hoping I'll be up there with the spreadsheet pros one day, shangaijimmy. DH is the spreadsheet guy so once we're done with this loan he'll be able to put us something together, I've got to say my excel skills are terrible and I wind up with something very basic and uninspiring
Truly weather for ducks today! We braved the rain to go to the wholesalers, I had a £50 budget but only spent £30 which is nothing short of a miracle in that place. Also did a TT of £19.87 into the savings pot, it's always slow going mid month but it's all going in the right direction.
Don't think we'll be chancing the park this afternoon, as much as I'm fine with wrapping LO up and letting him run free even if the weather's shoddy he has his own limits. I might be able to get him into the garden to jump in puddles which is better than nothing, figure the air in our garden is just as fresh as that in the park!
Off to catch up on some diaries now, and try to fight off my own urge for a nap with some caffeine.0 -
TT of £4.50 into the saver this morning, as well as a smaller amount yesterday. We're 42p away from having saved £200 in 6 days. I always marvel at how money just seems to fall into place when we start working towards something, when it's actually just been there all along - I've just spent it on cake and biscuits.
Spent yesterday working on a SOA and speaking to DH about pay off dates. And I think we could potentially do it in 5 years. Maybe. We'd have to throw everything we have at it, but it's possible with some hard work and sacrifice. We'd still have £65pw for groceries, £265pm for entertainment etc We'd just need to flex our "no" muscle, but it's something we most definitely need to be on the same page to succeed at doing.
Funnily enough I was checking my emails last night after LO went to bed, and one of my money newsletters pinged in saying "Stop talking about one day" with a quote that said "What if you quit talking about all the things you wanted to do with your life, and just started doing them?" which was more than a little inspiring! In my eyes worst case scenario at giving ourselves such a big task is we get 3 months in and can't do it anymore - but 3 months in would be £4500 more off the mortgage. Best case is we're mortgage free in 5 years, so both are positives? I know we're 2 paydays away from even starting this so it's a little premature but it's some food for thought.
Still, had a frugal few days. Made white chocolate and cranberry muffins with LO last night while tea cooked so that's puddings sorted for a few evenings. Stocked up on tins of chopped tomatoes so we've got a lot of hearty but cheap meals planned the next week or so. DH eats separately as he's on a special weight loss diet but the bonus is I can cook all the tasty frugal meals that my mum used to make me that DH isn't keen on (aka, anything tomato based)
DH has his expenses paid tomorrow so we'll be able to squirrel a little more away. Having a bit of a commotion in the family on DH's side, and we may need to temporarily take care of our niece in the future so we really need to get all of our ducks in a row. Been a very stressful day on that account, and I know it's very selfish, if not a little smug, but I'm looking forward to going home to my own little family, cooking tea, watching telly and going to bed in peace.0 -
I bet if you throw some things at it and aim for 5yrs you won't be far off. But don't get disheartened if you a few months where you don't quite get the target amount OP'd.MFW: Was: £136,000.......Now: £61,892.24......
Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
1% Mortgage Challenge 2022 - £157.59 of £6500 -
Popped to @ldi on my way to work this morning got a clothes line, line prop, peg bag and pegs for £11.26. Similar was coming out at £22.96 from different shops so it's a pretty decent saving. Just need the sun to actually pop it's head back out again!
Following the stressful day yesterday I bought ice cream on the way home. Was not budgeted for, but isn't going to sink the ship. I do feel a little guilty for doing it, a bit selfish
DH moved his expenses into savings, just waiting for him to tell me the actual amount - and then along with my wild TT of 82p I can update my signature :T We're going to push through an extra £500 of savings just so we have a bit of a buffer after we clear the loan (we'll also get a bit of interest back when we pay it off)
Going to look into our broadband contract atm, we currently pay £28.99pm for broadland and line rental which isn't bad but I think we can cut back. Will try to haggle with our current provider first but I know we can get a slightly cheaper deal of £24.99pm plus £70 cashback and it all helps!
Shangaijimmy - I'm thinking the same! We do seem to have some luck in that when we put our minds to a task we somehow manage to achieve it. It's probably all down to DH's stubbornness, but we saved 20k in 2 and a half years, while still having treats and I was on SMP for 10 months of that period. We're set to have paid £17512.87 in 17 months, while having cash rolled buying a house, the moving process, and having an extra £500 on our budget with the mortgage. I'm always feel like we trudge through mud when it comes to getting places with our finances but looking back, we don't do too badly!0 -
Another day, another money shuffle!
We've decided to move our savings from their separate pots into our main account as the interest rate is better, and we've taken £90 from the bank for our spending money for the week. Our loan payoff has been pushed back to June, however, as I forgot to think that while my last savings payment goes out in May it doesn't gather it's interest until June. Smart cookie that I am. I've altered my signature to suit it, as we'll have an extra loan payment come out before we pay it off which is a slight bonus. It's £473 less to save, so £473 closer to starting to OP the mortgage.. in a sense!
Took the little man for a walk into town first thing, we had a few errands to run but we stopped at the bakery for his favourite (fresh tea cakes) and came across 4 vintage ladybird Thomas the Tank Engine books for £2 when we dropped some books off at the BHF. One of LO's birthday gifts was my friend's old Thomas books from when she was little so it was nice to add to the collection.
Not looking forward to the next cold snap, I've brought more wood in from the shed and have some extra salt ready if we need to clear our path again. At least we're prepared after last time when we didn't even have a shovel0
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