The Start of a New Adventure

monz · 10 August 2018 at 8:45AM

Also groceries is a bit high! I have just me and my son and I spend not even £100 thanks to Aldi and farmfood and meal planning

x

Niv · 10 August 2018 at 9:02AM

Hi canaryfeather. You are in a very fortunate position regarding mortgage size to income.

My tips:

You may not be allowed to overpay more than 10% so consider where you could save your surplus that pays more than your mortgage rate. If you earn more from saving interest you are better off doing that and making a bulk overpayment in the future. It is not as thrilling as overpaying monthly but it is more financially savvy if you are disciplined with those savings (i.e will pay the mortgage off with them and not do a round the world trip with it)

Don't forget to have fun, glad to see an entertainment and holiday budget

Save for anything you want for the house. Ebay etc is a good place to go for second hand furniture etc

canaryfeather · 11 August 2018 at 7:53AM

monz wrote: »

Also groceries is a bit high! I have just me and my son and I spend not even £100 thanks to Aldi and farmfood and meal planning x

I'm sure I'll be able to reduce that figure down then. At the moment I tend to buy food withe rout or on the day, as I live so far away from work I don't have time to cook. Hopefully that'll change once I have more time in the evening.

Niv wrote: »

Hi canaryfeather. You are in a very fortunate position regarding mortgage size to income.

My tips:

You may not be allowed to overpay more than 10% so consider where you could save your surplus that pays more than your mortgage rate. If you earn more from saving interest you are better off doing that and making a bulk overpayment in the future. It is not as thrilling as overpaying monthly but it is more financially savvy if you are disciplined with those savings (i.e will pay the mortgage off with them and not do a round the world trip with it)

Don't forget to have fun, glad to see an entertainment and holiday budget

Save for anything you want for the house. Ebay etc is a good place to go for second hand furniture etc

You're right - I cant overpay by more than 10% a year, so I'm hoping to keep the money in a savings account which has a similar rate of interest

canaryfeather · 11 August 2018 at 7:56AM

The week so far has gone well. I managed to meal prep on Sunday, so I had a few days of lunches that I could take into work during the week (I'm so aware that once I can do this everyday it'll be so much cheaper than buying food in the work canteen!)

The weekend will be an expensive one as it's my best friend's hen do. Travel costs plus costs for whatever activities are planned are bound to add up, but hopefully I can keep costs to a minimum.

Autumn_Sun · 11 August 2018 at 9:29AM

Hi Canaryfeather, I was in nearly the same position as you. £30k mortgage but with a 5 year fix. It is limited to 10% overpayment each year which I!!!8217;ve done. However I!!!8217;ve saved along side this. I spoke to my mortgage provider who gave me some ERC figures which to be honest were peanuts if I were to pay off at the end of this year (which will almost 3.5 years in.
Go for it! It!!!8217;s a great feeling of achievement when you know you!!!8217;ve planned and worked hard !!!55357;!!!56832;!!!55357;!!!56832;

canaryfeather · 11 August 2018 at 11:43AM

Autumn_Sun wrote: »

Hi Canaryfeather, I was in nearly the same position as you. £30k mortgage but with a 5 year fix. It is limited to 10% overpayment each year which I!!!8217;ve done. However I!!!8217;ve saved along side this. I spoke to my mortgage provider who gave me some ERC figures which to be honest were peanuts if I were to pay off at the end of this year (which will almost 3.5 years in.
Go for it! It!!!8217;s a great feeling of achievement when you know you!!!8217;ve planned and worked hard !!!55357;!!!56832;!!!55357;!!!56832;

Well done for the overpayment and being in a position to pay off your mortgage. Such an achievement!

What did the early repayment charges look like for you? The ERCs is one of the reasons why I went for a 2 year fix rather than a 5 year.

Autumn_Sun · 11 August 2018 at 12:48PM

I haven!!!8217;t got the figures to hand but £600 springs to mind! I need to contact them again in the next couple of months to get exact figures as I aim to pay it off on January 2nd 2019 which I hope will allow me to make use of next year!!!8217;s OP before they calculate the ERC.

canaryfeather · 12 August 2018 at 9:06PM

I can't believe it's the end of the weekend already! The hen was cheaper than I hoped - £40 travelling costs and £30 expenses for activities. Still not cheap, but the bride had a fantastic time and some great memories were made so it was worth it.

Popped to tesco on my way home and made the most of the Sunday yellow stickers. I spent the afternoon cooking a batch of veggie mince, using all the leftover veg in my fridge so I have my dinner and lunches sorted until at least Thursday for the grand total of £12. I can definitely see how home cooking can be a real money saver!

The Start of a New Adventure

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