£161,044.25 reasons to be mortgage free

wantabetterlife

Thanks everyone, well i have resisted the shopping urge, TBH i have had no energy to do anything since finishing work!
Hating ebay at the minute......the person who i was awaiting payment from emailed me four days later asking to cancel the transaction...complete time waster.
One of the other items i sold for £34, the buyer has emailed me to say she hasnt received it :mad::mad:...unfortunately i only have proof of postage and the item was sent recorded delivery so if it doesnt turn up i am probably going to have to refund the money!!! Things like this really put me off ebay as it is just so much hassle!
Anyway made another £100 overpayment this week and the monthly mortgage payment has cleared....the balance has went from 145487 to 144796....meaning £691 has come off the capital
Have a good weekend everyone.

wantabetterlife

Phew.....the ebay buyer emailed me to say the item was delivered yesterday :j:j. One of the items i relisted has a bid of £4.99 on it too ....ooohhh i can feel an overpayment coming on......:rotfl:. Just relaxing here watching the xfactor.

pammyj74

I hate it when they say its not delivered. It winds me up cos sometimes I wonder if they are telling the truth. well done on your sales. I have made £70 profit this month which has paid for a few things not accounted for.

I love seeing the capital come down, wish it would come down quicker tho lol

wantabetterlife

I know what you mean Pammy...i couldnt help but think that either particularly as her feedback was a bit dodgy...but at least it all worked out.
Another £6.74 received from ebay sales and £1.17 from quidco so have rounded it up and paid a tenner of the mortgage :j.
I am really considering focusing my efforts on paying off my student loan even though the interest rate is only 1.5%.
I owe about £4500 :eek:
The main reason for this is that even though the interest is low it is still £108 out of my wages every month.
I am hoping that after my maternity leave is over that i will be reducing my hours slightly and i feel that if i had the student loan paid off the drop in my wages from going part time would not be as significant???
Unsure what to do as if i just keep paying it off the way i am i will be paying it for another 4-5 years approximately :mad:.
Mortgage statement is due anytime and i cant wait to compare it to previous years and see how much progress we have made .
Free listing on ebay this weekend so i think i will relist those few items that havent sold and see if i can raise a few more pennies.
Have a good weekend everyone.

mbbetter

wantabetterlife wrote: »

I am really considering focusing my efforts on paying off my student loan even though the interest rate is only 1.5%. I owe about £4500 :eek:

Brill diary - you seem to be really hitting it :T

I can understand where you are coming from on the student loan. But don't let your heart rule your head. Unless your mortgage interest is lower than your student loan - pay the minimum it makes sense. Depending on the figures it could make quite a difference over the year(s).

Cheers,

CathT

So glad the item turned up!

I have only recently started paying back my student loan from my first degree and i qualified from that in 2004! (have since just qaulified from another degree) I really wish I had made the odd payment to it in that time, if only to pay the interest. I really think I will be paying mine forever as I only pay about £20 a month! If TTC goes to plan I'll probably make no payments while on matenity anyway. It was so easy to forget about my student loan when I didn't have to pay it back - different story now!

wantabetterlife

Thanks mbbetter and catht for your posts.....i can remember thinking when i took out my student loan that i would never have to pay it back :rotfl::rotfl:...how silly i was.
It annoys me as i seem to have made hardly any progress with it...i only owed about £8k at its highest and i have been paying it for 8 years!!!
I think what i will do is try and save as much as i can in a savings account and then see what way the interest rates go and if i need to pay it off then at least i will be in a position to do so.
Have relisted the four items that didnt sell on ebay, but only have one watcher so far.
Have made another £20 o/p on the mortgage...would love to be in the £143xxx region next month but with christmas coming up it might be difficult..also have a wedding at the weekend so that is £100 to find for the present plus spending money.

pammyj74

It definitely makes sense to pay off the higher interest mortgage. I know your head is telling you different but if you look at it side by side and the interest you would save paying £100 on one against the other it is better in the long run. I'd be feeling the same as you as it would be like tieing up loose ends and one more debt sorted but financially the mortgage is better with the rates against it.

wantabetterlife

Well 2 of the 4 items i relisted on ebay have sold and 1 doesnt finish until tomorrow...have made £18 on these two things after relisting for the third time :j:j.
Also had £20 of tesco vouchers and have doubled these up to £40 to spend in baby and toddler.....spent £10 of these earlier on nappies....so technically the nappies were free.:D
I have rounded the £18 from ebay and the £10 voucher up to £30 and paid this off the mortgage :j:D.
I am trying hard not to think of the bigger picture as paying £30 of a mortgage of our size seems almost silly but i am really hoping that all these little bits add up .
On the plus side our mortgage statement came in the post yesterday...last year we only managed to pay 3k off the capital but this year it was over 15k .
Have a good weekend everyone. Xo

wantabetterlife

Hi everyone.....have made a decision to start to try and pay off our BTL mortgage.
This mortgage is £111408 :eek: and the interest rate is 5.84% and is interest only so this has been the balance for the past 5 years!!!! We have 18 months left on our fixed deal and i am getting a bit worried about what interest rates are going to be after this period and as BTL interest rates are always a bit higher the payments could rocket.
Also these overpayments can be borrowed back if needed which makes it more appealing....so i have just phoned UCB and paid off £500 , this is the maximum that can be paid off per calendar month.
Have nearly got all the christmas presents bought, only about another £50 to spend :j.
Still no sign of the the baby...was due a few days ago but nothing happening yet...have to admit i am dreading the labour!
Have a good weekend everyone.