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morgage repayments, can you still afford them if.....
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Lorrainelovesplants



Joined: 28 Mar 2008
Posts: 2496


Location: North Cornwall

PostPosted: Sat Nov 15, 2014 1:06 am    Post subject:  Reply with quote

I took my first mortgage out at 18, and was paying loads for years, but I managed it.  Sometimes it was weeks on beans on toast, but I think it was a good training.  been mortgage free for 2 years now.  My biggest drain is my kids.
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magnet



Joined: 03 Nov 2012
Posts: 114


Location: northumberland

PostPosted: Fri Nov 21, 2014 9:04 pm    Post subject: morgage free Reply with quote

I'm 45 and have paid my mortgage off, not with the help of the bank of mam and dad but by bl...y hard work and doing without .....Its been a journey
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Rena



Joined: 15 Sep 2010
Posts: 3547


Location: Way out West in Klamath Falls, OR-USA

PostPosted: Sat Nov 22, 2014 2:07 am    Post subject: Re: morgage free Reply with quote

magnet wrote:
I'm 45 and have paid my mortgage off, not with the help of the bank of mam and dad but by bl...y hard work and doing without .....Its been a journey


Way to go!!!
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sod
Moderator


Joined: 18 Dec 2007
Posts: 13148


Location: Masterton New Zealand

PostPosted: Sat Nov 22, 2014 10:12 am    Post subject: Reply with quote

We stared at age me 23 Jean 21 and bought cheapest house we could find and let it as I had house on farm I worked on in 1972 both worked and put all money into house paid off in 3years then moved on and paid this place off at about 20years later would have been a lot quicker but we have 3 now grown up children    
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Captain_Dingbat



Joined: 23 Mar 2008
Posts: 1812


Location: Lincolnshire

PostPosted: Sat Nov 22, 2014 3:22 pm    Post subject: Reply with quote

Ours will be paid when I'm 55 which is a good job! I'd like to think I can consider part time teaching then. The pace I'm going at the moment, I'll not reach 67 which is my retirement age, I'll be dead long before that.  

I have about 5 hours marking ahead of me tomorrow. The herd of horses is going next year, I can't continue like this for another winter so we have decided to cut down to just two, and even then, we might just sell up completely if the right people come along.

I've still a pile of exam marking to do next week and then ANOTHER pile when they finish their mocks this next week....ARGH!

Not rejoining the riding club, at the moment, my leisure time consists of going dancing on a Tuesday, and I feel guilty for that.
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12Bore



Joined: 07 Oct 2011
Posts: 8153


Location: Paddling in the Mersey

PostPosted: Wed Feb 18, 2015 8:02 pm    Post subject: Reply with quote

12Bore wrote:
14 payments to go...

Not that I'm counting

11...
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Fowgill Farm



Joined: 28 Jan 2015
Posts: 32


Location: North Yorkshire

PostPosted: Mon Mar 09, 2015 11:10 am    Post subject: Reply with quote

We got one of the very last 1/2% above base rate trackers no questions asked other than can you pay?    before they shut the doors and started to ask more questions.
We've been overpaying for ages and its nearly done but with such a good deal we're loathe to let it run out and we have an option to take a fair few thousands more at the same rate. We can't decide if being mortgage free is better than having 'cheap' borrowing which we could use to renovate the rest of the farm buildings. I also have my eye on a new pig trailer
Methinks we need to have a sit down with pen and paper and work out pros and cons.  
Mortgage free sounds wonderful wish could do the same with the exorbitant council tax!
Mandy
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Mon Mar 09, 2015 1:17 pm    Post subject: Reply with quote

In your position i would stop the over payments complestly snd pilecthe extra into accoubts like tsb plus,  lloyds club,  santandar 123 and tesco savings,  they all pay between 3% and 5% interest so you csn actuall make more money on your xash thsn you save so long as you havevthd money available to pay off lump sums oncecthe interest rste rises.
Usng your cash isa is a good plan as well but you need to shop around a lot to find one that will pay more than your morgsge rate.
Basically in your position i would be tempted to reduce my payments as far as possable and stash the cash in different high interest currentvaccounts and isa
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Mon Mar 09, 2015 1:21 pm    Post subject: Reply with quote

And if you can get more at the same rate you could borrow up to 60k so long as you can get the money before the end of the isa year and get 15k each in this year and then 15k each for next years allowance.
I must say i have no expertise in this field and itvall has risks so check everything out carefully first lol.
Im not close enough to being morgsge free to reduce my overpayments and my morgsge rate is still  1. 99% so i wouldnt benifit as much
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12Bore



Joined: 07 Oct 2011
Posts: 8153


Location: Paddling in the Mersey

PostPosted: Thu Mar 19, 2015 10:24 am    Post subject: Reply with quote

12Bore wrote:
12Bore wrote:
14 payments to go...

Not that I'm counting

11...

10...
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Thu Mar 19, 2015 5:48 pm    Post subject: Reply with quote

Show off.
Im currently investigating if i can borrow enough on 0% credit cards to stash in 5% current and 8% savings accounts to earn enough interest to get more in than my morgsge interwst.
If i can then it makes more sense to cut my overpayments right off and use it to repay minimum payments on the cc borrowing.
It will be especially useful if the tax releife on savings interest kicks in next year.
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Thu Mar 19, 2015 5:54 pm    Post subject: Reply with quote

Show off.
Im currently investigating if i can borrow enough on 0% credit cards to stash in 5% current and 8% savings accounts to earn enough interest to get more in than my morgsge interwst.
If i can then it makes more sense to cut my overpayments right off and use it to repay minimum payments on the cc borrowing.
It will be especially useful if the tax releife on savings interest kicks in next year.
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Sun Sep 20, 2015 10:03 pm    Post subject: Reply with quote

12Bore wrote:
12Bore wrote:
12Bore wrote:
14 payments to go...

Not that I'm counting

11...

10...


4 lol.
Looks like the interest rate is going to be stsying low a bit longer thank goodness, still on track to pay it off in 3 years....
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12Bore



Joined: 07 Oct 2011
Posts: 8153


Location: Paddling in the Mersey

PostPosted: Sun Oct 18, 2015 6:18 pm    Post subject: Reply with quote

3  

Mind you, it's been twitchy a couple of time in the last few months...
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Sun Oct 18, 2015 6:57 pm    Post subject: Reply with quote

So is January due to be your last payment?
What a fantastic new years thst will be.

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