Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,273Posts
    • 43,337Thanks
    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

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 333
    • newgirly
    • By newgirly 20th Jul 17, 2:36 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Just googled the 54321 packing thingy - fab idea

    Sorry the holiday has been put back kittenkirst, can you do a cheap weekend away to tide you over?



    I have parking rage again today, I've leftt my 2nd note in 2 weeks, this one is half hanging over the drive. Why are people so selfish?

    Anyway aside from parking rage it's been a relaxing day, im watching beauty and the beast with ds2 and Dd. About to go through the finances and asses the damage
    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 Jul 17, 11:35 AM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    WW weigh in last night 1lb off , could be worse I guess

    Just had a look at the finances and have set up a standing order to op the mortgage, starting 25th July and ending 25th April 2019 £2181.44 plus the usual interest payment of £198.12.

    I've worked out that an extra op for £111 per month will knock another month off that 22 month term, so that will be a little challenge to do as well.

    It allows £800 for spending on the cc and £200 pm cash for the moment, plus £200 pm savings for the kids birthdays next year (big ones x3!) and Xmas next year as this year is already covered with money I've put by in premium bonds for it.


    Flights have been paid for out of this month £345 and I'm going to save the £200 pm cash for three months. I've no idea how much I need to take, but I think it will be a lot!

    Just need to find this months £111 from somewhere to make that extra op
    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
    • greent
    • By greent 21st Jul 17, 4:03 PM
    • 7,010 Posts
    • 71,580 Thanks
    greent
    Ahh - you can do it ng - I did a week in Malta with just hand luggage - including 7 pairs of shoes - most of which were heels/ wedges, as it was an adult only holiday Konmari folding helps x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • newgirly
    • By newgirly 21st Jul 17, 7:31 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    A week with hand luggage? I struggled doing a week with a large hold case !!!128516; Impressive greent!

    Our house is now 'structurally unstable' due to the old useless builder removing a main joist. It's being rectified tomorrow thank goodness, I really can't believe how bad they were. It's going to hold every thing up again, the sewage pipe is wrong too , floor levels, basically everything. New builders are getting us a macerator toilet now, over £600 but they are getting it cost price. It was either that or swap the rooms back as they were.

    Dad (who is paying) hasn't said much really, I think he must feel a bit embarrassed by the situation. It's put me off having work done for a while that's for sure!
    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
    • FloppyDisk
    • By FloppyDisk 21st Jul 17, 7:56 PM
    • 629 Posts
    • 4,223 Thanks
    FloppyDisk
    Crumbs, is this builder going to get a strongly worded letter or a trip to court over his shoddy work?

    Mortgage- £417,249
    BTL- £162,915

    • greent
    • By greent 22nd Jul 17, 7:46 AM
    • 7,010 Posts
    • 71,580 Thanks
    greent
    Urgh! Nightmare! at least you have someone on the case now - and your house isn't going to fall down - which is rather important! x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • Moneyfordreams
    • By Moneyfordreams 22nd Jul 17, 7:55 AM
    • 949 Posts
    • 4,674 Thanks
    Moneyfordreams
    Hope the builders sort things for you quickly. I'm glad to hear you are going with your friends. life's too short to miss out on
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • newgirly
    • By newgirly 22nd Jul 17, 8:41 AM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    No idea what will happen with the old builder, I'm going to leave it up to my dad to decide.

    I have a pretty bad hangover, too much wine at the girls trip to Tuscany planning dinner, I am NEVER drinking again

    Lots to do today, I really don't want to move from the sofa right now but will have to at some point.

    I need to:

    Buy two birthday cakes

    A couple of balloons, cards and paper

    Do a ton of washing

    Ditto ironing , there is a huge back log

    Clean all the dust -again

    Buy drink to take to mums

    Buy fil a birthday present and visit the inlaws

    Go to mums tonight for a family curry night for the boys birthdays - I really need to perk up before this!
    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 Jul 17, 8:29 AM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    I managed to get all of the list completed yesterday except the washing and ironing done -the biggest jobs.

    It's the boys birthdays tomorrow so I've got some wrapping to do, I'm not actually sure what the are doing with us, ds1 appears to have arranged a whole day and evening with his friends, hopefully he will squeeze us in at some point!

    So behind with updating figures on here, will try and do it all later (if there has been anything actually paid off lately )

    The owner of the building/ maintenance company had a chat with dh yesterday, dh had told him we basically need to do up most of our house and he said he will do it for cost price with his staff when they have a quiet period and all materials at a big discount , apparently they use fairly high end supplier and get a discount of 70% ish off brochure prices , which is where most of the companies profit is made.

    It's really good to know and we will use them in the future, dh is the sort that will always chat to anyone and help them as much as possible, it's worked in our favour this time! All those times he's made stuff for free, let them park in his space, helped carry materials on when they don't have enough staff , have paid off
    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 24th Jul 17, 11:28 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    [QUOTE=newgirly;71001360][QUOTE=newgirly;70636818][QUOTE=newgirly;70261012][QUOTE=newgirly;70162335]JULY update!

    Start figures:

    Mortgage £58,613

    Loan. £21,773

    Total at Jan 1st £ 80,386


    As at today:

    Mortgage £48,846

    Loan. £17,246

    Total today; £66,122


    Total reduction so far this year: £14,264

    Total reduction may/June /July £3,390

    Plus £1000 put into premium bonds

    Terrible ops the last three months

    Main reasons for such low ops are the cruise we went on (unexpectedly) along with the flights to Tuscany I've just booked, a lack of birthday savings for the kids. Plus general overpsemding by me really.

    Must do better!

    I've overpaid the extra £111 today to aim towards knocking the term from 22 to 21 months , well actually 21 to 20 as of tomorrow, if I can manage to do it every month that is

    Of the £150 I was trying to stretch on food until te 3rd August, I've £71.20 left which is not too bad.
    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 27th Jul 17, 10:43 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Had a great unplanned night out with dd last night, it started at the cocktail bar up the road, then the pub, then Prezzo, then the ice cream diner where she works. End result too much ££ spent and 3 lbs on this week well actually 2.1 but it's rounded up.

    I'm not surprised as I've not felt in the mood at all, and have had lots of naughty food as it was the boys birthdays.
    Still back on track now, I've been under the points today and will go for a walk tomorrow.
    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 30th Jul 17, 11:00 AM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Still plodding on with the bathroom switch over, all tiles, toilet and shower etc. fitted etc. Just decorating and lots of bits and bobs to fit and finish. They are now back at their proper booked in work so it will be done weekends One has unexpectedly turned up today to get ds1's room finished so he MAY be able to move on tonight fingers crossed

    Just been writing a list of expenses for the rest of this year. It's not very mse

    We have a 4 night cruise booked for November (booked well over a year ago and already paid for) but petrol to Southampton, cruise parking and spending money are not.

    One night in a very posh hotel in bury st Edmonds the same week with best friend and her dh. - it will be eating out and cocktails for two days!

    Spending money for the girls holiday in Tuscany

    Xmas day out with best friend in December - breakfast , lunch , dinner, cocktails , show

    Xmas presents

    Proms in he park day out , coach, food , booze

    Dhs birthday, not budgetted for - present and meal out and drinks with friends from work ive organised as a surprise



    We have £1000 in premium bonds for this lot which will not touch the sides

    I think realistically ive set my budget too tight and unless I cut out some of these expenses (whuch I don't really want to!) we will end up dipping into the mortgage ops. That is really not motivating.

    I have been messing about with my budget for months now and am still not happy with it, I can't seem to find the right balance between oping to get rid of it asap and spending.

    I think it may be we are near to the end now and I more secure to spend a bit more and do more. Having a mortgage of under £50k seemed a million miles away when I joined in 2010 we have got it down from close to £180k and have had a loft conversion of over £30k too, although we have have a lump sum from my parents of £60 k which made a massive difference, it's still been hard though.

    Today is the day to properly set a budget so I stop stressing over it am done swapping whatever I decide to do!

    As the term is under 2years now (hopefully!) it's reasonable to set a long term budget for that length of time too, including all the dearer things we may end up doing and I don't want to budget for monthly to keep the term shorter- driving lessons, summer holiday etc.

    Wish me luck
    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
    • Firegirl
    • By Firegirl 31st Jul 17, 3:59 PM
    • 726 Posts
    • 2,956 Thanks
    Firegirl
    Your July update looks great! Look at the amount you have reduced your mortgage. Well done!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £191, 098
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • newgirly
    • By newgirly 31st Jul 17, 7:28 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Very kind firegirl thank you

    Plans underway, being the Luddite I am its scribbles on an A4 pad hopefully back soon with a fabulous -not to be changed again- plan
    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 1st Aug 17, 7:23 AM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Mortgage term plan not finished yet -too many things to budget for but as it's the 1st today, it seems a good time to set a grocery budget challenge :

    £400 for August , its a tight one but Dd and her bf have beeen staying at his most of the time lately due to the building work, plus I'm now shopping almost fully at Lidl and Aldi, plus of course I'm eating less on WW
    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 1st Aug 17, 7:28 AM
    • 949 Posts
    • 4,674 Thanks
    Moneyfordreams
    How long have you officially got left on your mortgage term? is it a few years? can you relax a bit? And plan to enjoy your trips and not worry about them? Easier said than done I guess.
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • CathT
    • By CathT 1st Aug 17, 9:41 AM
    • 5,546 Posts
    • 38,657 Thanks
    CathT
    Could you set a plan a, b and c with a bit more wiggle room in plans b and c. Then at least you have the original target to try and hit but the fallback of achieving the other plans. Yes it will feel amazing and you'll be in a great financial position to be mortgage free in two years but your children are at the age of expensive milestones. Yes you were gifted a wonderful sum of money to help you on your way but you now have the choice to slow down a bit due to the mammoth overpayments and sacrifices you have made up to this point.
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • newgirly
    • By newgirly 1st Aug 17, 9:56 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    Hi moneyfordreams, the official end date is April 2022 ( 4 years 9 months) is still not bad going I know as when we started in 2010 the term was at about 33 years I believe.

    Hi Cath, it's just become such a habit trying to get it cleared asap. Last year when we got the extra money I really thought I'd go and splurge on something but it didn't happen. I think I'm making up for it this year instead Dh is so easy going (or uninterested....) in the finances so it's up to me, I'm not good at sticking at things usually so it's a miracle I'm still here seven years later

    Your idea of different plans is a great one!

    I feel like one of the plans should be a "worse case scenario" which has to be the mortgage going to term -4 years 9 months I've brought my laptop , iPad, notebooks to bed with me tonight to get a bit of peace and quiet and go through some scenarios.
    Last edited by newgirly; 01-08-2017 at 10:19 PM.
    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 3rd Aug 17, 11:29 AM
    • 5,546 Posts
    • 38,657 Thanks
    CathT
    How are the plans going?
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • newgirly
    • By newgirly 3rd Aug 17, 6:04 PM
    • 6,273 Posts
    • 43,337 Thanks
    newgirly
    About to start now cath, although have to go to WW for weigh in soon, last night was a wash out (literally!) as the boys had friends round for a poker night which was noisy , messy and the rain meant it was held downstairs instead of the garden.
    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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,726Posts Today

7,767Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin