Pay off mortgage and start having fun!

CathT

Hope you have a fab mini break, some time relaxing in the sunshine will be well timed for you.

I track on mfp but eat a lot more calories than what it sets me. I weigh daily too (and take an average for the week) as your weight fluctuates so so much over a week.

newgirly

Thanks cath

Good news! The bank have approved the mortgage and on a five year term not the four year one they were threatening :T the lease agreement is being drawn up and the paperwork to hand over is done and agreed on by both parties. They are hoping to handover at the weekend (while I'm away!) still lots to do, actually masses of organisation and switching over plans to work out. I'm also going to be made a shareholder as well as dh of the current company.

It a big relief and once we know the final balances of what we need to personally cover debt wise - the overdraft is fluctuating daily obviously while money comes in and out, then we can work out time frames to be mf again. So after coming so close to getting rid of me here you will be stuck with me for many more years yet :rotfl::rotfl:

themadvix

That's excellent new NG and hopefully means you'll be able to relax over the weekend!

I look forward to many, many plans! :rotfl:

newgirly

Thanks vix, it's a big relief! One of the guys at work said today that he can see dh has changed virtually overnight and is whistling away for the first time in ages

I should be cleaning / packing/ online shopping / updating spending etc. tonight, instead I've had a nice bath, put my pjs on and am cooking a very high calorie dinner of veggie sausages and spinach and garlic gratin from m and s with a huge glass of wine, I need to make the most of it before dieting again next week!

dexterslab

I have 1 year worth of salary in savings account and I am thinking to keep 6 month worth of salary in savings and rest of it in the mortgage against principal. Also, instead of moving any extra salary balance into savings ,rather add into mortgage until paid off. Which is about 4 years from next month. Is that a good idea? what would you suggest?

newgirly

Bit of a belated reply but I would overpay the mortgage

What a busy week! I had a great break in Majorca with best friend, lovely hotel but a bit more pricey as we needed a few cabs. Went to magalf once to people watch- didn't stay long as it was scary :rotfl:

The deal with the business will go through today or Monday, the bank have insisted on us paying £20k into the business current account which has a £20k limit even if it's overdrawn less than that. Still no concrete picture of what we will have to pay out due to a disputed phone contract from years ago which we will still be liable for , this could be anywhere between zero or £18k :eek: we have cleared the loan with Tesco and that will be effectively written off (well offset for tax purposes to save a little in the future) we have also paid £20k off the overdraft as I said , plus we will have to allow a few thousand for accountancy fees next April.

All in all our offset pot has been obliterated

I've had a stinking cold since I went away and have been at work so am behind with everything, today I'll catch up with washing and cleaning and hopefully put together a better idea of our plans now. Dh is desperate to have a break and wants me to book something today (before they take over!) probably just a two/three night somewhere. I'm currently more keen on staying in , having a rest and watching tv for the next few months :rotfl: I guess it's up to him though, it has been very stressful.

newgirly

Still not feeling well and it's been nearly a week. I'm trying to work out a new budget and plan to clear the mortgage and am really struggling with it. It's not so much the day to day stuff, more how do we factor in the bigger expenses we were not budgetting for when it was going to be paid off much quicker- i.e. The kitchen is 30% rotten cupboards and the floor tiles have cracked and move etc. The car is getting on a bit, the kids rooms and living room need plastering/skirting/new flooring etc.

The last thing I want to do is make the term even longer, however waiting a year or so to do these things is not the same as waiting six or seven years

I've been putting off setting a proper budget until we have more of an idea of what we have to pay into the business, so I've had plently of time to think about how frugal or not we will be moving forward, but I just don't know!

As it stands today we have a mortgage of £88,284 and an offset pot of £20k , we have a very slim chance of needing to use some of it to clear an old phone contract that a new company took over and should have cleared as part of the new deal, original costs were £3k ish and they are looking for 18k, new phone company are trying to sort out and have admitted liability in the past that it's their responsibility, but you never know! I'm pretty sure we won't have to cough up though.

So the factory mortgage will be paid off in five years and we will have the rent (minus tax) coming to us which will be another £1500 a month ish. We also have the option to remortgage the factory to clear the home loan, with the rent paying it.

I'm currently undecided as to how we arrange all this! My heart says carry on oping like mad , but my head says ease off and think of the bigger picture.

Can somebody tell me what to do please? :rotfl::rotfl:

Moneyfordreams

I think you should give yourselves a bit of a break and let the dust settle. It will soon become apparent what your liabilities are, buying you time to rest and consider slowly. Your DH whistling at work shows he has had a massive load removed.

Plan slowly to move forward …. once everything is calm again you can keep going forward and ramp up payments... fix your kitchen after the phone problem is sorted, you deserve it... save a bit, then OP.

I'm hoping to OP again by summer next year I learning about my new outgoings (house related)… we are moving forward, just not backward the best thing about my husbands business closing was I have my husband back... well actually he was a mans man then... a footy mad person who became a husband

newgirly

Hi mfd's thanks. I'm pretty sure we won't have to pay anything out for the phone but I think I'll keep cash in the offset just incase.

I'm glad things improved so much for you both afterwards, it's good to know there is light at the end of the tunnel

wantabetterlife

I agree with MFD...I think you should plan to do at least the kitchen and maybe the other smaller jobs could wait. You dont want the house to falling apart by the time you get the mortgage paid...hopefully the phone contract will work out and you could use the money you have set aside.