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  1. #1

    Decluttering, renovating and overpaying - finding the balance

    I have tried a couple of times to keep a diary on here but life events have generally got in the way and changed my focus.

    We took out a mortgage of 188k in July 2014 moving into our forever house. It's the perfect location for us, with a large garden but it all needed some TLC. We spent the first 15 months or so overpaying a fair bit whilst getting some of the renovations done - things like damp proofing and superficial stuff like painting and flooring. We then had a year planning our wedding (which was now a year ago) so the house took a backseat.

    In the last year we've been back on the renovations - repointing, painting the outside of the house and landscaping the garden. As a result of focusing on the renovations we have stopped overpaying.

    I'm hoping to use this diary to help me find a balance between the two! Lots of work still to be done on the house, we're currently working on extending one of the bedrooms. The extending has been done, plasterer is coming this week then it's decorating / carpeting / furnishing etc.

    I'll be back tomorrow with a numbers update in terms of where we are on the mortgage so far. Hello and thanks to anyone who has read this far! I love reading lots of the diaries on here, although I don't post on many, will try and say Hi a bit more!!

  2. #2
    Just wanted to say hi and looking forwards to seeing your numbers tomorrow x

  3. #3
    As promised I am back with an overview of the mortgage figures!
    In July 2014 we started with a mortgage of 188790 over a 30 year term. In the first year we overpaid 1889.87 and in the first few months of the second year we overpaid 859 (total of 2748.87).

    Since then we have made only regular payments as we have been saving to do renovations. So far our OPs have saved us 178.09 in interest. Our daily interest is 17.99 rather than the 18.33 it would be otherwise.

    Our mortgage balance is 176819.44 rather than 179746.39 (that's a difference of 2926.95) and we have paid off a total of 6.34% rather than 4.79%. So I'm fairly happy with that overall.

    We are currently in the process of remortgaging (I just need to print off and send my documents) which will change our end date to Feb 2037 (originally July 2044) whilst maintaining around the same monthly payment.

    The reason I'm starting this diary is that I'd like to continue to make a few OPs even though most of the money will be going towards the house renovations. My plan is that any 'extra' money - from selling or bills savings etc will be OP'd.

    If you read this mammoth post thank you! My next step is to analyse our spending so will be doing that this week. In the meantime I'm hoping to start a spending diary and will be posting on here to keep myself on the straight and narrow!

  4. #4
    Spending for the last two days:
    Monday - 9.99 on a new wheatbag, 3.70 on lunch (forgot to pack a lunch)
    Tuesday - 1.45 on snacks (my biggest downfall), 2.?? - OH went to the shop for a couple of bits for tea.

    Decluttering - a wardrobe sorted yielding a bag for the charity shop, a bag for textile recycling and 2 dresses to put on ebay
    Overpaying - no news on this front, the plan is to OP anything that we make, or any savings on bills. For example the two months we don't have to pay council tax.
    Renovating - plasterer coming this week so have had to clear the room out, remove radiator, skirting boards etc. Will be adding up the cost of the room renovation soon in order to keep track of how much we're spending.

    I need to print off my evidence for the new mortgage still, this must be done this week!


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