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  • FIRST POST
    • utopiah
    • By utopiah 4th Feb 18, 9:16 PM
    • 272Posts
    • 946Thanks
    utopiah
    Menopausal mortgage madness
    • #1
    • 4th Feb 18, 9:16 PM
    Menopausal mortgage madness 4th Feb 18 at 9:16 PM
    Hi everyone I've been lurking on this site for over 9 years now. I've picked up many tips from all you lovely people.
    Well here goes a little about me. I'm married, to dh who is 54, I've just turned 49. We have 2 grown up children ds is 25 and no longer lives at home and ds who is 21 and is in her final few months at uni.
    We bought our house, home no 2,back in 2005 for 195000. We borrowed 120000 and put our 1st home on a buy to let mortgage of 108000. We sold the btl in 2010 and now after using profit and half heartedly overpaying our mortgage is 29500. Our current mortgage deal was taken out in 2007 on a fixed rate of 5.59% for 15 years. This seemed like a good idea at the time and on mse hindsight we totally regret it. There are positives to the mortgage we can overpay unlimited amounts, borrow back and take payment holidays but if we pay it off before march 2022 we incur a 3400 penalty charge.This charge was 4800 until 2 years ago hence why we have never switched. The actual mortgage is due to end in june 2028.

    I turn 50 in December this year and would love to get the mortgage down to 5000. Monthly mortgage payments are at 310 but we have arranged for dd payment of 600. This takes our mortgage free date to September 2022.

    We have done all the usual mse stuff but need to up the game. We spend a lot on holidays and usually take 2/3 year. This is an extravagance and we know we could have easily paid of the mortgage by now if we hadn't have had them but we have no regrets. We have two holidays booked and paid for this year so this should not effect Mf journey.
    We are going to attempt to make an extra 2000 op as well as the 600 payment. This will take some work and some imagination.
    I'm hoping this diary will keep me focused for the next 11 months .
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
Page 1
    • utopiah
    • By utopiah 5th Feb 18, 8:22 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    • #2
    • 5th Feb 18, 8:22 PM
    • #2
    • 5th Feb 18, 8:22 PM
    Well just sold a few items on eBay so 24.99 added to mortgage pot. DH gets paid tomorrow so will make the 1st op of 2018.
    I've just done a meal plan for the week. Most of the meals I have in freezer or cupboards. Food budget can definitely be cut back. I reckon we have been spending 250- 350 per month. This seems high for two people and a cat!!!!
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • bubblycrazy
    • By bubblycrazy 5th Feb 18, 8:34 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    • #3
    • 5th Feb 18, 8:34 PM
    • #3
    • 5th Feb 18, 8:34 PM
    Good luck with your journey, I'm sure you'll manage to bring the food budget down a bit! Ouch to the fixed rate!
    MFW - Original balance 28/08/2014 52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 52250
    Balance 27/07/2016 49990
    Balance 08/07/2017 47999
    • utopiah
    • By utopiah 5th Feb 18, 8:56 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    • #4
    • 5th Feb 18, 8:56 PM
    • #4
    • 5th Feb 18, 8:56 PM
    Thanks bubblecrazy. Fixed rate was with northern rock until virgin money took over. Can't really do much about it but get rid of the mortgage asap to minimise the amount of interest paid. I'm on the grocery budget , I reckon I can save at least 100 a month.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • beanielou
    • By beanielou 5th Feb 18, 10:16 PM
    • 54,069 Posts
    • 214,357 Thanks
    beanielou
    • #5
    • 5th Feb 18, 10:16 PM
    • #5
    • 5th Feb 18, 10:16 PM
    Happy shiny new diary.
    Hope your journey goes well
    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.
    • utopiah
    • By utopiah 7th Feb 18, 6:32 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    • #6
    • 7th Feb 18, 6:32 PM
    • #6
    • 7th Feb 18, 6:32 PM
    Thanks beanielou.
    Well today I have made an overpayment of 1867.89 so nice tidy round figure of 27500 remaining on the mortgage. If we carry on with the 600 fixed dd payment only and make no further op we shave six years off. Our date has gone from June 2028 to June 2022. Mini goal now is to get mfd march 22 as this is when our fixed rate ends.
    A bit up and down with finances today. Went out for lunch for a much over due catch up with friends but only spent 4.75 in spoons and that included coffees too !!!55357;!!!56842;
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • Cariad71
    • By Cariad71 8th Feb 18, 8:39 AM
    • 163 Posts
    • 150 Thanks
    Cariad71
    • #7
    • 8th Feb 18, 8:39 AM
    • #7
    • 8th Feb 18, 8:39 AM
    Well done, you're doing well. I love my holidays too...life is about balance.
    I'm planning to spend 50 weekly on food for hubbie and me when my son goes to uni (oh and the 3 cats). Currently spending 100!! The boy doesn't half eat!!!!55357;!!!56860;
    Starting balance 173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 165,803
    Balance as of Feb 2015 163,360
    Balance end of July 2015 159,050
    Balance as of Jan 2017.... 138,033
    • utopiah
    • By utopiah 8th Feb 18, 8:32 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    • #8
    • 8th Feb 18, 8:32 PM
    • #8
    • 8th Feb 18, 8:32 PM
    Well done, you're doing well. I love my holidays too...life is about balance.
    I'm planning to spend 50 weekly on food for hubbie and me when my son goes to uni (oh and the 3 cats). Currently spending 100!! The boy doesn't half eat!!!!55357;!!!56860;
    Originally posted by Cariad71
    Life certainly is about balance. I know what you mean about boys and eating lol.im keeping a spending diary atm never done this before. I've spent 170 from 12 Jan to 8 Feb. It's just me at home Mon to Fri so only cooking three days a week for hubby. I've only got one cat and she's 14 years old but surprisingly not a fussy eater.....thank goodness. I am aiming to spend 160 on groceries next month. My spending month starts on the 16th of each month so still another week to go so I sure to increase that 170 total.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • utopiah
    • By utopiah 10th Feb 18, 11:02 AM
    • 272 Posts
    • 946 Thanks
    utopiah
    • #9
    • 10th Feb 18, 11:02 AM
    • #9
    • 10th Feb 18, 11:02 AM
    Just going over spending diary to see where the cash has been spent this month.
    Most has been spent on entertainment. We went out for a few meals only in cheap end places but a spend is a spend. We've been to the cinema a couple of times always on a cheap day e.g.3.99 and took our own snacks. We went to theatre last night again cheap tickets but boy do they charge for drinks. All in all we have tried to keep entertainment down by choosing cheaper deals I suppose it's all about balance for us....youve still got to have some fun in life..
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • beanielou
    • By beanielou 10th Feb 18, 2:41 PM
    • 54,069 Posts
    • 214,357 Thanks
    beanielou
    Getting the balance is difficult
    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.
    • tootallulah
    • By tootallulah 10th Feb 18, 2:46 PM
    • 2,122 Posts
    • 7,399 Thanks
    tootallulah
    Hello, you are doing so well this year I agree with you about holidays they are important for me and I will have a few trips this year my self. Looking forward to following your journey in 2018.
    Mortgage House 45,000, 26 January 2018, 28th April 16,500.
    • utopiah
    • By utopiah 10th Feb 18, 4:55 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    Hello, you are doing so well this year I agree with you about holidays they are important for me and I will have a few trips this year my self. Looking forward to following your journey in 2018.
    Originally posted by tootallulah
    Thank you. Good luck to you too. Look forward to following your progress too.
    Paying down your mortgage is very addictive.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • utopiah
    • By utopiah 10th Feb 18, 5:05 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    Getting the balance is difficult
    Originally posted by beanielou
    Isn't it just. As hubby works away all week, we do like to go out at least one night at the weekend, usually a Friday. We have started to choose cheaper places and look for deals to cut the spending on entertainment. This has only just started this year though. We have also decided to minimise weekends away too, as this seems to cost us quite a lot. We have been visiting both kids quite often so we've decided it's cheaper for them to visit us. DD finishes uni anyway in May so will be back home. one less place to visit.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • Lauralou79
    • By Lauralou79 10th Feb 18, 5:27 PM
    • 192 Posts
    • 175 Thanks
    Lauralou79
    Just wanted to say good luck. My mortgage is only 7mths old started overpaying a little this month! Determined to be mortgage free in 15 years! Agree that life is about balance though so do not stop what you enjoy but getting the cheaper deals all helps!
    • utopiah
    • By utopiah 11th Feb 18, 9:39 AM
    • 272 Posts
    • 946 Thanks
    utopiah
    Just wanted to say good luck. My mortgage is only 7mths old started overpaying a little this month! Determined to be mortgage free in 15 years! Agree that life is about balance though so do not stop what you enjoy but getting the cheaper deals all helps!
    Originally posted by Lauralou79
    Thanks for dropping by and good luck on your journey. I wish we had started to overpay when we 1st got a mortgage. Even very small payments make all the difference. Btw your user name caught my eye as my daughter is a Laura and we often call her lauralou lol
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • utopiah
    • By utopiah 13th Feb 18, 6:11 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    Lots of incidents to report on that have took place over the last couple of days. First, we went out into town on Saturday, paid for four hours parking (3), got back to the car and found a fixed penalty notice on the car. I was fuming and couldn't understand it as we were at least 40 mins early. Anyway looked at ticket and we'd actually only paid (2) 3hours parking so 1 must have not gone in and hubby didn't notice. So got a 25 fine and lost 1.
    Just started car as was going to a friend's house and it won't start. I think it's the starter motor.luckily we have home start cover with rac so going to call tomorrow as I'm not at work till next Monday so not urgent. Definitely going to cost money though.
    Hubby car is booked in for mot on Thursday so hoping misfortunes are not in threes.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • beanielou
    • By beanielou 13th Feb 18, 7:40 PM
    • 54,069 Posts
    • 214,357 Thanks
    beanielou
    Blooming cars
    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.
    • utopiah
    • By utopiah 6th Mar 18, 9:20 PM
    • 272 Posts
    • 946 Thanks
    utopiah
    Another overpayment made to the mortgage of 1810 bringing the mortgage down to 25,500. DH had extra in pay this month due to a week of nights although he really didn't want to do it. Also saved quite a bit on groceries, only spent 75. I have ebayed quite a bit and made just over 200.

    We decided in January to totally declutter the house. After 13 years, we have accumulated an awful lot. I have sold quite a bit on eBay but most has gone to charity or recycling.Thanks to two snow days, l Have sorted out years of photos included deceased in laws photos. I have now condensed them all into 7 albums and have thrown out over 1000. Next I need to tackle the digital photos and get them printed into a photo album.The cupboards, drawers, wardrobes and even the loft (work in progress) have all been tackled. There is still a long way to go yet though.
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 9:34 PM
    • 6,403 Posts
    • 13,180 Thanks
    enthusiasticsaver
    Good luck on paying off your mortgage in four years.

    Ouch to the mortgage interest rate and parking fine.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • beanielou
    • By beanielou 6th Mar 18, 10:03 PM
    • 54,069 Posts
    • 214,357 Thanks
    beanielou
    Blimey that is a huge repayment
    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.
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