400K mortgage to shift

setmefree2

DD that is truly GROSSSSSSSSSSSSSSSSSSSS:rotfl:but VV Funny

Bernie

tr3mor wrote: »

Tell her not to worry about the loan. Just think of it as a graduate tax. I've jst graduated, got a job on £21k a year, will start paying the minimum £50 ish a month from April.

You don't even have to think about paying it off, it comes out your PAYE.

...the same subject came up with my two when they went to Uni and found themselves lumbered afterwards with paying back their loans.

I told them about my earlier days when students were funded by the state and the state levied a basic tax rate of 33.3% on everyone, even the lowliest worker. Nice for the students leaving uni with their degrees and no debt burden but not so good for lower-paid workers with their unending extra tax burden.

A quick "back-of-a-fag-packet" calculation equated my two's student loan repayments to about a 10% hike in income tax but it would only be for about 10 years for them to pay it off rather than paying through ongoing high basic tax as it used to be. Student fees have to be paid for one way or another - I feel it is better the user (the uni student) to bear their costs out of their enhanced prospects than funding students from higher basic-rate taxes on the salaries of lower-paid people!

The kids still moaned about paying back their loans (no surprises there!) but couldn't believe we used to all have to pay over a third of our salary over as tax before we even got to touch the money!

:beer:

zekepes

We have an average (only achieved when annual bonus averaged over year) monthly income of just under 5K and we spend 3K on our mortgage (1K normal payment and 2K overpayment) on average per month.

Although I concede that we could pay more I think we would struggle with that (and we only have a three year old son). Well my husband would, mainly because he has never been a student! Oh and he does like a beer of two every evening! We don't have expensive holidays, clothes etc.

Like you I only work part-time but plan to increase my hours more when my son starts school next year and this, realistically, is the only way we will be able to afford to pay off more. So, I totally agree with your plan of working more. I hope that goes well for you!

I also hope you are able to sell your share in the holiday place easily when it is right and make a nice profit. If you are serious about paying off the mortgage earlier, and cannot get your husband to agree to downsizing, then this seems like a very logical step, too.

Good luck!!

baxgttdi

savoury only though DD I hope, as beans and trifle don't make a good combo trust me :rotfl:.

kassytbag

beans and trifle sounds like a good combo to me - i might try to open up my own breville cafe - full of unusual combinations lol lol - do you think i would make a million!!!

still not heard back from the nhs job (secretary) keep your fingers and everything else crossed please

sorry to be an old sop here but reading this and keeping up with you all is really making this money saving easier - i so look forward to checking up on all post - right soppy bit over im off to check of banoffe pie and salmon works!!!

setmefree2

Good luck Kassy we're keeping everything crossed for you & we'll be here with:coffee:tea & sympathy if u don't:o



P.s. have a look at the e bay song on you tube it will make you laugh

http://uk.youtube.com/watch?v=HYokLWfqbaU

boyse7en

>>We have an average (only achieved when annual bonus averaged over year) monthly income of just under 5K and we spend 3K on our mortgage (1K normal payment and 2K overpayment) on average per month.

That leaves about £2,000 per month left over, which is more than my gross pay per month and I have to pay a £88k mortgage out of that, and support a partner and baby. So I don't think you are doing too bad really...

zekepes

boyse7en wrote: »

>>We have an average (only achieved when annual bonus averaged over year) monthly income of just under 5K and we spend 3K on our mortgage (1K normal payment and 2K overpayment) on average per month.

That leaves about £2,000 per month left over, which is more than my gross pay per month and I have to pay a £88k mortgage out of that, and support a partner and baby. So I don't think you are doing too bad really...

I agree, we are not and I really do appreciate how lucky we are. It was only a few years ago that my husbands start-up business went under (losing him a great deal of money) and he was left unemployed for several months. We managed to live comfortably on my, then full-time income (similar to yours) and pay our mortage (then similar to yours). I cannot say it was a great time though as I had serious morning sickness and my husband wasn't the happiest bloke in the world, as you can imagine! Money was fine though.

My point here was that I could relate, in part, to the authors situation as ours in very similar with respect to income versus mortgage payment (although not commitment) to ours at the moment. I am very consious that we could pay a lot more off the mortgage (we do save about £350 elsewhere out of the £2k) but, realistically, we just don't manage to. Beyond that, I am not really sure what I was trying to say other than good luck!!

kassytbag

Thanks so much for your support - i know we dont do so badly and i really appreciate that i guess i just feel so crap for all the stupid overspending in the first place and for keeping it a secret from all my family

setmefree2

Too true Kassy. I wish I could have all the money back that I've wasted over the years.:pI have in the past given clothes to the charity shop with labels still on them, bought books I still havn't read, Cds I've listened to only once....I've learned my lesson now though:money: