£161,044.25 reasons to be mortgage free

pammyj74

Its annoying with the interest isnt it. Mine is about 27% of my payments now. So I can see more of the capital coming off these days. £100 OP saves me about £33 in interest

wantabetterlife

Hi pammy.....the interest is a killer but 27% is sooo much better than 50%...at least the only way is down

wantabetterlife

Another mortgage payment has cleared and £496 has come off the capital with the amount owing now £137631 :j. Trying to get the last few bits of xmas shopping out of the way...

pammyj74

Just wanted to pop in and say -

wantabetterlife

Oh thank you so much pammy...i am really touched. Merry xmas to you too...i know it hasnt been an easy year for you with your son but lets hope 2012 brings great things for us all. XOXOXOX

wantabetterlife

Oh dear i have been very bad at keeping this diary up to date..:(. I cant believe its 2012!
Another mortgage payment has cleared and we are now down to £137115. The bad news is i recently phoned the halifax to check what our was valued at ....132k, so we are 5k in negative equity :mad:. On the plus side (if there is one) it would be an awful lot worse if we hadnt started overpaying!
Money just seems to be flying out of the bank account and once again the price of everything is increasing!
I am trying really hard this month to run down our freezers and keep grocery spends low...its going well so far but its only the 6th .
Happy 2012 everyone

Sepa74

Oh no! that's terrible. But, as you say, imagine what it would be like if you hadn't been overpaying

CathT

Ouch at the negative equity, at least you should get out of it this year. I've been careful with grocery spends since Christmas, food prices are shocking.

newgirly

Thats bad news for you, will you need to re-mortgage in the near future ?

wantabetterlife

Yeah Sepa we would be so much worse off if we hadnt overpaid. Unfortunately the OH and i have decided to revert back to the original mortgage term as things were getting so tight and i dont feel that its worth the extra stress. The result is that we will have £190 more money in the account every month but the plan is to try and save this as we dont really have much of an emergency fund and i would really like to get this built up incase one of us looses our job or something.
Your right Cath food prices are extortionate and i think this combined with fuel prices is the reason we can no longer sustain the overpayments :mad:
Newgirly our fixed deal finishes in october but if the base rate stays the same our interest rate will revert to the SVR of 3.5% so we will actually be paying less...lets hope they do because nobody will be offering us any deals!
Work tomorrow..need to get the kids clothes set out and lunches ready...hope everyone had a good weekend whatever you were doing. xo