Pay off mortgage and start having fun!

greent

Hello :-)

We had our loft done at the beginning of 2009. I was heavily pregnant during it, it was snowy and OH was made redundant just after the loft peopple finished! It cost about £35K+ - and then extra costs for things like new stairs carpet to run all the way up (needed changing anyway), new coving on landing where removed to put in loft stairwell, redecorating (inc all the bloomin' fire doors) etc. We put 30K on the mtge - but it was definitely well worth it in my opinion. Have just done some quick calcs and if we were paying all our payment onto just the original mtge just from this year (wasn't really OPing last year) we'd be repaid early 2015 - probably earlier, because we'd have had more money anyway from the other spends not being there. At the moment we're looking at May 2018 (assuming int rates stay equal, etc, and a regular OP amount) BUT the extra 3 & a bit years is worth it for the loft conv. (And I'll try and get it down anyway!) We also benefitted from booking it and then the VAT rate dropping to 15% (so you may wish to consider having it started at a fixed price before it goes to 20%.....)

This isn't our dream home by any means - but we all fit and it's in a pleasant enough location and just about ok for schools. I can cope with living here whilst the children are around. OH and I would like somewhere smaller (we have 5 beds, 4 receptions, 3 bathrooms) when it's just us, or just us and the smaller ones left - but probably would spend as much if not more than this house, because of where we want to go....

Also, children hang around a lot longer now - we bought our first home at just turned 21 - can't afford to do that at 21 nowadays - so you may still need the space even with adult children....

newgirly

Thanks Green T! I really would like it done and it is the most sensible option out of that or moving. We would have to move a few miles away from where we are now to get a 4 bed house in a worse area, and as of next year all 3 kids can walk round the corner to secondary school. We did actually buy this house to get the kids into the local schools as they are v.good. so it seems a bit mean to then move further away from school and friends just as they would be starting to get a bit more independant.
So I think the loft might be the best solution. The only question is how to pay for it!
I think the best idea might be to set ourselves a target figure to get the mortgage down to when the 2yr fix ends in may 2012 and then add it on, the twins will be nearly 12 then.
I am not keen on getting a further advance on the mortgage we have now as it is already huge, plus I don't think we could borrow any more.
So I will try and become a lot tighter with the pennies, I think having a closer target to work towards will be a good thing as well hopefully.

newgirly

I managed to get up nice and early today, so I can sort out the banking etc. before we go away on Saturday and have just had a great surprise, I have another weeks spare money (DH gets paid weekly) and also I have had £53.52 confirmed by topcashback :j.

I have deducted mine and DHs money for that week and have stuck £200 of the remaining cash into my xmas sealed pot, so should now be covered for presents. I have kept a bit back for food when we get back from holiday as I won't get any money for a few days after we get home and I have rounded up the cashback to £54 and transfered it to my VSP (isa).
I may have to dip into the isa as I have 4 birthdays this month, mum dad, brother and DH and i have only got Dh's so far.

I also transfered £18 odd from paypal from Ds1's sale of bear factory clothes, so he is very pleased.
Will definatly focus on ebay with a vengance when they are all back at school, and start the surveys again.

newgirly

Well, we arrived back from a week in the sun to pouring rain!
I am still glad to be home though, I do enjoy holidays but am always ready to come home at the end.
We did'nt really overspend even though portugal was v. expensive £2.00 for 1 tin of beans :eek: So with three kids self catering we had to be very careful. I think we will definatly holiday in England next year, even the kids said they prefered Devon

I have had a quick look on some of the diaries but not gone through and done my banking and OP's yet, so will try and look at that later on tonight hopefully. DH has just rung to say he has cut his arm and needs stitches, so may have to take him to hospital tonight if he can't get a lift with a work friend.

I think I may go and make this months OP and pop back and update later.

CathT

Glad the sun shone for you on holiday, I'm a homebird too and always look forward to coming home!

Hope your DH is ok and the injury not too bad.

I remember reading on one of the diaries a while ago someone saying that their parents chose not to buy a bigger property for children to have a bedroom each as they preferred to have the extra money to spend on the children. It's hard to weigh up really, if we have another we would need to extend/convert at some point cos 3rd bedroom a box room (a small box!)

newgirly

Right. Have spent lots of time this morning checking bank statements etc, I have made this months OP on the mortgage and have also paid £210 off the 0% CC which I include in my total mortgage figure.
I can only OP by 20% Per month on the mortgage as that is the maximum, so I thought I should not put any CC op's in with my target, so I have put a new line in my signature for CC Op's above the minimum payments paid. hope that makes sense.

I should be getting some savings together, but we seem to have been spending a lot more than usual lately, so I decided to keep the savings to a minimum and pay off a bit off the 0% CC.

I am going to start decorating the hall and living room soon, and I'm a bit worried that I will get carried away and spend too much, I already have the wallpaper for the feature walls but need to get lots of paint, french doors, carpet for stairs, and i'm sure lots of other bits and pieces. But I really want to do this as cheaply (but nicely!) as possible. DH is brilliant at DIY, and has renovated a whole house before, but I very much doubt he will have any time to help.

Anyway I did'nt want to have hundreds of pounds sitting in a saving account asking to be spent on lovely bits and pieces from the next catalogue So its gone on the credit card instead. I'm going to try and get some inspiration from the shabby chic thread for cheap and pretty ideas.


Ok new figures as of today are:



£156,740.02 mortgage
£ 8,390.56 0% CC

£165,130.58 total


New interest per day is £14.72


I have managed to get a good deal on a new mobile for DH who went swimming while on holiday with said phone in his pocket! and also got £30 through topcashback as well. I have already made about £170 ish so far on this great site in the last few months, I love it. I will be back doing surveys as of tomorrow when the last 2 kids go back to school, it feels like they have been off forever.
I am also going to book a holiday for next year today, I want to be really organised and pay it off over as long as possible. I want to book a caravan park in the isle of wight that a friend has already been to and looks great. The only thing I can't decide on is whether to go at Easter (£405 max) or last week in August (£620 max). I'm leaning towards easter, just a bit worried I'll regret it come August when the kids are off for six weeks! I wonder when the most popular time to go is for us MFW's with children, do some of you go earlier to save a bit extra?
Oops, I seem to have rambled for quite a while now, I think I'll go and fix the kids their last lunch of the holidays!

newgirly

I can't believe I haven't posted for a week. All the children are now back at school, yay! I have been trying to catch up with tidying up a bit, but to be honest have been shopping a few times without the kids in tow, bliss.
I have been trying to get organised for xmas as I want to get as much as possible for the least amont of money. The plan is to get it wrapped and put in the loft asap, then start (and finish) decorating the hall, through lounge and conservatory, and maybe even DD's tiny bedroom if I can.
I still have been very bad and have not done any surveys, but I have opened two halifax accounts , so hopefully that should be £100 cashback in total plus £10 per month if I remember to transfer funds round in circles.:D

I have bought lots from the 99p shop this morning, including my new 2011 large diary, this is where I normally keep all my financial details and plans (don't know how to do spreadsheets ) so I should be nice and organised for next year. I also picked up some stocking fillers for the kids.
I have had quite an expensive month with DH, mum,dad and brother's birthdays, plus DS1 and 2 have a 5 day school activity trip which I have to buy waterproofs/coats/wellies/walking boots etc. each, so will have to be extra careful. But I did splash out on a weekend away for me and DH, my parents offered to babysit, and it was too good an offer to miss, I have booked 2 nights for two in a lovely hotel in suffolk for £40 through the paper, full price it would have been another £100 on top of that. But I MUST remember to buy the paper on Sunday to get the second token as I have already paid in full! We are going the last weekend in November, so hopefully it will be nice and Xmasy. I would like us to just give small token or homemade gifts for DH and I this year ( not sure how he will feel about that though), I think I would rather spend money on time away together than presents.
Anyway, I am going to shoot off for a girly lunch and catch up with friends, I like days like this.:D

newgirly

I have had a busy morning, clearing out DDs's bedroom. As the hall and lounge are such big decorating projects I thought I'd start with the smallest room in the house. I can't believe how many bin bags I managed to fill with rubbish, I have also kept a few bits to put on ebay. Hopefully it should be a very glam teenage bedroom for not too much money, DD did choose one of the dearest wallpapers they had (£20 a roll), but her room is so small it should only take one roll to do the one wall she wants papered, pink paint for the rest.

I can't believe how much life has changed since I joined the MFW board, I love reading everyones diaries, seeing how well everyone else is doing gives me the extra push I need sometimes. I never would have thought that paying off debt and the mortgage would have felt so good.

museumworker

I'm planning to do homemade gifts this year where possible too, to make up for lack of money post loft work! Do let us know what you make, what works and what doesn't.

Re: DD's bedroom, I did the same with my DD - she picked a wallpaper and we did one wall, painted the rest. Found you needed more paper than we thought though with the pattern and everything. To tie it in, we took it to B&Q and got them to scan the background colour, they then mixed up a custom paint that was more or less the same colour. Looks fab, I would recommend that service. A few quid more than cheap paint, but goes on well and and a lovely finish.

newgirly

Thats a good idea matching the paint, I may do that for my living room, but not for DD's bedroom as she has chosen black flowery wallpaper and it might end up looking like a dungeon!
There are lots of ideas on the special occasions board for homemade xmas gifts, Theres one for homemade slab chocolate like the ones in hotel chocolate, and also sock monkeys, I can't sew but even I have managed to make two of these, the kids love them even if they are a bit mis-shapen.:D
I think my favourite idea is the xmas eve hamper, filled with PJs, sweets etc.I'm definatly doing one of those for my lot this year.