Putting my mortgage on a diet

in_need_of_direction

Wise words from hurdler.

Slowdown

Well. Its been a while.

I started this thread at the beginning of the year. So what happened?

In March I went back full time for the summer term. More money coming in but..less time. This should equate to larger mortgage repayments obviously. Or not. What it actually resulted in was me ignoring the mortgage and getting very stressed. It wasn't just the full time part that bundled on the pressure, but DS1 sat A levels, DS2 sat GCSEs, DD sat tough Uni exams at end of 3rd year and OH was stressed to the eyeballs at work. Hmm. Happy days! NOT.

The good news is I'm now part time again, DS1 is happy on his gap year, working in a kennels and going to NZ for 6 months in January. DS2 is in a differnt 6th form, in walking distance and is much happier. DD is starting her Masters year and has secured a job when she has finished. OH is still over worked but its all copeable now.

So where does this leave me on the mortgage front?
We pay DD's rent at uni. She finishes next year but DS1 starts. No let up there then. But in two years time DS2 starts and then there will be two rents to pay.
At the same time as the two rent thing kicks in, our mortgage is up for renewal from its current fixed term of 3.89%.
We want to make as many OPs as possible in the next two years so we can reduce the amount for remortgage in 2016.

It sound s like a plan so lets see how I go. I made a gesture of an OP on Friday of £35, comprising of £25 birthday money and £10 in 20ps from the piggy bank.:T

I think we can start making a few maximum OPs in the New Year, but lets get through Christmas first!

Kind regards and thanks for reading.
Slowdown:)

teabody

Glad to see you back!
Yes life just seems to get in the way doesn't it? £35 is good. Last month I paid £25 over and it took a month off the term once the repayments were recalculated so every little bit really does help.
Good luck with everything x

StrugglingYouth

Hi Slowdown,

Just had a read through your diary. Nice work on the overpayments so far.

Two things I considered whilst reading;

Have you thought about selling the cushions via Etsy or Ebay? May increase your earnings a bit, but would require more time.

Do your children not get student finance? The loans available are very cheap to repay in terms of interest. Surely you are using that money inefficiently as it would save you a lot more in mortgage interest than it will cost to pay it back, especially if your children aid the repayments when they find employment afterwards?

Of course there may be other reasoning for it Im not aware of so Il stand corrected and get my coat if so. Just my own thoughts is all.

jodles16

Sounds like your still on the ball despite a few months off, the important thing is that you have come back!

Good luck,

Jodles:D

Slowdown

Hi Guys,
Thanks for taking the time to post and, in some cases, welcome me back:j
StrugglingYouth - I will try to explain the student loan situation so it may make more sense. DD qualified for the minimum maintenance loan. This is around about £5500 a year. Rent outside of halls has to paid year round, despite the fact they are not there all year. This means that once her rent is paid she has approx £23 per week to live off. This would have to pay for food, going out, utility bills, internet, books, travel etc etc. She has had intermittant jobs throughout her time but these have mostly been in holidays. She is taking an Astro Physics degree and the timetable is not what you would think of for a student. Some lectures/seminars are a 6 oclock at night, some exams have been on Saturdays. Some weekends are spent using the radio telescope and you can't change these things. All of this put together meant it was very hard for her to get a job. We decided right from the start we would pay the rent and she would have to pay for every thing else. We never give her money aside from this. We didnt take the decision lightly as we knew it would be followed up by two more children and I never complain about it. We just have to make some decisions, like focusing on the mortgage, to make it as easy as possible. I hope that makes sense.

I have had a few no spend days lately which I am really pleased about but unfortunately had to fork out today. Our cat has fleas!!! I have always put the treatments on in the past but not for the last few months. Our cat is very very old and the vet said he didn't think she had long left. I took the (wrong) decision not to purchase more treatments and as she spends most of her time doing nothing indoors I wasn't too worried. Today however I forked out over forty squids on treatment and household treatment. AAghhh! No signs of any yet and no problems but precautions needed to be taken. :eek:

Anyway, a cheap supper tonight, homemade soup tomorrow and a cheap weekly shop on Thursday should help make it up.

I want to have aNSD tomorrow and Tuesday. We'll see.

Kind regards
Slowdown:)

Slowdown

Well yesterday was almost a NSD. I had to buy petrol on the way back from a course so £20 but fairly essential spending.

I'm keeping my eye on the current account as I have switched it to one that earns 3% on balances over £2500. I put some savings in there as that account has less interest and will now use this figure as my baseline or £0 balance. I am covered for travel and mobile phones and breakdown on this account though a £10 monthly fee applies. When I worked it out I save quite a lot over the course of a year so it's definitely worth switching.

Today I shouldnt have to spend any extras. DS 1 needs a lift to work as he crashed his bike and buckled the wheel on his way home on Sunday night. It's a little out of my way but he's walking after that! It will take about 45 mins I suspect. Glad it's not me in this weather:rotfl:
I am also keeping an eye on my mortgage. It currently stands at £124496. Interest is added on a daily basis so I'm going to pay off bits as I go to keep the balance under £125 if possible. I'm not sure the amount I pay off will show immediately or at the end of the month. I need to check it out.

Anyway, time to get up and get on with my day. I hope anyone reading has a good day.

Kind regards
Slowdown

Slowdown

Almost a NSD. That means in reality -a spend day I suppose. Not too much though. Onion, bread (note the comma - not onion bread), and big chocolate buttons going cheap. Should have ignored them but they cried with loneliness as I walked past in the shop.

Made pepper and sweet potato soup for tomorrows lunch. Yum. :T

Tired and a bit fed up tonight so going to tuck under now.

Kind regards
Slowdown:)