£192,737 mortgage!

happydays_70

What's the term of your mortgage sleepygirl?

happydays_70

Decided that even if I have put the house up for sale I can still make small attempts at reducing my large mortgage quicker.
I have looked at all my outgoings and there is room to cut back.
I have just swapped current accounts to the 123 one. This gives me cash back on a number of utilities.
I am going to embrace the challenge!

Alchemilla

You have the same balance outstanding as i do. Are you in more house than you need, could you take a lodger?

happydays_70

I suppose I am if I am honest. Couldn't have a lodger..wouldn't feel it was my home I don't think.
How are you managing .. are you on your own or joint mortgage?

Alchemilla

It is a join mortgage with DH but the term is much shorter. See my siggy.
If you had to choose moving or a lodger, which would be the lesser evil?

stedwell

Just a thought - do you intend to stay in the house forever? Will you want to be there when you are 60+? It may be then is the time to downsize instead of now. I know how important it is to have space when the children are younger and a spare room where they can disappear with their friends when they are teenagers. I have friends who have no intention on ever paying off their mortgage. They just pay their monthly payment and enjoy their lives with their children knowing that when they have left home then they will downsize and pay off what is left of the mortgage. Not the way for everyone but worth a thought.

happydays_70

I am so undecided. My heart wants to stay but I don't have the disposable income I need to have little luxuries. I am a good money manager but not necessarily a good saver.
I am just going to chip away as best I can. Who is to say the house will sell anyway?

happydays_70

This over paying idea is going to be hard. Went to a**a for food for packed lunches and spent £63! Updated son's bedroom with new bedding and bits to brighten it up for potential viewers and cushions for living room. Going to attempt 3 NSDs this week.
Tomorrow spending money on lunch out and hiring courtesy car for two days £25.

dktreesea

happydays_70 wrote: »

I am so undecided. My heart wants to stay but I don't have the disposable income I need to have little luxuries. I am a good money manager but not necessarily a good saver.
I am just going to chip away as best I can. Who is to say the house will sell anyway?

I would be more inclined to pay yourself first, even if it is only £20 a week, rather than make overpayments just now.

It's really important, when you are working, to set aside a little bit just for you, otherwise you could end up feeling like a slave. Yes, I know all the arguments against this, - you're in debt, should be throwing everything at the mortgage to bring it and the interest bill down, will feel guilty if you actually enjoy your money (as opposed to putting it into bricks and mortar, which, while enjoyable of itself is not quite the same as popping out for dinner with a few friends) etc etc. But I refuse to be swayed.

Devoting your life to supporting other people (your children), providing a nice home for all of you and inheritance for them, is not such a bad life's pursuit. At the same time though, there should be something in it for you. Pay yourself first. If you can only afford £10 or £20 a week, that's okay for now. Make a commitment to yourself to increase it by £5 every year until you get it to around £100 a week.

dktreesea

Oh, and Happydays70, do you seriously think that everyone out there has done well enough to give themselves and their family a house big enough for their needs and nice enough, in a nice enough area, to ensure things like a decent education for their children? Not a chance! Welcome to overcrowded, rented Britain.

If that were me, in your shoes, barely in your 40s and already achieving what you have, I would be waking up every morning saying "Oh my soul! Did I do all this?! Wow, that's amazing!." Keep the faith. You are doing well.