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  • FIRST POST
    • beanielou
    • By beanielou 4th Nov 14, 2:19 PM
    • 56,138Posts
    • 226,896Thanks
    beanielou
    Baby steps to mortgage freedom for beanielou.
    • #1
    • 4th Nov 14, 2:19 PM
    Baby steps to mortgage freedom for beanielou. 4th Nov 14 at 2:19 PM
    My first thread on the MFW board!!
    My mortgage has 6 & 1/2 years left to run.
    My income seems to decrease more & more & it becomes more & and more of a challange to pay my hefty(to me) mortgage.
    I have managed an overpayment last month as I got some 's unexpectedly.
    My biggest fear is not being able to pay my mortgage & loosing my home.
    So I have decided that baby steps are the way forward~even a fiver or a tenner overpaid in a month is better than nothing.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
Page 265
    • beanielou
    • By beanielou 4th Aug 18, 1:32 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    You mentioned that you had a loan that you are currently paying, can you make OPs here without penalty or create a pot to clear early? From my time, many years ago, working in benefits, I believe that you are more likely to get even a little help with paying a mortgage rather than a loan so I'd say clearing the loan would increase your security. Hope this makes sense.
    Originally posted by in need of direction
    yes, it does make sense.
    No help now with paying a mortgage I believe.
    It is now a loan to be repaid when you sell the property or die.
    I think.

    But good idea on the loan.
    I had thought of that too.

    So I think I may do the following :-
    Pay the new emmergency fund ( ) to the mortgage before the fix is finished as it is not big enough to count as a capital repayment as such. Then pay the new monthly payment to end of the term.This should be a good bit lower than I am currently paying.
    Along side of that I will pay the difference in what I was OPing on the mortgage to the pesky loan.
    Clear as mud~~not.

    & breathe.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Karmacat
    • By Karmacat 4th Aug 18, 4:21 PM
    • 29,568 Posts
    • 170,151 Thanks
    Karmacat
    And don't forget beanie, a new deal is *really* expensive - the upfront charges add 15% or so to the cost of the loan. That applied to me when my mortgage was 40k or so. I stuck with SVR till I paid it off when I moved here.
    Retired August 2016
    • beanielou
    • By beanielou 4th Aug 18, 4:59 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    And don't forget beanie, a new deal is *really* expensive - the upfront charges add 15% or so to the cost of the loan. That applied to me when my mortgage was 40k or so. I stuck with SVR till I paid it off when I moved here.
    Originally posted by Karmacat
    I would not take out a new deal now Karmcat nor do I think they would give me one at this stage.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • doingitanyway
    • By doingitanyway 4th Aug 18, 8:23 PM
    • 3,229 Posts
    • 17,173 Thanks
    doingitanyway
    Can you keep back just a tiny amount of the bank windfall for yourself? Even a tiny emergency fund can help with how you fellowmen struggling financially...Just a thought...
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • Sun Addict
    • By Sun Addict 4th Aug 18, 8:38 PM
    • 5,979 Posts
    • 40,007 Thanks
    Sun Addict
    Glad TSB gave you some compensation

    Great that you only have a year to the end of the mortgage
    Virtual Sealed Pot 2018 376.59
    Debt 2240
    Weight loss 2/6LBS
    Emergency Fund 4000/10,000
    • beanielou
    • By beanielou 4th Aug 18, 8:49 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    TBH I really have no idea what I am going to do
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • in need of direction
    • By in need of direction 4th Aug 18, 9:57 PM
    • 5,194 Posts
    • 30,363 Thanks
    in need of direction
    and the obvious answer is "keep plodding!"
    Mortgage at 01.01.14 119,481.83 today 74,745.76, target 65,000 by 31/12/18 Offset fund today 297.27 target 5,500 by 31/12/18
    Emergency fund 860/5.5k & 200/200 cash.
    Weight 8 July 14st 4lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • beanielou
    • By beanielou 4th Aug 18, 9:58 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    and the obvious answer is "keep plodding!"
    Originally posted by in need of direction
    It is
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Karmacat
    • By Karmacat 4th Aug 18, 10:43 PM
    • 29,568 Posts
    • 170,151 Thanks
    Karmacat
    I like that
    Retired August 2016
    • Sun Addict
    • By Sun Addict 5th Aug 18, 7:26 AM
    • 5,979 Posts
    • 40,007 Thanks
    Sun Addict
    I think this was a tip on the MSE boards - if you get a windfall you should split it into 3: debt/savings/spend. Worth thinking about?
    Virtual Sealed Pot 2018 376.59
    Debt 2240
    Weight loss 2/6LBS
    Emergency Fund 4000/10,000
    • beanielou
    • By beanielou 5th Aug 18, 11:49 AM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    SA~~I like the spend bit
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Cumbria lass
    • By Cumbria lass 5th Aug 18, 6:25 PM
    • 2,041 Posts
    • 12,470 Thanks
    Cumbria lass
    Beanie all this talk of money , anybody would think the site was about money!

    I hope you manage to get your head round all your different scenarios and make an informed decision at the end.

    Am glad to hear TSB have paid up , so they should.
    • doingitanyway
    • By doingitanyway 5th Aug 18, 7:39 PM
    • 3,229 Posts
    • 17,173 Thanks
    doingitanyway
    A treat is in order from the little windfall surely? Just saying...
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • beanielou
    • By beanielou 5th Aug 18, 9:04 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    A treat is in order from the little windfall surely? Just saying...
    Originally posted by doingitanyway
    I have treated myself to a guzzler water bottle & cheapie pair of capri length leggings for yoga.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • beanielou
    • By beanielou 5th Aug 18, 9:07 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    Beanie all this talk of money , anybody would think the site was about money!

    I hope you manage to get your head round all your different scenarios and make an informed decision at the end.

    Am glad to hear TSB have paid up , so they should.
    Originally posted by Cumbria lass
    Still pondering


    Yes, the TSB have been a blooming pain.
    4 months it took for me to have my issues resolved.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • beanielou
    • By beanielou 5th Aug 18, 10:24 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    So In have paid all the money I received from TSBlooming B off the mortgage except the money I paid for the water guzzler.
    Maybe I should have kept more but it is done now.
    My thinking is that when my fix finishes in September the remaining balance will be lower & so will be the interest.
    I will then have a lower monthly payment but will pay the difference to the loan.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Karmacat
    • By Karmacat 5th Aug 18, 11:30 PM
    • 29,568 Posts
    • 170,151 Thanks
    Karmacat
    Just wanted to check up how you're doing before I went to bed. I'm glad for *your* sake you've made a decision, its behind you now. And its the safest decision you could make, to help you safeguard your home. If that lessens your worry and anxiety, then thats great. And you've figured out a bit of balance with the bits for yourself (very little bits, it has to be said!) and the extra payments to the loan.



    Sleep well, beanie xxx
    Retired August 2016
    • beanielou
    • By beanielou 6th Aug 18, 10:27 AM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    Just wanted to check up how you're doing before I went to bed. I'm glad for *your* sake you've made a decision, its behind you now. And its the safest decision you could make, to help you safeguard your home. If that lessens your worry and anxiety, then thats great. And you've figured out a bit of balance with the bits for yourself (very little bits, it has to be said!) and the extra payments to the loan.



    Sleep well, beanie xxx
    Originally posted by Karmacat
    Thanks Karmcat xxx
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • beanielou
    • By beanielou 6th Aug 18, 12:04 PM
    • 56,138 Posts
    • 226,896 Thanks
    beanielou
    It is very dreich & miserable here today.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • milann
    • By milann 6th Aug 18, 2:21 PM
    • 1,827 Posts
    • 8,580 Thanks
    milann
    I'm pleased you have made your decision - makes sense to me Beanie.
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