New House, New Mortgage!

Yes its finally happened!!!!!

First mortgage payment and overpayment have gone through! I honestly felt so excited seeing the mortgage today, hubby thinks Im crazy!

Its gone from £185,553.91 to £185,107.52! Slowly but surely, overpaying £70 a month unless we can afford more. The Loan to Value has gone from 95.15% to 94.92%. Wooohoooo! Celebrating with a hot choc and Aldi version of a penguin, yum!

Almost can't wait till next month to see it change again!

Jodles :j:beer:

Sorry Lalman had somehow missed your post! Yeah the equity from our first place literally was 5% for the new one! First one was a cheap and cheerful starter home and it never occured to me there to make overpayments so we saved there and managed to pay for our wedding outright after 18months of saving and also me researching and doing a lot to keep costs down!

Now we have the bigger mortgage I am determined to try to reduce it as its scary!!

I also realised I fudged up my maths in the other posts, did not pay off that much of the mortgage, spent some time this morning trying to figure out how much of the payment goes on interest and how much goes on paying it off...found an equation to figure it out roughly (amount of mortgage x percent / months of the year, in our case 185000 x 4.99 / 12 = 770 interest a month). If we weren't overpaying by £70 a month then we would be paying off £163 a month...with the overpayment it works out as £233 a month. This has prompted me to wonder if with hubbys pay rise as well as mine we could up our monthly overpayments to £170 a month, therefore paying off £320 a month which in 2 years will mean we should own almost 10% of the property for when we re-mortgage. This would make a lot of sense and might mean we can get a better deal then!

Hmm, waiting for hubby to come home and see what he thinks...

Jodles

So our second mortgage payment should go out today but won't untill Monday! Overpaying by £170 a month now and Im going to carry on doing random Tilly Tidies to build up a little lump sum to add to the overpayment as well.

Got in touch with our old house insurance as we cancelled but they have taken two payments since, spoke to the nice chat people online and she has sorted it, apologised as they had confirmed the cancellation on our previous policy not the new one! So nice little refund which Im planning on squirelling away into the OP fund (about £35).

It was our first year wedding anniversary yesterday, or Halloversary as I like to call it! We went to our venue and they re-created the meal for us and it was delishious! The pumpkin soup was just gorgeous! Fab way to start our second married year!

Reflecting on the year since we got married hubby has had a promotion and I changed jobs and then we moved house as well as going to Mexico for our Honeymoon! Been a busy year and Im looking forward to what lies ahead for this year, hopefully nothing too big though!

Happy halloween for yesterday everyone!

Jodles :beer::D

Woohoo! Have just made a random £100 overpayment made up mainly of Tilly tidies and tiny bits of interest since I started posting on here! Lovely lady on the phone told me I can overpay by up to £18k, to which I giggled and said its only a £100 but every penny counts!

Also have started on our gas bottles now, so from the 4th November, interested to find out how long it will last, its £110 for two bottles so very expensive. We have underfloor heating and we were told to leave it on low all the time as the heat up time is not quick and its more efficient if left on, so fingers crossed!

Have started a holiday fund too for 2016, looking at possibly going to Vegas Baby!

Jodles

Thanks Tootallulah! Its good for the soul!

Seem to have ran my account dry this month already, well not dry but less than normal can only think its buying presents and spending more than I realised! Ah well should have enough to last just have to be thoughtful about what I buy.

Planning to get an emergency/house fund of 2k, currently its £1400, so not too bad!

Vegas is currently at £1200 as I had 1k from my first job as they messed up everyones annual leave, I figured Vegas is a great thing to spend it on as its more my dream holiday than hubbys! Plus he has said if we have anything left I can use it to save up for something else...another holiday maybe?!

Sorting out drivers licence and plan on sorting out emergency tax as well that money would be useful as really would like the house fund to be more but we are buying stuff for the house so spending it as well...

Tilly tidying my account at least once a week to keep going with my on mini savings, once I have about £100 again I will pay it to the mortgage! Feeling money aware and as much as I like it it can feel a bit overwhelming!

Hope everyones having a fab weekend, only 12days to payday :eek:!

Jodles