Aim to get mortgage down before increasing again

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  • Visited our lender today and made an overpayment of £230. I think this is the last overpayment for 2016. Can't wait to see what my outstanding amount will be on 31st Dec. 2016 i managed to pay £2896 which is OK but lower than our 2015 amount. I think my balance 31st Dec will be roughly £59400 but will find out soon enough. Plan is to make a small overpayment from Tilly Tally's and try to do a monthly pay of £230 until we find out what happening about the extension. Only sent drawings to builder yesterday as no internet for over 5days. Fingers if all goes to plan will apply for extra borrowing end march and see when we can start build July or august.
  • Schoolworker
    Schoolworker Posts: 499 Forumite
    First Anniversary First Post
    edited 31 December 2016 at 1:24PM
    Well it's the last day of the year and I have just found out what our mortgage balance is - it's £28091.27 + £31314.15 which gives a total of £59405.42 which I'm happy with and will continue in 2017 to do overpayment as much as I can without impacting too much on family life. Upon looking at my statement which gave the balance as at 31dec 2015 it was £68334.03 so in 2017 we have managed to pay off £8928.61 so very happy with this.
    I have joined up the mfw17 challenge but only set my target at £2000 due to extension plans if this happens.

    I'm going to try to note all my grocery spends and see what we actually spend as I allocate £300 but not sure if this is correct and then we can see if I can better it as money seems to run out of the account fairly quickly.

    Off out to friends tonight with our own bottle and the kids will be happy playing with their kids - 3 families together so should be a good night. Tomorrow New Year's Day we are visiting my mums for dinner so will look in the freezer for dinner on Monday. Hubble goes back to work on Tuesday which seems very short but at least he has been off work right through. Kids back to school on 9th Jan and I'm back to work on 11th Jan - got a week to go. Kids are sleeping in to about 8.15am which is good in our household. Hope everyone has a nice Hogmanay and New Year's Day. C u in 2017.
  • Been out to the sales to get some much needed clothes for the kids and as well as the kids spending g their Christmas money on new trainers which they needed and saves me the expense.
    Trying to figure out what caravan site we wish to go with friends through the sun deal so fingers crossed just after 16th Jan we can book up as most or all codes will be released.
    Hubbie talking about getting a new car and I said we could not afford if doing extension and I have a car deal but was told that's rubbish. I don't like the fact that the news keep on talking about money being tight this year due to prices etc going up and higher inflation.
    Still waiting to hear from the builder about rough cost. I just hope my figures will be realistic.
    Managed to get £45 to be paid towards the mortgage from my Tilly tally. This will be my only payment for January as made a payment before new year.
  • Well I'm on for a rant. Hubble and I had a wee discussion last night when friends over about the extension. After they left it continued and I feel like hitting my head off a brick wall. I only want to get extra borrowing from mortgage lender of £60k and no more as this would take our mortgage up to £120k - never been this high and then if need more money then use our savings, but Hubble wants to get all money from lender. We are doubling our mortgage and do not want to increase any more due to talk of increasing costs and so we can still have a family life, last year I cut back on overpaying to a smaller amount to put more in the savings as this is what I was thinking about - I should not have bothered. Hubble does not see this. He did not know how' much savings we have so I told him this as well as how much hopefully will be there later in the year when we are hoping to do this extension. We have enough to use as well as a emergency money but he only wants to use the isa money for holidays. We have only used isa money for big holiday last year as holidays are paid for elsewhere - what is the point of me continuing to save for nothing as well as overpaying when he not bothered how big the mortgage will be.
    Still awaiting from builder so once this comes in then we can have another discussion/argument about this. My thinking is that the building and new kitchen/bathroom and ensuite costs will be about £60k or over so we can use mortgage money as well as £15k from savings for continguies and decorating/furniture etc. Time will tell if this extension still goes ahead as it seems Hubble just wants to disagree with me most of the time about this. I would happily skip over this and the building period as it will be stressful.
  • Well been food shopping as usual today and so in January I have spent £160.03 so will be interesting to see how much we actually pending on food & toiletries monthly. Been out to buy some of DS friends birthday presents as he is going to 3 parties over the next few weeks.
    Advised our architect to go ahead with the plans for building control to be submitted this month hopefully - not received her invoice as yet so will see what it will come in at. Hubbie has decided to contact different structural engineers to see what their charges are and instruct them to do their part of their job as building control will request this - hopefully it will be instructed by mid week.
    Still doing tilly tally of our current account once a week so will need to move money over to pay extra to the mortgage for January and it fairly adds up.
    Due to book up our cheap holiday tomorrow with the sun codes with our friends along the street - this should be good trying to decide where we all want to go - we know the dates at the moment so see what happens tomorrow
  • Well we have booked our 5day holiday in caravan at sandy bay. Gets reasonable reviews so looking forward to this in July. Friends also going to the same park so it means we have good company for evening entertainment for us and the kids. It's near Whitley bay so it will be good to go back and see this as we went about 4yrs ago.
  • Visited mort gage lender to make an overpayment of £55 - at least its a start for 2017 which was made of tilly tally . will see if I can build up more to pay as an extra continuing tilly tally. visiting my parents as usual after school but its my dad's birthday - so bought jammie dodge cake from the local factory shop - its great as its lightbody's cakes which go to the supermarkets but its overstock.
    We are discussing going away for a weekend with friends and their dog to a lodge somewhere in April or May - so pricing it up tomorrow and will no doubt book this soon.
  • Money, the route of all evil ;)

    I'm dithering from Saving/CC/mortgage OP's. Fortunately my OH leaves it to me... I can ask advice then do the opposite. We've no biggies like an extension though... as broad as it's long maybe? Good luck :)
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • Well we have just booked a long weekend April/may with friends to a lodge with a hot tub. Looking forward to it and will see if the kids like a hot tub.
    Received a estimate amount from one builder of £80k. Still waiting for estimates from 2 other builders to see if this amount is reasonable. Did not think it would that high cause no doubt it will increase when/if works start. Need to decide if going ahead with that amount this year or leave until next year so I can get the mortgage amount down.
    Kids had friends over for a sleepover last night. It went OK when they eventually fell asleep around midnight and one of the kids had a wee cry for mum but we got through it.
    Trying to keep a tally of food spend so far spent £235.51and still got one more weekend to go. It will be interesting to see what we usually spend and try to see if we can better this over the next few months.
    Planning on opening a bos vantage account to pay some of the money I have in my is a to try to get more interest as I think I'm 1% in my is a but will have easy access to bos as I have online banking. Hope to do this tomorrow or Tuesday as well as going shopping for sweets for school movie night - will get money back. Bye for now going to take D's to another party at soft play and then friends over for takeaway.
  • Made another overpayment of £30 today from Tilly tally. Think this is the final amount for January. Hubble seems to think he will be paid this week so I can plan what to overpay soon.
    Due to open the vantage account next Monday and got money waiting to transfer and get more interest. Just need to sort out the 2 Dd in febuary so that I can start to get interest in March. I just hope the terms and conditions don't change in the near future.
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