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Cheer Leaders needed on the final stretch

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  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi

    I phoned the bank and they couldn't do anything that would help

    They also said that it goes up another 1/2% from 1st March so will be roughly £302 per month which I know doesn't sound a large payment compared to some folk but it reduces the amount available to overpay.

    They offered me a small % reduction that would take my payment down to £284 per month and wait for it - it would cost £999.  Hello why would I hand over nearly a grand to save £20 - I may as well pay £1.000 off the capital.  

    I know this sounds worrying but it is an interest only mortgage so hopefully repayment mortgages shouldn't rise so much.  There were reasons I had to go onto interest only to keep a roof over my head, but its almost impossible to go back to repayment.  What annoys me is ive asked numerous times to go 50:50 repayment but they said they couldn't do that.  That could have helped me a few years ago

    So im up for a super frugal 12 months to see where i can get to.  No use being down beat - it is what it is - im ok with this at the moment but might need some cheer leading at some point

    Take care everyone

  • DrCarrie
    DrCarrie Posts: 889 Forumite
    First Anniversary Debt-free and Proud! Photogenic First Post
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    Amazing work and impressive attitude. Frugality will be your superpower. 
    3 month emergency fund (Cash ISA): £2902 / £6,000
    Tart up the house and garden (Monzo pot): £952
    Overpayment on mortgage: £0
    Stocks and shares ISA: £1075.53
    Additional pension contributions: £0
    Premium bonds: £1,450

    Career and private practice development: £3,050 spent


    Big home renovation - is in the pipeline. £0
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi

    Ive drawn my pension pot, it wasn't enough for a regular payment so decided to make it work for me now.  I know some people will think that ive made the wrong decision but it works for me

    Ive paid a mortgage payment of just short of £4,000 (new balance £49,900), ive topped up my emergency fund (PB) and topped up my smaller savings fund to £1,000.  Going to start my calculations back to zero on that account as thats my tilly tidies, survey amounts etc go to.

    Ive done top up shops, made my house as warm as can be with door curtains etc so new year off to a good start 

    For Christmas I received vouchers, cash and a small bonus from work - ive bought some new clothes as felt ive been living in joggers & fleeces since working from home.  A new moisturiser, a perfume and ordered 2 x £10 magazine subscriptions (6 mags each) and a new purse.  

    Although it sounds a lot its been carefully thought purchases and has given me a boost from being at a low point for a little while and I feel its all helped me with the start of the new year
     
    Thats it now the purse is closed, time to crack on with the mortgage repayments.  Im feeling quite positive at the moment 

    Take care eveyone
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Couldn't resist send £90 to mortgage today (£49,810) thats it for this week, unless I win the lottery!!
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Didn't need much food shopping, so much stuff still.  Was going to treat myself to a hair cut but couldn't bring myself to pay when watching the pennies so I cut it myself, not bad at all - well it feels much better.

    So checked the pots and risked £60 to mortgage (£49,750) 

    Take care everyone
  • skye_blue
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    So the final weekend before payday, cleared bank account and sent final £50 to mortgage (£49,700) on Friday

    But now have been invited to go to China Town tomorrow to watch the new year parade so ive had to transfer a few pounds back into the account from another account - not ideal but ive got to keep doing different things to keep my spirit ups, mental health as we all know needs looking after.

    I do need train fare but not sure if we will be eating out so spends might not be as high as I think

    Im looking forward to the trip, just hope its not too cold

    Take care everyone

  • MFWannabe
    MFWannabe Posts: 2,071 Forumite
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    skye_blue said:
    Ok so my Jan mortgage payment has just been paid and the mortgage payment due next month has been updated - 6.25% and an additional £210 per month - WOW

    I can make this payment for now but it cuts down the amount I can overpay so Im going to phone the bank tomorrow and see if there is any else I can do - I don't want to extend the mortgage and Ive made my mind up to reduce my working days to 4 days from April and fully retire 12 months after.  

    Ive worked from home since just before the first lockdown and as I live alone Im really feeling it  - its taking its toll.  Miss the folks in the office and the daily banter but I can't make many changes to my personal life whilst sitting at a desk - but thats for the future

    So need to get my thinking cap on, watch this space

    All suggestions welcome










    Is it possible to change your job, to one where you do go into an office? Maybe then you’ll feel better when you start seeing people again, it can be very isolating working from home. 
    Maybe a new job would also mean better pay to help with mortgage 
    31/03/24:  Debt total £12,400/13,192.13
  • skye_blue
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    Thanks for stopping by

    I only have just over 12 months left till I retire, which I do intend to do, ive had enough of working not that I don't like my job im just ready to make time for me.  We've gone from a 3 storey building pre covid to a small unit in a multi office building that runs a reception for us, so no office to work in now.

    Not saying I won't do something part time or voluntary after then just ready for a change 
  • skye_blue
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    Went to China Town but the train we were getting was cancelled and by the time we arrived the parade had finished.  It was so packed you couldn't move quite scarey at times

    So a trip to primani - only bought some gloves that I needed and a sandwich, couldnt get near any chinese restaurants 

    If anyone needs any gloves, hats, scarves etc all being sold off at Primani, loads for a £1

    Take care everyone
  • skye_blue
    skye_blue Posts: 301 Forumite
    First Anniversary Name Dropper First Post
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    Well pay day has arrived, don't you just love it - wish bank account looked this good for more than a few days though

    Sent £500 across to mortgage - the last £50 hasn't been credited yet, showing as received but not reduced the balance.  its going in the right direction - downwards (£49,200) - going to try and find that £200 my target for Feb!

    Take care everyone
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