Time to Face The Music

enthusiasticsaver

RelievedSheff said:

Sarahwithlove said:

I'm with you I'd rather have the security of knowing my mortgage is paid and the money in my pocket to give me a comfortable lifestyle. 

I'm not sure that we will know what to do with all the extra money  

Travelling, fun cars, home improvements and investing for the future.  You won't have a problem believe me although we are at a similar point and are now gifting but only because we cannot really travel on expensive holidays at the moment.  I don't think you have kids though so you might want to think about early retirement if that is something which interests you.  

FootyFanDan

RelievedSheff said:

alt80 said:

Don’t know how you do it tbh just staying chilled about life lol.

Reducing mortgage term not what I’d do but your life. Once that rate is sorted 100 res home mortgage cheapest finance you’ll ever get.

It maybe is the cheapest finance we will ever get but also it is the biggest monthly expense we will ever have as well. I would much rather have the £1200 a month in my pocket to spend than be giving it to the bank. Can't wait to get that final mortgage payment paid off and the home owned outright.

We don't have a lot to get stressed out about. We are pretty comfortable with life and fortunately our debts are now manageable. They have not been in the past and we were more stressed about them then. I don't know when the turning point was to be fair. The major turning point was probably before I discovered this forum but writing this diary has helped to give a sense of accountability to the situation but also to give a sense of perspective and to realise that although our situation isn't the best it is also far from the worst.

I normally stay in background pretty quiet reading your amazing food and walking stories with the little doggy but this totally resonated with me. I think reading this forum both made me realise that there were people out there with similar debt to me but also way more debt than me that were sorting it out and also coping with the changes they were making. I wanted to start a diary for so long but wasn't sure, I read along for a few months before taking the plunge and it gave me an accountability that made me adjust things and make changes, I now feel more in control...still a few argh i didn't plan for that to happen moments but there is steadily a lot less of those.

Glad you managed to sort out a plan with mortgage that you are happy with

RelievedSheff

The other half has just phoned up. He is on his way home from work due to the snow. Just hope he makes the 25 mile trip unscathed. The snow is getting quite bad here now!

Sun_Addict

Hope he got home ok. 

enthusiasticsaver

Sorry you having to cope with the snow up there.  We rarely see it down here and it is fairly warm and dry today.  

RelievedSheff

The other half got home just fine.

Had a phone call from the bank earlier. They are having trouble verifying the other halfs wages, despite them being paid into the bank each week so they have run the application based on just my wages. It fails on affordability unless we extend the term to 16 years. Looks like we will do this and then overpay the difference to bring the term down to 15 years instead!

Nothing is ever simple!

alt80

At least it’s getting there.

15 years - you’ll have no res mortgage by 50 iir your age correctly. Weird lol but understand what you mean about not having the payment. Just seems like a lot of cash that could be put to use 100 I’d have released some equity if bank would have let me.

Sarahwithlove

It's frustrating but like you said you can always overpay it yourself and also if anything we're to happen and you need a break from the overpaying you do have that option available. 

RelievedSheff

alt80 said:

At least it’s getting there.

15 years - you’ll have no res mortgage by 50 iir your age correctly. Weird lol but understand what you mean about not having the payment. Just seems like a lot of cash that could be put to use 100 I’d have released some equity if bank would have let me.

We hope to cut the term down further after this 5 year fix is up. 

Sun_Addict

Glad OH got home ok. Bit of a pain with the remortgage but at least you’ve got a plan B and can look at it again in 5 years.