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
    • skye blue
    • By skye blue 17th Mar 17, 8:12 PM
    • 99Posts
    • 434Thanks
    skye blue
    Planning for the next chapter
    • #1
    • 17th Mar 17, 8:12 PM
    Planning for the next chapter 17th Mar 17 at 8:12 PM
    Hi

    Newby here, please be kind

    Read loads of threads and have decided to step up to the mark and set myself some targets

    With all the talk around retirement, pensions etc going around its made me think!

    I have 6-7 years to my retirement, small pension but my mortgage is interest only changed after being off work for a year due to illness a while back and could never afford to change back to repayment. Have asked if i could part part repayment but was told no. Cant change providers as i wouldn't pass all the new criteria now.

    Im on a dmp for another two and a half years and i keep putting it up every few months so its hopefully coming down quicker

    Have about a months salary in savings which i add £10 to each week but as its earning little interest im starting to overpay the mortgage. So ive managed £300 this month

    Do you reckon im on the right track? I know i probably can't pay it all back but it saves interest and probably gives me more choices if i need to sell later. I do not have a partner so just my wage to do this

    House value £115,000 owe £75,000

    Thanks for reading
Page 1
    • Kittenkirst
    • By Kittenkirst 17th Mar 17, 10:13 PM
    • 1,594 Posts
    • 8,235 Thanks
    Kittenkirst
    • #2
    • 17th Mar 17, 10:13 PM
    • #2
    • 17th Mar 17, 10:13 PM
    Hi there Skye blue, I'm not too sure in the best advice but I didn't just want to read & run!

    Any savings/Overpayments have to be a good thing though
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months-Aug: £212.52 Sep £206.32 Oct: £176.97

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • skye blue
    • By skye blue 19th Mar 17, 5:15 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    • #3
    • 19th Mar 17, 5:15 PM
    • #3
    • 19th Mar 17, 5:15 PM
    Thanks kittenkirst for your reply

    I just had to write this down as it was going round in my head

    Keep going as it is for now i think
    • freshcotton
    • By freshcotton 19th Mar 17, 8:09 PM
    • 222 Posts
    • 565 Thanks
    freshcotton
    • #4
    • 19th Mar 17, 8:09 PM
    • #4
    • 19th Mar 17, 8:09 PM
    I don't think you can go wrong with throwing extra bits at the mortgage.

    Is there interest on your unsecured loans?
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
    • skye blue
    • By skye blue 20th Mar 17, 5:33 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    • #5
    • 20th Mar 17, 5:33 PM
    • #5
    • 20th Mar 17, 5:33 PM
    wow freshcotton your totals are amazing

    my dmp debts are 0% bar one
    my savings are dire at 0.50%
    my mortgage is 4.29%

    no brainer really
    • Freddykrueger69
    • By Freddykrueger69 20th Mar 17, 5:46 PM
    • 17 Posts
    • 37 Thanks
    Freddykrueger69
    • #6
    • 20th Mar 17, 5:46 PM
    • #6
    • 20th Mar 17, 5:46 PM
    Must admit I am really inspired by some of these threads. It's great that everyone can keep focus - I'm a born worrier so that is one of the main drivers with me wanting to get to the point of mortgage neutrality. Don't want to be a slave to the system
    • skye blue
    • By skye blue 20th Mar 17, 9:35 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    • #7
    • 20th Mar 17, 9:35 PM
    • #7
    • 20th Mar 17, 9:35 PM
    i know what you mean about worrying

    have friends who say stop worrying about the future but those are the ones with no mortgage and 2 salaries
    • Moneyfordreams
    • By Moneyfordreams 21st Mar 17, 1:24 PM
    • 898 Posts
    • 4,350 Thanks
    Moneyfordreams
    • #8
    • 21st Mar 17, 1:24 PM
    • #8
    • 21st Mar 17, 1:24 PM
    How long do you have left on your mortgage?

    A couple of family members have interest only mortgages finishing in 7-8 years, one same age as me, 47 and the other 58, without savings/insurance to pay off.

    It's great that you are overpaying. Do you have any way of paying it off at the end?
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £159800
    h@lifax CC £4500 0% until May 2018.. will pay minimum for now, slow stooze
    xmas, chairs, hoover, computer and holiday [STRIKE}clothes[STRIKE] DD1 cc
    • skye blue
    • By skye blue 21st Mar 17, 7:17 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    • #9
    • 21st Mar 17, 7:17 PM
    • #9
    • 21st Mar 17, 7:17 PM
    8 years left and at 59 i have nothing in place either

    hence sleepless nights thats why im trying to find a positive challenge to help me look forward rather than worry for the next few years
    • mfmaybe
    • By mfmaybe 21st Mar 17, 8:26 PM
    • 989 Posts
    • 3,151 Thanks
    mfmaybe
    OK so I'm not an expert on DMP. But my understanding is that, if you keep making the agreed payments, you can offer full and final settlements when you have some cash set aside. These will be a percentage of your outstanding debt. Might it be worth investigating that option, and setting aside your spare cash for that instead?

    You say your debts are at 0%; but if you could have a 60% FFS accepted, for example, that could be much more beneficial overall. Worth looking into, I'd have thought? Depends how much is still outstanding.
    Create credit card buffer fund £12.93/£1000 1.4%paid. Pay by Christmas 17

    Other debts paid since 1/1/14: £17,005
    • skye blue
    • By skye blue 24th Mar 17, 11:12 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    Hi

    Thanks for the reply mfmaybe

    I did offer a settlement offer on one of the lower debts a few months back but they would only accept 10% reduction so i left it at paying the monthly amount
    • skye blue
    • By skye blue 2nd Apr 17, 9:26 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    hi guys

    payday been and gone, just waiting till the mortgage payment has gone out before i can make my overpayment

    ive managed to get £300 ready to pay, (2nd month ive managed it) things will be a bit tight for the rest of the month but i want to push myself as ive just started this journey

    mortgage now £75,098 how annoying is that 98 but couldnt find anywhere to make it up!!

    going to try and find it - thinking of doing a car boot soon - are these allowed on easter sunday? would have the bank hol monday to recover from the early start

    keep plodding on everyone
    • skye blue
    • By skye blue 6th Apr 17, 6:36 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    Hi

    Paid my £300 off today thats good but now to start thinking of the next month

    I need to find something more in between the month as i feel like im wishing my life away waiting for paydays to come around

    does everyone feel like this?
    • skye blue
    • By skye blue 10th Apr 17, 5:42 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    hi

    i asked if car boots were allowed on easter sunday and although no replies i have now asked at our local one and they are doing it and donating half of the fees to the church

    just in case anyone was wondering like me
    • skye blue
    • By skye blue 21st Apr 17, 8:53 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    Well easter was a wash out so didn;t do a car boot planning on sorting the attic and find stuff to sell hopefully May bank holiday weekend

    Just spent a couple of hours trying to find car insurance deals

    Found one that is £50 cheaper than i expected so thats good, i didn't think i would be overpaying anything with April's wage but Ive got £60 in coins, £12 sitting in paypal so probably pay £100 as well as paying my car insurance in full I think would be a good result

    Or do I pay the odd £98 thats so annoying and round down my figures

    Have a good weekend guys
    • allmannerofthings
    • By allmannerofthings 22nd Apr 17, 6:48 AM
    • 90 Posts
    • 520 Thanks
    allmannerofthings
    Hi Skye Blue

    You're doing really well, amazing how you can find a little bit here and there and it all adds up. I'm finding that too.

    I'm trying to get my head around doing a boot sale too, I've got a house and loft with far too much stuff in it!
    Mortgage March 2017 borrowed £115,000. Balance September 2017 £107867.50
    Overpayments 2017 £3630/Target £5000
    May £1710 June £0 July £900 Aug £505 Sept £515 Oct £ Nov £ Dec £
    • skye blue
    • By skye blue 23rd Apr 17, 5:09 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    HI

    I think the worst part is getting going so give it a go Allmannerofthings you'll be glad you did

    Good news a friend came to help me sort attic for a car boot (hopefully next weekend) and she wanted some of the stuff I was getting rid of and gave me £25.

    I did offer to give it to her but she said it defeats the object, she was pleased with her goodies and I made some money that will pay for the stall and give me a head start

    Happy days
    Last edited by skye blue; 23-04-2017 at 5:12 PM.
    • LadyGnome
    • By LadyGnome 23rd Apr 17, 11:49 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Welcome
    I think you are doing the right thing by reducing the mortgage. When you OP then the interest should go down a bit but if you keep paying the same monthly payment as you are now then you are paying down a bit of the capital too. So if you keep your monthly payments constant and have OP some of the capital you are effectively creating a partial repayment mortgage anyway. So even if you can't find an OP one month you would still pay off a bit of the capital because your fixed monthly payment would be greater than the interest charged.
    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...
    • skye blue
    • By skye blue 24th Apr 17, 6:53 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    Hi Ladygnome

    thanks for the tip

    i did ask them to do this once but was told i couldn't but they did say once that i could only overpay £500 a time but now they can accept lower amounts

    i'll ask again

    Your totals look great, onwards for us all eh!
    Last edited by skye blue; 24-04-2017 at 6:55 PM.
    • skye blue
    • By skye blue 30th Apr 17, 6:59 PM
    • 99 Posts
    • 434 Thanks
    skye blue
    Hi

    Got up at 4.00 to do a carboot !!

    Ive been putting it off due to the bad weather but it was cold, windy and really really quiet. I only made £37.50 after paying my car fee/ I know its extra but this is the lowest amount ive ever made previously £50's. I planned on doing one at the end of the month but im really not sure now. Luckily a friend had paid me £25 for some stuff last week.

    Anyway its in the mortgage pot now

    Ive been think i might look for a saturday job he he sound like a teenager!

    I really could do with some extra income but working full time already. I do some surveys but it takes a long time.

    Enjoy the bank holiday
    Last edited by skye blue; 30-04-2017 at 7:07 PM.
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

2,344Posts Today

8,884Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin