Now we own two thirds of our home!

Well we did it! After checking how little in interest we were getting on our savings, we decided to pay the next 10% (maximum allowed in 1 year) off the mortgage. We are stuck on a highish 6.4% rate for the next couple of years and on asking if we could transfer, to a lower rate, found that such a high penalty would be charged, along with transfer fees, that it simply wasn't worth bothering with! It would have cost us more! By paying 10% we will be saving about £300 a year when set against the tiny amount of interest gained in the savings account. We have some emergency money but the cupboard feels awfully bare now! Still it is the reason we are going without in other ways, we always knew the savings would have to pay down the mortgage, ever since the endowment dipped so dramatically.

The good news is we now own two thirds of our home!

The belt tightening goes on, we need to replenish the savings until the next payment can be made and every penny is now being well and truly pinched (not the cockapoo though, she is well and truly cuddled! :). Home made soup every day and home made bread to go with it and we found our way back to our local library today, so tonight I will settle down with:- "The Cranks Bible" by Nadine Abensur (so I can find more recipes for those lentils!, "Stitch and Bitch Nation" by Debbie Stoller (I nearly bought this before Christmas but behaved and it paid off) and "The Handmade Candle" by Alison jenkins (just because I love candles!)