Back from the brink of disaster....now to pay off £160,400 interest only mortgage :-(

sarahevie

Nothing is nsurmountable in the mortgage game.

We started with a joint income of 19K owing around £139,000 on the mortgage October 2010. We now owe around £97,000 so it can be done even on a shoe string.

I'm not advocating our methods as most wouldn't be able/want to live quite so frugally.

I'd recommend a statement of affairs, someone will post a linkie, I can't find it. Shows income coming in and outgoings and the moreknowledgeable (not me) can suggest savings.

Lois_E

Kate, you're amazing. Anyone who's already done what you've done will get that mortgage cleared in less than the 16 years, I'm sure.

Thistlewhistle

Kate, you're just wonderfully positive all the time and it's helping us all.
What a star!!!

Tx

Polly_Wolly_Doodle

Hi Kate,
I've subscribed!
You have a great sense of humour (we need it!) and i love your writing - is that another money making possibility?

I flit around the mortgage free pages as that's my aim nowadays - proud of my ancient car and clothes - but i need to finish off my bankruptcy payments before i can get stuck in.

My weakness will be educating the children, they were in private before bankruptcy (don't know why we got into a mess:rotfl:) and they have not settled into state, in Scotland there is no grammar or selective state option, it's comprehensive or private:(.

Anyway, please keep posting:D.

newgirly

Hi welcome :hello: what a story so far! You are not alone in looking back with regret over getting in debt and taking equity out of the house we did the same thing many times over and now owe approx double what our first mortgage was 12 years ago.

The important thing is what happens next, could you switch to repayment and extend the term back up, then op? It would stop the repayments shooting up too high.

Anyway best of luck, I will read your diary

penfriend

Well done Kate, must be hard doing all that and with 4 children as well.

I'm so glad I followed what my Mother told me, she said
'don't be like the others and get a mortgage you can't afford and credit cards you have to pay off' 'live day to day and only buy what you can afford'.

I'm so glad I listened to her because I recently lost my job and I dread to think what would happen if I had a credit card, car and mortgage.

I found that I can have all the things I need by living day to day or pay by direct debit monthly, I'm so basic I don't even have a car, LOL !

Well done Kate.

mortgage_girl

Kate, I think you have done amazingly well so far. The determination you've shown is phenomenal so keep your chin up, keep taking things one day at a time and i'm sure you'll have slayed your mortgage well before 16 years!

I've subscribed and will be cheering you on every step of the way.

MGx

Tilly_MFW_in_6_YRS

Hi Kate, congratulations on making so many significant life changes.

It's worth a long talk with NRAM to understand the options. Your attitude and determination are fantastic and it would have been easy to collapse. I can only see you being successful with this next chapter.

Keep posting

Best wishes Tilly x

Courgette

Your mortgage stands no chance against you! :rotfl::T

HelenDaveKids

Go Kate

As you can see lots of like minded folk on here, fighting the good fight.
Judging by your story so far, suspect you could show us all a trick or 2.

Good luck on your MF journey.