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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,445Posts
    • 44,839Thanks
    newgirly
    Pay off mortgage and start having fun!
    • #1
    • 15th Apr 10, 11:02 PM
    Pay off mortgage and start having fun! 15th Apr 10 at 11:02 PM
    I have been reading other peoples posts for a while,trying to get myself in the right frame of mind to start overpaying on the mortage.DH and I have a house worth about 220,000 with a mortgage of 159,000 although we only paid 120,000 for it (93,000 mortgage) to start. So as you can see we have been not so great in the past! Last year we also owed about 20,000 on credit cards which is now down to 10,000. I really want to get rid of the mortgage before our youngest turn 18, the twins are nearly 10 now. So any words of encouragement would be great, I need keeping on the straight and narrow.

    Xmas paid for by saving 1 a day minimum in a sealed tin, plus homemade/sale stuff.
    Birthdays now in monthly budget, plus extra vouchers earned

    I am taking part in the earn 2012 in 2012 challenge on the up your income board, so whatever earned from that will be split between op's and holidays fingers crossed.

    Budget from may 2012 onwards:

    income.................2092.00
    child benefit..........188.60
    child tax cr..............0 no longer!
    total....................2280.60

    mobiles x 2...........32.00
    tv licence..............12.37
    elec/gas................140.00
    water....................60.00
    council tax............125.83
    home insurance.......11.83
    pension..................21.90
    life ins....................15.17
    sky ........................21.00
    car tax....................15.83
    car ins.....................22.00
    car maintenance.........8.33
    petrol.......................60.00

    school dinners............48.00 (1 dinner/1 bacon sarnie each pw)
    pocket money.............20.00
    clothes.......................30.00
    birthdays....................50.00

    grocery.......................250.00
    (food/pets/cleaning)
    DH's money.................100.00
    0%cc ................................32.35
    mortgage interest.........425.00
    mortage overpayment....778.39


    money in: 2280.60
    money out:2280.60







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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 377
    • newgirly
    • By newgirly 22nd Sep 18, 6:03 PM
    • 6,445 Posts
    • 44,839 Thanks
    newgirly
    Hi mfd's thanks. I'm pretty sure we won't have to pay anything out for the phone but I think I'll keep cash in the offset just incase.

    I'm glad things improved so much for you both afterwards, it's good to know there is light at the end of the tunnel
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • wantabetterlife
    • By wantabetterlife 22nd Sep 18, 8:31 PM
    • 1,234 Posts
    • 5,592 Thanks
    wantabetterlife
    I agree with MFD...I think you should plan to do at least the kitchen and maybe the other smaller jobs could wait. You dont want the house to falling apart by the time you get the mortgage paid...hopefully the phone contract will work out and you could use the money you have set aside.
    Mortgage 177,750161215.88
    Overpayments 2016 2053.58 2017 #26 3417.70 2018 3797.21
    Daily interest 19.91 15.28 9.83
    BUY TO LET MORTGAGE 111408 109975 103395
    6.01% paid
    Saving 2520
    • newgirly
    • By newgirly 23rd Sep 18, 9:17 AM
    • 6,445 Posts
    • 44,839 Thanks
    newgirly
    Hi wantabetterlife thanks for popping by, I think that's what I'm leaning toward at the moment. There is 20k in the offset so I'm thinking could we stretch that enough to do the kitchen (its small- about 10x9ft without the lovely extension I was going to have )

    Plus the builder next door has always said he can get his guys to fit it which would work out cheaper, there may even be enough left to do some other bits around the house on a budget.

    I'm still not sure how much to make the new mortgage payments and I should just make a decision as it's payday tomorrow nothing has to be set in stone but there isnt really any reason not to have a plan. The mortgage ends in April 2022 and one thing I do know is that we now have no chance of being mortgage free by then!

    Plans for today :

    Recover from too much alcohol, we had my parents round for drinks and a meze/party food to watch strictly , well dad popped back after the first hour as he can't bear it

    Do the mountain of ironing

    Some washing

    Accounts

    Shop for cheap walking boots and possibly snow boots from dec@thlon - I'm going to be getting fitter walking with best friend and her dogs this winter,weather will not stop me!

    Find ancient waterproof ugly raincoat - see above

    Watch the bodyguard!
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
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