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My bid to bust that mortgage
Comments
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no council tax in march either :j. But twins! how very unmoneysaving they are.
Still, at least you can soon be rid of childminder. Did the OH sign the papers?. mortgage 2 87,000 due 51,686.76 at july 2013, but then:new home and remortgage ... £101065.43:eek: now 74k
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Dear Kirsty,
Your numbers are looking good, really dropping, how exciting...
He did, no probs with ex except we have negotiated a reduction in my meager maintenance for the kids because he is no longer doing out of hours but hey ho.
Small hiccup cos doing cheapy divorce on internet and they didn't proceed to court for the decree absolute but it will be done with a bit of patience.
Anyway all is relatively well, talking self into idea of exercise and healthy eating month of March (no one is more shocked than I about my own suggestion).
Have a lovely day xxDebt Sept 2012 £140,000 end age 65.5 (maximum) four mortgages in total
April 2016 £114,599.83 (3 mortgages now)
Nil debt for some many years now perhaps 8. Need to save for a tent for holiday this year but nil else.
Over paying about £500 per month but fancy £600 so will have to think of some very money saving techniques...0 -
Hello for a quick update.
Amazing how a little overpay becomes normal and you want more and more...
Am pushing it up from what was a struggle find £50, then became £150 per month to £200. To meet my annual target I need to do £200 per month and a bit more (and extra £176) over the rest of the year. So last month I managed the £200 plus the £35 from my child tax credit I just whopped across and it felt ok.
I never have any money from about day 8 of a month anyway and do feel peeved about it, mildly (because I am middle aged and this is not part of the plan, I have been brassic forever, or so it feels) but do have my eye on the bigger picture i.e. choice and I will defiantly not be working past 60 years of age unless a small, little, delicious part time job comes along - obviously if I get head hunted for Lush I would consider it.
How do other people perceive your desire to pay off your mortgage?
I find and I would be interested to discuss this... I find that one of my work colleagues (and she is a lovely lady) is a bit agro with me regarding overpaying, scrimping etc. She says things like, well I wouldn't just shop for that amount of money at the end of the month because my husband has a big job and he expects food in the fridge. And it questions my motivation. I say but if I over spend on my budget where do you think it comes from? It comes from money I can spend next month, my money. And she indicates she thought I was mean, it is difficult cos I am not mean but am determined to waste money on my terms not other peoples.. Her sister has paid off her mortgage and she has a lot negative to say about it as if by her sister scrimping it has had a knock on effect on her family. Perhaps she is a bit miffed that other people have control over their finances - and when I say other people I mean people who have significantly lower incomes than in their house, praps that is a bit challenging. And we all like to challenge.
It is curious, money tells a lot about a person and how they manage it.
I find that I should just do. Just set a budget and stick to it. Just overpay and the money is gone. Just don't go to the shops unless I particularly need something. Just know that it will cost £2.25 to park the car which is fine, if it is fine, if it is not, use the bike or the legs heavens knows they need it and that is fine too.
I am grateful and thankful I have always managed financially. I am grateful to have worked and studied hard to have a job which pays enough and I am hopeful it will all come good.
Have a happy Easter Day and enjoy any choc you are lucky enough to encounter xDebt Sept 2012 £140,000 end age 65.5 (maximum) four mortgages in total
April 2016 £114,599.83 (3 mortgages now)
Nil debt for some many years now perhaps 8. Need to save for a tent for holiday this year but nil else.
Over paying about £500 per month but fancy £600 so will have to think of some very money saving techniques...0 -
Hi Pennypincher 2
Don't doubt your ideals and goals. I work with people just like you do and most of them have a partner who earns enough for them to be flippant with their money. I know exactly how you feel about being middle aged and not where you want to be financially but then that was my fault for buying another house ..oh well , you live and learn. Sometimes wish I could go back and do it all differently. Keep striving for your goal. I think there are a lot of other people out there overpaying - maybe they need to speak up a little more but then money is a funny thing - I find people aren't that honest about it - even very close friends.:wave:0 -
Dear All,
Not sure why I am updating as feel I have nil to update, but life stuff.
Fixed my mortgage rate in August, was on the most fantastic 2.5% base rate plus thing but I am getting twitchy about rises in rates so have fixed all I can 3.29% and I am old enough to know that is not too bad a rate.
So the whole hideous thing looks like this....
£2011.39 - 4.89% borrowed to get ex to move out of house (bribery money) was £5000 loan on mortgage (don't ask me what I was thinking but he couldn't possibly move out without cash) but am paying it off as soon as pos. Ridiculous debt and debt I am ashamed of.
£46,542.36 - 3.59% borrowed to buy ex out of house to ensure he didn't stop paying half of mortgage, to ensure children and I were not made homeless. Regrettable debt but necessary. And that is him done.
£75886.21 - new mortgage rate 3.29% for 4 years - money borrowed to buy house. Necessary debt. Fix for 4 years gets my children to 15 years old so feels ok.
Overall mortgage debt £127,439.96 - value of house £300,000
So nil credit cards, nil credit card debt. Nil loans. Nil husband.
Nil money owed to anyone except building society for house. And I live in a nice house, two kids, one dog, 4 chickens and one lovely new man who wandered into my life and neither of us can believe our luck really.
£251 owed to me (by lovely man Mr PP) which will be paid this week or dinner cooking and general house hold duties will cease. No it will be paid.
Now the thing is. I have decided to get married next year and I need to save up for a few things and the company I work for overpaid me last year and I am paying back the £2500 they over paid me (not spent but had been in my savings so long I thought it was mine, knew it wasn't but I liked it in the end and wanted to keep it). Plus Christmas and running a house and bills and mortgage and everything. I have stopped over paying my mortgage.
I rationalise this by saying I want to get married, lovely man, very happy but I don't want to have any wedding debt post getting married.
So you can see my dilemma. Have not over paid mortgage for 3 months in row.... I had intended to not overpay till June 2015 and start again with vengeance in the mean time any extra money is being thrown into the savings for wedding stuff and by my calculations I need £1200 extra saved between now and May 2015 to ensure my financial commitment to the wedding is met without debt. Do I sound unromantic and odd??Debt Sept 2012 £140,000 end age 65.5 (maximum) four mortgages in total
April 2016 £114,599.83 (3 mortgages now)
Nil debt for some many years now perhaps 8. Need to save for a tent for holiday this year but nil else.
Over paying about £500 per month but fancy £600 so will have to think of some very money saving techniques...0 -
Sorry interruption from lovely ex mother in law on phone...
I have a mortgage until I am 65 years old. I will not work until I am 65 years old therefore I need to overpay £200 per month to ensure I am all paid off by 60 years old. I think I need to try to over pay a little bit between now and wedding in May because otherwise I will loose impetus.
Small plan to get me to June 2015...
All extra money left in account (yeah right) will be spirited away to overpayment at end of month each month.
At the beginning of each month all big extra money will be saved any little extra bits will be overpaid on mortgage.
I will ensure that I meet my financial commitments to wedding but will not overspend money I do not have. I am not going to blow top and go mad.
I shall keep a tally of what I manage between now and June 2015 and then in June shall get my teeth stuck right in to the whole monstrous debt....
Why thank you people....Debt Sept 2012 £140,000 end age 65.5 (maximum) four mortgages in total
April 2016 £114,599.83 (3 mortgages now)
Nil debt for some many years now perhaps 8. Need to save for a tent for holiday this year but nil else.
Over paying about £500 per month but fancy £600 so will have to think of some very money saving techniques...0 -
Pennypincher2 wrote: »
I shall keep a tally of what I manage between now and June 2015 and then in June shall get my teeth stuck right in to the whole monstrous debt....
Why thank you people....
Sounds like a good plan PP2. We also got a new fixed mortgage recently as we're worried about increasing interest rates over the next few years. I can't wait for this ME to shove off so I can get a job and then we'll be able to get a 'good' mortgage product. As it is, we were stuck with Halifax again, but it was a slight improvement on our last mortgage product.
You probably don't have time for these things, but do you do surveys/ads for points?Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]
New Mortgage: 2016: £92795 Current: £87999.990 -
Sounds like you are doing an amazing job of balancing everything! And with your ex you have managed amazingly, yes how brave of him but how blummin awful for you and the kids to find out that way! You have done so well and Im excited to hear about your wedding! There are loads of brilliant websites that can help with wedding inspiration that you can then find it cheaper! I also love love love pinterest for inspiration, got loads of great wedding ideas including making our own invites- they looked quite good! And using Vistaprint (sorry if I shouldnt full name it!) got our saves the dates for brilliant bargain prices as well as the thank yous!
Will be subscribing as I love a good wedding and mortgage overpayment!
JodlesMFW2020 #115 250/3000 J-250
1% challenge- /1525Save 1k in 2020- /3000
Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
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Very inspirational thread for those that are reading and following. I'm very impressed at your fortitude and strength of character. A lot of us are on this journey making overpayments, big and small, the one thing we all have in common is a clear vision of being mortgage free. I came to the party late and have had hiccups along the way. I have managed to reduce my term by 8 years and have 10 years left. With a good wind it might be gone in the next 5 years. I have had to cut back dramatically, however it is worth it:)0
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I have to say good luck and well done ! Reading your posts are inspirational to me , my wife left me in a financial mess when she decided to come out and leave the marriage... Just reading your posts that you have coped and met someone else gives me hope :-)0
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