HEG 2010 - Once upon a time ......I want to be a mortgage free queen of my castle

herewegoagain2010

My NSD are going well and so is my budget planning. I've still got £100 for food and entertainment to last me until the end of the month. The freezer is full, so will need to top up with bread, milk fruit & veg on Sunday. Am planning on taking the children to McDs for a treat this weekend, and it's well deserved as daddy is still away. Nothing expensive planned for the rest of the month, perhaphs a trip to the cinema 22/23rd and then my eldest is going to a party the following weekend. I;m hoping there'll be afew bob left at the end of the month for an extra payment.

I've been playing around with soa again and am trying to squeeze a little extra here and there. I called for an o/s balance and it's £94256-51 today and the daily interest is £14-92. I'm looking forward to next months payment when we should see the o/s fall under the 94k. Am feeling torn between saving for a much need holiday or saving to pay off the mortgage. I need to sit down and work out our work/life balance and decide......decisions,decisions! Need to hurry and wait for next pay day!

herewegoagain2010

ARRRRRGGGHHHHHHHH Life has been getting in the way of my mortgage free dream! Had a nightmare few months and had to reduce back to our original payment of just £597-99 with not a penny overpayment. I've just called the Halifax for my o/s balance today and I could cry £93513.68! They couldn't confirm the term left as the computer hasn't recalculated yet, so they'll send me details in the post. I'm completely gutted and free like we're never going to make the OP target! Am trying to get everything sorted and get back on track with the OP's but it's not going to be easy.

herewegoagain2010

It's been a free months since posting and I've not been in a position to over a penny......grrrrr! I've just called the Halifax and have increased my payment to include a op of £52.01 from November. It's better than nothing, but I'm definately going to be miles off my target I set.

As it stands today my balance is £93188-92 and 24yrs 1 month left to pay. The fixed rate deal ends on the 28/2/12 so we'll drop to Halifax SVR which is currently 3.5%. I figure this will drop the contracted payments down to about £480 a month, but I plan to keep the payments at £650.

On another note I've inherited a house from my late uncle. It's a complete wreck and can only be described as having 'potential' I've not had it valued yet, but I'm thinking around the 60-70K if we're lucky. Not really thought about the future and don't won't to ake plans before the house sold.

GreenNinja

herewegoagain2010 wrote: »

:eek::eek::eek::eek::eek:I've just checked my on-line banking and something has just hit home.:eek::eek::eek::eek::eek:

When yesterday's payment was made the oustanding balance was £95500.25..........which is exactly £12000 less than we borrowed in Jan 05.

OMG :mad:We've only paid 12k off in 70 months we've been paying the mortgage.....it works out at £171.42 a month. All the rest has been swallowed up with interest and an arrangement fee! I'm so pleased we overpaid £1000 last year or that could have been a lot less. I need to get my bottom into gear or the shock of the balance next year might turn me completely grey!

God! when you look it it like that you realise how much money these banks/building societies are making off people. MEGA money!!!
:mad::mad::mad:

herewegoagain2010

GreenNinja wrote: »

God! when you look it it like that you realise how much money these banks/building societies are making off people. MEGA money!!!
:mad::mad::mad:

The scary thing is that the post you chose was written 1year and 1 day ago and the total we've paid off in that year is £2311.33....It's shocking! It makes me feel so determined to get it paid off now.

herewegoagain2010

Woweeeeee it's been months since I've last posted and what a rollercoaster of a ride. I lost my uncle and he left me a property which I've sold on Monday and there's enough to clear our mortgage which stands at £91546.30 as today. We still have a 0% car loan and 2 0% credit cards, which will tick along by themselves. It seems strange to be posting that as of tomorrow I'll be MF and I feel like we've cheated. I know I should be jumping up and down, but it's not really sunk in yet.

Sepa74

Sorry about losing your uncle, but congratulations on being MF! It's not cheating. Life has ups and downs, and sometimes the clouds really do have a silver lining.