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Am I trapped by my mortgage?

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Comments

  • mojo_jojo
    mojo_jojo Posts: 89 Forumite
    paprichaat, I have to agree with Conor. Unless you can list us your typical monthly outgoings it just sounds like you are just wasting money on non-essentials. If you have £2.5k after paying your monthly mortgage then you should easily be able to save and make overpayments.

    To put things into perspective, I take home half of what you do approx, but I can pay my mortgage which is almost half yours, and also make a £500 overpayment each month, so overall I'm paying approx £1200 a month towards my mortgage and living on £800 a month. Basically, I'm paying the equivalent of 4/5ths of your mortgage with only half your monthly salary.

    Unless you're going out partying/drinking with your friends every night or have a large family to feed, should be able to pay your monthly mortgage and monthly living expenses. As I said above, we need to see what you are spending your money on each month!
  • Unknown1234_2
    Unknown1234_2 Posts: 653 Forumite
    Part of the Furniture Combo Breaker
    my mortgage payment is 76.5% of my salary!!!!
  • bazza1603
    bazza1603 Posts: 591 Forumite
    Hi,

    We struggled when our little one was born. My wife went part time and once we paid nursery fees were left with about £250 a month from her wages. We lost over £750 off our income overnight and now live on £300 a month, after all our bills are paid.

    We have managed and still stay in the black every money. Sometimes it very tight.

    We have managed this by doing a budget on an excel sheet and we dont spend money if we havenot got it.

    We are strict about what we spend and account for everything. We now overpay our mortgage by £88 a month, from money I have saved on broadband, Sky, and mobiles etc.

    I just wish I had started years ago!

    Good Luck

    Regards

    Baz
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    I think people are being a little unfair when they compare their income to yours and then condemn you as a spendthrift, without any idea of your actual outgoings.

    I know from personal experience that as your income grows, your lifestyle and expectations grow with it. You buy a larger house, which involves larger utility bills, insurance payments, larger council tax payments and greater maintenance costs. You also start paying into long term investments and pensions that have severe penalties if you back out of them.

    Compared with your salary, many people are on much less and so wonder why you are struggling. However compared with them, other people even further down the salary/benefits chain must wonder why they moan about struggling on what they get. It's all relative to what you become used to.
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • InMyDreams
    InMyDreams Posts: 902 Forumite
    Part of the Furniture 500 Posts Name Dropper
    http://forums.moneysavingexpert.com/showthread.html?t=201354

    Although I'm wondering whether all the negativeness here has frightened him off completely!

    Edit... just noticed that the above post is over a year old, but sheds a little light, albeit not much.

    http://forums.moneysavingexpert.com/showthread.html?t=464912 is a more recent update, but no SOA on that one.
  • moanymoany
    moanymoany Posts: 2,877 Forumite
    InMyDreams wrote: »
    http://forums.moneysavingexpert.com/showthread.html?t=201354

    Although I'm wondering whether all the negativeness here has frightened him off completely!

    Edit... just noticed that the above post is over a year old, but sheds a little light, albeit not much.

    http://forums.moneysavingexpert.com/showthread.html?t=464912 is a more recent update, but no SOA on that one.


    I'm sure he will be back again with his tale of woe! In May 2006 he was on £3.2k a month and had £14k in debts.

    It's a shame .......................
  • keeperbear
    keeperbear Posts: 293 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    InMyDreams wrote: »
    Although I'm wondering whether all the negativeness here has frightened him off completely!

    Sorry, but the OP needs a kick up the backside "reality" check. Someone who cannot survive on his wage is a spendthrift and needs to cut up his credit cards. He is earning 70k per annum, not 7k. I earn less than half this but managed to pay off my mortgage in ten years through overpayments. I wish I had nearly £2.5k to waste every month.
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    What would you waste it on Keeperbear?
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • keeperbear
    keeperbear Posts: 293 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    What would you waste it on Keeperbear?

    I don't know. Probably just put it in the bank.
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    Surely you'd invest it in property as you advise other to do?
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
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