Pay off mortgage and start having fun!

Why thanks ed, I can help with name suggestions if they are required in the next few weeks :rotfl:

Eric is clean now, and I bought some black wax stuff to shine up the dashboard , he is looking good. I also found a keyring with Eric on it at halfords so he has that too now.:D dh is trying to spoil my fun by suggesting that Eric needs new brakes and an exhaust, so I may put him in for an mot early. He's bound to need money spending as he was a bargain.

Finnces gone through again. I even rang the mortgage company to try and go through an application to extend the term, always worth a try a second time! This time I spoke to an advisor and she said I have to book an appointment for next week.
I thought I may as well state we have no "official income" I just want to switch to repayment and possibly extend the term. Even if we did pass affordability , we would have to stretch the term to the maximum she said.

I appreciate the rules have changed massively , but all those people on io who now don't pass their affordability checks can't switch from io to repayment, so basically I have a 10% per year overpayment limit and I need to clear £138k in 7 years but my monthly payment is just interest at £301. So they won't let me pay back what I owe them as I can't afford it!

Anyway , its not great as with both dh and I having wage cuts we will be short at the end of term , the aim is to keep the shortfall in the range of normal loan borrowing, ie .20k ish I realise you are not suppose to borrow for property, but at the moment I'm not sure what else to aim for.

We are still overpaying the 35k loan we took for the business, but I'm putting a hold on clearing the 0% CCS, instead I'll pay £50pm each and just switch when the deals end. The interest difference is negligable and they are both under 5k so should be OK on affordability. This means we start paying the mortgage in Jan 2017 which is flipping ages away :eek:
That will mean 5 years 4 Months to clear £138k on wages of around £3k pm and a family of five ,including a daughter who wants to go to uni possibly soon?

The car is silly move, but I'm still glad I've got it I couldn't wait another 7 years as I'd be too old to get in him :rotfl:

The car will be paid from by delaying the overpayments for one month and using some savings and birthday money I had left. Ins and tax all paid up £132.50 ins ((will be £80 ish next year if I join a mini club) and £145 tax (will be exempt in a few years).

So although we will be short at end of term now, I have allowed a bit more in budget of £800 pm plus £50 cash for me (otherwise known as sausage rolls on the way to school money ) plus I'm still saving £50 pm in premium bonds for emeregencies.

Wow this is turning into an essay, so new goals are to try and squeeze a bit extra to make small ops to the mortgage as and when we can , and try and up my income and reduce day to day costs.

We are currently overspending on:

Food - will go back to aldi and start meal planning better for the week ahead, also start making bread and baked snacks for the kids

Petrol- if Eric can get his mot this will be a big saving on the days he takes me to work rather than going in a seven seater !

Clothes- plan ahead for what the kids need and try and spread it out, stop buying anything for me , I'm too fat so don't need anything new until I'm thin

Holidays - the kids dont want to go away, we will see how centerparcs goes this year (already paid and have spending money) if its good maybe do a short break there early next July as the kids will have broken up early after exams so it will be cheaper everywhere hooray

Xmas - this year is 70% done already

Ditto birthdays

Upping my income - back to the surveys and a proper go at eBay

That's all I can think of so far!

Thanks ed, I am not intending on paying for everything, and if she does go I hope she gets in to a London one and can commute . But I'm not sure how it works really and whether she would need top up living expenses from us. I can't think about her going away,she has not even learnt to make her bed yet :rotfl:

If I was to help her out financially (a big if in our circumstances!) I would rather it was just for housing as its crazily expensive here. Two years ago my little brothers friend viewed a house a few doors along, 3 bed mid terrace needs modernisation, no extensions and a smaller garden than ours £190k. one in exactly the same condition and size has just gone up a couple of doors further for £325 k -it will sell as well as its bonkers here!

I prepped a roast dinner first thing and put a chicken in the sc , went out to get some farmveg and came back to find dh taking all three out for a 12pm fry up , am not amused , we have bacon etc.in the fridge plus its late ,plus I'm cooking.doesn't he know we have a mini to pay for

Hi aj hope you are well I wish we could afford to do that although even if we could we may need three if they all went to different uni's!

Dh has taken the car so I have to drive to work in Eric :eek: I shall go the much longer way through the lanes as I'm usually nose to tail in a jam all the way, and he's not as easy to drive as a new car (read that as his brakes are terrible!) I think he will go in for his not this week as I need to know what needs doing and cost.

Went to the farm shop yesterday £13 spent, it was expensive and of varying quality. I need to stay on budget this month so will be rummaging the freezers and far reaches of my messy kitchen cupboards.

Think I shall make a £1mortgage op today, I need to get into the swing of it all again , first target to hit £173 so I go under the £138k figure. All the little bits add up I guess , and more importantly it keeps the connection going with the small regular spending I do , ie. That coffee is more than today's mortgage op

Getting up to prep dinner now and start flyladying for the first time in a long while!

What a long day, dd had an a level exam today and had not slept for worry for the whole night before, its seems to have gone well though.

Big shop at aldi on the way home from work £76 , with my little brother and the apprentice tagging along like my overgrown children :rotfl:

Busy again tomorrow , work then picking up the kids up from mums, out for dinner with the girls for a birthday curry plus juggling dd going to a London theatre to see a show. She has been invited to an after show drinks party on thurs , but won't have seen the show so she is going up the night before with a friend to see it. Its a kind of a favour from a friend of a friend to try and get her work experience up there. She's braver than I was at 17, she doesn't know anyone there and is just going to mingle and observe.