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The Case of the Overwhelming Mortgage

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  • powerspowers
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    Well done on the house improvements, OPs and uni funds, you are doing really well at balancing your different goals.  How much do you talk to your kids about money, will preteen “get” that you have a budget for Xmas and why? We try to talk to ours about spending choices and how we’d rather be secure than in debt. Not sure it sinks in though! 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £2,100 / £3,600


  • AgathaSquirrel
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    Well done on the house improvements, OPs and uni funds, you are doing really well at balancing your different goals.  How much do you talk to your kids about money, will preteen “get” that you have a budget for Xmas and why? We try to talk to ours about spending choices and how we’d rather be secure than in debt. Not sure it sinks in though! 
    We had a discussion with her about people having different budgets for Christmas and although her friends have this item it doesn’t mean it was bought for them personally (family item/2nd hand). She did accept this and I do think it was a useful discussion to have. We ended up having a family conversation and agreed we would buy this as a family Christmas present and all have a small individual présent. I’m happy with this compromise... now just have to hope we’ve ordered it in time for Christmas!
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,908 Forumite
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    Just caught up on your diary. Well done on your progress. Will be watching with interest. 

    Great to have discussions like that with the kids. It reduces the pressure.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • Orangetoes
    Options
    Well done! You are making great progress. Love seeing that interest going down! 
  • AgathaSquirrel
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    Christmas Day is over. Boxing Day is my day for doing nothing. Am not yet dressed and have been binge watching a TV show I want to see.

    Christmas was good. A bit of an eye opener when I saw photos of myself from the past year and a present bought in a bigger size. I’m not one for dieting but my snacking has increased. Thinking about sticking to 3 meals a day. My exercise routine is OK but the eating has gone out of control. I’m going to look into one of the companies that delivers ingredients as well. We did the one with the spices last year. It was good but we got bored.

    Finances wise, we are a couple of months away from the sub 90000 mortgage. Unfortunately we have probably missed the cheapest mortgage rates when we can remortgage in the summer but will still be cheaper than now.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,908 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    We all need downtime just to be able to take stock of our lives and come up with plans that will serve us better moving forward. Good luck with yours. I'm developing mine too.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • AgathaSquirrel
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    A quick look at the mortgage over the last year tells me we paid off in the region of £13000 which is mind blowing. Imagine not having a mortgage and being able to save. I’m always in awe of those who manage to have tens of thousands in savings. It’s always hard to work out what we have as I keep it all in separate pots and some of it is not for touching (DD’s uni saving funds) but our general savings (annual insurance, car, general house pot) never gets beyond £5000 before it needs to be spent on something. We’re trying to get to £3500 minimum at the moment so we can decorate our bedroom. If it’s like the rest of the house we will likely need to fully re-plaster and we will probably get the company to repaint at the same time, based on previous jobs we are probably looking at around £2500 including new carpet and curtains, which will leave us a £1000 in the general savings fund which will need to be built upon. Paying off the car loan is the other big hitter for next year. We’re overpaying by about £100 a month so should be gone towards the end of next year. We’ve got some money saved for a UK holiday, we just need to decide where and I need to start saving into the Birthday/Christmas pot again.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • bellevie
    bellevie Posts: 879 Forumite
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    edited 3 January 2022 at 11:04AM
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    Seeing how fast your interest has gone down gives me some hope!! We pay a shocking amount, I have seen it drop a few pence though which has still excited me 😁

    You've made such good progress, well done 👏 
    MFW
    Starting debt :£287,410 -11/2020

    2022 Closing balance £271,402.45 

    2023 closing balance £263140


    Original end 11/2045 
    New end date :....... 

    Overpayments to date £534.4 (5/24)



  • AgathaSquirrel
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    I’ve just started plotting it again today. Interested to see what it is tomorrow.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • killerpeaty
    killerpeaty Posts: 2,658 Forumite
    First Anniversary Name Dropper First Post
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    You've done so well this year, can't believe how much you have paid off this year!
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