£142,000 over 23 years....OR NOT!!

24567

Replies

  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    Good luck on your journey. Definitely get insurance asap - mortgage normally requires at least buildings insurance.

    Thank you, I didn't get any notification that it had finished but I think I requested to not auto renew. I am on it! Looks like it last came out a couple of months a go so not been without it long.
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    So I had a quick look at houses in the area we would like and the speck we would like...it's way out of our price range and doesn't feature a non-negotiable of a drive that fits two cars. It made me think - do we really need a bigger house? We think we are out growing our current house...but are we? There's only the 2 of us and although we would like bigger rooms, would we just be knocking around in them? I haven't discussed this with my other half yet, but I think this house is fine actually. So...if I can convince my other half then my new goal is to be mortgage free in 12 years time....it's going to be a tall ask to half the time to pay it off...from 23 years to 12 years...playing around with the calculator we would have to average an overpayment of £400 a month...which is currently not doable...I am sure we will find a way, got 12 years to find out. MFD - December 2031!!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • CathTCathT Forumite
    7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    You're making a great start, will be following your journey.

    We find our food spends is the area we try and focus on as it's the only one we can reduce. Do you batch cook? We waste nothing in this house so I particularly will sometimes eat odd meals! We spend around £250 a month for 2 adults and 2 very hungry children. This includes all supermarket spends including laundry/toiletry items.
    Jan 2022 - part 1 - £49,088 part 2 - £33,083
    Total - £82,171
    70 months to go!

  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    Thanks Cath T! I do batch cook occasionally,but definitely could do more of this. I am jealous of your food bill, we must be able to knock some off it if yours if less for 4 people! It's actually quite addictive seeing the balance coming down each month :) I am going to see if I can chip that £95 off at the end of the month!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    So I am deliberating the £400 a month overpayment...I don't want to halt my life for the next 12-13 years so overpay but the thought of retiring early is such a big draw!! I guess I need to see what we can comfortably overpay. We like our holidays and I would like to be able to keep this up.

    I had a chat my my other half last night...he is in agreement that we won't move as we can't afford what we would like and where we would like it so there's no point moving. I also told him we could be mortgage free by 45 and he was keen on that!! I am hoping 42 tbh and overpay in 10 years as hopefully our financial situation will improve as we progress in our roles (here's to hoping anyway!!)

    How does everyone else balance living and overpaying?
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • TrixysticksTrixysticks Forumite
    82 Posts
    Ninth Anniversary Combo Breaker
    Hi fruit loop!

    Very inspiring! I think you are doing a fab job.

    Similar situation to us in that we bought a house we didn’t consider our forever home but actually feel really settled! One tip I picked up is to try and focus on areas that frustrate me. For example- I used to complain about my bathroom daily, I hated it! Would pretty much close my eyes when I showered :rotfl:

    Anyway, decided I was stuck with it till we could save for a new one so spent a lot of time with bleach and sprays! Bought some cheap bits and basically gave it a mini cheap make over. Now I’m weirdly happy with it and actually not sure I’m in a rush to change it any more. I started doing this throughout the home and it’s made a big difference to how I feel living here.

    Good luck in your journey!!
    April 2016 Mortgage- £160,000.00 :eek:
    October 2017 Mortgage- £138,322.06 :beer:
    October 2018 Mortgage- £131,898.31 :j
    October 2020 Mortgage- £103,084.00
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    Hi fruit loop!

    Very inspiring! I think you are doing a fab job.

    Similar situation to us in that we bought a house we didn’t consider our forever home but actually feel really settled! One tip I picked up is to try and focus on areas that frustrate me. For example- I used to complain about my bathroom daily, I hated it! Would pretty much close my eyes when I showered :rotfl:

    Anyway, decided I was stuck with it till we could save for a new one so spent a lot of time with bleach and sprays! Bought some cheap bits and basically gave it a mini cheap make over. Now I’m weirdly happy with it and actually not sure I’m in a rush to change it any more. I started doing this throughout the home and it’s made a big difference to how I feel living here.

    Good luck in your journey!!

    Hi Trixysticks! Thanks for dropping by :) That's such a good idea!! We have a long list of house improvements - namely damp, which I am putting off due to the mess and upheaval of it all...one positive is though that we would have to repaint our living room which I have hated since we have done it. Not because the colours aren't nice, but because we are not very handy with a paint brush and I know where all the particularly bad areas are!! At least it would get that sorted (we are better now - the living room was the first room we ever painted!!).

    There are definitely some quick and cheap things that we could do to spruce the place up, got me thinking now :D
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • TrixysticksTrixysticks Forumite
    82 Posts
    Ninth Anniversary Combo Breaker
    That’s funny- we did a terrible job of our living room when we first moved in :rotfl: and we didn’t even pick nice colours. We’ve been living with it for three years but not using it much (like we’d just watch TV in bed!) and finally this year my husband said why don’t be bloody paint it and actually do a better job :rotfl: it’s one of my favourite rooms now....I think we were just a bit keen to slap paint on the walls when we got the keys! My sofa totally clashes but the walls are to die for :rotfl:
    April 2016 Mortgage- £160,000.00 :eek:
    October 2017 Mortgage- £138,322.06 :beer:
    October 2018 Mortgage- £131,898.31 :j
    October 2020 Mortgage- £103,084.00
  • Throwaway1Throwaway1 Forumite
    501 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    ✭✭
    I would check first of all what your OP limits are. Are you allowed to OP £400 a month? And will you continue to be allowed to do so as your outstanding balance reduces?

    Also, balancing the two becomes really easy as you just learn to live to your means. If you got a pay rise now that doubled your wage, in a year’s time you would wonder how you ever survived on this. Similarly, if you do manage to reduce your spending it will become the norm and not painful at all. It’s weird how it works.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £3,313.28/£10,626.55
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    That’s funny- we did a terrible job of our living room when we first moved in :rotfl: and we didn’t even pick nice colours. We’ve been living with it for three years but not using it much (like we’d just watch TV in bed!) and finally this year my husband said why don’t be bloody paint it and actually do a better job :rotfl: it’s one of my favourite rooms now....I think we were just a bit keen to slap paint on the walls when we got the keys! My sofa totally clashes but the walls are to die for :rotfl:

    Haha that is really funny!! We did the same - just wanted the living room and our bedroom done then moved in!! We do spend a bit of time in there, but only during the evening when the lamps are on so I can't see it!!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
This discussion has been closed.
Latest MSE News and Guides