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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,282Posts
    • 43,367Thanks
    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 358
    • CathT
    • By CathT 3rd Mar 18, 10:13 AM
    • 5,549 Posts
    • 38,671 Thanks
    CathT
    Have you seen that image of how much sugar there is in a creme egg?

    Happy birthday for yesterday new girly, glad you had a good day.
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • newgirly
    • By newgirly 3rd Mar 18, 11:29 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    I have now cath that's ruined creme eggs for everyone now
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • smallholdingsister
    • By smallholdingsister 3rd Mar 18, 11:32 AM
    • 3,591 Posts
    • 30,128 Thanks
    smallholdingsister
    Nope. I'm good because I didn't look.
    • newgirly
    • By newgirly 3rd Mar 18, 11:46 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    DO NOT LOOK! ds2 says it can't be real as the pile of sugar is bigger than the egg
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • greent
    • By greent 4th Mar 18, 8:04 AM
    • 7,011 Posts
    • 71,597 Thanks
    greent
    I've looked - but I don't like crème eggs DS1 is the only one who does - and he's a skinny 17yo with hollow legs, so it doesn't really matter for him!

    10 Easter eggs and 6 L1ndt Easter bunny paws have been sat in the under-the-stairs cupboard for about 10 days now..... I'm not tempted - because they're not mine. If they were general store cupboard treats they would have gone by now - but specific things I can avoid (some twisted logic in my head! )

    Hope you got the Pand0ra stuff, ng
    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 4th Mar 18, 9:07 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    I have asked best friend which of her kids she would like to go without eggs this year as I've eaten them well done for resisting! Could get the pandora stuff in store so will order online today.

    Dinner out last night in what can only be described as the most "Essex" restaurant I've ever been to, many very dolled up loud older ladies! food was great but £££ and sadly no dancing, but a good night.

    Celebrations continue today with a roast dinner round mum and dads, this is a rare occourance now sadly as it is amazing, especially dads homemade veggie stuffing.
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • Kittenkirst
    • By Kittenkirst 4th Mar 18, 9:56 AM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Happy birthday NG- a roast dinner on a day like today does sound just wonderful! Stuffing mmmmm.....!

    I!!!8217;m putting off getting any easier eggs as I cannot be trusted not to scoff the lot in a moment of weakness!
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • XSpender
    • By XSpender 4th Mar 18, 10:31 AM
    • 2,969 Posts
    • 30,623 Thanks
    XSpender
    Happy birthday!

    I've bought some mini eggs for cake decorating, I will be amazed if they make it to the top of the cakes.
    Action Plan Part 1 - Clear First 3 Balances
    Target Debt Lloyds (Me) Part 1 £666.22/£0
    Target Debt Virgin (Me) Part 1 £1176.49/£0
    Target Debt Virgin (Me) Part 2 £1038/£995
    Big black hole of debt - £53,515.15 @ 16.12.17 £52,811.64 @ 28.02.18, £50,638.77 @ 28.03.18, £49,778.78 @ 20.04.18, £46,093.32 @ 18.05.18
    • CathT
    • By CathT 4th Mar 18, 12:34 PM
    • 5,549 Posts
    • 38,671 Thanks
    CathT
    We are having a rare roast today. It is definitely the weather for it.

    No Easter eggs purchased yet. I am still in trouble for eating two of dd chocolate bars and need to remove temptation!
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • newgirly
    • By newgirly 5th Mar 18, 8:15 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    Thanks for the birthday wishes

    Roast dinner was lovely, but I have had soooo much alcohol this weekend my "birthday week" continues with a curry Wednesday night and an afternoon tea on Friday, I know how to stretch out a birthday

    I've switched gas/electric suppliers and have just noticed the old provider has taken another direct debit when I've already left but not got got the final bill yet, its upset the very delicate (skint!) nature of this months budget , I'm really hoping most of it gets refunded back eventually although with the recent weather I'm not so convinced!

    Ordered some charms for dds birthday with 6% cashback and a free pair of earrings
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • newgirly
    • By newgirly 5th Mar 18, 9:55 PM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    Not happy today, ovo took another payment after our supply ended as they have not created a final statement, so now they have nearly £230 of our money and it will take 4-6 weeks plus another week for the refund. It's more of an irritation for us but in years gone by it would have meant a real shortage of food
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • AlexLK
    • By AlexLK 5th Mar 18, 10:24 PM
    • 6,066 Posts
    • 32,097 Thanks
    AlexLK
    Happy belated birthday, NG.
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • themadvix
    • By themadvix 6th Mar 18, 8:54 AM
    • 1,668 Posts
    • 9,726 Thanks
    themadvix
    Belated happy birthday from me too NG! And I totally approve of stringing out your birthday for as long as possible!
    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 9th Mar 18, 11:29 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    Thanks vix

    Been a busy week, I've eaten and drunk soooo much off for an afternoon tea in a couple of hours too.

    I've put on about 3 lb in the last few weeks which is not surprising. After chatting with best friend yesterday we have both cancelled weightwatchers and joined the gym we used to go to instead. The plan was this originally but when we hit goal weight, as nothing has been happening we thought a change would be good. Total cost pm will be an extra £15 which is pretty good, I'm looking forward to going swimming again
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • newgirly
    • By newgirly 9th Mar 18, 11:30 PM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    I have an enforced late night tonight, ds1 is at morrissey gig and ds2 has snuck in the local pub with his older friends. Hopefully they both won't be too late....

    In the meantime I've been pondering the best course of action re the mortgage and switching deal. The estimated balance left when the deal ends in July is about £25,915 if we stick ridgidly to the plan. We are hoping to pay that off in 9 months although 11 is more realistic.

    It makes it not worth while to change provider really, but staying on an offset will mean a rate of 2.3% (unless it goes up by then!) plus a minimum term of two years, although we can leave a small amount as a float until the term ends.

    I'm just thinking perhaps it would be better to get a 25k loan for the last part, currently rates are 2.8 with a possibility of 2.3 from a nationwide price undercutting offer. More importantly though I could do some 0% cc transfers.

    It would save a bit of cash but wouldn't shorten term, but it would be nice to not have to sign up for another 2 years for a new mortgage deal when we plan to clear it quicker. SVR is not an option for the remainder as it's 4.99%.

    I'm also wondering if it's a good thing to NOT have the facility to keep the mortgage account running - less temptation to not pay it off
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 10th Mar 18, 6:57 AM
    • 1,334 Posts
    • 6,202 Thanks
    wishingthemortgaheaway
    I know someone who's fixed rate mortgage ended and put the remainder on 0% cards. They must have had a slightly lower balance than yours though. (Maybe just less than £20k) it really worked for them.
    Maybe just a 'normal' loan would be best.
    I hope you get it sorted. Svr rates are starting to worry me, but we're going to do another 2 year fix with the same lender come July. (Don't think we'll get as good a deal as we're on now, but hopefully the overpaying I've done will mean the actual repayments will be similar)
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • gallygirl
    • By gallygirl 10th Mar 18, 9:39 AM
    • 16,589 Posts
    • 109,553 Thanks
    gallygirl
    You might probably struggle to remortgage to a decent rate anyway NG - don't some have a minimum amount they will lend?

    My first house cost 24k .
    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"
    • newgirly
    • By newgirly 10th Mar 18, 10:02 AM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    Hi wishing, I'm sure our svr with Chelsea is higher than usual! Things are defiantly creeping upwards, I hope you get a good deal sorted for July

    Hi GG, yes they do usually about 30k I think? 24k

    Stressful night, ds2 out, ds1 comes home from gig and gets Lift by me to friends with ds2 at 12.30 they say they will stay overnight , 3am ds2 comes home, 3.10 am ds1 comes home. 7am dh alarm goes off even though he promised (for the 3rd time this week!) it was off. Divorce may now be on the cards as he is the one cross

    Today's plans are sulking with intermittentent moaning, a vast pile of ironing -perhaps shoulder height if it would stay upright. Then a reunion night out with all the girls who went to Italy I had asked dh for a lift but am so annoyed I may have to pay for an uber to spite him I'm sure he would like that mind!
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • daisy 1571
    • By daisy 1571 10th Mar 18, 10:26 AM
    • 273 Posts
    • 3,378 Thanks
    daisy 1571
    Morning ng

    Clearing the mortgage with loans does appear to make perfect sense. You get the joy of technically paying off mortgage this year and as long as having the large loans doesn't lead to a gay spree of spend, spend, spend (cos psychologically you 'don't have a mortgage yipee)', then it will be cleared. If you can trust yourselves to walk past the travel agent/cruise shop, keep off right move and away from classic car sites just to keep temptation away until you get the loan cleared then it sounds like a good plan to go for it

    LOVE your plan for today - sulking with intermittent moaning
    Daisy xx
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • newgirly
    • By newgirly 10th Mar 18, 3:06 PM
    • 6,282 Posts
    • 43,367 Thanks
    newgirly
    Cheers Daisy, temptation is always a problem

    Dh has gone to visit his parents so no moaning today for me! The loan had been applied for and accepted it may have been better to wait until nearer July but with rates so low (2.8 accepted and possibility to load onto 0% cc and /or nationwide 2.3 loan rate once accepted for the 2.8 % one ) hope that makes sense I thought why not do it now.

    Challenge is on to clear the final mortgage balance one month after the deal end date , i.e. August that means finding £447 pm for the new loan whilst paying off £15,818 from march until August pressure on

    Once the new lloan comes through I'll start applying for 0% ccs , what fun will I have juggling all the strange awkward payments for all this , I shall be in heaven
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
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