Pay off mortgage and start having fun!

newgirly

Thanks nto, we did'nt go looking for tents but I would like to get one sometime, but have held back as we need to buy so much stuff to go with it. I think cheap hotel rooms would be a better bet to go with the theme park passes this year, the one we stayed in was fab and was only £29 per family room.

brizzledfw

Hi NG, keep an eye out For the perfect tent, think you can do this. One of the things that also helps is you don't have to spend on eating out.

Have you also thought about house swops? Either with friends or via a website? We borrowed a friend's flat in London about 4 years ago and it was great..we had 5 days of minimal food spend as well as no accommodation costs. It was great. Another time we stayed in the van at a camp site, about £20. So much cheaper than a hotel.

Anyway could burble on, but think having fun but cutting down on the costs is the way to go. Well done on everything so far!

Brizzle

newgirly

Hi brizzle, i have been on the house swap website before, but my house is tatty around the edges and crammed full of stuff in evrry cupboard/drawer, it would take me a couple of years to get ready! we are probably in a good location though, on the tube line but in essex. It might be a good idea for a holiday further away in the future when the kids are older and we are more organised.

I'm currently comtenplating changing the mortgage back to repayment, I was looking in to isa's the other day, with a view to saving vs oping if the rates are similar, just worried about the temptation at the moment its too easy on IO to have a month off which is NOT the name of the game is it
I might do a little more isa research before deciding, but come june we have 10 years left (should be about 30/31 years before I reduced the term) but that is going to be a v. difficult target to hit for us I think.

newgirly

Right, I have finally decided what to do. Nationwide have a flexaccount exclusive 4.25% isa which we should be eligable for. So I am going to try and open one when the branch opens this morning. I will pay in £470 pm which is I think the year allowance x 12. So i will do roughly a 50/50 split between mortgage and isa.

We are IO with 10 years remaining in june, so I am going to switch back to repayment (£50 fee) and extend the term up to 17 years which is what we have the money to cover pm if we stick to budget, payment is about £948 pm for the basic payment with any ops coming from extra earnings.

The isa is a higher rate than the mortgage for the first year, afetr that I will look again at the rates, I think it will be the best of both words, a nest egg which could be op'd in the future, or possibly for work on the house or even to help with a deposit for a place in the future. But a few more options.

It would be more sensible to open dh the same isa but I would rather continue to focus paying the mortgage off and see the balance go down even if a bit slower.:D

CathT

newgirly wrote: »

Right, I have finally decided what to do. Nationwide have a flexaccount exclusive 4.25% isa which we should be eligable for. So I am going to try and open one when the branch opens this morning. I will pay in £470 pm which is I think the year allowance x 12. So i will do roughly a 50/50 split between mortgage and isa.

We are IO with 10 years remaining in june, so I am going to switch back to repayment (£50 fee) and extend the term up to 17 years which is what we have the money to cover pm if we stick to budget, payment is about £948 pm for the basic payment with any ops coming from extra earnings.

The isa is a higher rate than the mortgage for the first year, afetr that I will look again at the rates, I think it will be the best of both words, a nest egg which could be op'd in the future, or possibly for work on the house or even to help with a deposit for a place in the future. But a few more options.

It would be more sensible to open dh the same isa but I would rather continue to focus paying the mortgage off and see the balance go down even if a bit slower.:D

I think that's a good idea and that's a great ISA rate. Is a 10 year end date still achievable with OP's above your new repayment amount? I also think mentally it's more reassuring to get off IO and know that your balance is coming down.

Re: Oping and spending on the family etc I am hoping we are MF as ours hit their teens or just before and then we'll be able to spend more freely. I'm assuming kids get more expensive as they get older?!?

Hope you're feeling better, are the antibiotics kicking in?

newgirly

Hi cath, no we can't pay off in 10 years even with op's if we are saving seperatly in the isa, I think I worked it out at about 12 years if we really go for it, more like 10 if we use the savings.

The kids are not spoilt compared to most of their friends but they get plenty. DD is a bit anti designer labels and is even doing her english speech on consumerism/fashion , I must have drummed it into too well So they are not too demanding of stuff, but as they get older they want to do their own thing a bit more, so I have to bribe them with theme parks to persuade them to spend the day with us :rotfl:

I suppose the older they get the dearer they get, uni/ cars etc, first houses, :eek: I don't want to think about it its too expensive , especially x 3


I managed to open the isa this morning, the nationwide was packed with others doing the same, have put in £470 and will add the same each month. Not sorted the mortgage changes yet, will double check after cooking the kids dinner. Its slow go today though as I am feeling worse again , doctor would not give antiibiotics last week and after a very busy weekend in the cold think its caught up with me.

gallygirl

newgirly wrote: »

I managed to open the isa this morning, the nationwide was packed with others doing the same

Yes, let's reward our regular customers with a really good rate :T. I know. we'll make them come into the branch to open it :mad:.

newgirly

Yes , very annoying, it must be a good isa for me to bother going in though. Have had a look on the savings board and it says you can also register over the phone though.

never_too_old

Im looking forward to the day i can start saving,well done on the ISA it is a good deal.
When ive paid everything off i should have so much disposable income im so looking forward to that day, Just over 7000 to pay everything off . Hope your feeling better and thanks for clicking its definately helping.:D

gallygirl

newgirly wrote: »

Yes , very annoying, it must be a good isa for me to bother going in though. Have had a look on the savings board and it says you can also register over the phone though.

:T Thanks, done so :T. Also closed old cash isa (with £126 in it I think I can cope with losing the tax free status ), and written to close unused ccard. Also sent message to Santanduuuuurr to close my even smaller ISA there. You've inspired me to do some housekeeping, thanks! (Even though I won't be using ISA till December when 1st btl mortgage is paid off )