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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,805Posts
    • 39,706Thanks
    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 3
    • newgirly
    • By newgirly 12th May 10, 9:14 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Hi, everyone have done my weekly shop today at mr s. a very large trolley full of orange and white basics stuff! still managed to go over budget, so have borrowed from next weeks grocery money oops.

    Have finally got the papers through for re-mortgage to sign, but they have done it over the wrong term, I wanted 12 years and they've done 13. So was back on the phone again to them, I have rung up so many times now trying to hurry them along, now I know that every day of interest counts

    DH has got his payrise this year, I worked it out at £16.50 pw but its come in at £12.92pw, pleased at the extra, but disappointed its not as much as I thought. Most years I would hardly notice the payrise, this year I want EVERY extra penny

    I have done about six one poll surveys today, got about 50p I think, and have activated my new online isa, which when it clears will have the grand total of £1.00 in it. Am trying hard at the moment, but I know if it wasn't for this site I would have probably failed already. I must keep checking in so I can keep on the straight and narrow, as have friends (and family) who spend lots, and I don't want to get led astray, as they have the money to spend but I don't!
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
  • pammyj74
    Good luck with it all. My friends think I am mad when I dont want to go out to the pub with them and would rather pay it on the mortgage then drink it away. I will have time to do all that later
    They will all be jealous in 10 years time

    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 13th May 10, 6:54 AM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    I agree Pammy, I can't wait to start having nice holidays and weekends away, .
    It would be great to have paid off the mortgage by the time the kids have all left home. Although I'm sure we will help them start out, if we have paid it off.

    What willl everone spend the extra money on when the mortgage is gone? My embarassing confession is I would like a static caravan
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • newgirly
    • By newgirly 14th May 10, 12:32 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    YAY! I have just posted off the signed papers for our re-mortgage. We have been allowed to switch 3 months berore the old fixed deal ended.

    when it all goes through we will have a £161,500 ish mortgage over 12 years, with a monthly payment of £1367.57, thats £406.00 more than we are paying now

    We also have £9903 on a 0% credit card which I would like to include in our mortgage total, as we were going to add it to our mortgage but it was cheaper to leave it as it is.

    So new grand total:

    £ 171,403.00

    Its a scary amount, and its about £100,000 more than we should have owed had we not run up so many debts over the years, but I feel very optimistic now as I know we will pay it off much earlier than the 29 years left.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
  • pammyj74
    I know exactly how you feel. My original mortgage was only £40k but my ex was terrible with money and we had another loan to get the house done up and then I had a CC and he had a couple that were run up and so what we intended to do was when we sold the house to pay it all off and start afresh but that didnt happen and when he left I had to remortgage with it all together hence it was £90k. when i found out the figure I could have cried

    I wish I could afford to pay a lot more OPs then I do. its an obsession!

    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 18th May 10, 7:24 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Am struggling this first month (of being seriously careful with my money). It is taking some getting used to thinking about every single bit spent. I have found I am not going out as much, where i used to go out for coffee and a wander round the shops with friends, i just don't enjoy it as much as I know I don't want to spend.

    This really is going to be a challenge, its just starting to sink in. I thought I would be able to carry on more or less as before but spend a lot less without anyone noticing. But I am going to have to start saying no to things a lot more often, invites to candle/jewellry/toy/etc. parties.

    I know it will be worth it, but it really takes some getting used to because, DH and I have both always spent everything we had (and more!)


    I know he does agree with what I am doing but only if it doesn't impact his life, I don't want to be the one that always says no to every thing.
    But we are already spending a lot more than we should this year as (before starting as a MFW) we booked a weeks holiday abroad. Its our first foreign hoilday in 14 years, and i'm still glad we booked it but its such a lot of money for us

    Anyway the small things i have being doing lately to help are:
    • surveys, one poll /VO/ lightspeed
    • going through topcashback
    • pigsback
    • cooking mine and DH meals from scratch
    • using nearly all food I buy, instead of binning loads
    • heating off (I know its may but i like to be warm!)
    • going shopping for fun much less
    • loose change in the mortgage pig
    • changed gas/elec deal
    • applied for a free energy monitor
    Hope this is not getting too tedious to read, but I need to keep posting and reading everyone elses threads so I don't lose motivation
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • newgirly
    • By newgirly 18th May 10, 8:54 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Thanks Michelle, I do already do some of the suggestions you made,( girly karaoke night in is one of my faves !).
    As for the social life, I know where you are coming from with the kids.
    We had 3 in the space of 3 years, and it just wasn't worth the effort to get out of the house, now they are older and its easier, but they are the ones with the better social life than us
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • cha97michelle
    • By cha97michelle 18th May 10, 10:12 PM
    • 5,638 Posts
    • 67,573 Thanks
    cha97michelle
    I like the sound of the karaoke night.
  • pammyj74
    Am struggling this first month (of being seriously careful with my money). It is taking some getting used to thinking about every single bit spent. I have found I am not going out as much, where i used to go out for coffee and a wander round the shops with friends, i just don't enjoy it as much as I know I don't want to spend.

    This really is going to be a challenge, its just starting to sink in. I thought I would be able to carry on more or less as before but spend a lot less without anyone noticing. But I am going to have to start saying no to things a lot more often, invites to candle/jewellry/toy/etc. parties.

    I know it will be worth it, but it really takes some getting used to because, DH and I have both always spent everything we had (and more!)


    I know he does agree with what I am doing but only if it doesn't impact his life, I don't want to be the one that always says no to every thing.
    But we are already spending a lot more than we should this year as (before starting as a MFW) we booked a weeks holiday abroad. Its our first foreign hoilday in 14 years, and i'm still glad we booked it but its such a lot of money for us

    Anyway the small things i have being doing lately to help are:
    • surveys, one poll /VO/ lightspeed
    • going through topcashback
    • pigsback
    • cooking mine and DH meals from scratch
    • using nearly all food I buy, instead of binning loads
    • heating off (I know its may but i like to be warm!)
    • going shopping for fun much less
    • loose change in the mortgage pig
    • changed gas/elec deal
    • applied for a free energy monitor
    Hope this is not getting too tedious to read, but I need to keep posting and reading everyone elses threads so I don't lose motivation
    Originally posted by newgirly
    This is not tedious at all, it is showing how you are really trying. It cant be changed overnight (cold turkey) and it will take even longer for your DH to actually realise what a better effect it will have.
    I think it is a good thing you have booked the holiday as you can see it as a reward for doing so well.

    I am the same with the heating, I love being warm but we sit here with blankets lol. My ex father in law always said 'put a jumper on!'
    On the shopping side of things, I feel guilty now if I spend on rubbish but every now and then I will buy something not needed but wanted (today bought some new plants)

    As for the social life, my kids have it good as well. I have become a bit of a recluse but the way I am looking at it is - I am a single mum, my kids will be independant in say 7 years time and if I am really good with money I may be mortgage free and can enjoy myself then and have my life back.

    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 21st May 10, 8:17 AM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Hi everyone

    I have managed to get some more info fron my mortgage provider this week. They have finally changed my rate. So as of 17th May I owed £160,936.11 I am adding my credit (0%) to this total which is £9903 so a new grand total of


    £170,839.11

    They told me mty daily interest is £15.12 at the moment, I have also worked out that I was paying £26.03 per day before the switch over this week .

    Anyway I managed to have a quick chat with OH last night, about the saved interest and what we will now be paying. He seems ok with it all but did say "well it will be great if you stick to it!" so I think that may be why hes not that interested, I've had so many "we must pay off the debts" chats over the years which have always come to nothing. So I guess I'll have to prove him wrong this time!

    I am off to mr s this morning to do a weekly shop, i might have to give in to temptation and buy a nice bottle of white wine as its going to be such a nice hot weekend.
    Last edited by newgirly; 21-05-2010 at 8:30 AM.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • SmlSave
    • By SmlSave 21st May 10, 11:05 AM
    • 4,700 Posts
    • 16,360 Thanks
    SmlSave
    Have a lovely weekend newgirly I've already been naughty and bought wine (3 for £10)

    daily interest is crazy isn't it?!? - we will get it down!
    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
  • ElectricSoup
    hi there - can you tell me how you find out / work out the daily interest you're paying on a mortgage? thanks!
    • newgirly
    • By newgirly 22nd May 10, 1:29 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Hi electric soup, I did ask my mortgage provider what interest I pay per day.
    I took the amount I owe on the mortgage and times it by my interest rate (which was 3.43%) so mine was £160,936.11 x 3.43% = 5520.10, then divided by 365. = £15.12 per day. Hope that helps.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • katsu
    • By katsu 22nd May 10, 4:30 PM
    • 4,372 Posts
    • 13,697 Thanks
    katsu
    I'm in the security group "those that want the security of no debt and being financially better off," For me it is the "free" bit of MF I'm aiming for. I want DH and I to be able to work part time later on, to pursue voluntary work and our own interests.
    Debt at highest - £8k Debt Free 31/12/2009 (six years and counting )
    OP savings pot: £690.06.
    Total OPs since 2010: £2,128.50. Original MFD: May 2036 Current MFD: 1 August 2034
    • newgirly
    • By newgirly 26th May 10, 7:54 AM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Hi everyone ,

    I managed to have a fairly cheap weekend, went to a nice BBQ round mums. But have been a bit naughty this week and spent rather a lot buying clothes . We are taking the kids for a weekend in a caravan this bank hol, and went to start packing then realised my DH does'nt seem to have any summer clothes, so got a couple of shirts in mr.a. then a few lovely bright shorts and tops fell into my basket for the kids!

    I am doing much better on the food front, cooking from scratch. I have joined TPA's weight loss challenge this week as well, so am trying to cut out the crisps and biscuits. But am feeling a bit rough today though, think I'm getting a bit of a cold.





    Lots to do before i go away, so jobs for today;
    • MAKE FIRST OVERPAYMENT!!! YAY done
    • feed friends cat done
    • pack clothes etc.
    • buy and pack food to take done
    • clean out hamsters
    • water garden done
    • clean car inside/out decided to just clean inside!
    • clean filthy house
    • do banking online/intown done
    • wash dogs bed done
    • iron mount everest started
    • buy/wrap pressie for kids party tomorrow done
    • batch cook curry done
    • all usual other jobs/school runs!
    • doctors done
    • thats all I can think of at the mo.
    Don't think its going to be possible to fit all that in, but will give it a go!
    Last edited by newgirly; 26-05-2010 at 4:55 PM.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • Courgette
    • By Courgette 26th May 10, 9:43 AM
    • 1,710 Posts
    • 17,713 Thanks
    Courgette
    Just caught up, Newgirly. You're off to a brilliant start! Once you get into the swing of things OPing and being frugal will become second nature and there really is no better feeling than watching the balance come down on on your mortgage (Actually, there might be the odd better feeling, but it's a bit early in the day for those kinds of jokes ).

    Good luck, I'll be lurking...
    A reminder to myself: Persistence Pays Off
    Mortgage 1: £95,000 £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
    • newgirly
    • By newgirly 26th May 10, 9:54 AM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Thanks courgette,am really enjoying the challenge! Hope you are feeling better and taking it easy
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • greent
    • By greent 26th May 10, 11:12 AM
    • 6,298 Posts
    • 63,787 Thanks
    greent
    Yeay - well done.

    Enjoy your break!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 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
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • newgirly
    • By newgirly 28th May 10, 6:45 AM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Morning everyone,
    I have made my first overpayment now, but as I have just changed rate they left my 1st months payment at 961 instead of the 1372 it now is , so I could only over pay by 20% of that instead.
    I have put the left over money I still have in my new isa. My boys have decided they would like a party, somewhere this year ( not in the garden!) so I am also saving for that now.

    We are away today after school until monday, have got my clubcard theme park vouchers, and am taking dinner for tonight and lots of snacks, but will eat out a few times as we have been given some money to take to treat us and the kids, by a very kind friend who OH has been helping out.

    Anyway, I hope everyone has a great bank hol. x
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • setmefree2
    • By setmefree2 28th May 10, 9:51 AM
    • 8,758 Posts
    • 18,589 Thanks
    setmefree2
    Well Done on that OP

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