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    • Libranharry
    • By Libranharry 1st Dec 18, 4:27 PM
    • 26Posts
    • 49Thanks
    Giving it a go!
    • #1
    • 1st Dec 18, 4:27 PM
    Giving it a go! 1st Dec 18 at 4:27 PM
    Hi all,

    The first and only time I posted was a week after my ex husband left me and I was in a right pickle emotionally and financially.

    I came here originally to ask for advice regarding a removal of borrower from my mortgage, and some people were really helpful. Unfortunately my mental health took a serious turn and I had all on juggling my children, my job, solicitors bills, and the cost of living so I buried my head and kept off social media.

    Anyway...... Here I am 3 years later, divorced, full custody of my three children, debt free and hopeful of support and advice.

    I have hopes and aspirations to pay my mortgage off within the next two years. I wanted to do it by the time I hit 40 but since that's next year the chances are it's not going to be possible.

    I bore the life out of my colleagues, talking mortgages whenever I can, over payments, terms, etc, so I thought I should perhaps try with more like minded people! 🙏

    When I got divorced and was made sole borrower on the mortgage they changed the term from 12 years to....... 33 years and 3 months! 😱

    For the past two years I have paid my maximum fee free amount of 10% and by next week I will have done it again for this year! My son says that's an achievement in itself, so I'm teaching him well, I think! Due to this, I am now down to 20 years and 7 months.

    Here's the bit I really need advice on -

    Next year my fixed rate mortgage is up for renewal and I'm hoping to make a larger payment, which the bank say should be do-able. I can renew it four months before the end of the term apparently, and I want to hit it with about 14k if I can. If I manage to save that, plus the 10% again, before renewal that will leave me with a mortgage of around 8k. I know it doesn't sound a lot but I only work 27 hours a week with little chance of guaranteed overtime and do not receive any maintenance payments from the artful dodger (ex who has forgotten three growing kids can't wear or eat fresh air!)

    Will I GET a mortgage for such a little amount or will I be forced to stay on a higher variable? I don't want a fixed term, because I want to get rid of it as fast as I can. Can anyone help me figure out what the best option is please? The bank keeps telling me they will lend as little as 1k but they can't give any more details as I'm still on a fixed rate package.

    Also, I'd love to hear from anyone else who is on the same path! I've cut so many corners, substituted, foregone and given up so much these past three years in order to over pay. No way was I having that round my neck until the day I retired. I'd love to hear success stories from people in similar situations.

    Sorry for rambling.... As I said. Any help, ideas or support would be amazing!
Page 2
    • Libranharry
    • By Libranharry 7th Dec 18, 7:41 AM
    • 26 Posts
    • 49 Thanks
    Hello fellow MFW's!

    I've done it! I've done it! I've done it!!

    Gone! See ya! Terra! Adios! Bye bye 2018's 10%!

    The final mortgage payment for 2018 came out too so total double whammy on the final amount!

    I've also hit another milestone too - below 25k! Whoop whoop!

    A Frayed Knot no, I don't have to ring in, they have only just added the new o/p page though, and because I was sooooo excited at getting this paid off I wanted to ring up this time. I asked for next year's o/p estimate too, as I plan to smack a big pile on it in January, but just before the mortgage is due so I wanted confirmation it wouldn't effect my monthly repayments.

    kittenkirst thank you!!! I feel proper amazing today! My son is over the moon too! He knows how hard it can be for us all sometimes and the driving force behind me is totally him. He is so proud of how far we have come since it all went off plan!

    Bring on 2019! I'm ready to rock it!

    Happy Friday everyone
    • Libranharry
    • By Libranharry 1st Jan 19, 3:07 PM
    • 26 Posts
    • 49 Thanks
    Well, I did it! The 1st came, and brought a brand new shiny 10% figure with it, so I smashed 2k straight off the top! That has reduced my mortgage by 2 years and 3 months and saved 1969 in interest!

    Currently skint, in "mortgage fund account" but not for long. I get paid again this week so I will top it up slightly.

    I still have some of the 10% to attack before my term ends this year but I know I can do it.

    Happy 2019 everyone!
    • Libranharry
    • By Libranharry 3rd Feb 19, 9:53 AM
    • 26 Posts
    • 49 Thanks
    Bit more gone!
    The trials and tribulations of being a grown up!

    Had far too many bills this month so I haven't saved a sausage. After juggling a little bit I have made a payment today of 88.77, which has surprised me by knocking off two more months! Whoop!

    I'm still in the race and I'll get there eventually.

    Feeling very good about the reduction even if it is the smallest payment I've ever made!
    • Libranharry
    • By Libranharry 12th Feb 19, 8:59 PM
    • 26 Posts
    • 49 Thanks
    Note to diary.

    Even smaller payment made today, but at least I made one! Only one month shaved off, but one less month to worry about.

    I seem to be doing this mse journey alone now, except for perhaps a lurking ex and his new creature. That wouldn't surprise me at all! *waves* doing fine, thanks!
    • Couldsavemore
    • By Couldsavemore 13th Feb 19, 4:40 AM
    • 100 Posts
    • 414 Thanks
    As they say... YOU ARE NOT ALONE!

    I'm feeling well jealous!

    I bought my house post divorce and wish i had started chiselling away at my balance then!

    Like you... i seem to annoy my work mates by having a budget and over paying my mortgage. Althougg looking at my bank statements i still seem to waste a fair bit!

    I came out of a five year fixed period in august and took another 5 years fixed with the same bank.
    They gave me quotes on all their options as they said they were not able to advise me.
    Mortgage overpayment target is 1200
    Total paid 1413

    SPC #80... Still adding that loose change.
    2019 mortgagr free #48 Target 2400 paid :645beer:
    • Libranharry
    • By Libranharry 17th Feb 19, 11:53 AM
    • 26 Posts
    • 49 Thanks
    Thank you! I do feel like I'm sometimes a little bit over the top with it.

    I spoke to the bank too! Funnily enough they told me I need a financial advisor, as they couldn't tell me the best mortgage option!?! I couldn't understand that because I wanted a product they supply, and just wanted the rates?

    I think when my time runs out on this product, I'm just going to go onto a svr because I don't want to be tied in any longer than I need to be.

    When I was married I struggled to make the mortgage payments let alone any over payments! They were just a pipedream. High five to you for owning your own home and getting to the end point quicker than you ever thought! It's helpful to know there are others in similar situations, even if we do bore the pants off our work mates and family!
    • Libranharry
    • By Libranharry 23rd Feb 19, 6:24 PM
    • 26 Posts
    • 49 Thanks
    Almost there!
    27.44 off the 10%!

    Random figure but means I've brought my mortgage down to a nice round amount! Going to see how much capital comes off in March then round it up again. New plan of action since I only have a couple of months left. I finally feel like I'm winning!
    The aim is to be mortgage free by 2020.
    • Libranharry
    • By Libranharry 3rd Mar 19, 3:38 PM
    • 26 Posts
    • 49 Thanks
    50.00 of the top this month. Would have been more but I've been short paid, so I'm having to be a bit more frugal than usual.

    I haven't got much left of this year's 10% so I feel quite good about that!

    I have also been looking at opening a different savings account, as I don't seem to be getting much interest with the one I have now. Playing with the idea of a credit union as the interest rate is very good, and I have instant access to any funds I have in there.

    A bit closer to being mortgage free by 42! Fingers crossed I manage it!
    The aim is to be mortgage free by 2020.
    • EstherG
    • By EstherG 5th Mar 19, 12:34 PM
    • 10 Posts
    • 5 Thanks
    I understand you very well, as I myself bring up two children. I can’t help with a mortgage advice, but I can just wish you good luck! You can do it, I'm sure of it!
    I love my family!
    • Libranharry
    • By Libranharry 10th Mar 19, 8:11 AM
    • 26 Posts
    • 49 Thanks
    EstherG, thank you! It's hard juggling life and bills with children in the mix - always shoes or school trips or uniform or activities to pay out for with zero notice!

    It was mortgage day last week so I waited until the direct debit came out and then added an overpayment of 11.36 to round the figure up!

    I was just number crunching, and I have to find a little over 200 by April, and I've cracked the 10% for this year!

    I have spread myself so thin this year it's ridiculous, but it should only be for another 18 months and then I'll have some breathing space. Fingers crossed I manage it! Circus clowns don't juggle as much as I do!
    The aim is to be mortgage free by 2020.
    • Libranharry
    • By Libranharry 16th Mar 19, 8:18 AM
    • 26 Posts
    • 49 Thanks
    Well, my plans seem to be going south for now!

    Each time I have spoken to the mortgage company they have told me I can change my deal in May, which will allow for an overpayment. That means I've been battering the 10% in the hope of shifting it all by then.

    After a call this week, they have now told me that's not possible, and I must slide onto the variable rate before I can make overpayments with no charge. That makes it September.

    I've got a bit of breathing space now, to try to save as much as I can to hit it with then, but it still feels like a bit of a let down.

    I've also discovered I have a 225 set up fee that has never been paid, so I need to factor that in at some point too.

    I know it's not a brick wall, but it feels like a massive set back. I was all geared up for May!

    On the upside, I have a new role at work which is allowing for expenses, so I have booked to take the family to visit harry potter World with the extra cash from this month. It isn't coming out of my savings so that's good!

    House insurance is due for renewal today too, so that WILL come out of the savings!
    The aim is to be mortgage free by 2020.
    • Libranharry
    • By Libranharry 15th Apr 19, 6:54 PM
    • 26 Posts
    • 49 Thanks
    Done it done it done it!!!

    10% has gone! Yeay!

    I also paid off an extra month at a charge of 3, but it was more than worth it. I've saved a full month's interest, so I don't feel too bad for "wasting" it.

    I'd like to see how the mortgage pans out now. I think I may monitor it for the next month or two and work out if the charges are money saving in comparison to the interest it would cost me. I wonder if anyone else has any experience of this way of working?

    In the meantime, happy days for me! Feeling very proud of myself!
    The aim is to be mortgage free by 2020.
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