Want to pay more off my mortgage?

Butterfliesarepretty

Hi I have three accounts on my mortgage with Nationwide. One is for £6,431, one for £11,813 and one for £28,047.62 total of £46,000. Its fixed until 2009 at 6.13%. Now I will be unemployed soon but got money to pay myself and my child support agency payments will be reduced from £33 a week to £5 a week. So I want to reduce my mortgage, would £50 be enough. Its got 19 years left on it. So really want to make a difference to it.

I have used the calculator and it said I would save £7,000. But does anyone have a mortgage like mine and has increased their payments?

Butterfliesarepretty

By the way I live alone and I will be paying myself £900 each month out of my redundancy to pay the bills etc (which are the cheapest) and want a job earning more above £16,500 which is what I get now. when I get a job I will be back paying my csa payments which will change also due to the salary change.

My SOA up to date from 30th April

Income
£900 - from redundancy - per month
£65 - per week ? possible jobseekers allowance (can't go in to centre yet as I finish work 30th April)
£?? - Tax credits (not sure)

total Income guess £1100

Bills per month
CSA - £25
Mortgage £359
Gas and electric £35
Car Ins £22
House Ins £19
Car Tax £15
Life Policy £7.70
Council Tax £67
Gym £26 (which i love using and will be able to use more when at home)
TV Licence £11.85
Water £12
Petrol £50 ? At moment to work costs £35 a week. will only be picking up my daughter every other weekend from chester to bury, and 4 miles to my parents. all other times will be walking into bury to shop.

total outgoings £649.55

so left over for food is £450.45.

Food will be better budgeted, intend to use the market to buy meat freeze and make meals ahead while at home, more baking etc.:beer: Spend my days walking into bury to the job centre, printing cvs and letters at home from my laptop. Also have to bear in mind, will use more electric, will try to not use too much gas heating. the odd visit to my parents.;) Not much going out as I am now single, In june planning a well deserved holiday (did not have one last year) which will cost £450 for seven nights on a solosholiday. :T maybe £300 spending money with it for excursions and meals and drinks. Not many gifts though.

dimbo61

hi tracey just stick to paying the mortgage for now as you may need every
penney you have. good luck with finding a new job quickly and once you
do have a new job then work out a budget to overpay the mortgage.
dont worry about overpaying right now and enjoy time with your daughter !
save into ISA,s barclays paying 6.5% if you have any spare money.
enjoy your holiday and best wishes with the future

Butterfliesarepretty

thanks for that dimbo, I prefer to overpay now, as I can afford it while my csa payments are down that enables me to have £100 to spare so £50 to mortgage and the other to support myself.

Dithering_Dad

Hi Tracey,

Not only do I have a mortgage like yours (3 accounts, though the amounts in mine are much larger unfortunately ), but I'm also 40 and from Bury! I even think your name rings a bell. Scary!

Which high school did you go to? Was it the one closest to Bury General Hospital? (don't want to name it because it's not a good idea to give too much info away on an open forum!!).

Getting back to your question, I reckon any amount thatyou can pay onto the mortgage will make a difference. Even it it just takes one year off a 25 year mortgage, when you reach the 24th year, how happy will you be that you're done!!

Butterfliesarepretty

Hi thanks have sent you a pm. I have 19 years left on my mortgage with nationwide, so yes intend to pay extra off while I can.

Dithering_Dad

I've just realised why the name "Tracey Shaw" sounds familiar - she's the lovely actress from Corrie who was taken from us by that swine Richard Hillman. Why do the good always die young?

Ahem, not that I ever watch that program, or any soap for that matter *cough*

Thanks for your PM - my cousin went to that school, but she was a couple of years older than you so prolly wouldn't know her. What a small world though eh?

Butterfliesarepretty

I always get that comment - are you that actress from corrie. Yet look nothing like her. Anyway thanks for clearing that up.:T

Kantankrus_Mare

Keep looking to see if Im being daft or missing something as nobody else has commented.......shouldnt your total be 36,000 and not 46,ooo?

Dithering_Dad

I saw the bloke who played her husband, Ashley in a pub in Warrington the other day. He looks as though he's got over Tracy's death - was laughing and joking with his mates. I had to leave the pub, I was so mad. He didn't deserve her.

They say that "life must go on". Not for me it doesn't. Not since Hillman took her from us.

Jonbvn

Dithering_Dad wrote: »

I saw the bloke who played her husband, Ashley in a pub in Warrington the other day. He looks as though he's got over Tracy's death - was laughing and joking with his mates. I had to leave the pub, I was so mad. He didn't deserve her.

They say that "life must go on". Not for me it doesn't. Not since Hillman took her from us.

So DD, you've finally come "out";)