Mortgage Free in Three Yrs

dawnylou

Have phoned and made another payment today of £78 (earnings from Rpoints)
So I have made additional payments of £298 now and 3 monthly repayments of £619.51.
I asked for a balance while I was on and it is now £109,320.54.
The original amount was £109,320!!
Feel a little bit disheartened now.

Desperate_Housewife_2-2

mountainlioness wrote: »

....I think my OH would fully sympathise with yours, I drive him nuts with my meal plans, money-making drives and general household MSE obsessions!...

---

I had to laugh when I read your post ML as it sounds like me!

My DH has eventually come round to the MSE way of thinking and is definitely up for it. We have had a stressful month as he had some undeserved trouble at work (backstabbers) and had to get legal help. The only thing thats kept me going is the thought that even if he lost his job we are way in front with the mortgage and some money saved up for bills that it has been ok. Thankfully things are looking up and he is on the lookout for a new job but I think I would have freaked out if I hadn't been in front with my money. I just kept saying to him, 'don't worry, at least we are in front with the mortgage' the whole experience has reinforced our feelings that it is a good idea to live mortgage free and we are so determined to do it!

BTW, the quinoa last night was lovely and I'll definitely do it again. Dead cheap and nice for a change from rice/couscous/grains etc and the kids liked it. Its good for you too

I read this thread everyday now and feel so happy to know I'm part of the MFi3 gang! Thanks guys!

Trying_to_be_good

It's so great hearing all your news! I've had my first ebay selling success - three mobile phones that had been cluttering the place up, and I made over £90! The recycling sites were offering under £50, so it was worth bothering to ebay them.

My OH, who is financially independent from me (i.e. it's my mortgage and home etc) has just been out and bought a 40" LCD TV for the rugby world cup as he couldn't possibly have watched it on a 21" normal TV... I have to go now and watch Return of the Jedi with him and the kids... Should save on going to the cinema!!!! :-)

Karmacat

dawnylou, you *must* be disheartened. I don't get that, if you've made extra payments of £298 and the balance has only gone down £4 odd? Have they not gone through or something? I'd be trying to work that out.

For the rest, I find this thread really inspiring, I'm also one who checks it out every day, sometimes twice if I'm on mse twice. Off now, have a good day guys.

Kaz2904

I think you ought to query it with your mortgage company dawnylou because unless you have been charged for making am overpayment, you should have reduced the balance. Each monthly payment to the mortgage is made up of part interest and part repayment so how are you expected to pay off your mortgage if it increases each month?
Ring them and query it!

mountainlioness

DH - thanks! Gives me hope that my hubby will finally realise that MSE is THE WAY FORWARD!! Still get the sigh and the roll of the eyes at times though he had to be impressed with my £100+ den clearout this week (says I should be getting commission so have decided to take it in kind heh heh!)

Best of luck for your OH finding a new job. I think that's at the back of my mind too as mine is a salesman so quite vulnerable to fluctuations in income and even redundancy... luckily I work in uni so am a bit more secure. Definitely feel the weight of responsibility sometimes but thank lucky stars for MSE and my lovely MFi3s to keep me focused

DL - I agree with the others, get it checked! I remember when I first made an o/p it didn't show in statements. I thought (I may be wrong) that all o/ps came straight off the capital so the amount owing can't be the same as it was before the o/p???

minimoocow

Desperate_Housewife wrote: »

The only thing thats kept me going is the thought that even if he lost his job we are way in front with the mortgage and some money saved up for bills that it has been ok.

This has kept us going the last month as well - megamoos has also been having trouble at work he's been looking for other stuff but things had got so bad we decided he could hand his notice in anyway.

Yes it would put us back on the MFiT challenge but the bills would still have got paid and the way I see it we are making overpayments to have a "sod off fund" i.e. we can tell work to sod off and there's no point having it if you never use it!!!

Anyway we'd agreed one Friday lunchtime that he'd hand his notice in but I persuaded him to wait until the Monday just so he'd had enough time to calm down and by the time he left work that day he'd been offered a new job which he starts next week!!! So things do have a funny way of working out but I'm really glad we have saved up so we're not as tied down as we otherwise would have been.

And Tallgirl - yes I find spending money very difficult - we were going to get a new kitchen installed when we moved in 3 years ago and replace a cracked window but they are still waiting - the door fell off the oven a year ago but I've wedged it back on :rotfl: However, again I've decided there's no point having money if you never spend it so as soon as my exams are over (3 weeks to go!!!) I'm getting on with replacing these!

MMC

amazamum

Hi everyone sorry I haven't posted for a while,but here we go.
My mortgage has actually go up slightly to about 44,000,due to a bad couple of months.
Anyway at the moment my mortgage is with sainsburys bank and is at 6.7% with 10 years left paying 520 per month,I have been to Yorkshire bank this morning and they can offer me an offset 2 year tracker(0.49 above bofe base rate),with yearly step ups meaning interest rate is 6.24%(depending on if we have another rate rise of course)for 2 years.
I can link a couple of accounts to the mortgage meaning I pay less interest on the mortgage depending on what is in the accounts(not a lot of savings at the moment).
I have savings for my kids in the halifax(about 3000 pounds)(paying only 3.8%) I am thinking of moving them to Yorkshire to offset the mortgage and setting up a standing order to still pay the kids interest at the rate they are recieving now,but even then it will still offset the mortgage.
I cannot make overpayments until the 2 year term is over but I can still save into an account linked to the mortgage then pay a lump sum at the end of the 2 years.
There are no fees and they pay the valuation,which should be no problem as there is about 50,000 equaty in the house and solicitors fees.
Just need to persuade OH that is a good idea to change now.

I hope this all makes sense.
Does it sound alright to all of you as I value your opinions.

Thanks soooooo much for listening Amazamum:T

Desperate_Housewife_2-2

So nice to read everyones supportive posts, thank you all.

I've decided to have a bit of a blow out this weekend, nothing too drastic but we've been eating 'a la Gillian McKeith' this last too weeks and ready for a change from grains, beans, seeds and sprouted things! I've made a lovely Delia Smith choc cake which contains a pint of double cream and a pound of 70%-85% cocoa solids choc, but its for 8 of us and you only need a thin slice as its so rich! Having some mates round for a nice meal and a few laughs so looking forward to that. Back to the frugal living next week!

Must admit, I feel better for eating this way, bit like a peasant diet really, lots of veg, fruit, pulses and grains. I think I've lost a few pounds too so this MFi3 lifestyle is good for you too!

Hope you all have a lovely weekend

firesidemaid

amazamum wrote: »

Hi everyone sorry I haven't posted for a while,but here we go.
My mortgage has actually go up slightly to about 44,000,due to a bad couple of months.
Anyway at the moment my mortgage is with sainsburys bank and is at 6.7% with 10 years left paying 520 per month,I have been to Yorkshire bank this morning and they can offer me an offset 2 year tracker(0.49 above bofe base rate),with yearly step ups meaning interest rate is 6.24%(depending on if we have another rate rise of course)for 2 years.
I can link a couple of accounts to the mortgage meaning I pay less interest on the mortgage depending on what is in the accounts(not a lot of savings at the moment).
I have savings for my kids in the halifax(about 3000 pounds)(paying only 3.8%) I am thinking of moving them to Yorkshire to offset the mortgage and setting up a standing order to still pay the kids interest at the rate they are recieving now,but even then it will still offset the mortgage.
I cannot make overpayments until the 2 year term is over but I can still save into an account linked to the mortgage then pay a lump sum at the end of the 2 years.
There are no fees and they pay the valuation,which should be no problem as there is about 50,000 equaty in the house and solicitors fees.
Just need to persuade OH that is a good idea to change now.:T

although you can't make overpayments, i take it the linked savings accounts make it like an offset mortgage. what you need to make sure is that as the offset amounts make you pay less interest, you can keep your monthly mgage payment the same so that you are paying more off the capital each month.

the thing with any mortgage if to try and work out the true cost over the fixed/discounted term. you could also decrease the term when you remortgage to increase the monthly amount by an amount you feel comfortable with x