Lulabelle's MFW Diary

Thanks for the encouragement Twiddy and for the calculator....

If I o/p by £499 per month on the smaller mortgage, then this should be paid off in around 5 years.
If I o/p by just the £125 (which they auto take by DDM) on the larger mortgage, then this will not be paid off for approx 12 years.

So, I need to find ways to increase the £125 payment as I was really hoping to have this one paid off quicker too.

Open to money saving suggestions, but to spending hours doing surveys etc as already too busy!!

lvm wrote: »

Hey Lulabelle!

Good luck on your new MFW adventure.

Just a little thought though - are you able to overpay on Mortgage No 1? The interest rate on No 2 is so low that you can probably get savings elsewhere. If possible, you should put that payment back down to the minimum possible and stick the other £125 to No 1. If you can't overpay on No 1 then you could probably find a savings account (do you have an ISA or regular saver?) that pays more interest.

Hi there.

Mortgage 1 is on a fixed rate until next Summer, unfortunately the most I can o/p is £500 per month, which I have been doing for some time. I thought I would continue to do this until this one reverts to the BMR too.

Mortgage 2 - this is currently on a fixed rate and then reverts to BMR next month, so rather than paying a reduced payment, I figured that I would keep it at the £650 as I'm used to paying this amount each month.

I hear what you are saying about savings. I guess any additional money over the £625 that I was able to overpay would be better invested elsewhere......? It brings me back to some old thinking which was is it better to save or overpay the mortgage....?

I have a little bit in savings, but just in a regular account that gives me zilch interest, there's approx £4,000 in there, but some of it is earmarked for next years holiday, christmas etc etc.

Hmmm, you've got me thinking now!!

Austerity measures have started, beans on toast for my lunch today, lol!

I've been going to Aldi first followed immediately by a trip to Tesco to get the remaining items. Unfortunately, DH seems to make trips to Sainsburys every day and always ends up buying "extras"......

I'm realising that I need to get DH on side if this is ever going to work. I'm the main income provider for the family and sometimes feel really fed up when I try and be good with the money and then DH doesn't seem to have the same kind of concern. He hasn't got a clue about our outgoings, he has no interest. he does his part time job and then spends most of his time playing with the kids or going out biking (his expensive hobby which drives me insane)..... rant over, for now!