Making fairy dust of the mortgage

savingholmes

Money is money. If it takes some pressure off it all helps

Accountant_Kerry

So new year resurrecting old diary! Updated my signature and really need to get on top of things as I have managed to get into debt and have a divorce settlement to pay for!

Accountant_Kerry

So I have been crunching numbers and as expected my goals are going to be very tricky, I am always conscious as well that life is short and that tomorrow may never come so there needs to be a balance between living life and planning for the future. 

My fixed mortgage ends in March which is going to be a blow of course given interest rates now, I've decided to go on a tracker for a bit to soo what happens.

Car loan finishes in Feb so that will cover the increase in the mortgage interest at least, although with interest rates it seems more important than ever to try and get the mortgage balance down. 

I have a few short holidays planned this year that will be carefully budgeted for, but in generally I need to get much better at looking after my spends as we all know £5 here and £10 there all adds up!

misslolu

Accountant_Kerry said:

So I have been crunching numbers and as expected my goals are going to be very tricky, I am always conscious as well that life is short and that tomorrow may never come so there needs to be a balance between living life and planning for the future. 

My fixed mortgage ends in March which is going to be a blow of course given interest rates now, I've decided to go on a tracker for a bit to soo what happens.

Car loan finishes in Feb so that will cover the increase in the mortgage interest at least, although with interest rates it seems more important than ever to try and get the mortgage balance down. 

I have a few short holidays planned this year that will be carefully budgeted for, but in generally I need to get much better at looking after my spends as we all know £5 here and £10 there all adds up!

I'm also having to go on a tracker because of the ridiculous interest rates, I really hope the numbers go down soon so I can switch to a good fixed rate. 

Accountant_Kerry

So tomorrow I am off out for an overnight stay, 3 comedy events booked for us at a total cost of £60, another £60 for a Travelodge and approx £30 for fuel, £10 for parking plus £60 food and drink budget for the night. we've not been out for a long time so looking forward to it as long as it stays in budget!! 

Accountant_Kerry

Like many its been incredibly slow progress over the last few months, I moved the mortgage to a tracker in March with a £995 fee then I decided to fix a couple of weeks ago before the deals started getting pulled again so fixed at 4.59% for 2 years again with a £995 fee so the fees have really eaten into the OPs but at least I know where I am now for a bit. I should get a small bonus this month and have some shares vesting in a couple of months so should be able to pay off about £5k I am hoping, the rise in interest rates has made overpaying much more difficult. 

Accountant_Kerry

So I managed to overpay £4500 and a few extra bits, which I am feeling positive about. However it feels like an impossible journey and that I will be working until I drop dead at this rate. Not a good day 

savingholmes

Well done on the OP - that's phenomenal.

Sorry things are so tough. You mentioned a divorce a while ago - is that all resolved now? Just catching up... 

Accountant_Kerry

Hi, My divorce was finalised back in 2020, my financial order has only just been agreed and I ended up conceding a lot just to get it over with. But it is over at least, albeit leaving me having to find an additional lump sum to pay out somehow next year.

savingholmes

Glad it's done