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  • FIRST POST
    • beanielou
    • By beanielou 4th Nov 14, 2:19 PM
    • 56,269Posts
    • 227,662Thanks
    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 266
    • milann
    • By milann 6th Aug 18, 4:06 PM
    • 1,836 Posts
    • 8,638 Thanks
    milann
    Thought I'd replied Beanie but can't see it anywhere.

    I'm pleased you've decided what to do about your mortgage. When the time comes you'll have to decide whether the premium is more than you'd save by paying it early - otherwise I'd pay the loan and for your peace of mind get an emergency fund together again so that you have enough to get you by.... If that makes sense.

    Started off very dull here but still very warm....
    • beanielou
    • By beanielou 6th Aug 18, 5:51 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    I'm pleased you have made your decision - makes sense to me Beanie.
    Originally posted by milann
    Am hoping it is the right one!
    Anyway it is done now & that's it.
    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 7th Aug 18, 6:50 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Miscalulated & have paid a bit more than I intended
    My own fault.
    My sums dont get any better
    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
    • Sun Addict
    • By Sun Addict 7th Aug 18, 8:40 PM
    • 6,011 Posts
    • 40,283 Thanks
    Sun Addict
    Oh bother
    Virtual Sealed Pot 2018 376.59
    Debt 2240
    Weight loss 2/6LBS
    Emergency Fund 4000/10,000
    • beanielou
    • By beanielou 7th Aug 18, 9:22 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Oh bother
    Originally posted by Sun Addict
    Indeed
    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 7th Aug 18, 10:15 PM
    • 2,063 Posts
    • 12,612 Thanks
    Cumbria lass
    Glad you are sorted with the money. Boo to paying too much, but it's to a good cause .
    • beanielou
    • By beanielou 7th Aug 18, 10:20 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Glad you are sorted with the money. Boo to paying too much, but it's to a good cause .
    Originally posted by Cumbria lass
    It is indeed.
    I am only a bit stressed because of one of my conservatory windows has a big crack in it & it is dur to be replaced soon.
    I have left myself a bit short.
    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
    • gallygirl
    • By gallygirl 8th Aug 18, 8:03 AM
    • 16,619 Posts
    • 109,753 Thanks
    gallygirl
    What is the interest rate on the loan Beanie and are you sure you can overpay it with no penalties?

    What happens to your overpayments on the mortgage - do they reduce the term of the monthly payment? If the term, can you see if you could get them to change it to reducing the monthly payment? That way you could overpay the mortgage and get it down to a monthly payment of say 10 which you could let run till the end of the mortgage, so your mortgage would effectively be paid off but you wouldn't incur early redemption charges.

    In a side note, I am at my daughter's at present. Just looked out the window and the neighbour opposite has a life size cutout of Daniel O'Donnell looking out of a bedroom window right at me. It's rather disconcerting
    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"
    • beanielou
    • By beanielou 8th Aug 18, 10:14 AM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    What is the interest rate on the loan Beanie and are you sure you can overpay it with no penalties?

    What happens to your overpayments on the mortgage - do they reduce the term of the monthly payment? If the term, can you see if you could get them to change it to reducing the monthly payment? That way you could overpay the mortgage and get it down to a monthly payment of say 10 which you could let run till the end of the mortgage, so your mortgage would effectively be paid off but you wouldn't incur early redemption charges.

    In a side note, I am at my daughter's at present. Just looked out the window and the neighbour opposite has a life size cutout of Daniel O'Donnell looking out of a bedroom window right at me. It's rather disconcerting
    Originally posted by gallygirl




    Thanks Gallygirl for replying.
    The interest rate on loan is 5.5%.
    I can overpay without penalty.

    op's on the mortgage reduce the monthly payment.
    This is my plan that all the OP's are reducing the monthly payments to a level which I am much more comfortable with to the end of the term. This should happen in October as my fix finishes in September. Then the mortgage will run to the end of term without any penalties. Hope this makes sense?
    Not as little as 10 unfortunatly but hoping for under 50.
    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 8th Aug 18, 10:16 AM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    So flollowing on from above the current situation is short term pain for longer term gain.
    Again, I hope that makes sense.
    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 8th Aug 18, 10:25 AM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Then going forward my biggest worry is pesky house maintenence.
    The problem of a house which is an age where it needs money spent on it.
    Anyway, as long as it is mainly watertight that is the main thing.
    The consevatory is timber & even though I dont not PVC & much as I love it in the summer it is a pain.
    Anyway, it is what it is & things could be so so much worse.
    I have a family who love me even though I dont see DS as much as I would like.

    Thanks to all my lovely readers for your continued support even when I mess up. It means so much.
    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 8th Aug 18, 1:43 PM
    • 1,836 Posts
    • 8,638 Thanks
    milann
    It makes perfect sense to me - here's to reduced payments
    • milann
    • By milann 8th Aug 18, 2:19 PM
    • 1,836 Posts
    • 8,638 Thanks
    milann
    You are so close Beanie - here's to reduced payments on the mortgage. Makes perfect sense to me to get the payments as low as you can in the long term
    • Karmacat
    • By Karmacat 8th Aug 18, 2:45 PM
    • 29,605 Posts
    • 170,419 Thanks
    Karmacat
    Aw, beanie, you're getting there. And house maintenance happens when it happens - even if it sometimes happens too late, like when the mortar between my bricks collapsed to the extent that insects were living in the holes and damp was surging in. It was a faff, and had a few ramifications (remember the mould? that!) but even that was fixable. You'll be fine, you will.


    xxx
    Retired August 2016
    • mummytogirls
    • By mummytogirls 8th Aug 18, 3:57 PM
    • 6,255 Posts
    • 23,148 Thanks
    mummytogirls
    Afternoon Beanie,

    As much as I know its necessary I hate paying for jobs around the house ! Glad you are getting sorted though xx
    Mummytogirls x

    23164.32 - 12/12/10
    5419.83 - 08/04/18 - 76.61% paid off
    • milann
    • By milann 8th Aug 18, 4:15 PM
    • 1,836 Posts
    • 8,638 Thanks
    milann
    Not sure what's going on with my posts - they don't show at first so I write another only to find 1st one lurking somewhere......so folk are getting me in duplicate
    • beanielou
    • By beanielou 8th Aug 18, 4:23 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Not sure what's going on with my posts - they don't show at first so I write another only to find 1st one lurking somewhere......so folk are getting me in duplicate
    Originally posted by milann
    That's because you are awesome
    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 8th Aug 18, 6:04 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    I have been very lucky today.
    Someone bought me some localy grown strawberries and wow thay are just awesome
    I also had a home grown potato as a baked potato for lunch with beans which was also gifted.
    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
    • WannabeFree
    • By WannabeFree 8th Aug 18, 9:44 PM
    • 1,759 Posts
    • 15,260 Thanks
    WannabeFree
    Sounds a lovely day Beanie

    Amazing news on the payment but I hope you haven't left yourself to short and you can manage.

    x
    Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.
    • beanielou
    • By beanielou 8th Aug 18, 9:54 PM
    • 56,269 Posts
    • 227,662 Thanks
    beanielou
    Sounds a lovely day Beanie

    Amazing news on the payment but I hope you haven't left yourself to short and you can manage.

    x
    Originally posted by WannabeFree
    So do I!!
    No coffee out this month & lots of NSD's I think.
    Turned down an invitation today.
    Some of my friends just dont get this hard up malarky
    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
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