Hello everyone, please help AuntieMabel on her mortgage free mission!

AuntieMabel

Hello everyone, welcome to my new thread. :hello:
I must begin by confessing that I'm not really a Money Saving Newbie as I have lurked, read and 'borrowed' from these fab forums for several years but have always felt a bit shy about joining in

Briefly, this is me -

I am 40, DH is 46 (equally as MS) and we have 3 DS & 2 cats. We live on the north east coast of England in (probably) our 'forever' house.

Here is our mortgage history -

Our first mortgage lightbulb moment came in about 1993 when the mortgage interest rates touched 15% and people we knew were very close to being repossessed. Although we could meet our payments, it was a massive reality check. We were putting money into savings then but not aware of the concept of paying the mortgage off early.

Our second mortgage lightbulb moment came late 1990's when we realised that our endowment mortgage had no chance of achieving the £44000 needed but instead would achieve only a guaranteed £21000 :mad:. This coincided with a major house move for DH's job to an expensive city and an increase of our mortgage to £98000. We decided to keep on with the endowment for £44000 but took a repayment mortgage for the other £54000.

Our third mortgage lightbulb moment came in 2002 when we moved again to where we are now. Luckily we were able to buy a bigger house for less than we sold the expensive city house for but had to use the excess for essential home improvements (house had been 2 flats, no kitchen downstairs). We also remortgaged by £24000 in 2005.

But by hook or by crook, over the last 9 ish years we have managed to overpay all the £44000 from the interest only part so when the endowment matures in August 2015 it will be a lump sum for us and not needed (hopefully) for the mortgage. We have also overpayed £5000 from the remortgage part.

So, as of 31st March 2011 we owe -

sub account 1 £27491 at 1.35% base rate + 0.85%
sub account 2 £18932 at 2.99% base rate + 2.49%

We are currently focussing on overpaying sub account 2.

I realise that compared to some other people, these will seem very little amounts, but they're big to me! And I want to see the back of them and I'm sure with a bit of a new focus I can!

Sorry, this has become a bit like War & Peace but once I started typing I couldn't stop!

Won't make you read anymore now, will post again over the weekend

Bye for now

AuntieMabel :wave:

newgirly

:hello: Hello Auntiemabel. welcome to the mfw board, it sounds like you have done really well already.

I'm sure you may have thought about doing a soa, its quite a good idea incase you have missed any savings that could be made. Do you have a time frame that you are working towards, regarding paying the mortgage off?

Anyway best of luck, I'll watch out for your diary.;)

newgirly

LilacPixie

Do you live with Pipen and fly a spotty plane..

anyway good luck

cha97michelle

:rotfl:

LilacPixie wrote: »

Do you live with Pipen and fly a spotty plane..

anyway good luck

I was thinking exactly the same thing. My goodness how sad we are.

Welcome to the boards aunty mabel.

AuntieMabel

LilacPixie wrote: »

Do you live with Pipen and fly a spotty plane..

QUOTE]


I certainly do

Thanks for your welcome guys

originalmiscellany

Hello AuntieMabel - Have a great time and I'm looking forward to reading your post and thread as you make inroads! We're all rooting for you to clear mortgage 1/2 and enjoy your life and cats and dogs

Keep up the posting and don't be a stranger (really annoying I know) but keep on posting!

All the best

LilacPixie

cha97michelle wrote: »

:rotfl:
I was thinking exactly the same thing. My goodness how sad we are.

Welcome to the boards aunty mabel.

very sad..not quite as sad as my dad who insists she is Nurse Gladys Emanuell :rotfl::rotfl:

AuntieMabel

LilacPixie wrote: »

very sad..not quite as sad as my dad who insists she is Nurse Gladys Emanuell :rotfl::rotfl:

Yes I did think of having Gladys Emmanuel as my user name as I'm a nurse but settled for Auntie Mabel out of respect for her superior aviation skills!

(How do I quote somone and have their message in a blue box ?)

AuntieMabel

Oops, did it by accident (not sure how!)

katsu

at the bottom of their post, the second round button/oval from the left is "quote". Hit that then type your reply below their text that appears in HTML code for a quote.

In your first attempt to quote you had accidentally deleted the /[ at the front of QUOTE].

HTH and welcome.

AuntieMabel

Hi guys,

After my novel-length first post yesterday, I'll try and keep this one a bit shorter .

I will work on a SOA but to be honest, I think I've done most of the 'big' things -

• shifting utilities
• asked BT for a cheaper tariff (reduced monthly payment by half!)
• Tesco CC paid off monthly to collect clubcard points for days out
• 0% credit card til 04/12 for recent expensive oven purchase
• Fully embraced Lidl after being a bit cheap-supermarket sceptic
• Share car with DH & use public transport when needed
• Buy presents through the year in sales and stash them away
• Have clothes swapping parties with friends (and friends of friends who have lots of clothes!)
• I enjoy cooking so cook most things from scratch
• Cheapo old mobiles as we're not gadget people
• Luckily, work provide my uniform so I only need casual clothes

DH and I are both naturally on the cautious side money-wise (think it stems from both our childhoods when we had absolutely nowt) so we have tended to put money into ISAs as we liked the security of seeing the balance go up. Now we are thinking of taking some out (leaving an emergency fund) and using it for the mortgage. Psychologically this is a big move for us but I think we need to take a deep breath and go for it. Interest wise there's little in it, 2.99% on mortgage v 3.2% in ISA (but could now move this to around 4%).

What I am now ready for is the extra little things to save those extra pounds to really get the mortgage shifted, and this is what the forum is so good at - MOTIVATION!! :T

best wishes for a Happy Easter:EasterBun
Mabel