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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,273Posts
    • 43,335Thanks
    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







    This Forum Tip was included in MoneySavingExpert's weekly email

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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 322
    • Moneyfordreams
    • By Moneyfordreams 21st Apr 17, 9:32 AM
    • 948 Posts
    • 4,669 Thanks
    Moneyfordreams
    i'm doing the opposite NG, I'm looking at cheaper houses for DD1 and thinking mmmm if only I can be mortgage free, I can save holidays, retirement, fun... My house won't sell easily, so I can't be bothered with the viewings only to be let down again..

    As ever your diary makes me smile and is a roller coaster, I'm excited to find out which way you choose
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • LadyGnome
    • By LadyGnome 21st Apr 17, 9:39 AM
    • 453 Posts
    • 1,678 Thanks
    LadyGnome
    It all sounds very exciting. As I see it it, it is a question of quality of life.
    What would bring you the best quality of life?
    Paying off the mortgage and staying where you are?
    or
    Buying the bigger house and having a mortgage for longer?


    From what you are saying having more space for the children is likely to be important for quite some time so having a mortgage for longer seems less of a problem.


    Sorry about the wait for the mini
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
    • newgirly
    • By newgirly 21st Apr 17, 2:02 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Thanks guys

    I've spoken with the accountant and it turns out we did have dividend payment three years ago (we bought shares with it so we didn't get the cash) that hopefully helps , I'm currently trying to get hold advisor before It goes to the underwriters.
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • newgirly
    • By newgirly 21st Apr 17, 6:39 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    AIP is ok we requested 235 which should hopefully be a fair bit over what we need , they have set a limit of 227.

    Also realised when doing a projection for clearing the new mortgage that I'd included clearing the work loan (21k) but not remembered the payments work will reimburse us for so an extra 21k , so more time off the term.

    But far more exciting than that is some fabulous news (for me anyway!) !!!373;e have tickets to see queen and Adam Lambert again in December I can't say how happy this makes both me and Dd it was a bit hairy though as they sold out straight away, my mum rang to say they had them on viagogo for 100 - I agreed to that , checked with best friend who is coming too and she said fine, next minute mum says they are now 150 I kind of debated for a couple of seconds and in the mean time she bought them luckily best friend is fine with that and money is not an issue, but it seems a lot!!

    I see it not only as one of the best nights out ever, along with my Dd, mum and best friend , but also the next 8 months of thinking about going , so well worth it

    To celebrate this momentous day I will be eating curry and drinking wine
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • EatingTheElephant
    • By EatingTheElephant 22nd Apr 17, 7:58 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    Lots of exciting news! We found getting the AIP was a really big hurdle as company directors, so a lot of the hard work is done. Have you booked a viewing now?
    • newgirly
    • By newgirly 22nd Apr 17, 8:58 AM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Hi, yes it's 3.30 today
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • Muser1
    • By Muser1 22nd Apr 17, 11:41 AM
    • 756 Posts
    • 4,102 Thanks
    Muser1
    Good luck NG! So excited for you
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • LadyGnome
    • By LadyGnome 22nd Apr 17, 5:41 PM
    • 453 Posts
    • 1,678 Thanks
    LadyGnome
    Hope it went well.
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
    • newgirly
    • By newgirly 22nd Apr 17, 7:43 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Well we have been to see the house, it was disappointing to be honest, it didn't look as big as in the photos downstairs and the through lounge and dining room was dark. The stairs were narrow and steep. The upstairs had 5 big bedrooms and lovely bathrooms so that was good, the garden needed a lot of work and the garage was in a horrendous state, the whole house was grubby and needed basically everything doing, flooring, plastering over artex etc.

    Not what I expected, although clearly value for money, I think that adding that much to your mortgage warrants a house you walk in and fall in love with.

    Dh liked it and thinks it would be better for us to be in a bigger house like that, but he also didn't love it. Realistically we can't afford any house nearby even close to that size. I took mum too and she and Dd both didn't like the feel of the house ds1 didn't come as he was busy , but ds2 did and he liked it.

    All in all it looks like a no and a waste of energy on the plus side we now know that we can get a mortgage if we ever want to, that's quite a nice feeling to have even if a bit pointless at the moment.
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • Moneyfordreams
    • By Moneyfordreams 22nd Apr 17, 10:24 PM
    • 948 Posts
    • 4,669 Thanks
    Moneyfordreams
    Aw sorry to hear that, but hey back to plan abcdefg x
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • AlexLK
    • By AlexLK 22nd Apr 17, 10:57 PM
    • 6,066 Posts
    • 32,095 Thanks
    AlexLK
    I'd expect to do all that work to a house anyway, to be honest NG.
    2018 totals:
    Savings 7,600
    Mortgage Overpayments 1,750
    • newgirly
    • By newgirly 23rd Apr 17, 7:30 AM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Aw sorry to hear that, but hey back to plan abcdefg x
    Originally posted by Moneyfordreams
    .

    probably up to about x or y now

    Alex I agree, but the house just didn't feel right, even if all nice and finished it would still be a bit dark, it felt less spacious than ours downstairs, and it was already mostly painted white which should have helped.
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • newgirly
    • By newgirly 23rd Apr 17, 7:24 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    just checked the account to see how bad I've been this month, not good!

    I must admit the thought of moving and taking out a big mortgage has resulted in an "it doesn't matter for this month" feeling So an Indian takeaway for six of us and a new coat, plus a very large shop at mr t this weekend has done some damage, on top of the already naughty month.

    I can balance it out over the term but upping the payments a bit, but I shouldn't go doing that again is I want to stick to the plan.

    It's been a fairly reckless weekend in other ways too, I've done hardly and chores, have over eaten, plus I've not don't the packing for our two nights away in York later I still week, well actually I need to wash before I can pack.

    Sometimes it's hard to get motivated, hopefully normal business will be resumed tomorrow, for now I'm drinking wine and waiting for in the line of duty to come on
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • LadyGnome
    • By LadyGnome 23rd Apr 17, 9:31 PM
    • 453 Posts
    • 1,678 Thanks
    LadyGnome
    We all need a break from the disciplined approach every now and then.
    Sorry the house didn't work out but at least it you were able to consider it, a couple of years ago you couldn't have even thought about it.
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
    • newgirly
    • By newgirly 24th Apr 17, 7:37 AM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Thanks Ladygnome I'm sure I will still be on rightmove constantly whatever happens

    To do list:

    Do all washing

    Iron what's already dry

    Pack

    Pay off loan

    Update last and this months figures

    Make spag Bol for tonight

    Make veggie lasagne for later in week

    Go out with mum and aunt for coffee and return a couple of items

    Draw cash for kids pocket money and our trip

    Payday so do the money shuffle
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • CathT
    • By CathT 24th Apr 17, 7:51 AM
    • 5,544 Posts
    • 38,655 Thanks
    CathT
    Has the viewing helped you put things in perspective? I guess living in such an expensive area complicates things for you as even though you have older teens they will be with you for a while. I really feel for FTB's especially those down South.
    May 2018 -
    part 1 - 77,906
    part 2 - 45,391
    Total - 123,297
    • themadvix
    • By themadvix 24th Apr 17, 2:21 PM
    • 1,661 Posts
    • 9,669 Thanks
    themadvix
    Sorry it wasn't what you were looking for NG, but at least you looked so you weren't left wondering 'what if...'.
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • newgirly
    • By newgirly 24th Apr 17, 7:10 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Hi cath, the viewing has helped as its made me go further into seeing of we can get a mortgage again, that alone is stranglely a bit of a comfort as if we ever get desperate and need to move we can

    Thanks the madvix, I can be a worrier always questioning what choices we make, it's always best to not wonder I suppose!
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • newgirly
    • By newgirly 26th Apr 17, 5:43 PM
    • 6,273 Posts
    • 43,335 Thanks
    newgirly
    Nearly sorted for the trip away tomorrow, I found out yesterday that is parents evening at college tomorrow night I had not seen the email from Friday telling us , although to be fair it's very late notice anyway. I've emailed then tutors to reschedule or have a phone/email update and so far two have kindly rung up, does make me feel like a rubbish parent though, compounded by it being double the amount of neglect with twins!

    Only jobs left to do are vacuuming, cleaning the bathrooms and kitchen and doing dinner, we are off before 6am tomorrow as we are going by train from kings cross (platform 9 & 3/4 hopefully ) I have left lists of instructions for he kids and cash for a dominoes lunch deal and fish and chips for the other evening, a couple of days junk won't hurt
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • LadyGnome
    • By LadyGnome 26th Apr 17, 5:46 PM
    • 453 Posts
    • 1,678 Thanks
    LadyGnome
    Have a lovely break
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
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