Would love to be mortgage free ...

Singlespeeder

Time for an overdue update...

Last October the mortgage stood at £64,281.04
I managed to pay £5000 off as an overpayment and we're currently around £58,000 ....
From the windfall, we chose to clear a credit card that had £4818 on it.... we were paying £100 + a month in interest on that ! That's down to zero and will be kept like that.
We've also now got a Savings fund of approx £6500

I'm an IT Contractor and had a 3 month period of no work last year... we struggled, hence the £4800 in the credit card, and I don't want to be in that position again. I'd like the savings fund to be £15,000 eventually but that'll take some time.

We also have £5000 on a 0% card for another 15 months. We're going to pay this off at £600-£1000 a month.

At that point, the only debt we'll have is the mortgage and monthly credit card.

We‘d probably be better off paying the 0% at £500 pm and diverting the rest to pay off the mortgage ….

Singlespeeder

All change.... just found out the project I'm currently working on is being canned at the end of March

We have another 2 months of income at the moment and hopefully I'll find something else PDQ. Time to tighten the belt and batten down the hatches.

Singlespeeder

Hi all !
As expected, my last IT contract ended at the end of March.
To keep busy I started working with my dad (83 and still working) on a property he owns that needs COMPLETE renovation.
It turns out he hasn't really the desire or physical strength to do the work required. He's been reluctant to hand over the reins, understandably. But we've sort of come to an arrangement where I'll get paid a modest amount for looking after the houses.
It'll be a lot less money than we're used to, but the quality of life will be much better. I'm 48 and now seems a good time to get off the gravy train and opt for better life experiences. Will have to see how the finances work out. I will be able to work with a friend part time and will keep an eye out for a 3rd source of income..... driving or somesuch....
Not sure how the MFW will go ... but I'll be happier I think
I suspect I'll be trawling MSE much more!

katep23

Good for you, sounds like a great work / life balance!

Singlespeeder

Been too long.
Life has thrown some curve balls.
I'm now separated from my wife.
Mortgage now £39,*** something.
But I've taken on £46,000 of debt ... don't ask...
I'm now in a permanent job, money is 'ok' , not good but ok.
I am really on this now. I want rid of the debt asap.
I've just paid £4000 and cleared the highest interest credit card. It's been cut up.
I have under £2000 on a 0% Lloyds credit card but I'm not sure when the term finishes. Paying £115pcm to clear this.
I have a Barclaycard with £0 on it . Just awaiting a letter I get every month trying to get me to balance xfer onto it... if it's 0% for a year, I may xfer the Lloyds balance on to the B'card. If it has interest I'll get rid of the B'card.
The rest, £39,390 is on my Woolwich (now Barclays) mortgage , the side account so the interest is very low. I'm currently paying £200 pcm off this.

I have about £5,000 in shares I think I'm going to sell and take the debt down to £34,000
I also have a great touring caravan I want to sell. Not sure how much but maybe £10,000
That would bring the debt down to £24,000 (ignoring the ongoing £200 monthly payment)

I feel like I'd like to clear the Lloyds, even though it's 0% and redirect the £115 to add to the £200, but appreciate this isn't the 'sensible' thing to do.

I have a few other avenue's to explore but at the moment that's where I'm at.

Jelllibeanz

Welcome back to board