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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,715Posts
    • 39,163Thanks
    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 322
    • smallholdingsister
    • By smallholdingsister 14th Apr 17, 5:46 PM
    • 3,160 Posts
    • 24,564 Thanks
    smallholdingsister
    I hope your DD doesn't go out with her again!
    • newgirly
    • By newgirly 16th Apr 17, 7:50 AM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    Lunch mostly prepped yesterday, need to cook the mousakka /lasagne and kebabs later, just salads to do Even after a few wines last night I am still up early and ready to go, I think that always happens when you plan a lie in

    The living room is very colourful today, we have plenty of chicks, carrot napkins and rabbit bunting

    Just realised I have not updated last months figures still, plus I think I'll pay the balance off the loan if I can find out how to do it I hink today and bump that mortgage balance right back up again
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • CathT
    • By CathT 16th Apr 17, 8:14 AM
    • 5,257 Posts
    • 36,025 Thanks
    CathT
    Have a lovely family meal today newgirly. Has your dh taken a break from work to enjoy the long weekend?
    August 2017 -
    part 1 - £81,002
    part 2 - £46,583
    Total - £127,585
    • newgirly
    • By newgirly 16th Apr 17, 7:45 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    Hi cath, yes he took today off but will go back in tomorrow. The meal went really well, I have eaten way too much though

    The kids and dds boyfriend and his dd are in the conservatory as we set up a spare tv and a ps2 in there so they are all playing old games they have rebought again that they used to play when they were younger, they have been playing the buzz quiz game and the simpsons for hours now, its sweet as usually the boys would be playing FIFA It's a bit anti social but I've closed the curtains on them to try and block them out as I'm making dh catch up watching line of duty.

    Easter eggs that came into my possession today - 2

    Easter eggs no longer in my possession today - 1 in these situations when I clearly didn't want any eggs, I think it's best to just eat them quickly to get them out of the way fast!

    Hope everyone had a good weekend
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • newgirly
    • By newgirly 19th Apr 17, 6:53 AM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    The lady who does payroll at work for us (who I'm taking over from currently ) has put the wrong form through with dhs new tax code, his wages will be £125 short this month it will even out but its still a pain when I've spent plenty and we are away to York Thursday week with no spending budget! Everyone else's wages are ok though , I guess that's the main thing.

    Looking at the cc online it seems the vast overspending this month up to date has been mainly on food (including booze!) not sure how really, its probably the booze that's done it end result is the diet has not been going so well just like the cc. So a new start this week, no more Easter eggs and wine and a new determined me .
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • newgirly
    • By newgirly 19th Apr 17, 6:43 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    We have booked a viewing to see a house on Saturday


    Not at all planning on moving really but spotted a house in the town next to us (between where we are now and work) that has been reduced again and is now possibly within our price range.

    Bad points :

    On main road (we currently are here)

    The thought of selling our shabby house

    The thought of clearing our shabby house

    The thought of sorting everything myself as dh never here


    £550k

    Different town, not walking distance to mums or best friend (usually drive to be fair though )

    Victorian but made ugly with extensions



    Good points :

    5 bed - 4 very large beds of 15ft (ds2's room currently about 5x7)

    4 toilets

    3 bathrooms

    Bus to current town (tube and mainline) Is outside e house or 10min drive

    2x large living rooms

    Massive garden

    Double garage

    Detached

    Reduced from £625 to £600 to £550 this week

    Double built in garage

    Boys can walk to college

    Opposite a theatre and 3 mins walk to town with loads of restaurants /bars /shops but not on the busiest main road but one that runs parallel.

    Totally renovated and fairly In keeping, with tiled hallway and wood floors etc.


    It has not sold as it's on a main road, is ugly and I guess probably because it's so close to the town.


    The town is bigger than our town but is not far, around 10mins away. The house prices are a bit less there as we are currently in a pocket of
    Crazy prices here, its stockbroker belt where we are and has a reputation for being a bit posh A 3 bed mid terrace a few doors along to ours has just gone up for £400k, one on the road behind £475 for the same with 3 beds but a kitchen extension too. Ours is 4 bed 2x bath but is a bit shabby in places

    The new town is similar but a but bigger and busier.

    Am I mad for going to look ?! I know we will love it as it's twice the size of ours and totally finished by the looks of it, but so close to being mf now


    Help.......
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • Fortune Smiles
    • By Fortune Smiles 19th Apr 17, 6:56 PM
    • 2,488 Posts
    • 20,417 Thanks
    Fortune Smiles
    Feeling your pain Newgirly. That sums up exactly how I was feeling when we decided to move this year. We are part way through the process and the going feels easier now a couple of milestones have been passed.

    I found myself a new mantra ('it is possible to move a mountain by carrying small stones'), did one thing at a time and kept putting one foot in front of the other. If this is your dream home it will be easy to put up with some short term pain for the long term gain. So make sure it's the very best option for you and the family before you start the journey.

    And hey, even the ugly ones deserve to be loved
    Mortgage: 0.94% paid House Deposit Contribution: 72%

    All we have to decide is what to do with the time that is given to us - J R R Tolkein
    • newgirly
    • By newgirly 19th Apr 17, 7:00 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    Thanks fortune smiles, it looks like it could be a dream home and the right location for us as a family but is not my home town (which I am very attached to) it's a house that we could never afford here it would be over £800k at least.

    Not sure we can even get a mortgage with all our complications.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • Fortune Smiles
    • By Fortune Smiles 19th Apr 17, 7:04 PM
    • 2,488 Posts
    • 20,417 Thanks
    Fortune Smiles
    Thanks fortune smiles, it looks like it could be a dream home and the right location for us as a family but is not my home town (which I am very attached to) it's a house that we could never afford here it would be over £800k at least.

    Not sure we can even get a mortgage with all our complications.
    Originally posted by newgirly
    We're the same. Moving further north as we can get so much more for our money.

    Might be worth talking to an independent financial adviser about the mortgage.

    Fortune x
    Mortgage: 0.94% paid House Deposit Contribution: 72%

    All we have to decide is what to do with the time that is given to us - J R R Tolkein
    • LadyGnome
    • By LadyGnome 19th Apr 17, 7:49 PM
    • 420 Posts
    • 1,538 Thanks
    LadyGnome
    OK boring voice of reason here:-

    How old are your children now and how long will they be at home?

    Will that house be too big for you in 5 years time?

    How long can your husband sustain working as hard as he is, would being mortgage free take some of the pressure off him?


    Would being mortgage free allow you to give extra support to your children as they move towards independence?


    How many cruises would you have to forego because of the additional mortgage
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • newgirly
    • By newgirly 19th Apr 17, 7:56 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    I'll try and speak to our building society tomorrow to start with, but you could be right about seeing an ifa.

    Moving up north would be a much cheaper option, but our commute may be a bit lengthy to work

    Are you moving to a totally new area then or do your have family /friends up there?
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • newgirly
    • By newgirly 19th Apr 17, 8:10 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    OK boring voice of reason here:-

    How old are your children now and how long will they be at home?

    Will that house be too big for you in 5 years time?

    How long can your husband sustain working as hard as he is, would being mortgage free take some of the pressure off him?


    Would being mortgage free allow you to give extra support to your children as they move towards independence?


    How many cruises would you have to forego because of the additional mortgage
    Originally posted by LadyGnome

    Just what I was looking for actually

    Kids ds are 16/16/19 (all birthdays in July, so soon a year older)

    House likely to still be fine for way longer than 5 years as a 1 bed flat is around £250k min at the moment anywhere nearby, even if we stay and become mf it will be a very long time before we can save enough to help all three out.

    Dh told me at Xmas (deep breath.... ) that being mf will make no difference to his working hours as he feels responsible for it all regardless of our circumstances - this did cause more than one "discussion" as you can imagine as it was a big part of my wanting is to be mf he feels just as responsible for he staff as us basically.

    Currently we are paying between £2800 and £3k pm to clear it in about 17 months (being too frugal really) it would mean a new mortgage of £180-£220 I really dont know exactly how much.

    We would have to take a longer term journey clearing it as we couldn't continue paying at the rate we are, probably it would add 5 years if we continue being frugal, longer with cruises

    I'm 42 , dh is 44
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • Fortune Smiles
    • By Fortune Smiles 19th Apr 17, 8:58 PM
    • 2,488 Posts
    • 20,417 Thanks
    Fortune Smiles
    I'll try and speak to our building society tomorrow to start with, but you could be right about seeing an ifa.

    Moving up north would be a much cheaper option, but our commute may be a bit lengthy to work

    Are you moving to a totally new area then or do your have family /friends up there?
    Originally posted by newgirly
    I'd recommend an IFA - they have access to so much more and will advise according to your needs, wants and circumstances. The bank and building society advisers are tied to their own products so are much more limited.

    Didn't know a soul in the area when we started the journey but have since discovered some old friends there. We are moving to be closer to family... but not too close

    Mr F works from home (theoretically) so the commute isn't a problem for him

    Fortune x
    Mortgage: 0.94% paid House Deposit Contribution: 72%

    All we have to decide is what to do with the time that is given to us - J R R Tolkein
    • newgirly
    • By newgirly 19th Apr 17, 10:43 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    I hope my it all goes well for you fortune, I think it's quite brave to move to a new area, I used to want to when I was younger, now I can't imagine it
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • AlexLK
    • By AlexLK 19th Apr 17, 11:25 PM
    • 5,738 Posts
    • 29,609 Thanks
    AlexLK
    From no garage to a double sounds good to me ...
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • gallygirl
    • By gallygirl 20th Apr 17, 9:56 AM
    • 16,396 Posts
    • 107,438 Thanks
    gallygirl
    Am sure my opinion can be taken as given .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • newgirly
    • By newgirly 20th Apr 17, 1:59 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    Don't do it
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • newgirly
    • By newgirly 20th Apr 17, 7:19 PM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    I have been on the phone to the building society for over two hours, going through an application to see how much we can borrow, with various breaks being put on hold.

    I seem to be being interviewed by Peter Kay too it's really "touchy-feely" nowadays, what are my thoughts and feelings on the rates?

    The only issue so far is one out of the three years we need dh only got paid via normal pay with no dividends, even though it I still overall the same income, apparently any year with a nil dividend cancels out all dividends, they are referring it to the underwriters tomorrow, but it looks like with the problem we can borrow £207 , without £235 which would probably be plenty.

    The did a credit search which I know is premature but I want to know either way before viewing it.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
    • AlexLK
    • By AlexLK 20th Apr 17, 10:35 PM
    • 5,738 Posts
    • 29,609 Thanks
    AlexLK
    Something to consider: do you want to take on another mortgage when you are so close to being mortgage free which I think means a lot to you?
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 21st Apr 17, 6:53 AM
    • 5,715 Posts
    • 39,163 Thanks
    newgirly
    Trust me that's the big consideration, I want a mini and a lot of holidays

    Our current plan is to clear he mortgage next year, spend a little bit on a holiday etc. then start saving to get the house done up, after that save to give e kids a lump sum each for their own places in the future.

    The main issue is how long will it be before they can move out? My little brother is getting his first place currently and he is nearly 35, offer just accepted on a 1 bed maisonette in a town near where our work is - cheaper than here for £230k which was an ordeal as most are selling before you can get a viewing booked, this one he was the first viewer.

    The point is, at those prices we are such a long way off from our three moving out. I think staying here to help them is the best descision financially, however having a bigger house would make life so much easier if we are going to have them as adults living with us for a long time.
    Ds1's room can fit a single bed and a small desk at the end which he has to sit on the bed to use as there is no room for a chair, we can't extend as we have already taken a bit of the room next door as much as we can because when we moved in the room was too small to take a single bed

    Our house could fit a ground floor 3m extension across the back to make the kitchen bigger but that's as far as we can go, this house is approx. Double the size and totally finished, offsetting the costs of doing ours up I would say it's less than £100k extra incl, the costs of moving.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £48,846 4 years 9 months left. Total owed £66,122 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 10.5lb lost.
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