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To access my reserve mortgage account?

(10 Posts)
bigheartedwoman Fri 16-Nov-12 19:15:21

Hiya everyone, i know i've put this in AIBU, but i honestly don't know what to do.x
Right, i'm a single ma with a reasonably well paid job, and my mortgage is fixed and very cheap, but like everyone else, its a bloody stuggle. Now i find i have these lovely spandoolas at my disposal, and i can also afford the repayments, and my son's room need doing up, and with christmas an all...(breath)
What do you think wise mumsnetters, or am i being a greedy bitch.
Thanks xx

bigheartedwoman Fri 16-Nov-12 19:35:13

please can i have a wee bit of advice, before yous lot, or me get a little bit pissed merry grin
oh, and i'm not a troll, mind you, i sometimes wonder when i look in the mirror of a morning!! smile

cozietoesie Fri 16-Nov-12 19:36:57

You're not being greedy - but don't. You'll maybe need it some other time when it's not add-ons to life but dire necessities.

Ilovecake1 Fri 16-Nov-12 19:42:57

Please don't, it will be a slippery slope!

bigheartedwoman Fri 16-Nov-12 19:48:20

Thanks girls, but if i can pay it off over the length of my mortgage, (10 years) not even a wee bit? Jesus, please don't think i'm being a smug ol bitch, and i know its a loan, but it really would help. blush

cozietoesie Fri 16-Nov-12 20:16:45

Think how much your DS (and others?) are going to cost you over the next 10 years. Then - if you feel like splurging - nip down the off licence and buy a bottle of wine and leave it at that. It will all look different in the morning.

wink

bigheartedwoman Fri 16-Nov-12 20:44:04

But i'm sober!!! smile. just looking at the wine now, -- after cleaning the fecking floors-- ,i've only got my one, and i've money put away for him in a seperate bank account, and he'll be nearly 27 then!

And if i lose my job, (god forbid), i've got an insurance policy out as well, which give me wine will pay out every month to cover the mortgage, feck, no wonder i'm broke!grin

cozietoesie Fri 16-Nov-12 21:03:22

But one day you won't be broke. Your mortgage will be paid off, your DS will be earning and away and then you can indulge yourself to (nearly) your heart's content. Just don't do it now!

WhereYouLeftIt Fri 16-Nov-12 21:16:50

NEVER get into long-term debt for ephemeral purchases! The week after Christmas, it will all be forgotten. As soon as the room is redecorated, it will be invisible. And the debt will still be outstanding (and secured against your home).

Do not think of the mortgage reserve as " lovely spandoolas at my disposal". It is DEBT. This is how my sister's MIL lost her home. Drawing down to pay for doing the house up. Then for her daughter's wedding. Then for a mega-expensive holiday. As has already been said, it too easily becomes a slippery slope. Only consider using it for absolute and long-term essentials, e.g. a new boiler or roof repairs. Nothing else!

bigheartedwoman Fri 16-Nov-12 21:28:51

where, i was being tongue in cheek, but i fully understand where you're coming from, and i get you x
Believe me, this is not something that i'm going into lightly, which is why i posted here, i'm sensible enough to know its a debt, not a bonus, and i'll be repaying it at the variable base rate, and its secured against my house.
Thanks again lovely Mumsnetters smile xx
Too be honest, i don't know xx
But i'm going to have wine and just chill out ignores washing machine

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