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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,599Posts
    • 38,279Thanks
    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







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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 327
    • pink poppy
    • By pink poppy 13th May 17, 4:29 PM
    • 955 Posts
    • 5,668 Thanks
    pink poppy
    I always think your diary should be called 'Pay off mortgage whilst having fun'
    MFW...
    Caledonia dreamin' ...
    Making it happen...
    • newgirly
    • By newgirly 13th May 17, 4:32 PM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    Yes probably too much fun
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • newgirly
    • By newgirly 14th May 17, 10:41 PM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    Fantastic if expensive night out yesterday, paid for by dh though A friend of best friend's dh had booked 6 live bands to play for 12 hours in a pub nearby so we went there after dinner and it was great.

    Today I did suffer the consequences a little mind and all my weight watchers weekly bonus points are gone along with a couple of paracetamol

    We did go out this morning, the local antiques centre was hoisting a classic car show, so we popped over thinking it would be a dozen or so cars in the field next to it and it was massive, 100's and 100's of cars, if I'd known it would take a couple of hours to walk around I may not have gone with a hangover!

    Tomorrow we have a builder dad has used before coming to take a look at moving the bathroom and box room around, he will hopefully give us a quote for a downstairs extension, even a rough idea would be helpful as I have really no idea of costs.
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • newgirly
    • By newgirly 16th May 17, 7:07 AM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    I don't want to get out of bed today, I'm really tired and have work and then food shopping, then tonight is a girls night at the Indian restaurant around the corner for a cancer charity, tons of food and unlimited wine, not helpful being the second night out in less than a week and all my extra weightwatchers points are gone! I get 30 points a day and have made a 4 point breakfast and a 0point lunch for work today to balance it out.

    I've been think about to how to budget to live and what to do re the mortgage end date if we get an extension which looks fairly likely if it comes in at under £65k ish which hopefully it will.

    Currently we are scrapping by (or not !) on £500 pm as it ends next August, but taking out all of the offset and saving for the next 4 months would leave a balance of about £105,700 ish from memory, so I'm thinking of stretching it out to actual term end date of April 2022 and making that a standard direct debit payment, allowing £1000 to live off pm and oping anything left over which will hopefully knock a year more off.

    I have to allow more to live on as scrapping by on £500 might be feasible for the very short term but not for longer as the kids will want driving lessons, I want to have holidays during that time and I don't want life on hold in that respect, plus uni costs are still an unknown factor, ds1 doesn't not want to go he has said already he would prefer to try and get an apprenticeship, ds2 probably will go but on the higher budget we could probably scrape by and pay the living costs.
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • themadvix
    • By themadvix 17th May 17, 5:23 PM
    • 746 Posts
    • 3,018 Thanks
    themadvix
    We did go out this morning, the local antiques centre was hoisting a classic car show, so we popped over thinking it would be a dozen or so cars in the field next to it and it was massive, 100's and 100's of cars, if I'd known it would take a couple of hours to walk around I may not have gone with a hangover!
    Originally posted by newgirly
    I've done this before - after a wedding... where do all these cars come from? So many must spend most of their lives stuck in garages!

    That's a lovely offer from your Dad, NG, and hopefully will mean you stop looking at other houses I agree with Alex... you don't seem to want to pay this mortgage off! You know you don't need to leave if you've paid it off - it seems some people never leave!
    OPs 2017 = £2603/£10000
    S&S ISA = £200/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • greent
    • By greent 17th May 17, 6:28 PM
    • 5,803 Posts
    • 58,617 Thanks
    greent
    You know you don't need to leave if you've paid it off - it seems some people never leave!
    Originally posted by themadvix
    I don't know what you mean......

    MFW board is one of *the* most friendliest places on MSE
    Repaid mtge early (orig end 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 up: BTL Mtge 12/16 Bal £69786. 2017 OP target (18) £2000/£3286
    Net sales 2017 £457.00/£500 PAYDOX17 £9435/£10k Decluttered 721/2017 items
    • newgirly
    • By newgirly 17th May 17, 7:30 PM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    I don't think I will ever leave the mfw board, mortgage free or not
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • AlexLK
    • By AlexLK 17th May 17, 9:38 PM
    • 5,630 Posts
    • 28,872 Thanks
    AlexLK
    Far too many old cars spend their lives sat rotting in garages, themadvix.
    Savings 2017: £2000. 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 19th May 17, 7:04 AM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    Weigh in day last night, after feeling like I really hadn't lost anything it showed a loss of 5&1/2 pounds so happy with that 24 left to lose.

    Still no quote from the first builder that has come over, I have another one in mind to book in a visit too, best friend's parents have just had something similar built so I'll pop round to see theirs first.
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • Firegirl
    • By Firegirl 21st May 17, 6:23 PM
    • 655 Posts
    • 2,680 Thanks
    Firegirl
    5 and a half pounds!!!!!! Well done!!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £202311
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • newgirly
    • By newgirly 21st May 17, 7:08 PM
    • 5,599 Posts
    • 38,279 Thanks
    newgirly
    Thanks firegirl!

    I've set a new budget based on us spending £60k on the extension, we may have a problem as we need to build over a main drain in the garden, if we are allowed we will have to get pp as it will take us over the 3m permitted, if not the extension will be about 2m so I'm not sure it's worth it, although the change of use would make a big difference allowing is to have a downstairs loo and a nice big family room/kitchen. Just wish they would hurry up with the quote!

    Official end date is April 2022 so if we empty the offset and add to it for a few more months the new mortgage outstanding balance will be £105, 750 still a heck of a lot less than moving and we won't have a lot left to do in the house except cosmetic stuff and windows.

    I can't bear the fact we won't have an end date near the boys 18th's anymore so thought I'd set a standard direct debit to finish 9months early July 2021 which will be their 21st's I've also allowed a much bigger budget to live on until then £1000 pm, this is to allow for extra expenses with uni and driving lessons as and when, Any surplus will go to ops or premium bonds, I'm also putting a little surplus left pm and the child benefit into bonds (that will stop next year so I don't want to use it in the budget anymore.) As well as the top budget of £60k I've allowed some for perhaps a short break with the kids I feel I can get them to go! They have a few days off in June that other schools and colleges don't so I'm hoping to find a last minute cheap deal somewhere.

    Hopefully we can still slim the term down a bit more along the way, it will be doing it a bit in reverse really, instead of setting a tight budget and trying not to go over it , we will have a lot more flexibility and will op whatever we don't spend

    Weightwatchers going ok, already used my weekly points and went over again last night drinking a bottle of champagne with dd whilst watching dr.who that I won in a raffle at the charity night Tuesday, a bit decadent but very enjoyable, I've been very good today though and will come in under my allowance
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 5.5lb lost
    • greent
    • By greent 22nd May 17, 1:35 PM
    • 5,803 Posts
    • 58,617 Thanks
    greent
    Well done on the weight loss, ng x
    Repaid mtge early (orig end 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 up: BTL Mtge 12/16 Bal £69786. 2017 OP target (18) £2000/£3286
    Net sales 2017 £457.00/£500 PAYDOX17 £9435/£10k Decluttered 721/2017 items
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