Starting again - but conflicted!

So I need a new diary to focus on getting my mortgage paid off! I've struggled this year as paid my full 10% off in January and my plan was to save so I could pay another lump sum in January 2023 and then when my fix comes to an end in April 2023 pay another lump sum then to reduce the term / outstanding balance for remortgaging. 

I feel I've done really well after my marriage broke down to clear my debts and reduce my mortgage (and the nightmare it was getting the bank to put the mortgage into my name!) 

I haven't been doing too well recently with the saving though! Had a few bills come in (major repairs on my vehicle for one) I'm a single mum and just like everyone else am finding everything very expensive at the moment! Money seems a bit tight! I'm also aware that coming out of a fixed rate the mortgage cost is going to have increased with the recent inflations costs. 

A couple of years ago I had some health issues and while I am really well now it has given me a bit of a different view on things. I tend to spend a bit more money now as have a bit more of a 'You only live once' attitude and a definite emphasis, now my kids are teenagers, that I won't always have them at home to spend time with so want to go out and have fun (although getting teenagers out of the house is sometimes easier said than done) for example I'd really like to save for a foreign holiday as we've never had one and it won't be long before they are grown up! Im also much more aware of how easy it is for something to change - your health or job - and pull out the rug from under you and leave you with no income! So I have contradictory feelings on what to do with my money! 

When my fixed term comes to an end in April I'm hoping to switch to a more flexible mortgage where I can overpay without a 10% limit. 

I currently receive a little bit of child tax credits as a single mum but am just over the threshold so do not receive working tax credits. I also receive a little bit of maintenance from my ex-husband. I'm very aware that in a couple of years when my children are past 18 this money will stop but I can't see that they will actually be able to afford to move out or contribute very much so while my income will go down, the costs aren't going to magically go down! I think my eldest will do an apprenticeship, no idea about the youngest - maybe uni but not sure if will be prohibitive cost-wise. 

Anyway sorry for such a long post! I feel I need to pay my mortgage off as quickly as possible to lead to a secure future but at the same time a bit nervous about not feeling particularly financially stable! 

I've got 6 years and 4 months left and I'd really like to be paying it off by the end of 2025. (Which would be about half)


Mortgage Free Wannabee

December 2019 £63,712
December 2021 £42,433
August 2022 £34,747

Comments

  • AntoMac
    AntoMac Posts: 1,871
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    Paying my mortgage down as much as possible has always been one of my high priorities too, and I have a similar balance outstanding and timescale as you currently do. I guess doing it by end of 2025 would mean an average monthly payment (back of a fag packet here) of around £1000? 
    The thought of being mortgage feee very much appeals to me too. I overpay bits as and when with no real structure or plan but guess I am lucky in that I can overpay as much as I want without penalty.
    Can’t really advise you what’s best for you of course but the amount of equity you must have in your house can only be a good thing.
    27/5/17 Mort 64705 BTs 1904031/12/17 Mort 59815 BT 1673007/04/20 Mort 49208 BT 1572128/07/20 Mort 47387 BT 1263414/11/20 Mort 45905 BT 10134 20/05/21 Mort 42335 BT 686811/08/22 Mort 32050 BT 2915Sealed Pot Challenge 16 Number 5
  • IAntoMac said:
    Paying my mortgage down as much as possible has always been one of my high priorities too, and I have a similar balance outstanding and timescale as you currently do. I guess doing it by end of 2025 would mean an average monthly payment (back of a fag packet here) of around £1000? 
    The thought of being mortgage feee very much appeals to me too. I overpay bits as and when with no real structure or plan but guess I am lucky in that I can overpay as much as I want without penalty.
    Can’t really advise you what’s best for you of course but the amount of equity you must have in your house can only be a good thing.
    Thanks - Im probably just overthinking it all - especially as I can't overpay any more til the new year and I can't know what mortgage rate I'll be on until nearer April! I might have to take a leaf out of your book and just pay what I can when I can and sees how it goes! 
    Mortgage Free Wannabee

    December 2019 £63,712
    December 2021 £42,433
    August 2022 £34,747
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