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  • FIRST POST
    • Tjh1412
    • By Tjh1412 9th Jan 18, 11:10 AM
    • 143Posts
    • 316Thanks
    Tjh1412
    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
Page 1
    • Jessy103
    • By Jessy103 9th Jan 18, 11:24 AM
    • 510 Posts
    • 2,166 Thanks
    Jessy103
    • #2
    • 9th Jan 18, 11:24 AM
    • #2
    • 9th Jan 18, 11:24 AM
    Good luck with your MFW journey! There will be plenty of people here to give you tips and cheer you on.
    Jess
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Jan 2018 - £58,500.00
    Overpayment Target for 2018 - £5,000 /£369.23
    Jan - £369.23
    • Lauralou79
    • By Lauralou79 9th Jan 18, 6:36 PM
    • 138 Posts
    • 110 Thanks
    Lauralou79
    • #3
    • 9th Jan 18, 6:36 PM
    • #3
    • 9th Jan 18, 6:36 PM
    Before your 40! Wow I’ve just got a mortgage and I’m 38 so that’s never gonna happen. But I do aim for 55. Ours was taken out 6 months ago at 85,000 with less than 50% LTV. Just started overpaying, but with a mind to savings and actually enjoying life a little!( otherwise debt free)
    Good luck!
    • beanielou
    • By beanielou 9th Jan 18, 10:05 PM
    • 49,552 Posts
    • 186,461 Thanks
    beanielou
    • #4
    • 9th Jan 18, 10:05 PM
    • #4
    • 9th Jan 18, 10:05 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Tradcob
    • By Tradcob 9th Jan 18, 10:22 PM
    • 80 Posts
    • 184 Thanks
    Tradcob
    • #5
    • 9th Jan 18, 10:22 PM
    • #5
    • 9th Jan 18, 10:22 PM
    Hi, welcome to the forum and good luck with your journey ��
    • Tjh1412
    • By Tjh1412 10th Jan 18, 12:18 AM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    • #6
    • 10th Jan 18, 12:18 AM
    • #6
    • 10th Jan 18, 12:18 AM
    Thanks everyone for the welcome set up the overpayment facility today, but payday seems a long way off. Can I ask, how does everyone keep motivated/ find extra ways to chip away at it during the month?

    My only MSE moment for today was free alcohol and chocolate from Shopium, otherwise OH's birthday so rather spendy
    • bexster1975
    • By bexster1975 10th Jan 18, 8:21 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    • #7
    • 10th Jan 18, 8:21 AM
    • #7
    • 10th Jan 18, 8:21 AM
    Hi

    I don't know how old you are but trust me, as a " just over forty" year old who paid off her mortgage just after 40, doing it faster than that will be mighty impressive. As for keeping motivated, making sure you live as well as save money would be my very best advice. Being mortgage free offers great opportunities. Not to be a harbinger of doom or anything tho, you could drop dead six months after paying it off. No one knows what's in store, try to live as well as possible. By all means appreciate the small things, but make sure you treat yourself ( and your OH) along the way.

    If you are a twenty something, you could consider putting any wage rise/bonuses straight into mortgage OP. That way you maintain your current lifestyle but pay more off the mortgage each year.

    Good luck

    Bexster
    • Tjh1412
    • By Tjh1412 10th Jan 18, 11:49 PM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    • #8
    • 10th Jan 18, 11:49 PM
    • #8
    • 10th Jan 18, 11:49 PM
    Hi Bex, thanks for taking the time to reply. I am currently 26, just while OH was 27 yesterday, cue many complaints about him feeling old.
    That does seem to be the hard part, balancing everything, what with all the advice about pensions, mortgages investments etc I sometimes get in a bit of a tizwas working out what to do

    In mortgge news, tester payment of £1 overpayed so I am now (im)patiently waiting for account to update. Hard day back at work, the day off with OH was far too enjoyable though I've just been chased by our HR department to book my 10 outstanding days by March, so hopefully a few more relaxing days off to look forward to
    • bexster1975
    • By bexster1975 11th Jan 18, 7:43 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    • #9
    • 11th Jan 18, 7:43 AM
    • #9
    • 11th Jan 18, 7:43 AM
    Hi

    I don't think there is a " best thing to do" largely owing to the fact we don't know how long we have got, and in what sort of health ( I swear, I don't normally talk about pegging it so much!). All you can do is find the best balance for you - that will change over time. Paying off the mortgage by forty may seem a lifetime away, but it will go by in the blink of an eye. In the meantime, consider having some fun ( not too much, the other half at the grand old age of 27 may have a heart attack ) and save for your futures.

    Glad OP has worked

    Bexster
    • Kittenkirst
    • By Kittenkirst 11th Jan 18, 8:20 AM
    • 1,711 Posts
    • 9,103 Thanks
    Kittenkirst
    Thanks everyone for the welcome set up the overpayment facility today, but payday seems a long way off. Can I ask, how does everyone keep motivated/ find extra ways to chip away at it during the month?

    My only MSE moment for today was free alcohol and chocolate from Shopium, otherwise OH's birthday so rather spendy
    Originally posted by Tjh1412
    I do various things to maintain momentum:
    I have a spending app that I update religiously and contains all bills etc already planned in so there shouldn’t be too many surprises- helps me feel in control of it all
    I do ‘tilly tidies’ where I overpay small amounts to round down our bills account, so if the balance is £41.22 I will overpay 22p or £1.22 (dependent where in the month we are).
    I do Prolific academy, Pinecone, YouGov and Onepoll surveys which soon add up with regular completion (on break times at work when bored or in the evening watching tv!)
    focus on making the most out of things I pay for e.g. I have gym and yoga memberships so I try to go regularly to get my money’s worth and also resist other spending.
    cashback apps- shopmium like you but also Quidco etc

    There’s loads of others but these are the ones that spring to mind!
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Jelllibeanz
    • By Jelllibeanz 11th Jan 18, 12:15 PM
    • 138 Posts
    • 330 Thanks
    Jelllibeanz
    I like to track how much difference there is interest payments as well as celebrating when we hit certain milestones. One of my favourite points was when I'd taken a pound a day off of the interest! I also keep a special book with notes of the balance over the year.


    Welcome to the board x
    Aiming for more consistency in 2018
    Mortgage '09 = £103k Feb '17 =£79.9k, Aug 17 = £69k
    #105 £460/£3520 credit card at 0%, #10 penny a day challenge £12/£667
    Wombling Our Way to Wealth 2018 £35.39,
    • Tjh1412
    • By Tjh1412 11th Jan 18, 7:40 PM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    Thanks everyone for taking time to reply, some great tips. For aditional think I'm going to set a mini target of 1% in 3 months, and then review once we get to March as this time of year is always more spendy than summer.

    Taking Bexsters tip about having fun, just booked advance train tickets to London to use a Virgin experience voucher we got for Xmas, hopefully OH can stand the excitement

    Not much money news today,though it was an NSD, oh and I dont have to make dessert as I got free cake from work good for the budget but not so much for the waistlinenow sat with the log burner on catching up on diaries and netflix
    • A Frayed Knot
    • By A Frayed Knot 11th Jan 18, 8:00 PM
    • 2,206 Posts
    • 9,916 Thanks
    A Frayed Knot
    Welcome . . . to the addictive o/p team

    Do you have a sub account on your mortgage at all. This is was what kept my interest going.


    Once my monthly mortgage payment came off the total, I would then have a look at either the last 3 or 4 digits on the balance and then decide if I could pay off the odds by making a "knotty" o/p reducing the balance to 00.00 or 0.00 at the end of my mortgage


    Do this with your mortgage balance, then sub account and repeat as many times as you like, I'm sure you'll get the hang of it. Lots of small o/p's keeps your interest till your next monthly o/p reduces the mortgage figure once more.


    Good Luck
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £4068.97
    • Tjh1412
    • By Tjh1412 11th Jan 18, 8:47 PM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    Thanks Frayed, from reading through diaries etc it does seem very addictive, counting down to payday already
    No sub accounts, hence why I'm going to try and split it up into 1% chunks, just so I have a goal to aim for, been reading the make £10 a day thread and so I'm gonna see what I can do with all the useful tips there, signed up to a couple survey sites so that will be £4/£1215 but I wont count them until they pay out.

    Edit: just looked in the oven to check on dinner and realised OH didnt turn it onoff to hunt through the freezer for a MSE way to rescue this
    • Blibble
    • By Blibble 12th Jan 18, 6:52 AM
    • 307 Posts
    • 300 Thanks
    Blibble
    Welcome to the board!

    I'm a tad alarmed by how much your OH sounds like me - I'm having flashbacks to when I forgot to turn the oven on last week

    Good job on the spending app - if you've got a lot of money left over might it be worth reducing the term of your mortgage when it's due for renewal, that way you'd increase your OP threshold (presuming you're on 10% maximum OP's p/a)?
    OnePoll: £109.45 - Populus: £145 - LuckyPhone: £42.40 - FBL: £27.80 - Crowdology: £4.88 - Prolific Academic: £11.03 - Research Opinions: £3.04 - Quidco: £0
    Total extra income: £343.60
    • pennystretcher
    • By pennystretcher 12th Jan 18, 9:18 AM
    • 341 Posts
    • 1,369 Thanks
    pennystretcher
    For motivation I made a spreadsheet showing mortgage total, payment, overpayments, interest and then total for the annual interest. To start with it was just one entry per month for the remaining mortgage period, and the last two years it's been daily counting down the days left in mortgage.

    I also have a budget spreadsheet and all income has been rounded down and expenses rounded up. When they are due, I have moved the difference to the mortgage account - going back my records, my smallest OP has been 80p Also had targets in my calendar for round figures, so when I reached e.g. £15k, £10k marks I did treat myself to something small (my treats tended to be a nice bottle of wine to toast achieving the goal )

    ps I also asked the mortgage company to round up the monthly payment, so e.g. if the monthly payment was £364.34 I'd ask them to take e.g. £375 or £400.
    Last edited by pennystretcher; 12-01-2018 at 9:23 AM.
    MFW Jan 2018 £190 (almost there!!!)
    • Tjh1412
    • By Tjh1412 12th Jan 18, 11:03 PM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    Friday at last
    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?

    Nothing much in the way of money news today, just dinner which is YS lamb that I chucked in the slow cooker, and a free tray of flapjacks from work. Been in on overtime today, 13 hour shifts are a killer; got home and tried to put my cuppa in fridge and take the milk to living room so I'm off for a cup of tea and some quality time with my duvet, thank goodness its the weekend
    • Merchandiser2367
    • By Merchandiser2367 13th Jan 18, 6:38 PM
    • 141 Posts
    • 954 Thanks
    Merchandiser2367
    Try matched betting

    Takes a bit of research to understand it, I started as a complete beginner in November and had a profit of £500 in 5 weeks. Is a good on going earner for a few hours a week.

    Try the website 'odds monkey if interested as the offer a free trial and you will make £60/£70 in an hour using this.
    Original mortgage 16/10/2017 - £146500
    Current Total - 11/01/2018 - £139117
    5 year fix - Aiming to overpay £1722 at least a month
    MFW by December 2022
    £10,000 / £10,000 Savings by 1/11/17
    • Tjh1412
    • By Tjh1412 13th Jan 18, 6:45 PM
    • 143 Posts
    • 316 Thanks
    Tjh1412
    Thanks for the tip, my OH dooes a bit of this but I've never been able to get my head around it. Looks like is going to be a busy weekend, I need to:
    Go to the shop for packed lunch things for work
    Play freezer tetris
    Confront the ironing mountain that has built up because OH has had holiday from work and never learnt to iron
    Order a new card reader, as mine met its end when introduced to OHs coffee
    Sort out 2 lots of dinner and batch cook for the week ahead
    List a few bits on eb@y and drop off the charity shop box

    Should be doing better but the lure of the fire and cups of tea is proving hard to resist today, though at least I'm too cosy to go out and spend anything
    • Merchandiser2367
    • By Merchandiser2367 13th Jan 18, 7:30 PM
    • 141 Posts
    • 954 Thanks
    Merchandiser2367
    It does take a bit of time to get your head around but is well worth it.

    We started our OP's in November and managed to OP about £7000 since then...looking to pay off our 21 year, £146500 mortgage in around 3 1/2 years hopefully and matched betting has become a big part of the plan.

    Have sorted all saving accounts out as best interest as possible, opened a few mule current accounts to switch to get the free £125 switching bonus etc but matched betting beats all these hands down
    Original mortgage 16/10/2017 - £146500
    Current Total - 11/01/2018 - £139117
    5 year fix - Aiming to overpay £1722 at least a month
    MFW by December 2022
    £10,000 / £10,000 Savings by 1/11/17
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