Pay off mortgage and start having fun!

newgirly

I am so excited, afetr looking on the weekly news section on here I found that Mr t are selling concert tickets cheap and have just got 5 tickets for dd's birthday to see the wanted, so it will be her present and birthday party treat as well, it's at newmarket so you go the the races first and then watch the show in the evening. I will let her take 2 friends and me and dh will go as well, but it only cost £105 all in for 5 of us plus 8% cashback and double clubcard points. some of dd's friends have bought tickets for £40 each to go to another venue to see them, so I'm really pleased. Plus dh said he will pay for his own ticket!

newgirly

Ds 2 was at home again today so I've spent hours on the laptop while he was watching films all day.

I have had a payment of £1.76 from tcb which has been transfered to the mortgage acct, which makes a massive total of £2.22 off the balance in june.

Centerparcs has been changed from jan to july next year, and they have waived the changeover fee of £35 I was expecting to pay, so need to find about £350 ish by this time next year. Plus put something else by to book a few days elsewhere as 3 days is not long enough.:D

Other than that, I have managed to buy 6 bottles of shower gel with free delivery courtesy of grabbit for £3.58, plus a stocking filler for dd for xmas.

I'm looking forward to tomorrow as I'm visiting a childhood friend who I've lost touch with who has now got a toddler and baby twins, that takes me back a few years, poor girl :rotfl:

thriftychap_2

Just stumbled upon this thread. OH and I focused on paying down our mortgage as quickly as possible with the intention of moving in a few years. Our circumstances are as follows:

· Shared equity 2 bed flat, purchased for £109,500 in 2009, current value realistically £120-125k
· Mortgage of 60% - £61900,
· Remaining 40% - 0% interest for first 5 years, 1.75% interest 5-10 years and 3.75% interest for 10-25 years (nothing paid off capital)
· Mortgage payments of £293 per month
· Currently over pay £297
· Saving for wedding this July
· As of September overpayments will be £1107 (£1400 payment)
· Both have secure jobs, teacher and nurse.
· £200 saved each month into fund
· Both given £250pm to spend
I have spent many hours (much to the amusement of my OH and my family) on the mortgage overpayment spreadsheet created and posted by a user on this site. I have worked out that we can have the first 60% paid off in about 4.5 years and the remaining 40% paid off in about 3.

This will be a push but as we earn more we can direct more. Overpaying our mortgage is our sole aim. We have one brand new car and are not excessive spenders so we hope it’s possible.

I’ll use this thread to keep me motivated (not that I need it)

Good luck to everybody on reducing their mortgages. It amazes me just how many people are oblivious to the huge financial benefits of overpaying as much as you can and the knock on effects of larger deposits on interest rates and therefore future overpayment possibilities! Thus saving even more!

My first goal is to overpay from last month by a total of £7000 this year. Considering our wedding in July, this may be hard but we like a challenge. Progress is in my sig!

Best wished - G

newgirly

Hello thriftychap, welcome to the mfw board

Have you thought of doing a diary to keep track of your progress as its very helpful to get other people's comments and support along the way. Another good place to start is to do a statement of account to see if there are any savings you may have missed, good luck!

I am suffering very badly with laziness at the moment, I have to go out in an hour and have the whole house to tidy and washing to put on and I am still sitting here on my laptop. Best force myself to get on

newgirly

:mad: I have had a letter today from the ins company, and the car which rolled into the front of our car in jan has lied and said we drove into them, this has also been backed up by the car in front of them. So now we have nothing we can do and the ins co. said it's not worth taking it to court as we have no chance of winning. I am so cross as the very young guy that got out of his car at the time was so apologetic and admitted liability straight away.

we will lose a lot of my NCB (I have not had a claim ever in 20yrs), and the excess is £350. How can people do this , I know I could'nt.

The ins co. said we have nothing to pay as we paid towards the repairs , I told her we didn't, so we will have to wait and see if we get a big bill or not.

On a happier note I had a lovely lunch round my friend's with her baby twins who are georgeous, I have not seen her for a long time so it was nice to catch up.

I am supposed to be paying the balance for our holiday to the isle of wight next week, there is £420 still to pay (paid £50 + ferry so far), I have the money in the bank for it, but we we are also going to devon for a week paid for by my parents and at the moment the budget is £400 ish + petrol money for both holidays.

I have told everyone we are going to the isle of wight and am not sure what I would say , but I'm really thinking of cancelling to take the pressure off a bit.
Does anyone have any opinions on what I should do as I really can't decide.

We have just transfered £4750 on the cc to a new 0% deal for a year and set up the dd to pay it in equal monthly instalments so it is cleared. But we could not transfer everything on our old card and the deal is up this month and we still owe £2110 which we can pay off in the next 2 months with no mortgage op's, so it is covered.

I don't know, I'm very indecisive. :cool:

pammyj74

Oh my word on the driver, that would make me so mad! If the woman that crashed into me had said it was my fault I wouldnt have had any witnesses. Luckily she admitted liability. (I knew where she lived lol!!) Cant believe some people are like that but I bet he went back home and they told him to not admit it for his insurance premiums would be huge!

as for the holidays only you can decide but if it were me I would just go on the one holiday (that was free lol)

newgirly

I think thats what has happened as he had recently passed his test apparently.

Ok so one for don't go on the holiday, ha ha I would do a straw poll if I knew how to :rotfl:

Oh also the isle of wight holiday is right at the end of the 6 weeks hol coming back two days before new secondary school starts, not sure if this is that relevant , just thought I'd mention.:D

pammyj74

As long as you had everything sorted for school before you went, you wouldnt be stressed coming home to it.

cha97michelle

Dunno hon. I think if i were feeling really strapped for cash i might also cancel the holiday. The deciding thing for me would be how disappointed would everyone be, and how much would you lose by cancelling, and then i would weigh it up on that.

The thing that strikes me with you is that it could so easily be back into debt with the things that you need to keep paying for. Your budget hasn't got lots of wiggle room for when the poo happens, and if one thing is certain, it will happen now and again for all of us.

Hard to advise you hon.

You are also going to need some for the bathroom to be finished, unless you want it to sit there forever.

Hard to do everything isn't it.

newgirly

thanks Michelle, thats also the other thing thats just occured to me, dh has hardly any holiday and he is fitting it himself. The week could be used to fit the bathroom and the money would help finish it.

DD is not happy at the thought as her friend is going to stay nearby and we were going to meet up for the day. AArgh!