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So, having scrapped the idea of the porch extension, we are going to get a handyman in (probably not completely MSE, but if I was to do the jobs myself we'd be waiting months for me to get round to doing them!) to do a few bits and pieces to just make our existing porch a bit nicer and a bit warmer. Costs of materials will go on the stooze CC, so the only cost will be cash to the handyman for his time.
Weekend was low spend, with just a £10 top up shop in Tescos and buying an item from a DIY store for £9 on stooze CC.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
Costs of materials will go on the stooze CC, so the only cost will be cash to the handyman for his time.
Sounds like the right move on the porch. The above sentence is a little alarming though. The only immediate cost will be to pay the handyman, but you will of course need to pay off the stooze eventually, so the materials aren't free!
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Yes, good point! I suppose the fact I don't have to think about paying it off/finding a free or very cheap balance transfer for over 2 years is making my approach a little blas!! But you are correct.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
Pretty good weekend cash wise, but spent a few bits on the CC including for a new door between the porch and living room which will hopefully keep the house a little warmer then the current door which has a large single paned window in it, which cannot have any thermal or acoustic properties!
Mortgage payment went out today, so I will check online and update the signature tonight - expecting a balance around £249,500, which will be just over £20,000 less than the starting mortgage in one year.
PS - my notional target is to reduce the balance by £25,000 p.a. on average, through a combination of natural capital reduction and overpayments, so that by Feb 2021 the balance is below £169,995 (which would be £100,000 lower than when we took the mortgage out). It is a very tall order, but aim for the stars ....Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
Signature updated - balance down to £249,117. Should manage a small overpayment at the end of this month to take it below £249,000.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
Not much to report over the past week or so.
Have been sticking to budget (largely) and even saved a little bit here and there, so with only a week to go until payday I am hopeful of being able to make a decent overpayment. This will be boosted by the fact I have decided to slowly reduce my emergency fund by £1000 over the next few months, so will probably 'release' £300-400 of that this month to boost the overpayment.
Ultimately, we will then have £5000 in savings accounts earning 5% p.a. which is easily accessible in an emergency, and a further £1000 in a cheap easy-access savings account for smaller emergency items. This £6000 total would cover maybe 3-4 months of expenses in the event of redundancy, and could be topped up very quickly if I felt the need to by accessing regular saver accounts.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
PS - handyman came on Sunday and did a very good job on the various bits and bobs we asked him to do. £100 cash for him, and about a further £100 in materials which went on the CC.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
We have had a very good last week or so spending wise (or, more to the point, not spending!) so I have managed to raid the various accounts for a little bit more than expected and have today paid £540.38 as an overpayment. This is in addition to the automatic slight overpayment from our DD having been increased to £1200, so in total an overpayment of approx. £575.
Standard DD in March should see us below the £248,000 mark.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
My recent posts have been rather intermittent as frankly there has been very little different happening that is worth reporting (and also I'm not really sure anybody else is reading my witterings!).
Did have our usual letter through confirming receipt of the last overpayment and this now shows a remaining term of 22 years 6 months, when it should still be at 24 years, so we have saved 18 months already through these overpayments! So, mortgage end date is now Aug/Sept 2040! Will update signature accordingly.Original Mortgage (Feb '17) £269,995
Current Mortgage (End 11/19) £226,790
End Date November 2039 Original End Date February 20420 -
Knocking 18 months off already is a great start I am the master of my fate; I am the captain of my soulRepaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NILNet sales 2024: £200
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