Diary Mortgage Free Road To Change My Life

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  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Quick update :]

    Got the mortgage offer today so the solicitors are off doing what they do so could have the keys in 4-6weeks :j

    I opened the clubs lloyds monthly saver :T 4% account

    Im in 2 minds what to do about a car atm i currently use the old mans as he cant drive so i do all the driving about for him as hes in a wheelchair when he goes out so i may just use this for a few weeks while all the deposit goes ect antill something comes up i fancy but defiantly more inclined to spend 2-3k now on one :]

    Anyway
    I did a few number crunching and the mortgage fund

    Is at 40k currently so after everything goes out for house ect it will be at roughly 15,800
    With this 15k i am planning on work to the house ect but i wont know how much this will be an-till i get in there and Wright it all down max i want spend ideally is 10k which would leave 5k to go into my emergency fund :]


    February 2015 Targets
    Waiting on mortgage decision --- Got :]
    Sell car free up 18k
    Done
    Open an emergency fund Done Aim 7k
    Currently £65
    Find a new car for under 5k
    Open a club lloyds monthly saver 4% interest done
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Firegirl
    Firegirl Posts: 922 Forumite
    First Anniversary Name Dropper First Post
    Yay!!! So glad you got your mortgage offer! The fun begins!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Thanks sque :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Ok so Today i have decided to sort out the mortgage fund so i know where i am.
    It stands at 40k currently
    Deposit will be £22125 25% of house price which then leaves £17875
    Solicitors are £880 Broker is £1000 after these im left with £15995

    I am going to put £6000 into my emergency fund which is very important to me my aim is 10k this year

    Im also getting 1k back from the mortgage cash back but i wont get this till the hand over so will add this in at a later date either to emergency fund or for house work :]

    I will then be left with 10k for work on the house

    Im also going to be selling stuff i have to free up some extra cash to add to the emergency fund this month now before everything happens :]

    So now its a case of waiting for everything to happen :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Firegirl
    Firegirl Posts: 922 Forumite
    First Anniversary Name Dropper First Post
    I think we should do a selling challenge to spur each other on.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Sque wrote: »
    I think we should do a selling challenge to spur each other on.

    Great idea :] Im going to keep funds in the paypal account till end of the year and then add the funds to my emergency fund :]
    Im actually listing few bits tomorrow so shall we update say ever Sunday on eBay sales :] :T
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Firegirl
    Firegirl Posts: 922 Forumite
    First Anniversary Name Dropper First Post
    Great plan!!:j
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    edited 22 February 2015 at 4:12PM
    Ok so iv managed to list a few bits on ebay about 4-5 items

    My target is to raise £900 which is roughly 2 monthly mortgage payments from ebay sales not from the 5 items i have listen now but long term goal

    i listed 1 item at £300 from what i bought last year at £140 i was extremely pleased to get a offer of £250 after just 20 views

    What i will do is update the pay pal balance weekly after selling stuff and eBay taking they fees keeps things simple :]

    Pay pal balance is it £248 now :]

    Once i reach my target i will transfer funds into my mortgage fun for Overpayments :]

    After looking for a car i have decided to put this on old for as long as i can to save money really i can just use the family car as im the only one who drives it anyway the fun stuff can wait till mortgage freedom has been achieved :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Alchemilla
    Alchemilla Posts: 6,047 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Well done so far and I would hold off on the car for as long as poss, blummen things.
  • SavingRaven
    SavingRaven Posts: 63 Forumite
    Well done on the ebay sales, that's amazing. I find ebay so boring but needs must!

    I agree with Alchemilla on the car, ours is more trouble than it's worth and we are in the process of selling. I'm sure they know when you are trying to save and immediately break down!

    SR
    Target 1: Debt: [STRIKE]4459.02[/STRIKE] Jan'15 [STRIKE]2899[/STRIKE] Feb'15 0
    Target 2: Emergency fund: Feb'15 [STRIKE]1500/6000[/STRIKE] Mar'15 6000/6000
    Target 3: Buy-to-let fund: Mar'15 [STRIKE]1200/4000[/STRIKE] Apr'15 4000/4000
    Target 4: Pay sister back: 9000/40000
    Target 5: Get mortgage to 250k: Jan'15 271,659 Today 259,283.82
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