Baby steps to mortgage freedom for beanielou.

Options
1…528529531533534…2158

Comments

  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Miscalulated & have paid a bit more than I intended :eek:
    My own fault.
    My sums dont get any better :eek:
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Sun_Addict
    Sun_Addict Posts: 21,474 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    Oh bother :(:(
    I get knocked down but I get up again (Chumbawamba, Tubthumping)
  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Sun_Addict wrote: »
    Oh bother :(:(

    Indeed :eek::o
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • System
    System Posts: 178,102 Community Admin
    Photogenic Name Dropper First Post
    Options
    Glad you are sorted with the money. Boo to paying too much, but it's to a good cause .
  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Cumbria_lass wrote: »
    Glad you are sorted with the money. Boo to paying too much, but it's to a good cause .

    It is indeed.
    I am only a bit stressed because of one of my conservatory windows has a big crack in it & it is dur to be replaced soon.
    I have left myself a bit short.:eek::o
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    Options
    What is the interest rate on the loan Beanie and are you sure you can overpay it with no penalties?

    What happens to your overpayments on the mortgage - do they reduce the term of the monthly payment? If the term, can you see if you could get them to change it to reducing the monthly payment? That way you could overpay the mortgage and get it down to a monthly payment of say £10 which you could let run till the end of the mortgage, so your mortgage would effectively be paid off but you wouldn't incur early redemption charges.

    In a side note, I am at my daughter's at present. Just looked out the window and the neighbour opposite has a life size cutout of Daniel O'Donnell looking out of a bedroom window right at me. It's rather disconcerting :eek::rotfl::eek:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    gallygirl wrote: »
    What is the interest rate on the loan Beanie and are you sure you can overpay it with no penalties?

    What happens to your overpayments on the mortgage - do they reduce the term of the monthly payment? If the term, can you see if you could get them to change it to reducing the monthly payment? That way you could overpay the mortgage and get it down to a monthly payment of say £10 which you could let run till the end of the mortgage, so your mortgage would effectively be paid off but you wouldn't incur early redemption charges.

    In a side note, I am at my daughter's at present. Just looked out the window and the neighbour opposite has a life size cutout of Daniel O'Donnell looking out of a bedroom window right at me. It's rather disconcerting :eek::rotfl::eek:


    :rotfl::rotfl:
    Thanks Gallygirl for replying.
    The interest rate on loan is 5.5%.
    I can overpay without penalty.

    op's on the mortgage reduce the monthly payment.
    This is my plan that all the OP's are reducing the monthly payments to a level which I am much more comfortable with to the end of the term. This should happen in October as my fix finishes in September. Then the mortgage will run to the end of term without any penalties. Hope this makes sense?
    Not as little as £10 unfortunatly but hoping for under £50.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    So flollowing on from above the current situation is short term pain for longer term gain.
    Again, I hope that makes sense.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • beanielou
    beanielou Posts: 90,574 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Then going forward my biggest worry is pesky house maintenence.
    The problem of a house which is an age where it needs money spent on it.
    Anyway, as long as it is mainly watertight that is the main thing.
    The consevatory is timber & even though I dont not PVC & much as I love it in the summer it is a pain.
    Anyway, it is what it is & things could be so so much worse.
    I have a family who love me even though I dont see DS as much as I would like.

    Thanks to all my lovely readers for your continued support even when I mess up. It means so much.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • milann
    milann Posts: 10,620 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    Options
    It makes perfect sense to me - here's to reduced payments :money::T
    January spends - £587.58
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.7K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards