Menopausal mortgage madness

utopiah

Hi everyone I've been lurking on this site for over 9 years now. I've picked up many tips from all you lovely people.
Well here goes a little about me. I'm married, to dh who is 54, I've just turned 49. We have 2 grown up children ds is 25 and no longer lives at home and ds who is 21 and is in her final few months at uni.
We bought our house, home no 2,back in 2005 for £195000. We borrowed £120000 and put our 1st home on a buy to let mortgage of £108000. We sold the btl in 2010 and now after using profit and half heartedly overpaying our mortgage is £29500. Our current mortgage deal was taken out in 2007 on a fixed rate of 5.59% for 15 years. This seemed like a good idea at the time and on mse hindsight we totally regret it. There are positives to the mortgage we can overpay unlimited amounts, borrow back and take payment holidays but if we pay it off before march 2022 we incur a £3400 penalty charge.This charge was £4800 until 2 years ago hence why we have never switched. The actual mortgage is due to end in june 2028.

I turn 50 in December this year and would love to get the mortgage down to £5000. Monthly mortgage payments are at £310 but we have arranged for dd payment of £600. This takes our mortgage free date to September 2022.

We have done all the usual mse stuff but need to up the game. We spend a lot on holidays and usually take 2/3 year. This is an extravagance and we know we could have easily paid of the mortgage by now if we hadn't have had them but we have no regrets. We have two holidays booked and paid for this year so this should not effect Mf journey.
We are going to attempt to make an extra £2000 op as well as the £600 payment. This will take some work and some imagination.
I'm hoping this diary will keep me focused for the next 11 months .

utopiah

Well just sold a few items on eBay so 24.99 added to mortgage pot. DH gets paid tomorrow so will make the 1st op of 2018.
I've just done a meal plan for the week. Most of the meals I have in freezer or cupboards. Food budget can definitely be cut back. I reckon we have been spending £250- £350 per month. This seems high for two people and a cat!!!!

bubblycrazy

Good luck with your journey, I'm sure you'll manage to bring the food budget down a bit! Ouch to the fixed rate!

utopiah

Thanks bubblecrazy. Fixed rate was with northern rock until virgin money took over. Can't really do much about it but get rid of the mortgage asap to minimise the amount of interest paid. I'm on the grocery budget , I reckon I can save at least £100 a month.

beanielou

Happy shiny new diary.
Hope your journey goes well

utopiah

Thanks beanielou.
Well today I have made an overpayment of £1867.89 so nice tidy round figure of £27500 remaining on the mortgage. If we carry on with the £600 fixed dd payment only and make no further op we shave six years off. Our date has gone from June 2028 to June 2022. Mini goal now is to get mfd march 22 as this is when our fixed rate ends.
A bit up and down with finances today. Went out for lunch for a much over due catch up with friends but only spent £4.75 in spoons and that included coffees too !!!55357;!!!56842;

Cariad71

Well done, you're doing well. I love my holidays too...life is about balance.
I'm planning to spend £50 weekly on food for hubbie and me when my son goes to uni (oh and the 3 cats). Currently spending £100!! The boy doesn't half eat!!!!55357;!!!56860;

utopiah

Cariad71 wrote: »

Well done, you're doing well. I love my holidays too...life is about balance.
I'm planning to spend £50 weekly on food for hubbie and me when my son goes to uni (oh and the 3 cats). Currently spending £100!! The boy doesn't half eat!!!!55357;!!!56860;

Life certainly is about balance. I know what you mean about boys and eating lol.im keeping a spending diary atm never done this before. I've spent £170 from 12 Jan to 8 Feb. It's just me at home Mon to Fri so only cooking three days a week for hubby. I've only got one cat and she's 14 years old but surprisingly not a fussy eater.....thank goodness. I am aiming to spend £160 on groceries next month. My spending month starts on the 16th of each month so still another week to go so I sure to increase that £170 total.

utopiah

Just going over spending diary to see where the cash has been spent this month.
Most has been spent on entertainment. We went out for a few meals only in cheap end places but a spend is a spend. We've been to the cinema a couple of times always on a cheap day e.g.£3.99 and took our own snacks. We went to theatre last night again cheap tickets but boy do they charge for drinks. All in all we have tried to keep entertainment down by choosing cheaper deals I suppose it's all about balance for us....youve still got to have some fun in life..

beanielou

Getting the balance is difficult

tootallulah

Hello, you are doing so well this year I agree with you about holidays they are important for me and I will have a few trips this year my self. Looking forward to following your journey in 2018.