what should I do

Hi There,

Hubbie and I have just bought a new house with a £190,000 mortgage:eek:

We have taken the mortgage over 25 years, but, I want to get this paid off alot sooner.
Im lucky enough to be able to put by £1500 per month in our savings, and on the 1st January every year, I can pay 10% of the balance of my mortgage as overpayments.

I want to have a "mortgage pig", but, every spare change we get we always put in the kids bank. I put by £10 in each of the kids' bank most weeks, so, should I continue to keep putting the loose change in their bank, or should I keep that by to put towards our mortgage.


If I can get away with it, I will have my mortgage paid within the next 10 - 15 years if not sooner.

jackie

Comments

  • Floxxie
    Floxxie Posts: 2,852
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    Hi Jackie,

    I took advice from my IFA who told me to stop saving for the children and concentrate on getting rid of the mortgage. He said once that had gone then I would be able to save the £900 I pay out each month and save plenty for the children. I have stopped the monthly saving of £35 for each child and now put that onto the mortgage.

    I did feel quite guilty about it but as long as I continue paying off the mortgage, then they will both reap the benefits.

    Good luck!
    Mortgage start September 2015 £90000 MFiT #06
  • jackie_w
    jackie_w Posts: 1,077
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    Thanks for the advice Floxxie.

    I think I will stop putting my loose change in their bank, but, will continue to put money by for them every week/month.

    The kids have got 3 banks, and they are full with loose change, they must have about £80 in them just now, and I feel SO guilty taking the money from them, I feel as if im stealing:eek: BUT, I know im not cos as you say, they will reap the benefits one day from the house.

    Im just so determined to get this mortgage paid, cos although hubbie tells me not to worry about the mortgage, I would rather get it paid off or at least the balance reduced greatly.

    Jackie
  • Consider the £80 as rent from your kids ;)

    As Floxxie says, you'll be able to spoil once the stranglehold of your mortgage has gone.
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