Counting down to mortgage free, dont know when but I do know how.

ButterflyBee

Just realised that I am paying over £600 a month on settling debts :eek: which will be cleared by the end of this year. Fingers crossed no more "emergencies". This means that I will easily be able to pay an extra £300 a month for the increased mortgage fee as soon as all these debts are gone.

Oh my goodness I must take more of a responsibility for myself towards my future! It is just so hard and will always be a struggle.

Oh well, no peace for the hard working and I will start to shop like my little granny used to. Prioratise, Plan and Prepare! :money: all the way

nattypants

Hi ButterflyBee

What a great incentive to get rid of servicing the debt. Do you have a date in mind when you can start your O/Ps?

PS the trick is to keep posting regularly - it helps to keep the focus, even if, like me, you have very little to say.

NP:D

ButterflyBee

Hi Nattypants

nattypants wrote: »

What a great incentive to get rid of servicing the debt. Do you have a date in mind when you can start your O/Ps?NP:D

I have already been making small over payments for quite a few years now (£150/m) but the balance has not diminished enough! Well not enough to leave me mortgage free at the end of the term.

Hopefully I will be able to make the big change in July 2013. (fingers and toes crossed)

ButterflyBee

About 3 months ago my central heating was not working. The system was loosing pressure and locking out on a daily basis. I was quoted £145 for a call out not including parts and labor!:eek: Thank goodness I eventually noted that my Halifax URC acc covered me for home emergency cover and they sent a chap to re pressurise the expansion vessel with a bicycle pump and low and behold it works! No charge!!! :j and now we have a warm house!

Now today I have seen that my kitchen tap connection has been dripping into the cupboard under the sink. Is this to do with the pressure or is this a new plumbing issue. This last year the plumbing and fire alarm in this "new build" has caused me so many problems which I am told is normal at 5 yrs so is all for my cost!:mad:

Tomorrow I will call British Gas as I have a policy with them for pipes and I'll call to discuss! :huh:

ButterflyBee

But I do love my signature! It is now obvious that my efforts are paying off.

Could still do better though! :A

Lois_E

Hi ButterflyBee

Just caught up on your diary. Another lone parent long hauler here. :wave:

It's fun chipping down the mortgage numbers in a sig, isn't it? I'm looking forward to doing mine tomorrow when my payment goes out. Can I suggest that you add your other debts to your sig too? Then you can enjoy watching them come tumbling down as well, and the rest of us can cheer you on each time you reach what I call a mini-milestone.

SillySod

Hi ButterflyBee,

A couple of things for you to think about:

While you have expensive debts (credit cards), then you need to clear these totally before thinking about overpaying a single penny on your mortgage. This will actually see your mortgage paid off quicker. Get to the stage where you have no debts and are paying off your credit cards in full each month (unless you have some 0% deals but remember that these will run out one day).

I'm not sure that you really understand the difference between repayment and interest only mortgages (if I am wrong then please forgive my assumptions which are based on the limited information about your situation). If the total amount of money that you pay towards your mortgage will not change, then it is irrelevant (in terms of how quickly/cheaply the mortgage is paid off) whether the mortgage is IO or repayment.

What might be relevant for you is:
- An interest-only mortgage gives you the flexibility not to overpay if money is tight.
- A repayment mortgage requires you to repay a certain amount of the mortgage every month; this might be a helpful incentive (but you certainly don't want to be in the situation where you have to borrow money in order to cover your outgoings).
- You should also consider what are the limits for overpayments for both types of mortgage, if it is e.g. 10% of the balance on top of your regular payment, then the repayment mortgage allows you to overpay more each year.
- If you can freely withdraw any overpayments, then in my opinion an emergency fund is not necessary. If you can't then you need an emergency fund to avoid expensive debts!

All the best!

ButterflyBee

Thank you for the replies and posts and support.

I feel much better in control when I see a difference to all I owe.
So much advise has most certainly kept me motivated.

Hello Sillysod(good name)
Yes I do know what the difference is in IO and RP mortgage. Goodness, I have spoken to enough Mortgage consultants!

All is better under control and I'll just keep chipping away! day in and day out.....:p

ButterflyBee

Well, The tap has to be replaced! all at a cost of £45 per hour and the price of a tap!!!!!!:mad:

ButterflyBee

Ugh!
So silly, I signed up for the "free" graze box and unbeknown to me I clicked on send and should not have so I have been charged £ 3.89 which was not on my very mean budget. To crown it all. I signed in twice by mistake and now have a charge of £3.89 x2 :mad:

Now to cancel this subscription immediately!!!

Good news a new lovely tap found on Ebayy for only £15 and a friends husband will fit in FOC! :T

Last night ordered DD2 prom dress with alterations and personalised for £99 so very happy about that.

The eating off a meal plan is working well and we have tried very different meals as well so am rather pleased with that. Tomorrow will be my first 10NSD in a row EVER!!! :T:T:T

Place of work mentioned a promotion in place in the next 3 months with a salary increase so now I will begin to plan and then fingers crossed a colorful reward on the horizon!

Life is actually rather good and I need to remind myself of that.