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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,894Posts
    • 40,610Thanks
    newgirly
    Pay off mortgage and start having fun!
    • #1
    • 15th Apr 10, 11:02 PM
    Pay off mortgage and start having fun! 15th Apr 10 at 11:02 PM
    I have been reading other peoples posts for a while,trying to get myself in the right frame of mind to start overpaying on the mortage.DH and I have a house worth about £220,000 with a mortgage of £159,000 although we only paid £120,000 for it (£93,000 mortgage) to start. So as you can see we have been not so great in the past! Last year we also owed about £20,000 on credit cards which is now down to £10,000. I really want to get rid of the mortgage before our youngest turn 18, the twins are nearly 10 now. So any words of encouragement would be great, I need keeping on the straight and narrow.

    Xmas paid for by saving £1 a day minimum in a sealed tin, plus homemade/sale stuff.
    Birthdays now in monthly budget, plus extra vouchers earned

    I am taking part in the earn £2012 in 2012 challenge on the up your income board, so whatever earned from that will be split between op's and holidays fingers crossed.

    Budget from may 2012 onwards:

    income.................2092.00
    child benefit..........188.60
    child tax cr..............0 no longer!
    total....................£2280.60

    mobiles x 2...........32.00
    tv licence..............12.37
    elec/gas................140.00
    water....................60.00
    council tax............125.83
    home insurance.......11.83
    pension..................21.90
    life ins....................15.17
    sky ........................21.00
    car tax....................15.83
    car ins.....................22.00
    car maintenance.........8.33
    petrol.......................60.00

    school dinners............48.00 (1 dinner/1 bacon sarnie each pw)
    pocket money.............20.00
    clothes.......................30.00
    birthdays....................50.00

    grocery.......................250.00
    (food/pets/cleaning)
    DH's money.................100.00
    0%cc ................................32.35
    mortgage interest.........425.00
    mortage overpayment....778.39


    money in: £2280.60
    money out:£2280.60







    This Forum Tip was included in MoneySavingExpert's weekly email

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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 2
    • newgirly
    • By newgirly 27th Apr 10, 9:49 AM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Hi everyone, I'm after a second opinion on what I should change my mortgage to. I had decided to go for the one account, putting my mortgage of £160,000 and credit card of £9900 ish together. However I have spoken with my building society chelsea and although my fixed rate finishes in August they will let me change to a better rate with them in May. It seems tempting as they have a fixed 2year rate at 4% , also there will be no fees or charges at all. I will be able to shorten the mortgage from 30 to 12 years and also overpay ( if possible!) by 20% per month. The only drawback is I can't add the credit card debt as it will take me over 75% LTV. If I do this and make sure cc stays 0% do I over pay on mortgage or credit card? I feel like I just want to get started overpaying the mortgage as I am so keen now, what does everyone think, is lumping both together in the one account cheating a little anyway?!
  • Raini
    Hi NG, not that I'm an expert by any stretch of the imagination but if it were me I would probably take the new mortgage on offer, get the CC's on 0% and pay them off ASAP - although technically you'd be better paying the mortgage off first if the CC's are 0% I would want them paid off first. Always nice to say you've paid something off completely!

    Good luck by the way
    Mortgage: Jun 08 £155300~Repayment Made: £4300~Remaining: Mar 10 £151000
    DFW Nerd 1190
  • Baby steps
    Hi,

    I'm waiting for my mortgage deal to end in July and if i could switch to a better rate now I'd jump at the chance so i could start overpaying more. I notice its only a two year fix, can you get a deal on a longer fix? It may be worth considering as interst rates may be a lot higher when you re-mortgage in two years. Just a thought to consider. Also if adding your credit card debt to your current mortgage will push you over the 75% LTV it is likely this will be the case with other providers. This could mean C&G are currently offering you the best deal to stay, especially as you can finish your current rate early.
    Mortgage @ 01.06.10 £165,999
    Mortgage @ 31.10.13 £14,664
    • newgirly
    • By newgirly 27th Apr 10, 9:19 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Hi,

    I'm waiting for my mortgage deal to end in July and if i could switch to a better rate now I'd jump at the chance so i could start overpaying more. I notice its only a two year fix, can you get a deal on a longer fix? It may be worth considering as interst rates may be a lot higher when you re-mortgage in two years. Just a thought to consider. Also if adding your credit card debt to your current mortgage will push you over the 75% LTV it is likely this will be the case with other providers. This could mean C&G are currently offering you the best deal to stay, especially as you can finish your current rate early.
    Originally posted by Baby steps
    I think I will look and see if there is a longer fix than 2 years, good idea. Now, next job is to try and find a nice mortgage overpayment piggy bank. found one today in a local charity shop today, but thay wanted £10, does any else find that their local charity shops charge more for some items than the items cost new, or is it just where I live?
  • Raini
    any else find that their local charity shops charge more for some items than the items cost new, or is it just where I live?
    Originally posted by newgirly
    Yeah I've noticed this too! (Although I live in Essex too, maybe it's just here!) I remember when charity shops were cheap but it seems they've realised the sell for more. Can't say I blame them but it is a pain for us looking for a bargain!
    Mortgage: Jun 08 £155300~Repayment Made: £4300~Remaining: Mar 10 £151000
    DFW Nerd 1190
    • SmlSave
    • By SmlSave 28th Apr 10, 1:43 PM
    • 4,702 Posts
    • 16,360 Thanks
    SmlSave
    hi newgirly

    just to let you know that I saw the halifax has a helf fixed and half tracker mortage offer on at the mo which looks good but I think it finishes after 2 years too.

    I've chosen a NatWest mortgage at 3.59% variable which gives me the option after 3 months to change to a fixed rate (better rates as I'm then classed as an existing client) They have a 5.09% fix for 5 years that way
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off £20,000
    £350 per month challenge
    • newgirly
    • By newgirly 29th Apr 10, 7:07 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Hi everyone, i have had a fairly productive day today. Have been on the phone to the building society again, trying to find out what I owe again as I can switch fix as of saturday, i have just scrapped in at 75% LTV, apparently last week it was 76%, so its great having that in our favour. My other exciting news is the arrival of my mortgage pig! my mum turned up on my doorstep with a big fat pink pig with "worlds best daughter " on it, she is lovely,the pig I mean,(and mum of course!) I have been looking for one all week with no luck, now I just need to find some money to put in her. Have about 50p left in my purse, which is a start I suppose.
    I have also found an old purse which I am keeping my grocery money in, so its seperate from everything else, am trying a budget of £220 per month. I know that is a lot compared to some on here, there are dh and I three kids a dog, 2cats, and hamsters. oh and hubby eats enough for three people, so not sure if this is going to be possible! I do have friends that spend this per week on food though, most people I know would think me very strange to be spending so little.
    Last edited by newgirly; 29-04-2010 at 7:31 PM. Reason: spelling
  • pammyj74
    That budget sounds very reasonable to me.
    well done on getting the mortgae to 75% LTV and hope you get a good deal to switch to.
    I was looking for one of those huge cola bottles to put my pennies in, your pig sounds nice lol

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • newgirly
    • By newgirly 3rd May 10, 9:40 AM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    morning , I thought I would update with what small things I have done to start my MFW journey this weekend.


    • Joined pigs back and did some clicks(let my boys dress the pig in silly clothes!)
    • Joined love films free trial earning £22 via topcashback, just need to keep dh well away from this one or we will be signed up for the most expensive tariff
    • Joined the sealed pot 2010 challenge,target£500 for xmas
    • rang building soc. got quotes for new mortgage over 13/14 years instead of 30, will decide which term when quotes come in post.still aiming for reducing to 8 years though
    • took kids to a very large market for first time, saw lots of cheap veg which I didn't need this time, but I will next time.
    • avoided spending on cinema etc like we normaly would and have only spent on a mc donalds for kids all weekend.
    • pursuaded dh to help with sealed pot challenge! hoping for £5pw
    Thats it for now, hope everyone has a good day
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
  • Wildchild
    Hi Newgirly

    Just wanted to say good luck and you're off to a great start!

    Think I might join that sealed pot challenge too.
    CC 1: £102 / CC 2: £349 / CC 3: £1000
    CC 4: £1000 / CC 5: £150 / CC 6: £500
    CC 7: £500 / CC 8: £1183/ CC 9: £1639

    Total debt: £6,423 £6,128 £5,978 £4,099£3,639
    • newgirly
    • By newgirly 6th May 10, 8:25 AM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Well I have managed to come in at £51.98 for last weeks shopping, leaving me with £3.02!
    Hovwever... drew out this weeks money yesterday and did a big shop at mr s and came home with 15p , so thats what I've got until next week.
    I'm sure I can get through without spending, as i bought some long life milk and can make bread, its just it takes some getting used to properly sticking to a strict budget!
    Two of the kids are off school for polling day and we have been asked to a friends for lunch, so am going to attempt to make some cookies to take with us, fingers crossed
    I have received my first free trial dvd from love film- hotel for dogs - which I thought my boys would like, apparently they have already seen it though, oops.
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 9th May 10, 8:58 AM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Have managed to have a fairly good week this week. Did spend money on a girls night out, haven't done that in ages. But OH brought home some extra work that needed doing and said he'd pay me £50, it took a lot longer than I thought, but I am really pleased with the extra!
    I just wish I had changed things 15 years ago, we have always lived beyond our means, not on big things, (we havent been abroad for 14 years), but steadily overspending on everyday stuff, when the overtime was taken away we would'nt cut back , just use the credit cards.
    Now I feel like we can have treats , but carefully planned ones, using vouchers, taking lunches etc. and I feel so much more in control, there is an end goal in sight (a long way off mind!)
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
  • pammyj74
    It's that light bulb moment, we all wished we had done it sooner. I wish I had started mine many years ago lol, wouldn't have been possible when I was with ex as he was/is such a bad spender but once I got my finances sorted out when he left I should have started earlier but saying that I did have savings which I bulked the OPs out once I started in the beginning.

    Good luck on the sealed pot, I also do the virtual pot which I tend to put more in there than cash. On occasions I'll put the odd £1 and 50p in my pot. I hope there will be a fair bit before xmas

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • newgirly
    • By newgirly 9th May 10, 1:40 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    I like the idea of a virtual sealed pot,I know this is a daft question, but does that mean doing online transfers to a savings account?
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
  • pammyj74
    yes basically anything over £5 or £10 you transfer to another account and you dont miss it. In about 6 months I have put over £250 and I havent missed it. I just put a few quid over every couple of days.

    see the virtual sealed pot thread vsp thread

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • newgirly
    • By newgirly 9th May 10, 2:42 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Great, thanks will look at that
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 10th May 10, 9:55 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Have followed Pammyj74's lead today and have opened an online isa so I can do a virtual sealed pot. Have opened one for DH as well, I went through topcashback so should get £20 each ( he doesn't get to keep his though, its going in piggy!) so thanks Pammy
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
  • pammyj74
    Good on you, and for going through cashback. Have you joined the thread?

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • newgirly
    • By newgirly 10th May 10, 10:17 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    Joining the vsp thread will be on tomorrows to do list!
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • Queen-Bee
    • By Queen-Bee 10th May 10, 10:29 PM
    • 819 Posts
    • 2,233 Thanks
    Queen-Bee
    Well done on the Topcashback savings Newgirly. I've just checked my own balance and see that over the last 10 months, I've clocked up over £300 - and given I'm living very frugally at the moment, I've only been forking out for the essentials...
    QB
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