My Single-interest only-mortgage journey

Monkeychops16

Had a light bulb moment today. Not in a good way! I had set my self a mini target to pay of £3200 by April 2016. Now I realise with the benefit cuts in April 2016 I will lose approx £118 a month. Hopefully I can increase my hours or do overtime to offset this difference (clearly what the government intended!). Hopefully I won't lose any more..! So it's definitely unlikely I will pay of £3200 as I will need to make sure things are covered/saved up a little. I won't beat myself up about something I can't change though and I'll try my best until then.

My little sister get's the keys to her first house on Friday. It's a beautiful terraced house with an eye watering price double mine. I did feel jealous, but I am appeasing these feelings with the realisation her monthly mortgage will be nearly triple my payment for potentially 25 years!

A_Frayed_Knot

A lot can happen in 7 months, but at least you have had the time/warning that this is going to happen, giving you time to plan and adjust.

The mortgage free path will never run smooth, things will always appear and have to be dealt with, but as one door closes, another will open (somehow).


NIce one, little sister.

Firegirl

Just popped into say hello

There's nothing wrong with changing goal posts- just keep paying that little extra and it'll make a difference.

Just read through your diary. You've made a great start, well done.

Monkeychops16

A few things to report. I have listed some things to sell and they have bids! So fingers crossed they go tomorrow. I put them on low as just wanted to get rid but they all have a few bids so that is great news. I sold a child's bed and dolls house on a fb site-very cheap again but it bought the paint to paint my girls bedroom so that was a good exchange. I have managed to declutter some children's things and off loaded them to a friend/the rubbish dump. My friend is giving me a small amount for these-but it is better than nothing. Someone on here mentioned the Kon Mari method so I have ordered that from the library to continue this "spring clean"!

I went to visit my sister's new house today. It is lovely with lots of Victorian features.

I have made a £100 o/p :beer:

Monkeychops16

Positive money news-

Overtime tomorrow and possibly Friday.

My friend gave me £20 and paid for lunch as I have given her loads of children's stuff over the last year.

My grandad painted the girls bedroom for me and my nana made him give the money back he took off me for the paint-bonus!

Bad news-

I have sold some things on ebay. Or so I thought. I have had someone say the parcel wasn't complete and it was broken! I definitely sent it all and it was working (to my knowledge). After many emails I have given in and said I will refund. What a waste of time. Also someone hasn't paid me yet...

The girl's father her decided that he pays too much CSA as he has them more then when the original agreement was set up . So the measly £32.50 a week will be getting reduced at some point :-(

I have lost £2.00 to the tooth fairy this week ;-)

ViolaLass

Does the tooth fairy have to give money? Mine used to write me notes.

Monkeychops16

Dear diary, my standard payment came out on the 1st of the month. It says my new balance is £102, 792.68. So knocked £7.32 off somehow. Probably will be a quiet month on the o/p's as I now need to think about DD1 birthday and XMAS. I have started buying some presents now, the 5 year old thinks she is getting a mobile phone ;-)

selloptape

Good idea to have a break from OP-ing in December, think I'm going to give myself a break in Dec too :-)

Happier_Me

Hi Monkeychops

I've just spotted your diary and my first thought was you could really do with driving down that interest rate. I know you're thinking about this already but if you're successful with a future application you could be looking at halving your interest rate. A repayment mortgage on a 5 year deal at 2.6% over 30 years will cost you around £415 a month. I expect that's less than the interest you pay now. And some of that will be paying off your capital each month.

You can then reduce your term by overpaying. It's certainly worth a try

Monkeychops16

Thanks for the advice-it's definitely something I will look into