Pay off mortgage and start having fun!

getmore4less

Hi, nice little windfall.

I think you should step back and reassess.

if you recall the reasons for the large mortgage overpayments were because you had a drop dead date looming and a little chance of refinancing any of the debts on a longer terms untill the total were much lower.

This significantly changes things so there are other options that could be considered and maybe the possibility of refinance is a bit nearer.

I would have serious think about the cash flow the business can support(salaries and debt payment) and consider a strategy that retains some cash to avoid any crisis and reduces interest cost.

I can't remember the minute detail so can't offer any immediate suggestions without going back through some posts but there will be some that will make the transition going forward a bit easier.

newgirly

Hi gm4l thanks for popping by

We did discuss all options, my dad did make it clear that he didn't want the money going into the business as its a risk, that is something I would not have done anyway though as I feel we should be prioritising our home over everything else.

We may now pass affordability to extend the term , but if I can clear it in two years that seems the safest option. Dh has a different mindset the last year or so with the business, I think he now feels more like we need to put ourselves first, don't get me wrong he still feels an enormous responsibility for the staff but has put more of a financial value on what he does (70+ hour weeks usually)

If he takes less money it will marginally help the business, but with our huge monthly expenses it doesn't make a massive difference anyway, longer term we probably still need to lose staff and although it's harsh I don't want dh killing himself to keep everyone in a job.

If circumstances deteriorate at work, we can ease off the payments immediately and will have an extra 4 years breathing space I guess, for the moment though it's keep going and hope for the best!

Thanks for the input, it's always good to get a different perspective

newgirly

Started getting a bit frugal again yesterday

Batch cooked veg curry and froze
Made hob nobs
Used up chicken in fridge-Thai green curry in freezer

Also cleared out a few kitchen cupboards and re organised - so many tins :eek:

I think might try and curt the food budget again this month I had set it at £600 for everything. I think the "everything" budget will still be high this month so I will set a seperate figure for food, I've already spent £83, so am going for a total of £300 for until July 3rd.

Muser1

There are some a towers deals on gro upon with accommodation included. Don't know how they stack up for you x

newgirly

Thanks muser, I look on Groupon all the time so don't know how I missed that!

Pretty good deals there, although for 8 I need quite a few packages I have already booked the farm cottage, but thanks anyway

gallygirl

Great news NG, now you just need to stay strong till August and not blow the lot on cruises :rotfl:.

newgirly

:rotfl: you know me so well

LadyGnome

Hello newgirly
I've been reading through your diary over the last few weeks. Quite a rollercoaster ride at times and I am amazed at what you have achieved.

However, the biggest thing I've noticed is how your attitude to money has changed. If your Dad had helped you out with that money a few years ago, you would have already bought the sports car. Instead you've been able to take a step back and look at the long term best interests of your family. I hope that in a couple of years you will feel the benefits of all your efforts as you cheerfully wave goodbye to the mortgage.

I've also enjoyed seeing how you deal so well with your teens as my eldest turns 13 in the summer :eek: so I need all the help I can get!

try_harder

Hi newgirly i am slowly reading through your diary lots of pages to read you have done so well i have just started on mfw after being in debt and a big spender for 30 years you have inspired me ,will be watching now over your last couple of years and wishing you luck.

Pearla*Merle

What brilliant and exciting news on the gift from your parents! Congrats

PS. Yum - homemade hobnobs! I need to get baking again too, it's been too long - might have a root around the cupboards later myself