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  • FIRST POST
    • spendinglikemad
    • By spendinglikemad 8th Oct 15, 3:05 PM
    • 214Posts
    • 1,511Thanks
    spendinglikemad
    OK lets do this.....24 payments to go
    • #1
    • 8th Oct 15, 3:05 PM
    OK lets do this.....24 payments to go 8th Oct 15 at 3:05 PM
    Been lurking on here for a while getting lots of hints and decided now is the time to get posting to keep me motivated so I hope to get on here regularly and update and read all about your journeys.

    Background to posting is we recently found our dream house and really started to look at mortgages in detail with our bank and although we haven't been overpaying for the last year (something always got in the way!!) our bank manager could see we had overpaid around 31k since we took out our current mortgage. Anyway we are still undecided about moving house and if we did we would have a much bigger mortgage so I said to hubs that we should start paying that amount off our mortgage now to see how we would cope!!

    So I have worked out the payments we need to pay to get this paid off in 2 years and it should be more than doable.....should be anyway....! Trouble is my hubs thinks we should hedge our bets and save half and pay off half - so that we have some savings as well as overpayments - I disagree and think its better to pay off debts first - then save..... his thinking is if we do want to move house we have more savings in the pot. Even if we don't move house we may want to help kids through uni.....

    So the plan is to spend as little as possible on luxuries and so I have already swapped to Aldi shopping and tracking every little bit of spending we can. There are some unavoidable costs though for schools (trips, uniform, lunches, music lessons) but will be doing our best!

    The only thing I need to work out is how to make sure the right mortgage payments get paid to the right sub accounts but thats easily sorted and will be good to see it being paid down.

    Look forward to getting to know you all
    Family of 4 plus cat!
Page 4
    • spendinglikemad
    • By spendinglikemad 4th Oct 17, 10:19 AM
    • 214 Posts
    • 1,511 Thanks
    spendinglikemad
    Try update from me:
    Feeling yuck - had flu jab yesterday (at work so saved a few £!) so working at home today and cleared my diary to have a quiet day, always feel a little cold/fluey after the jab.
    Managing the outgoings this month v closely i.e taking lunches to work (actually prefer!) but DS (16) decided he would spend loads yesterday (its his first sixth form year so the novelty of more freedom - so made it clear last night that he has a budget of spend - we load it onto the school system) and he can't go over it (bought him some bars to take to school if he is peckish.
    Apart from that I need to do a solar reading and at least that will be some money into the bank as the Emergency Fund is low!

    We really need to get our internal doors done so we can finish off the living room split and it has to be bespoke as the room is sooo big) so I am hoping we can get that done pre xmas

    Other work to do is tree pruning (can wait till next year !) new bed I think is essential as both dh and I waking up with joint aches

    Ah well - always something to spend the money on!

    SLM
    Family of 4 plus cat!
    • Sundaysgirl
    • By Sundaysgirl 4th Oct 17, 10:56 AM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Thought it was about time to do an update as lots has changed - and I need to change the thread title!!!!

    So, after being mortgage neutral earlier this year we decided to go ahead with our dream house purchase. We moved in in April and have spent some time and money doing the priority works required (some remedial building/electrics/plumbing works) really to get the house more energy efficient for winter (and mend a few leaks!)

    So we moved from a 1980's 4 bed detached - dbl garage and tiny garden - on a small cul-de-sac to now owning a 1920's 6 bed, multi reception room, enormous garden and garage on a beautiful old street and backs onto golf course so its lovely and quiet and we absolutely love it.

    So, where are we at with mortgage you may ask! - it's certainly eye watering at the moment - I can't actually own up to the total amount (haven't had a statement!!! though we are in the £400ks plus BTL on our other property at £140k ) our plan was to get the essential works done with the cash we had saved and then when our previous house sells we can pay off 10% per year and get other things done. So we just need to be very patient right now.

    So we are trying to save/not spend as much as possible and though not overpaying this year - we will when our previous house sells and then I want to start chipping away at the elephant.

    Loving reading everyones posts.....and I will try to do a new SoA - at least coming on here will keep me focussed

    SLM
    Originally posted by spendinglikemad
    How exciting - congrats on the move! I'm sure you'll be chipping away at the hefty mortgage in no time!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • spendinglikemad
    • By spendinglikemad 4th Oct 17, 11:19 AM
    • 214 Posts
    • 1,511 Thanks
    spendinglikemad
    How exciting - congrats on the move! I'm sure you'll be chipping away at the hefty mortgage in no time!
    Originally posted by Sundaysgirl
    I hope so - coming on here really focusses my mind just to start small every month!!

    SLM
    Family of 4 plus cat!
    • spendinglikemad
    • By spendinglikemad 16th Oct 17, 3:51 PM
    • 214 Posts
    • 1,511 Thanks
    spendinglikemad
    Not much has changed here since last update. Agreed to get the internal doors done, which is last part of our savings to renovate the house (a big room split into 2 which was how it was originally)
    We we are still trying to sell our old property I was so excited to get an offer last week only to have it removed when the buyers couldn't get the mortgage they wanted. As soon as that place is sold we can pay off the first 10% max on this mortgage and get other things done - and it was also mean not paying extra council tax and insurance so we will be able to make some O/P and do some more renovations.
    Apart from that its trying not to spend on items apart from essentials (food/petrol/school)
    We also really want a dog!! Cant commit to that until we have sold so eagerly waiting!

    SLM
    Family of 4 plus cat!
    • Sundaysgirl
    • By Sundaysgirl 16th Oct 17, 4:29 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Good luck selling!


    After years of longing we finally got a dog last November (two weeks after moving into our new home - not the best timing but there never is a good time IMO) - best thing we ever did!!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • spendinglikemad
    • By spendinglikemad 17th Oct 17, 6:36 PM
    • 214 Posts
    • 1,511 Thanks
    spendinglikemad
    Good luck selling!


    After years of longing we finally got a dog last November (two weeks after moving into our new home - not the best timing but there never is a good time IMO) - best thing we ever did!!
    Originally posted by Sundaysgirl
    Aw thats good to know, I may just satisfy myself with reading up on the do's and don'ts of having a puppy to prepare us!

    SLM
    Family of 4 plus cat!
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