Mortgage Free Sooner rather than later

family355

Checking in with a note to myself as we have cleared the cards! I have been lurking more around the other boards as I've not felt I have much to contribute over here. Still just token round down payments. 
15 years remaining on 87,400.

All but £25 has been withdrawn from the bonds in anticipation for a new to me car. I decided against the loan and will get what I can with the 7k ish bonds and trade in. I was going to put it on a 0% card but figured it was silly paying even a small fee when the money is just sat there. I will now be trying to build the bonds back up for a buffer. Replacing the car was not high up the list at all but along with all the problems I need 5 seats/doors for work. 

£121 spent this week on new school shoes and a pair of football books. Size 6 means we now have to pay adult prices for my 10 year old 🙄 DD2 school shoes are 2 years old but leaking in when rains, DD3 are only a year old but has split hers...playing football in school and moved up a size. I tried the supermarkets one year but found they only lasted a term with my heavy footed children.

Stay cations have been paid for but still need spends and the annual car insurance/mot & services need to be saved. 

The last remaining jobs in the house are the bathroom (looking very shabby now with mould on the ceiling and uncleanable grout) i think it was put in, in the 90's, no one uses the corner bath for a bath as only a small child can lie down, it is also leaking into the downstairs utility.
The drive/front garden is also too coming to the end of it's life. The previous owner replaced manageable grass/concrete drive with flags moving all over the show and stones, with the liner now letting weeds through everywhere. We are fast becoming that neighbour with the tatty front. I don't want debt to pay for this but how long will it take us to save (the only thing lockdown was usefull for)

Remortage time, obviously missing out on the great deals that didn't add up for us with the ERC. We can stick with santander moving from 1.99% to 2.59% 2, 3 or 5 years or go to another lender. There's not a lot in it. Decisions decisions! 

savingholmes

Good luck on the remortgage. It depends whether or not you see yourself moving and how much you like cost certainty. I wanted a 5 year fix and it is turning out to be right for me.

family355

@savingholmes, I absolutely should have secured the 5 year fix...but I didn't 🤦‍♀️

Life fell apart abit, I bought the overpriced new to me car just in time to be clocking up miles up and down the country with work. No extra debt but no bonds left either.
DD2 was struggling emotionally so we have been paying for private couselling. She had some CAMHS intervention last year but it reared its ugly head again. We have put it down to lockdowns/exams and the anxiety from this and hopefully now on the right side of it this year.
DD3 was struggling academically (behind from lockdown)
DH new job just became too much work wise/hours wise etc and we we're brewing the perfect storm of burn out so we booked a holiday on a credit card for a break for us all. It was lovely and reset life, until DH handed in his notice when we got back. He has joined an agency, paid weekly. 

I eventually got round to remortgaging, having to stick with Santander due to the agency job/hassle of all the affordability checks at 3.14% 😭 of all the things I have cut back and shaved off then I go and drop the bloody ball on this one! 

family355

I can safely say I'm looking forward to seeing the back of this year! I think the writing was on the wall for 2022 from spending new years day in hospital reconstructing my mouth after being bit by [our] dog. To put this into context she's a rescue, 7 years old and I startled her in her bed. Absolutely my fault and has shown no signs of aggression before or after this. 

We have been skint! Scrapping by with essentials. Our gas & electricity bill was £100 a month this time last year, now we're at £237 🙇‍♀️ Food prices are just a joke! 
Minimal overpayments (£10 odd per month) on the mortgage leaves us finishing the year on £84,500 with 14 yrs, 5 months to go...
The credit card is up to £3500, £1658 owed from the May half term hol, the rest is for a holiday next year which is at 0% until July.
£525 sits in the annuals insurance etc pot.

Hopefully the tide has turned DH started a new job with great hours and better [monthly] pay. I have had a payrise too so next year is looking promising for a clear credit card and extra mortgage overpayments. 
DD's are in their final years of primary and high school so have booked in some extra tuition from January. 
Our oldest (20 in Feb) has this week started her first full time paid job (previously sat A levels and then an apprenticeship) we have not yet asked for keep but it's a conversation we need to have. 

To do list...
*Get this god damn year over with, without any other dramas
*Pay off Credit card
*Save holiday spends
*Mortgage Overpayments 
*Bathroom/Driveway? Wishful thinking 2024+

Bargain of the year is buying 6 second hand dining chairs for £50, for the first time ever we do not have to use emergency chairs as standard for our evening meals! 

family355

March 2023- Have lived here for 10 years this month. DD2 is 16 so that is how long we've been paying a mortgage.

Feeling a bit of a fraud on this board as overpayments are still token £10 odd tidies.

Energy use- £290ish per month (actually 355 but 66 is government help) we had tried to reduce this but the house ended up with a few damp issues as a result so false economy there, hopefully warmer weather/cheaper bills in April.
Tutors-both DD's are last year of primary and high school so have been paying £65 per week out. DD2 lessons will definitely end in April as its extra science lessons for GCSE's. We'll see if DD3 needs to continue with this after SATS. 
Annual Pots include, Birthday/Xmas £150 per month, Holidays- £500 per month to pay for 2 x hols plus spend, £100 Insurances (Home, 2 x car plus 2 x MOT & service) 
Debts- Credit card -£2550 0% until July/Nov, Kitchen -£1304 0% until Nov, Tax Credit Overpayment from years ago -£654 0% currently paying 20 per month. 

Savings 4725 easy access, 5k DH LISA

Oldest will start contributing in April although I'm unsure how much to ask? She pays her car insurance and phone bill and earns around 1300 per month, she wastes money on work lunch/clothes/weekend jaunts. I'd much rather her save but she doesn't. 

Mortgage Balance £83,300 with 14 years 2 months remaining (down from 15 years)

DH and I have always chucked our wages together, the problem with this is he doesn't ever see what is being spent so from last month we both pay half towards all outgoings and keep what is left in our own accounts. My hoping is that he will take some responsibility on how far money will go. 

I've developed a psychological barrier to bigger overpayments as once it's paid, it's gone, so going to treat my premium bonds account as our overpayment pot. It currently has £103 in.