£29,303...Enough is enough!

mark55man

Also by reduce the term you need to be clear if you mean to ACTUALLY convert a 25 year mortgage into a 20 year mortgage OR to retain it as a 25 year mortgage but EFFECTIVELY reduce the term by making OP.  The latter is more flexible, the former doesn't have any real advantages unless you think you will fritter away the OP if not forcing yourself to do it 

WelshKitty85

The remaining term is currently 20 years & 3 months. We can reduce the term to 19 years and the payments stay about the same (a few pence difference). Or, we can keep the term the same and payments will reduce (by £40-50 a month I think but I need to log back on to double check). 

We also have the option to increase the term so mortgage payments would reduce further and we could redirect the difference to loan repayments.

WelshKitty85

We've just sorted it over lunchtime. We've reduced the term slightly to round it down to 20 years and the payments will reduce from June. I've rejigged my spreadsheet and we're now looking at a shortfall of around £1600 in December. We're currently paying £100 a month into savings so cutting that could cover a chunk of the shortfall. I'm hoping we won't need to resort to that though. DH isn't getting many hours in his current 'relief' position, but he's got some interviews coming up & there's more jobs starting to be advertised. There's also income from the business & surveys etc that will help us keep chipping away at it too.

WelshKitty85

I did the grocery shop without DH yesterday and spent £43 instead of the £70+ we've been spending recently. Must continue shopping alone!

I had a bit of a funny spell whilst shopping. Probably a combination of being out in my winter coat (as the weather outside was horrendous) and wearing a face covering, but I went really light headed. My head was banging by the time I got home so I ended up going back to bed in the afternoon and didn't get back up til 5.30. I feel better this morning so hopefully today will be a more productive day.

WinterWarrior

Well done on the lower shop. Sometimes the overhead lights in supermarkets make me go a bit whizzy! There’s a strange flickering quality to them. 

mark55man

I'm sure your OH will accept your decision gracefully, and be able to hide his disappointment

savingholmes

Hope you feel better soon. 

WelshKitty85

Thanks all. Feeling much better today. The men in the house have had 'flu' the last few days (covid tests were negative). So I think I may have had a mild form of their virus, on top of my usual low blood pressure, and overheating in the shop.

I used DHs L!dl app for the shopping so he's already realised for himself and commented that I saved £30 by him not being there.

I was up at 7.30 this morning as I could hear the dog crying to be let outside and DC3 calling 'Mummy, Daddy where are you?' from his bedroom. We got all business orders done this morning & they are packaged ready for the post office tomorrow.

The in laws took DC2 shopping for a new coat and also bought his some new trainers. He has been wearing a size 3 but apparently needs a size 5 - bad mummy!! His school shoes are a size 4. He says they fit ok at the moment but he'll no doubt need some new ones soon.

We've got a family wedding coming up later this year so I'm starting to think ahead to that. I've already put a dress aside to wear and think I have some suitable shoes. DH will need a suit though. DCs 1 & 3 are taking part so having outfits provided. DC2 has decided it would be far too embarrassing for him to take part, so we will need to buy a suitable outfit for him ourselves. We won't buy any until much closer to the time (Nov) but I'm just starting to cost things up so I can start putting some money aside. I have offered to craft an item as a wedding gift, which the bride has gladly accepted.

WelshKitty85

Apologies in advance for the cryptic post. I think we've had some really good news today but DH has sworn me to secrecy until it's confirmed. I'm trying not to get carried away but things are starting to look up.

mark55man

exciting - but share when you can - and we'll keep our fingers crossed for you