My 5 year plan

Storm89

Hi ive realised there is no subsribe button cos im on my phone. Hope it goes ok with the dealer so you can assess your next move

fatrab

Well payday was an anti-climax this month! Surplus transferred to savings.

Just need to sit tight and let events take their course this month

fatrab

Spoke with my mate's Mrs last night regarding re-mortgaging so I've sent over all my details and she's going to see if there's anything worth locking in for 6 months.

Mrs fatrab also got her first "full" pay since going back to work following her maternity leave, so we'll have a sit down when I get home this weekend to look over the household finances and see what's what.

Looking at the weekly shop, I can easily save £5 just on snacks and making bigger batches of food, so that added to the fuel savings gets me up to about £6.50 savings per week. Another £2 to find to hit my target

jwil

Happy payday!

I admire your determination, and the quote in your signature. I'm definitely too full of excuses sometimes!

fatrab

jwil wrote: »

I'm definitely too full of excuses sometimes!

I was, and probably still am to a certain degree sometimes! It needs to stop!!

This week has been a total write-off in terms of diet and moneysaving. The food I bought in my weekly shop wasn't healthy, I caved and had a bag of chips from the chippy last night (been craving them for weeks), I had a breakfast on Monday morning and Mrs fatrab wants to go out for a meal this weekend - her treat but I've already told her I'll drive to avoid the temptation to drink. It's going to be a case of getting back on the horse after the weekend and putting in a super effort for the next few months. I'm quite annoyed with myself on the weight loss front.

Called the dealership yesterday but they didn't call back yet, if I don't hear from them today or tomorrow I'll pop up and see them on Saturday. Starting to wonder if I might be better trying to sell it privately....

Definitely not a happy bunny this morning, but never mind - it's almost the weekend!!

fatrab

Just off the phone with my mates partner (the mortgage advisor) and we're in agreement that a 5 year fix/7 year term is the way forward.

It means my target date of Dec 2022 is not going to be achieved, it'll be October 2023 now, but as long as I keep overpaying and eventually saving enough to pay the mortgage off at the end of the 5 year fix there will be no harm done. I am going to keep my target date of Dec 2022 as the date I'll have enough in savings to equal my remaining mortgage balance.

I knew the plan was always going to continually evolve and the new debt-free date is still 9 months before my 50th, so I'm happy with that.

Now, lets get this bloomin car sold.......

JoJoC

I think that's a perfectly reasonable plan Rab and its much better to go with the better plan over 5 years than to go with a worse plan which could end up costing you more just for the sske of 9 months.

It must be amazing to have only 5 years left on the mortgage. That's the dream but im still quite far away?

fatrab

JoJoC wrote: »

I think that's a perfectly reasonable plan Rab and its much better to go with the better plan over 5 years than to go with a worse plan which could end up costing you more just for the sske of 9 months.

It must be amazing to have only 5 years left on the mortgage. That's the dream but im still quite far away?

Yes, it's a good feeling knowing that the end is in sight but I'm quite pessimistic sometimes, I'm always waiting for something to go wrong. Plan for the worst possible scenario then any outcome better than that is a bonus! Once the re-mortgage is approved in principle I'll feel a lot happier as the mortgage advisor did say that the stress tests that applications are subjected to nowadays are very strict and although I do have a squeaky clean credit history I do have a lot of debt.


Selling the car and clearing the HP would have a huge affect on my mortgage application.

fatrab

So in the past 14 hours there have been some developments in the fatrab household.

Firstly, the dealership called last night and we've agreed to drop the price to try and get a quick sale. Means I won't get quite as much but also means my debt mountain will be halved. We're also going to give them the car so it can go on display in their showroom. Hopefully it'll sell soon. Fingers crossed on that one.

I've mentioned this before but Mrs fatrab owns a property with her mother. This is part of the reason why we have separate finances. When they bought the property it was with a Northern Rock mortgage from hell and they've been stuck with it ever since. So it was agreed that when the current lodger leaves the property would be sold. Well last night the lodger informed Mrs fatrab that she's been offered a job down south. So if she accepts it and gives her notice then the property is being sold.

Once the property is sold and all it's associated debts are paid off we'll finally be in a position to merge our finances and hopefully that'll put us in a stronger position to pay things off quicker.

So the fates of many things are currently in the hands of the gods!!!

Storm89

It sounds like it's actually falling into place though all being well. The debt being halved is fantastic. Only having 5 years left on the mortgage is something I can only dream of , I'll be a very old lady when that happens for me. Let's hope lodger gets the job then that's the last thing you need to fall into place to merge your finances together and really pay down the debt.