LJ's Mortgage free road to early retirement

Nessa56

LouiseJ wrote: »

For any new readers my OH's salary pays for all family expenses, Mortgage standard payment, DDs, Food etc incase you thought that I was living on fresh air:D

I have let my spending diary lapse the last few months (minor meltdown):o but intend to get back on tracks on 1st October as we approach the final 3 months of the year. I am not convinced that OH's salary is covering all other expenses:rolleyes: as i seem to be drawing money from my account on a regular basis.

Thanks for clearing that up, I was just wondering that :rotfl:

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LouiseJ

You will be sick of the sight of me today............:D

I have just rang my mortgage provider to tell them NOT to drop my Direct Debit payments to reflect the new interest rate drop. I am already paying £40 extra which was OH's pay increase earlier in the year so with the 0.5% drop my interest is now 4.74%:j

Keeping my DD fixed means I will be overpaying by £68.14 without even feeling it:cool:

LouiseJ

Nessa56 wrote: »

Thanks for clearing that up, I was just wondering that :rotfl:

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Yes Nessa, the budget above ^^^^^^^ is whats left of OHs salary after standard mortgage payment and all DD's (gas, elec, council tax etc) are taken from his account.

In theory the plan is that his wage goes on the bills and living expenses and mine goes on savings, car expenses, holidays, Christmas, Birthdays and mortgage overpayments...........hasnt quite worked that way up to now though:rotfl:

jinky67

All this talk of budgets sends my brain into meltdown

LouiseJ

jinky67 wrote: »

All this talk of budgets sends my brain into meltdown

Ahem I dont think its my budgets that are melting your brain Jinks:p

Actually I am starting to melt my own brain too:rotfl: ..............gotta be done though if we seriously want our Max and Paddy mobile before we are too old to enjoy it:D

jinky67

LouiseJ wrote: »

Ahem I dont think its my budgets that are melting your brain Jinks:p

Actually I am starting to melt my own brain too:rotfl: ..............gotta be done though if we seriously want our Max and Paddy mobile before we are too old to enjoy it:D

no it is...I dont do budgets:o
thats what got me here:rolleyes:

LouiseJ

jinky67 wrote: »

no it is...I dont do budgets:o
thats what got me here:rolleyes:

Well if you ever need any help with setting a budget then giz a shout:A

LouiseJ

Back again, I have had a look at one of my accounts and have some money in there from Mystery shops etc so I have written out a cheque for £154 to A&L for my 1st overpayment amount for November so together with the £68 overpayment on the DD thats £222 extra:j .

Updated totals are

Amount outstanding as of today 31st October 2008

Main Mortgage Account £44374.80

Additional Borrowing £7616.79

Total Owed to A&L £51991.59

Nessa56

Brilliant you are doing so well.

I am thinking of starting to do something like this, but my mortgage is interest only and I am not sure if you can with this kind of mortgage. Hmm, will have to do some digging I think

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firesidemaid

nessa, have you made any provision already to pay off your mortgage?

if not ask your lender if you can make capital payments. or when you next remortgage turn it into a repayment one but increase the term (years) so it is a level you feel comfortable with.