Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,218Posts
    • 35,924Thanks
    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

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 298
    • newgirly
    • By newgirly 4th Oct 16, 9:49 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Credit card updated finally and a £59 shop done.

    Went to see deep water horizon tonight (9/10) very moving true story, I was a bit annoyed by the rude people who walked out at the end credits as there were photos of the victims shown

    Anyway, currently on the horns of a dilemma, or dilemma's really!

    Dilemma one:

    Buy dd a yearly oyster season ticket (with a 30% student discount- £1652 per year upfront)

    Or

    Payg with no discount except an attached railway discount card 30% off peak discount , plus full fares every other time

    Or

    bus pass yearly £580 ish I think , then payg for the tube.

    It's impossible to work out!

    Currently she will use buses every day to see boyfriend , go to work and uni, meet friends etc.

    Uni is 3x a week for 3 lectures not incl. study time - earliest lecture 1pm (Off peak there) still with me

    However she may get a part time job in London hopefully (someone we do work for opening a shop soon fingers crossed) plus she likes a wander on the tube - came home with borough market olives tonight as dh likes them

    So bus pass and train journeys to uni only is abut £369 py cheaper than full pass per year , that s a big difference but how many extra journeys will she make? Have factored in the vast holidays they get to the payg figure too.


    Dilemma 2 :


    She has taken student loans for the tuition at uni, but not the further loan as she is living at home and I thought why get into more debt when we can pay for what she needs. Have I been hasty as will she pay the full amount back? and would it have been better to borrow the extra £7k py and invest it in a help to buy isa (or whatever they are called) therefore taking a gamble on future earning s being low

    I am a little stuck with both these questions as they are clearly so variable!
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • wantabetterlife
    • By wantabetterlife 5th Oct 16, 9:03 PM
    • 1,208 Posts
    • 5,383 Thanks
    wantabetterlife
    Hi NG..I think if it was me I would go payg with the transport thing because there are just so many variables to factor in to make it worth it such as the possible job, study days etc. But it's not an area I am familiar with so someone else could give better advice I am sure.

    Re dilemma 2...there is no chance I would ever borrow money to invest for whatever reason and regardless of interest rate. It's far too tempting to spend it on other things like holidays etc. Your dd will be really glad when she comes out of uni with less debt.

    I am sure you will make the right decision for your family. You are doing amazing with the mortgage BTW...well done!!
    Mortgage £177,750£172076.23
    Overpayments 2016 £1910.35
    Daily interest £19.91 £19.33
    BUY TO LET MORTGAGE £111408 £109975 £106734
    4.19 % paid
    Savings £970
    • Tropically
    • By Tropically 5th Oct 16, 9:22 PM
    • 52 Posts
    • 152 Thanks
    Tropically
    One thing to consider is - how reliable is your train service and how motivated is your daughter? It is easier to claim refunds for delays on a pay as you go oyster card. It is tricker with season passes because they are calculated slightly differently. If your trains are relatively unreliable and your daughter would feel slighted enough to claim delay repay compensation, then I would go with pay as you go.
    • newgirly
    • By newgirly 5th Oct 16, 9:54 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Hi wabl and tropically thanks for popping by.

    I've gone with the payg for the moment and will track her journeys for the next month to try and get a better idea (I have told her, don't want her thinking I'm watching her every move!) we are on an overground and tube line so don't tend to have issues with unreliability really as if one is out the otherwise running. As for being motivated to claim - I'm not sure she is, but I am motivated enough to and I'm paying the bill

    Dilemma 2 , I do feel we (us and dd) probably made the safest descision to not borrow more, its just not something I feel I've done enough research into.
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • greent
    • By greent 6th Oct 16, 2:19 PM
    • 5,196 Posts
    • 52,340 Thanks
    greent
    Hi ng - I have no opinion on the travel, as I don't know enough about it! However, I would also have done what you have done re the cost of living loan for DD

    x
    Repaid mortgage early (originally 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Now repaying BTL Mtge. Opening Bal £69786. Current Bal £68286
    Net sales in 2016 £778.60/£500
    Dec grocery spends £0/ £480 NSDs 4/12
    • newgirly
    • By newgirly 7th Oct 16, 4:55 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Cheers greent, it's always a killer if you think you can make a bit extra, it's not always worth the risk I guess

    Costco trip with dad today, £23 on a nice sheet set for the Inlaws for Xmas, and £16 for a pair of sheepskin boots (of the chavvy kind ) real suede and shearling- very comfy and warm. Plus houmous for dh and bread, my dad managed one trolley full for £600

    I've been spreadsheet fiddling again, it all needs adjusting as I probably won't get a yearly season ticket for dd but monthly. Plus dh has a £700 tax rebate coming (into his personal account - I need to steal that from him) however we will need to pay about £900 in Jan 2018 so lots of adjustments to make.

    End result is an end date of sept 2018 for the mortgage (hopefully of course!) and a slightly higher monthly budget of £695 all in except bills and mortgage etc.

    Went shopping yesterday and there was more frivolous spending - tracksuit bottoms and a sweatshirt from primarni as its getting cold here now. I have seen numerous outfits in next that look perfect for Xmas nights out but resisted, if I manage to lose another stone I may well buy one in December

    Good offer on buy a gift today, recommend a friend and they get a £10 vouchercode, it's a bit naughty but I recommended dh and got a ghostly London pub tour and an "old time costume" photo shoot both for two for £17 total delivered in gift boxes perfect for dd and boyfriend for Xmas. Oh and cash back too.

    Food spending good , still at £59 this month from £333
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • Firegirl
    • By Firegirl 8th Oct 16, 2:57 AM
    • 611 Posts
    • 2,458 Thanks
    Firegirl
    The best advise my Dad ever gave me was to take the student loan out, it's the cheapest loan you'll ever get he said! I know the. Conditions now are very different so don't hold me to this info for your daughter. I am heading for 40 and I haven't earned enough to have to pay back my student loan yet. I'm part time and have never reached the threshold. I always think when I earn over the threashold I'll more than happily pay it back. My student loan expires when I'm 50. I didn't know that in my 20s but when I thought about starting to pay it back I found that out and thought I'd be better saving the money that I'd pay to my loan and that's what I did.

    If she takes the loan and puts it somewhere she can't touch it then it is unlikely to do any harm. I would take a close look at the terms and conditions of the loan and see if it's worth it. Also if she is going to buy a home in the U.K. At some point then using the Help to buy ISA or LISA is going to get her a seriously good foot up!

    Im sure Martin Lewis did something on this- a mum was going to sell her house so daughter could go to uni debt free and the way he explained it was much better than me. But the advise was to take the loan.

    I've waffled loads and probably if no real help cause I don't know the terms and conditions of the loan. Hope you work it out!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £225630
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • newgirly
    • By newgirly 8th Oct 16, 9:41 AM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Thanks firegirl , it's interesting to hear real life examples as the only one I know on this position is my brother who took out all loans and is in a low wage.

    She has the tuition loan already so that will be £28,500 spent, it's the top up amount I was thinking about- another £21 k on top. I think I will have a chat when she is around, but will probably still both not take the gamble. Another worry is will future governments change the goalposts regarding payback.

    Off to another Macmillan coffee morning today, all kids are at work with dh helping out on a last minute job that came in. The house is a tip and I'm still in bed, woke up late after not sleeping well.

    To do today and tomorrow:

    Macmillan morning....done

    Do all washing

    Strip beds.....done

    Update meter readings

    Clean fridge

    Get petrol.....dh took car so done

    Ironing up to date .....done

    Clean kids rooms - never do this now but they are all out so I can have a good dust and mop........done

    Bathrooms

    Kitchen

    Living /dining/conservatory

    Penthouse

    Hall/stars

    Cook roast

    Go to butchers for mince

    Cook bulk spag Bol

    Make hob nobs

    Make cakes

    Top up shop......done

    Dye roots .......done

    Do nails - no acrylics anymore so nails are a mess .......done

    Go to see the girl in the train

    Look at holidays, cruises and experiences we may do when mf

    That's it
    Last edited by newgirly; 08-10-2016 at 9:21 PM.
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • PrincessLou
    • By PrincessLou 8th Oct 16, 11:52 AM
    • 461 Posts
    • 1,755 Thanks
    PrincessLou
    Gosh, that list I'd be lucky to get all that done in two weeks let alone two days
    • newgirly
    • By newgirly 8th Oct 16, 1:30 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Nowhere does it say it will all get done
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • newgirly
    • By newgirly 9th Oct 16, 8:38 AM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Still lots on the list to cross off, I don't feel like it as I drank plenty of wine last night after buying a bottle not good for me or the grocery budget £24 top up spend (not on wine but in total )

    The Inlaws are back from their first cruise and bought as all presents from the ship, mine was a litre of Bailey's - I shall drop it round mums today for safe keeping and dd got a key ring made of fur an unusual choice nowadays I think, her vegan boyfriend will be impressed I'm sure! It sounds like fil ruined it for mil which is a shame as its always been her dream holiday, bil has been quite upset over how his dad is, but in her late 70's I doubt much will change now

    Watching the generation above is quite an eye opener lately, I know of lots of people , parents friends , family etc. who really have not planned for retirement, a few who are downsizing against their wishes.

    My inlaws are now in there dream home and have been for the last 12 years or so, they moved from a large terrace in a side road off a busy town high street where they had been for 30 years, knew all the neighbours , mil had a network of Spanish friends etc.
    Now they are in a detached house, massive garden, in a cul de sac next to a country park, no shops in walking distance, nobody walking past, mil now can't drive and her friends are getting on and don't want to travel to visit. The house is what they always wanted, but it seems so short sighted of them, they are getting more isolated the older they are getting.

    Sorry waffling on! Just annoyed at some of our family at the moment for some of the choices they make which is totally NONE of my business

    Is it just me who gets irritated by how others run their finances, I've been asked my one of he guys at work this week to help with a new cc as he can't afford minimum payments, he keeps re jigging his loans and cards to always pay the minimum allowed. he's got another 0% one , but they still spend on other stuff and are running two cars etc. Its a difficult situation as wages have been cut which has a big impact, but when you can't afford the minimum payments why do you pay £80pm for sky and over £30pm for a phone, run two cars etc. I have recommended mse many many times now.

    I feel better after a Sunday morning rant now
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • newgirly
    • By newgirly 9th Oct 16, 7:13 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Cinema again - the girl on the train 8.5/10 not bad!

    Most of my to do list is completed except the hoovering, I will do it tomorrow. Shocking really it's only done once or twice a week as my mum must Hoover three times a day , I think I have rebelled

    I currently have a huge basket pending online at mr t but I've decided to not pay for it. It's lazy as I've not yet rummaged through the freezer and done a meal plan so I really shouldn't be shopping. Lots of the blogs I read seem to be doing no spend October so I may as well try and join in except for essentials (not wine then!) frugal October would help pay for a less frugal December

    The Baileys never went to mums house, it's sitting unopened in the kitchen and I really fancy some, just googled the calories to put me off its 3280 per bottle now about to google the dress I want to buy for Xmas instead - need to stay strong.
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • thegirlintheattic
    • By thegirlintheattic 9th Oct 16, 7:55 PM
    • 2,703 Posts
    • 3,509 Thanks
    thegirlintheattic
    Newgirly - I was on the old system so don't know what it's like now but I took the maximum loan as I was told it doesn't really count as a debt and it's the cheapest one you'll ever get. Some of the extra money was used to enjoy myself but a big chunk paid for my education after uni and to furnish my first place. It's nice to have at a relatively low cost.
    Save £200 a month : Oct Nov Dec Jan Feb Mar Apr
    • newgirly
    • By newgirly 9th Oct 16, 10:05 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    Hi thanks for popping by and commenting, it's always good to hear opinions from those with experience
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • AlexLK
    • By AlexLK 9th Oct 16, 11:42 PM
    • 5,122 Posts
    • 25,855 Thanks
    AlexLK
    Can't help re. travel / student loans.

    Not everyone likes to live in a town and would rather the "inconveniences" of rural living.

    As for how others manage their finances, that is something you can't do anything about.
    Savings 2016: £9,790.
    £32,000 in debt on 2/9/2013. Debt free on 12/1/2015.
    Saved £11,000 in 2015.

    • newgirly
    • By newgirly 10th Oct 16, 7:18 AM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    I understand not everyone wants to live in a town , but the Inlaws still do. Having seen gran on her own in a big house it is does bother me that they can't be as independent in that situation and we are further away. However it is their choice!

    Nice crisp day today, I shall be wearing my new real sheepskin boots from Costco (£16!) the are so good I may get a second pair in tan or brown before they sell out.

    Freezer clearing going ok, yesterday after complaints about "why do we have to have Sunday roast" from ds2, I did Piri Piri chicken with the roast spuds and veg , however there were only two pieces so dh had ......fish cakes with his no complaints though! Tonight leftover gammon Stew and homemade bread, pasta pesto the boys and soup for me.

    £14.48 payable from tcb today.
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • CathT
    • By CathT 10th Oct 16, 7:45 AM
    • 4,888 Posts
    • 33,493 Thanks
    CathT
    T3sco may send you a voucher since you've filled your basket and not checked out. Fingers crossed!
    June 2010 £121,287
    Nov 2016 £84,680
    WIOTW Nov £92,214
    • newgirly
    • By newgirly 10th Oct 16, 9:15 AM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    That would be nice!
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • AlexLK
    • By AlexLK 10th Oct 16, 11:47 PM
    • 5,122 Posts
    • 25,855 Thanks
    AlexLK
    Sorry, I'd misread your post about the in-laws. As you know my parents are getting on in years; they have a cleaning lady who also does laundry, a gardener and if needed one day will have a live-in carer (plus any other help needed). I go there a lot to give them some company too.
    Savings 2016: £9,790.
    £32,000 in debt on 2/9/2013. Debt free on 12/1/2015.
    Saved £11,000 in 2015.

    • newgirly
    • By newgirly 12th Oct 16, 10:03 PM
    • 5,218 Posts
    • 35,924 Thanks
    newgirly
    You parents are lucky to have you Alex

    No cinema tonight, I forced ds2 to watch the da Vinci code instead as the new one is out next week and he has to take me

    Good night last night, cancer charity fundraiser with the girls at the local Indian restaurant (about 1 minute walk away ) nice food and lots of red wine

    Big food spend £102 in mr t and only one bottle of wine! It was all shower gel, oven cleaner, mop heads ect. Not even enough proper food, oops!
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

546Posts Today

3,536Users online

Martin's Twitter