Isle of Man Mortgage Free Wannabe

gallygirl

Sepa74 wrote: »

WIt's clear that living on the Isle of Man make it an even tougher challenge than it is for those of us on the mainland!

But they're surrounded by beaches and sea. Serves them right if they have it tough :rotfl:


(just kidding GTMG )

GetTheMortgageGone

Finally sat down and thought through my targets and come up with some figures - abit on the low side but with so many things changing its hard to aim massive at first. The missus is due to massive raise at work when she gets her huge promotion and thus I am working only on what her actual wage is NOW, we are not sure what her new wage is likely to be - so here goes.

Firstly DEBT FREE by August 2011.
Owe Very Cat - 499.99
Car Loan - 1047.19
Measures taken - Frozen pension at 131.10 for 4 months allowing four monthly payments of 131.10 to be paid straight to car finance, normal monthly payments are already 137.50. So with normal payments and the four overpayments this is a total of 1074.40 - this completely pays off the car and 30 pounds over - this will go straight to Very.
With 5 months (till August) to pay off Very cat - will have to just pay 100.00 per month to clear that off - this can be saved by alcohol budget and other areas.

ONCE this has been done I can then think on the mortgage.

MORTGAGE.
Currently overpay by just 61.16 (1000.00 paid rather than the minimum of 938.84) - this can then become larger with the 137.50 from the car loan and also the 100.00 I am paying for Very --- totalling 1237.50 per month - which is a massive overpayment of 298.66:j - but again all depends on the missus's new wage ! As we may be able to put in more.

TARGET FOR MORTGAGE WILL FOLLOW !

GetTheMortgageGone

This morning I have sat and sorted out targets, now I have counted up the numberous bank accounts that my partner and I have !
Since leaving Leeds for the Isle of Man, we have both opened 6 Isle of Man accounts, three for the kids, one joint account and one single account each ! We also have a Yorkshire, Lloyds and Barclays account plus money in Premium Bonds and Childrens Bonus Bonds.

Time to start naming the accounts and what purpose they will have ! Then we can put abit in each and have a Rainy Day account, World Cruise account etc......

Will have a think.

GetTheMortgageGone

Wage time on Monday 18th --- loads more overpayments to make, including mortgage,car loan and very.
Can hardly wait to see our wage packet !:beer: