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    • Tjh1412
    • By Tjh1412 9th Jan 18, 11:10 AM
    • 143Posts
    • 316Thanks
    Mortgage free asap
    • #1
    • 9th Jan 18, 11:10 AM
    Mortgage free asap 9th Jan 18 at 11:10 AM
    Have been lurking on this board for over a year whilst we saved and house hunted, now we have a mortgage of our own thought I would delurk. The intro may be long, I'll try not to ramble too much.

    So we bought our house 3 months ago, and took out a mortgage for £121,500 on a 10 year fix at 2.94%. 75% LTV when we bought due to savings etc,but I don't want to be paying this til I'm 40. First few months were very spendy as we had to buy washing machine etc, though thanks to OH's pathological hatred of shopping we were without any laundry devices for 6 weeks

    Would like to try and pay off in 10 years, then use the equity to find our forever home/ save up and extend here as we do like the area. Am hoping this will keep me on track, even if I just end up talking to myself
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    • jenni_fer
    • By jenni_fer 13th Jan 18, 7:50 PM
    • 145 Posts
    • 664 Thanks
    Welcome and Good Luck!
    We were aiming for 45 but realistically we want to move and increase again instead, still a nice aim though!
    • Tjh1412
    • By Tjh1412 13th Jan 18, 8:25 PM
    • 143 Posts
    • 316 Thanks
    Wow Merch thats a heck of a target best of luck to you? Shall have a hunt for your diary and get OH to teach me some basics when he's next off.
    Waiting on my new card reader to arrive so I can make another small overpayment for this month, coffee really isn't good for them apparently Ironing mountain is tackled, so a few jobs ticked off; going to grab a coffee, enjoy the fire and catch up on diaries and surveys now. Hope everyone is having a good weekend
    • shangaijimmy
    • By shangaijimmy 14th Jan 18, 8:04 AM
    • 2,347 Posts
    • 11,241 Thanks
    Found you diary and welcome aboard. The debt, current living, retirement dilemma is a tough one isnt it! We started with a split of 33% towards debt, 33% towards savings (including retirement in this) and 33% towards day to day life. As any pay rises have come in we've placed them in the retirement pot, so our percentages are a little skewed now but it was a good starting point for us.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • pennystretcher
    • By pennystretcher 14th Jan 18, 2:08 PM
    • 341 Posts
    • 1,369 Thanks
    Thanks pennystretcher, I'm not sure if my excel skills would be up to that but it sounds great; do you know of any to download?
    Originally posted by Tjh1412
    There is a great spreadsheet here - although for me it was too big, I wanted to have something simple.

    If you are happy to PM me with an email address I can send you the template I used.
    MFW Jan 2018 £190 (almost there!!!)
    • Tjh1412
    • By Tjh1412 14th Jan 18, 7:21 PM
    • 143 Posts
    • 316 Thanks
    Thanks SJ and pennystretcher for the replies nice to know I'm not just rambling on to myself. Thats a really good point about %s, just calculated ours and currently am at 31% to mortgage, 24% to pensions, 22% to savings and the rest to day to day expenses, so probably a reshuffle required to let us OP more there.

    Off to have a play with spreadsheets now not much money news to report other than that BG emailed me a new bill from our meter readings and now instead of owing them money they owe us, and more than I thought. Their estimation must be based on some crazy baseline figures, and I'd already bargained them down from our previous estimated monthly usage too.

    My OH is happy with the £21 a month saving, but he doesn't know I've already got my eye on it for a sneaky OP Hope everyone has had a good weekend
    • Tjh1412
    • By Tjh1412 15th Jan 18, 7:39 PM
    • 143 Posts
    • 316 Thanks
    So not a NSD today as we needed milk but otherwise no purchases. Was very hard to get out of my nice warm bed and go to work in this downpour, so I'm now having a coffee with the fire on in recompense

    Thanks again SJ, you have definitely created another spreadsheet addict so now I'm going to have a play with some more numbers and then time for dinner
    • Tjh1412
    • By Tjh1412 16th Jan 18, 7:16 PM
    • 143 Posts
    • 316 Thanks
    New card reader showed up in the post today so was able to send a £15 payment across from my survey and shopmium profits this month so far.
    Off to ads@ shortly for the weekly food shop, hoping for a few ys bargains to help us come in under budget. Currently horribly wet and cold here, so looking forward to getting in later and lighting the fire whilst I sort our meal plan for the week, and then I have a new book to get stuck into
    • Tjh1412
    • By Tjh1412 18th Jan 18, 7:53 PM
    • 143 Posts
    • 316 Thanks
    Missed posting yesterday, new books are fatal to productivity
    So in money news, I got a payrise at work, and they are backdating it to the start of the month. Also a couple extra pounds due from Shopium and survey sites, so shall sweep that across as an OP when it hits the bank.

    Dinner is in the slow cooker, so the plan for tonight is to ponder where the extra money shall go each month, the mortgage is very tempting but there are a couple of jobs we need to do around the house etc, still only have curtains on the front half of the house for example Anyone got any suggestions?
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