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

ButterflyBee · 19 July 2011 at 10:59PM

I have been pondering and pondering what I could do as the wow!!! factor for my daughters 18th birthday party(75 people attending) which would not cost me an arm and a leg!!!

mmm! it may have taken weeks and days of milling over ideas and I am now VERY proud to say that I have just completed a 3 minute slide show and edited the music and gotten a video message from family abroad and on top of all that an old friend has offered me the use of his projector and screen for the night!!!
Well I would never have thought to try some thing for free!!! But I have done it!
I must have saved hundreds of pounds!!!

SAMMYE_2 · 20 July 2011 at 9:59AM

ButterflyBee wrote: »

Well this is a strange feeling. 4 years ago I was in such a bad state financialy, every day was a worry. £23k in debt (cr cards, loans, hpfinance.legal costs etc) redundant and a new mortgage only 3 months old not forgetting on the brink of a divorce. I read this forum every day but was to stressed and negative to post a message. Every day I thought about reposession and bantruptcy. How was I, A single mother, unemployed in a recession going to claw my way out of the deep black hole I was in!
Well here I am, 4 years later debt free, driving a new car (it may be a Kia, but £40 a year road tax makes me smile) and I have this last year paid £2k off my huge mortgage of £189k. Some people ask me how I do it, honestly I do not know but I now have a new goal.

I may be 44 with an interest only mortgage of £187k but I want to work towards being mortgage free at least at the end of the 21 years left on my mortgage.

Baby steps: 1. No new debt and clear another £5k by July 2012.

You are amazing! x

ButterflyBee · 20 July 2011 at 7:38PM

Thanks for all the positive comments. Sometimes I need to remind myself of the journey I already have been on.
Still waiting for the paperwork so that I can get it signed and back off to Mortgage Express. The sooner I move from IO to RP the sooner my overpayment is more effective and the sooner I get to being MF!!!!

ButterflyBee · 21 July 2011 at 1:38PM

After looking at the numbers again, which are do-able at the moment I now have to "own" the problem which will arrise in 12 months and again 3 years later when both my daughters enter the world of UNI. Without the CB, CTC & Maint that I currently receive I will most certainley not be able to afford to live.

SAMMYE_2 · 21 July 2011 at 3:15PM

ButterflyBee wrote: »

After looking at the numbers again, which are do-able at the moment I now have to "own" the problem which will arrise in 12 months and again 3 years later when both my daughters enter the world of UNI. Without the CB, CTC & Maint that I currently receive I will most certainley not be able to afford to live.

Could you take on Lodgers when they move out? You can get very decent money renting rooms out x

Could you not negotiate some form of maintenance on the basis that you will be keeping the rooms for the girls. Granted they may be 18 / "adults" or whatever but they will still be in full time education so morally the Dad may still feel he would like to contribute especially when he realises that you may not be able to keep the family home without his help.

ButterflyBee · 21 July 2011 at 3:34PM

I would defniatley considder renting my room out (with ensuite) to maximise an income unfortunatley extending maintenance is not an option.(He is counting down the days untill they turn 18)

Never mind I will remain positive! I have no debt and my car will be paid by then. Perhaps I'll get a second job or better paid job, or both!

Where there is a will there is a way.

ButterflyBee · 23 July 2011 at 11:38AM

Not doing to well these last two days with spending what I actually did not budget for and will never be mortgage free if I dont reign in the need to have everything perfect. Yesterday I needed to buy a dress and shoes for my youngest daughter, £50 gone and then a birthday cake for my eldest daughters 18th birthday party another £40 gone. I know that is what savings accounts are meant for(the odd luxuary) but I was hoping to keep saving to settle a lumpsum on the mortgage at the end of the year.
Damn, children are expensive!!!

gallygirl · 24 July 2011 at 9:16AM

Hello BB :wave:

How about a compromise on the mortgage? Why don't you treat it as a repayment and pay that every month? Can you make unlimited capital overpayments? If so, then do that for as long as you can, if not then make your maximum op, then stick the rest in a savings account.

You have done remarkably well in a short space of time. As someone who was in a similar position 14 years ago, wouldn't it be great if the universe would let you look ahead to see that everything works out ok? But maybe it's the uncertainty that drives us on.

Good luck

Lois_E · 24 July 2011 at 12:21PM

Hi ButterflyBee and welcome to MFW. :wave:

I'm also a single parent, although my kids are younger than yours - they're both still at primary school. I started a diary a few months ago but haven't done much OPing yet - I've got building work to pay for first. My diary is here.

You've done amazingly well to clear so much debt so quickly. You will find ways to cope without the CTC/CB/maint because you will build on your track record of dealing with all that debt. I do think gallygirl's suggestion is sensible, though. If you can stay on IO but overpay by as much as a RP mortgage would cost, then you will be bringing down your capital amount but keeping the flexibility to see you through the adjustments as your DDs go off to Uni.

Good luck.

gallygirl · 24 July 2011 at 12:33PM

Lois_E wrote: »

I do think gallygirl's suggestion is sensible, though.

Can someone take a note of this please - it had to happen eventually, in the same way give typewriters to enough monkeys & one of them will type out the entire works of Shakespeare :rotfl:

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

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