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Am I trapped by my mortgage?

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Comments

  • keeperbear
    keeperbear Posts: 293 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Surely you'd invest it in property as you advise other to do?

    Two properties are enough for me. Any extra cash is being banked.
  • nrsql
    nrsql Posts: 1,919 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Suspect you are like I used to be. Earning quite a lot but too busy to effectively manage it.
    I spent a month looking at where everything was going and checking what direct debits were for - I discovered protection payments I never know about (some on products I didn't have any more), products I wasn't using, ...
    Ended up saving over £10k per year - money I was giving away for nothing.
    Make sure you're not financing debt to support savings (I've seen people not pay off credit cards so they can keep money in savings accounts!!)

    Keep a speadsheet of all your monthly income and outgoings (don't worry about food etc. just the things that are easy to predict). That will show you where things are going and what you don't need - I had a number of DDs/SOs here which I couldn't identify and had to call up about before cancelling. The total will be the amount you have to live on (and one-off expenses) per month and the value you want to try and increase.
    If you want to you can also keep a record of expenditure and see how much within that you are.
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    keeperbear wrote: »
    Two properties are enough for me. Any extra cash is being banked.

    Two properties? I thought you said you've lived in a 1 bed flat in London since the 90's?

    Ah I see the mistake here. I meant real properties, not virtual ones that you may have in games like World of Warcraft and suchlike (though I have read that people are selling their WOW real-estate for proper cash).
    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
  • bazza1603 wrote: »
    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

    Well done Baz, keep up the good work x
    MFW - We've only gone and blooming done it!
    May 2013:j
  • keeperbear
    keeperbear Posts: 293 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Two properties? I thought you said you've lived in a 1 bed flat in London since the 90's?

    Ah I see the mistake here. I meant real properties, not virtual ones

    Dithering Dad,

    There is nothing virtual about my properties mate. As you seem to be virtually stalking me on these forums do a proper search on my posts. I own a flat in London and bought a 2nd home in Colorado whilst working in the USA.
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    I'm like you keeperbear, I spend my time jet setting between my paris apartment, yacht in Monaco and house in Sydney. I also own a shed in Manchester, where I spend most of my time with my wife and grilfriend and many mistresses.

    Life is sweet in cyberspace, I'm a sex god and property magnate too!!
    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
  • Martinslovechild
    Martinslovechild Posts: 1,560 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm like you keeperbear, I spend my time jet setting between my paris apartment, yacht in Monaco and house in Sydney. I also own a shed in Manchester, where I spend most of my time with my wife and grilfriend and many mistresses.

    Life is sweet in cyberspace, I'm a sex god and property magnate too!!
    LOL!!

    Dithering Dad, could you arrange for some of your mistresses to be flown over to my New York penthouse apartment please?

    When they've finished 'assisting' me there, then i'll need to borrow them for a few months in my beach house in the Bahamas for 'assorted activities'. Following this, i'll happily return them to your shed in Manchester. :D:D:D.

    In fact, it's amazing how I manage on a simple salary of just £1,136,739.43 a week. I don't know where it all goes to be honest. After the cleaning bill of £46,700 per week (including MAFIA Gangland Insurance) and petrol for my 5.7 litre gas guzzler, I'm hardly left with any cash at all at the end of each month. I'd better start looking for another job. This one's sure as hell going to kill me.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • IFA
    IFA Posts: 636 Forumite
    70k or 100k yr and still money saving.. The rich do indeed get greedier...

    Look into tax evasion (ie get a creative accountant) that seems to be the latest thing amongst 40% tax payers...

    And let the rest of us mugs pay taxes to run the country...

    This has got to be a wind up, low post count etc..
  • Bargain_Rzl
    Bargain_Rzl Posts: 6,254 Forumite
    IFA wrote: »
    70k or 100k yr and still money saving.. The rich do indeed get greedier...

    Look into tax evasion (ie get a creative accountant) that seems to be the latest thing amongst 40% tax payers...

    And let the rest of us mugs pay taxes to run the country...

    This has got to be a wind up, low post count etc..
    Why? The rich need money management skills as much as anybody else. Somebody bringing home £100k a year is if anything MORE capable of being stupid with money than somebody on £10k.

    The more income you have, the more you stand to lose. If you bring in £6k a month, have a £400k mortgage with inadequate income protection insurance, and never have any money left at the end of the month, you're liable for a big shock if you get made redundant/become ill and the salary suddenly disappears. Chances are you'll end up in a massive amount of debt, much more than the amount somebody might incur who was previously on £1k a month ;)

    It's not greedy to be a moneysaver. If I had £100k a year I'd have a better standard of living - a bigger home in a nicer area, more meals out, bespoke clothing - but I'd still be sensible and resent being ripped off. I'd still care about not paying £75 a month for mobile phone calls when a different tariff would cost me £20, and not paying twice the going rate for major purchases just because I couldn't be bothered to research the market.

    There's a big difference between greed and common sense!
    :)Operation Get in Shape :)
    MURPHY'S NO MORE PIES CLUB MEMBER #124
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    I'd hardly class someone who is on 70 - 100k rich. Not when Sven was earning 6k per day after he was sacked from the England Manager's job. Then there are the players themselves who are on 30 - 40k a week?

    Company chairmen who screw up a company and then get a £1M payoff?

    Stockbrokers getting millions in bonuses?

    They're the rich ones.

    The people I know (including myself) who are on 70k plus have to work damned hard for their money and it involves a lot of personal sacrifice such as working long hours and being away from home during the week and weekends...
    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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