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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,529Posts
    • 45,430Thanks
    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 364
    • greent
    • By greent 6th May 18, 7:44 AM
    • 7,596 Posts
    • 77,370 Thanks
    greent
    Sadly degrees are no guarantee of a well-paid career nowadays and I know of some graduates (2:1s, so not too shabby) who have shop jobs just to earn some money.

    Our DD is just coming up to the end of the 2nd year of her degree and is loving the life (and doing well) and is totally the 'right' thing for her to have done. She will, however, end up with over 50k of student debt at the end of it.... DS1 (assuming he goes and does what he wants) will end up with even more, as his is a 5-6 year course. I've seen some of DD's friends start apprenticeships and they are earning good money whilst working towards professional qualifications. (Not possible for all careers - not sure I'd want a pharmacist to be able to go down the apprenticeship route! )
    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) £7575.92/£7500
    Net sales 2018 £751.22/£1000 PAYDOX18 (#15) Done £18918.90
    • newgirly
    • By newgirly 6th May 18, 8:03 AM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Glad they are doing well greent It's a lot of debt but well worth it if you are working towards something you enjoy. Did they always lean towards what they are/will be doing?


    Did anyone see Martin Lewis on question time this week talking about student debt? Its surprising how many people don't know how it works- I spoke to parents waiting for appointments for college parents evening just a few weeks ago that did not know either how much uni fees were, that you only paid back over a certain earning threshold and my personal favourite comment was a guy (parent of a child who we have known years, quite intelligent, good job) who said his son will probably only pay for the first year or so and then fees will be abolished when Corbin is prime minster and immediately removes all costs, so he's not too worried..........
    MFW 21

    £77,580
    • newgirly
    • By newgirly 7th May 18, 3:12 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    [QUOTE=newgirly;70636818][QUOTE=newgirly;70261012]
    APRIL update!

    Start figures 2018:

    Mortgage £47,049
    Loan. £14,941

    Total at 1st Jan 2018: £61,990


    Total today :

    Mortgage. £38,275
    Loan £12,623



    Total today: £50,898



    Total reduction so far this year: £11,092

    Total April reduction :£1,466
    Originally posted by newgirly
    MFW 21

    £77,580
    • shangaijimmy
    • By shangaijimmy 7th May 18, 3:21 PM
    • 2,787 Posts
    • 13,970 Thanks
    shangaijimmy
    Great figures! Well done.
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • newgirly
    • By newgirly 7th May 18, 3:38 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Update finally done for April I decided to not hold back the kids birthday money this time and just op it and take I think out of julys money.

    I have exactly £400.42 left until June 3rd to live on (plus £300 put by to fix and decorate the log cabin sink hole ) so an early overspend as usual

    Time for some good old fashioned mse back to basics I think I feel a bit more back in the swing of things since oping the offset into the mortgage account.

    Plans for the rest of May:

    Resist eating out so much - have a friends leaving do as she's moving to Devon, other than that nothing planned.

    Cut out drinking sooooo much - this has built up lately, even though I'm on WW I'm managing to save a lot of points for booze

    Try and save a surplus from the £400, need a tank of petrol still unfortunately.

    Use the Cineworld passes at weeekends with dh as nights out rather then going for meals.

    Hi jimmy thanks for popping by!
    MFW 21

    £77,580
    • newgirly
    • By newgirly 8th May 18, 7:17 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Of course forgot I had a mortgage interview booked during work today, oops! Managed to whip through it without her needing my bra size this time

    Apparently now you HAVE to have advice offered when remortgaging, this is a new thing as far as I know. She did advise the exact same thing I was going for anyway :

    2 year fix 2.19% offset, maximum ops allowed up to 99% of starting balance when remortgaging, £0 fees.

    Seems the best plan really, a few hundred cheaper than going on their SVR and about £90 dearer than switching provider but no hassle involved.

    Spending today:

    £55 ish petrol

    £68 ish food

    Spending yesterday:

    £72 (before 12%tcb) for an Thames afternoon tea cruise for dds birthday - usual price £36pp so pleased with that after money off, voucher codes etc.

    The tea should come from the birthday budget but I've taken it out of the £400 for now.
    MFW 21

    £77,580
    • shangaijimmy
    • By shangaijimmy 8th May 18, 7:57 PM
    • 2,787 Posts
    • 13,970 Thanks
    shangaijimmy
    How new is that advice idea? We remortgaged last Jan 2017 and didn't need to do it. Though we did remortgage with the same provider.
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • newgirly
    • By newgirly 8th May 18, 8:04 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Hi jimmy, no idea but we have been with Chelsea since 2007 and usually can just change deal, maybe it's because we are interest only perhaps combined with tighter rules?
    MFW 21

    £77,580
    • CathT
    • By CathT 10th May 18, 7:06 AM
    • 5,812 Posts
    • 40,674 Thanks
    CathT
    When we had additional borrowing for our extension fd (existing provider) really grilled us. Glad you have managed to secure a deal though.

    What is the current plan for the mortgage and end date?
    Dec 2018 -
    part 1 - £73,558 part 2 - £44,554
    Total - £118,112 111 months to go!
    • newgirly
    • By newgirly 10th May 18, 3:48 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Hi Cath, the end date I'm hoping for is next June (2019) as the boys will still be 18 just about and that was always a target

    Absolute worst case scenario would be June 2020 i.e. the end of the two year fix, I really don't want that to happen though!

    Weigh in better than expected after a terrible week last week -1.5lb on Must do more exercise next week as this week I didn't feel too great and had a rest.


    Quite an mse day today, had best friend for round for a diet friendly lunch and will probably have swim later, house is spotless except for the top floor, just washing and ironing to do. Dh is at a gig tomorrow night and will hopefully be starting to repair the log cabin Sunday so it should be a really cheap weekend
    MFW 21

    £77,580
    • AlexLK
    • By AlexLK 10th May 18, 10:59 PM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    Brilliant figures despite all the spending, NG!

    Hi Alex, glad you are well

    It doesn't surprise me that you feel it's essential to get a degree, I guess if you know what you want to do then it may be somewhat easier to commit to further years and expense studying it. Personally I don't feel it's a worthwhile commitment to do just to have the experience of more independence away from home. Plus there's the fact that I don't get to decide and they both don't want to go.

    The boys are between them doing combinations of ICT/business studies/film. Ds2 didn't particularly enjoy those subjects and did change one subject, ds2 loved film.

    Dd loves uni and always wanted to go, being in central London meant not living away (way beyond what we could afford!) but she's met some very interesting people from all over the world, in fact she would probably disagree with my comment that it's not worth doing just for the experience!

    I think it's still possible to build a career without one, currently there has been a renewed interest in apprenticeships being promoted which I think are a great alternative and also from the other side useful to businesses too. Dh himself started at 15 straight from school as an apprentice and now owns the company (and lunched with the queen after winning business person of the year ) couldn't resist putting that in I've seen my own family build their own businesses without even higher education, but times do change and more people have them than years ago, in some jobs you will not get an interview without that as a minimum, I realise that.

    It's their choice in the end, it will be a case of fingers crossed it all works out It amazes me when I had three tiny exhausting children that I stupidly thought that by the time they were adults all my stresses about them would be gone, what was I thinking
    Originally posted by newgirly
    I'm good, thank you.

    Perhaps your sons' ought take a gap year? Gives them time to get some experience and decide if they wish to go to uni or not.
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • newgirly
    • By newgirly 11th May 18, 7:36 AM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Hi Alex, I've suggested that already and ds2 said he will think about it, ds1 has never wanted to go and is not for changing his mind....

    I totally understand if they don't know what they want to do, as long as they do SOMETHING while they think about it.


    The house is clean, just the washing and ironing to do and no plans for he next few days, I don't know what to do with myself I might have a look at cheap breaks for dh and I later in the year. I'm craving a week long Mediterranean cruise after feeling cheated out of last year's one by been ill the whole time, but that's a lot of money to spend so I'll look for something else.
    MFW 21

    £77,580
    • shangaijimmy
    • By shangaijimmy 11th May 18, 8:13 AM
    • 2,787 Posts
    • 13,970 Thanks
    shangaijimmy
    I'll throw my two-peneth in... I was adamant i didnt want to go to university,m but didn't rule it our altogether in the future. So i didn't go, and instead worked in a leisure centre and learned far more in those 2-3 years about communication, discipline and the potential future of levels of work than i would have an university. I then went to university whilst working at same leisure centre, finished that and got a good job offer due to some voluntary and seasonal work i was doing during school holidays. 12 months later i enrolled on a part time Masters course! So in the end i had 2 degrees, by 24 plus the continued experience of 7 years in employment. I am now an advocate of those degree apprenticeship schemes! All the while i had very strong parental support but with the same message as your are giving. Its fine not to go, but you have to do something. I was always aware that the minute i left full time education that i would need to start paying my way!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • newgirly
    • By newgirly 12th May 18, 11:05 AM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Thanks Jimmy, I'm so glad it all worked out well for you in the end Motivation is the key I guess in whatever you do, it sounds like you chose the right path at the time that was right for you. I really hope things work out as well for my lot!
    MFW 21

    £77,580
    • CathT
    • By CathT 12th May 18, 12:31 PM
    • 5,812 Posts
    • 40,674 Thanks
    CathT
    In theory then NG only one more year of being extremely frugal. Do you think you can hang on one more year? Will the feeling of being mortgage free get you through?
    Dec 2018 -
    part 1 - £73,558 part 2 - £44,554
    Total - £118,112 111 months to go!
    • newgirly
    • By newgirly 12th May 18, 2:39 PM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Hi cath, it should be enough to see me through but I doubt it will be

    I think we've done the bare minimum to see us through house wise - spent money on materials for dh to fix the log cabin and decorate it ready for summer so we can entertain in the garden, along with the new fridge freezer so we don't all die of food poisoning Eveything else is on hold until afterwards unless something breaks.

    Kids birthdays budgeted for, so now the only temptation is spending on breaks/holidays. After having one hot holiday since we got married in 1996 (except the cruise when I was ill last year) I do feel like we have a bit of catching up to do, combined with the fact that the kids will all be adults and allegedly sensible enough to leave alone

    So I think we will go away before it's paid off as missing a whole year if we don't have to save an extra month is probably not worth it in the scheme of things of us, that said whatever we do will have to be good value for money
    MFW 21

    £77,580
    • AlexLK
    • By AlexLK 12th May 18, 11:25 PM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    That's interesting, Jimmy. Also I think how one views university is very dependent on individual circumstances. To me it was an opportunity to be completely independent of parents, not have to go back in the holidays, enjoy having a house to myself, time to fully enjoy cars / driving / holidays in the UK and abroad / dating / drinking but not have to work on anything but a few essays. Undergrad years were some of the best of my life but it was all a bit empty in some ways.

    I can understand if you had parents like NG why it would not be so difficult to stay at home during those years, so think that is likely a big factor and why NG's children haven't run for the hills at the first opportunity.

    You're so close to the finish line now, NG. Holiday to celebrate being free of the mortgage rather than adding a month or two?
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • newgirly
    • By newgirly 13th May 18, 2:39 AM
    • 6,529 Posts
    • 45,430 Thanks
    newgirly
    Food for thought there Alex, I need to toughen up

    Funny what you should say about the holiday, I've wasted a lot of time tonight (woke up when boys came in late and can't get back to sleep!) looking at cruises and holidays. It seems unless you are lucky and get a cheap last minute one that fits with what you want, they are a LOT dearer than booking way in advance.

    We both fancy another week long cruise going to either the fjords or Italy, so I've kind of decided that a good idea would be to book one for next year after we are mf better prices and of course we can splash out on a balcony or even suite


    After doing a bit of research I think a two night break to Loch Lomond might be on the cards this year instead of a holiday. Midweek flights are £12.99, car hire £11 a day and I've spotted some good deals on a couple of nice hotels including dinner, we took Dd before we had the twins and loved it there. So hopefully costs that can be squeezed from the monthly budget instead of he mortgage.

    Will ask dh his thoughts in the morning on all this! Thanks though Alex, as in real life I've had friends and family all saying -go for it , book that holiday, you only live once etc.
    MFW 21

    £77,580
    • gallygirl
    • By gallygirl 14th May 18, 8:37 AM
    • 16,674 Posts
    • 110,010 Thanks
    gallygirl
    Will ask dh his thoughts in the morning on all this!
    Originally posted by newgirly
    Why? Does he actually get a say in it?
    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"
    • themadvix
    • By themadvix 14th May 18, 8:46 AM
    • 2,027 Posts
    • 11,629 Thanks
    themadvix
    I think you've probably made the decision now NG, but to add my tuppence worth, I'd agree with Alex and Cath - save it until after, otherwise there'll always be that temptation of 'just one more month'....

    And totally agree with Alex that you're a big softie with your kids!
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
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