Counting down to mortgage free, dont know when but I do know how.

ButterflyBee · 25 July 2011 at 1:11PM

I have spent the entire weekend thinking and pondering what the best option would be and I now that I have delved further into my car finance contract which has also shocked me to no end paying this off first will be a better option. The APR is 23.5% and I have a 0% credit card for 14 months on purchases with a credit limit of £3500. If I settle this car finance today and pay the payment of £250.00 for 14 months this will give me an ultimate saving of approximately £1014 in intrest charged on car finance and I can still make the overpayment of £150.00 a month on my mortgage for the next 14 months; still a win win situation!!! I think that I'll tackle the Repayment mortgage at a later time.

Time waits for no one, best to look at the numbers now and act fast!

ButterflyBee · 25 July 2011 at 1:15PM

And Yes, GallyGirls suggestion is defnialtey a royal flush!!!

ButterflyBee · 5 August 2011 at 10:45PM

I have not posted for a while as been really busy with my daughters 18th birthday weekend celebrations. Thank goodness that's all over and things can now get back to normal.
Unfortunatley the dredded credit card came out to play as welll, BUT, that has been put away again and will be settled at the end of the month :-(

Furthermore being on holiday, although at home is so expensive, even if it is just potting up hanging baskets and watching dvd's there is always something unexpected to budget into the equation!

Nevermind, I have kept up the overpayment on my mortgage and will be baking tomorrow with my youngest daughter for entertainment and and instead of taking a trip to the money grabing supermarket!

cha97michelle · 6 August 2011 at 12:53PM

Hiya,

Bit late, but welcome to the boards. You sound like you have already achieved so much over the past few years, that all you can do now is keep trying in the same way, and it will happen.

ButterflyBee · 6 August 2011 at 5:40PM

Thank you for the welcome. Much appreciated!

Distaster strikes again, I need to replace a bald tyre NOW! thank goodness no fine or points, phew lucky escape!

Well another lesson learnt and luckily MS:money: has a link to affordable tyres so £40 will be comming out of the piggybank.

ButterflyBee · 8 August 2011 at 2:38PM

Telephoned Mortgage Express again today because the figures just do not add up, my capital amount is £646.61 higher than my mortgage statement one year ago. When I spoke to the them I was told that my overpayments of £1601.20 have been offset against the vairiable interest debited to my account.

My question to them is why is my monthly payment calculated at £762.04 and not the accurate figure which will cover the standard variable of 4.84 as quoted by them.:mad:

It just does not make sence.

ButterflyBee · 5 September 2011 at 3:06PM

I have decided to keep the mortgage at $150.00 overpayment every month. For one reason or another it does not seem to make much difference but I will rather focus on paying off the credit cards over the next year.

hastie · 5 September 2011 at 6:02PM

I can sense you are desperate to grasp your mortgage by the horns, and give it a good shake, but be patient. You are absolutely right to focus on your credit cards, then get a 6 month pot of money together for emergency's. Dont be despondant.
It is a marathon, not a sprint.
No one is more impatient than me to see the mortgage gone, but prioritise sensibly.
Good luck and best wishes in your journey.:)

ButterflyBee · 5 September 2011 at 10:50PM

Hello Hastie and yes you are absolutley right! I have OCD if it comes to my mortgage and debt but I am defniatley still in training. This marathon will be won!

Thanks for the words of advice and confidence.

LesleyKD · 6 September 2011 at 8:27AM

Hi Butterfly bee (love the name)!
As others have already said , well done on clearing so much debt so quickly. I have quite a big mortgage 85k on a single wage and I'm hoping to start a MFW post of my own shortly.

All said and done, don't beat yourself up for having the odd treat. We all need it, now and again and your daughter's only 18 once. Maybe put a spending plan together now for her 21st so that you don't make the same mistakes twice.

I've just done something similar with a holiday plan. I knew I wanted to go to Egypt. So I researched it, worked out how much I'd need to save a month and then booked it well in advance. (booked last june, going in november this year) This made sure that I kept to my savings plan.

Booking in advance also meant I was able to plan extra expenses like clothing, spending money etc. Outfits, clothes- I've done really well by waiting til end of summer mass clearance!

But always staying in control and thinking to myself that I want to have a good quality of life for all my life rather than 1 crazy year!

Hope this helps! Look forward to hearing more of your success!
Lesley

Counting down to mortgage free, dont know when but I do know how.

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