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  • FIRST POST
    • wantabetterlife
    • By wantabetterlife 27th Dec 09, 10:49 PM
    • 1,226Posts
    • 5,475Thanks
    wantabetterlife
    £161,044.25 reasons to be mortgage free
    • #1
    • 27th Dec 09, 10:49 PM
    £161,044.25 reasons to be mortgage free 27th Dec 09 at 10:49 PM
    Hello everyone
    As the title suggests out mortgage is a staggering £161,044.25. More worrying is the fact that we are almost certainly in negative equity. I am ashamed to say that we were part of the " lets release some equity in our house and go on a great holiday, buy nice clothes..etc" club, because we " deserve it". This resulted in us borrowing an extra £57,000 . OMG when i write it down it seems even worse!!! However £25,000 of this was on a property investment that went disasterously wrong.
    Oh how times have changed and with the recession came an almighty dose of reality. I cannot believe we were so stupid. .....but..... since finding MSE things have certainly changed.
    I can remember stumbling along the MSE forums and into the MFW board one evening and Earthgirls diary was the first one i read....what can i say i was hooked.
    The real driving force behind being Mortgage free is so that i would be able to work part time (have two young children) without having to struggle too much, hence my username.
    I have joined the MFW 2010 and the MFi3-T2 challenge to help keep me motivated..so watch this space

    wantabetterlife
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
Page 28
    • wantabetterlife
    • By wantabetterlife 14th Jan 16, 4:44 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    Hi LGP, thanks for posting. No it's not me..we lived in our last house for ten years.
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • abba1772
    • By abba1772 15th Jan 16, 2:45 PM
    • 4,032 Posts
    • 12,377 Thanks
    abba1772
    Happy new home xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £4531.19
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £6825.51 / £6000
    • Muser1
    • By Muser1 16th Jan 16, 5:36 PM
    • 775 Posts
    • 4,102 Thanks
    Muser1
    Congratulations on the new house
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • CathT
    • By CathT 16th Jan 16, 7:21 PM
    • 5,387 Posts
    • 37,040 Thanks
    CathT
    Good to see you back WABL.
    Dec 2017 -
    part 1 - £79,467
    part 2 - £45,985
    Total - £125,449
    • wantabetterlife
    • By wantabetterlife 18th Jan 16, 9:31 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    Thanks abba, muser and cath for your lovely messages. I am finally online with the Halifax and have just updated my signature . We owe a massive £176358. I have just overpaid £20 to make myself feel better.
    I really need to come up with a plan because this is way too much money to owe and we had to extend our term and it's now 28years and 9 months! I am hoping that writing it down will give me the kickstart I need to start making a dent in this.
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • wantabetterlife
    • By wantabetterlife 25th Jan 16, 10:09 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    £4 something received from quidco...rounded it up to £5 and made an overpayment
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • wantabetterlife
    • By wantabetterlife 11th Mar 16, 9:32 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    We have scraped into the 175's this month!!!....this is a really big elephant
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • wantabetterlife
    • By wantabetterlife 8th Jul 16, 11:35 AM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    Just managed to get into the 173s this month, with the balance at £173996 . It's going to be a tight few months with summer holiday and new uniforms to buy. I have increased our regular monthly payment by £100 so that is the least we will be overpaying. Just love the Tilly tidies and am convincing myself that it will all add up
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • wantabetterlife
    • By wantabetterlife 6th Aug 17, 10:24 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    13 months since my last update ...really must do better. We are still plodding away and are now in the 168s. Managed to get 60k of our mortgage on a better interest rate from 4.29% to 2.19% and that kicks in this month. Roughly works out at £80 per month saving that we are ploughing back into overpayments. That will take monthly overpayment to £180 and our daily: interest will fall into the £16.00 something per day bracket.
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • wantabetterlife
    • By wantabetterlife 6th Sep 17, 10:54 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    With the new deal our daily interest has dropped by over £3 per day and is now at £15.43!! Hopefully we will start to see the snowball effect take pace a bit now
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
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