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    • Blibble
    • By Blibble 27th Dec 17, 7:37 PM
    • 306Posts
    • 298Thanks
    Blibble
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free
    • #1
    • 27th Dec 17, 7:37 PM
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free 27th Dec 17 at 7:37 PM
    Hi folks!

    I'm a fervent reader of the MFW board, and have been meaning to get cracking on my own diary for some time to keep me on the MFW straight and narrow. Unfortunately, the time's never quite been right to do so before now; me and my partner are in a new build house which always seems to throw something up which we hadn't planned for (it's not just older houses y'know!).

    Coming up to the new year, and reflecting on how much we've spent over Christmas (and how badly budgeted it was), I've been thinking a lot lately about seriously attacking the mortgage and now feels as good a time as any. Sooo, a little about us ...

    We're both 23, and moved in to our house in mid-December 2016 in the north west. We're not rich - both earning just above minimum wage - but thankfully have nobody dependant on us financially and are fairly minimal in what we want. We've £127,879.52 outstanding on the mortgage - we've only made minimum payments on the mortgage until now - and the rate sits @ 2.34% expiring August 2018.

    I'll post an SOA (a SOA?) below in a bit; mortgage OPs will initially be on the lower side as we're saving £1000 a month for a wedding too, but hoping we can scrabble together a couple of hundred more a month to put towartds OPs..

    Wish me luck - if nothing else it should be a craic

    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
Page 2
    • Watty1
    • By Watty1 29th Dec 17, 3:05 PM
    • 2,985 Posts
    • 20,815 Thanks
    Watty1
    Another one echoing the pensions advice. Indeed probably not something you expected on here .... but...your future self will be grateful. I only started overpaying the mortgage when I realised we would be paying the mortgage into my 70s and yet my pension would be insufficient to do that. I doubted I could make up the shortfall - so - I began overpaying but at the same time put money into my pension plan.
    Anyway goodluck with the plans. Its an addictive little board
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Knotted hanky fund now in full swing: £3776.40
    • Blibble
    • By Blibble 30th Dec 17, 10:34 AM
    • 306 Posts
    • 298 Thanks
    Blibble
    Thanks Watty1 - I feel the pension is the most savvy thing to do, even if it's on the more dull side of MSEing (for now, anyway!). It'd be foolish to shy away from it just because it's less exciting, so provision has to be made for it .

    Only a quickie today £5.41 tilly tidied over to the mortgage. OH is out for a coffee with her friend this morning, so I'll be having an easy one doing some laundry and cleaning around the house. We spent last night watching Victoria Wood on Channel 5 and drinking too much sherry, so the living room's a state!

    Over 'n' out
    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
    • michelle09
    • By michelle09 30th Dec 17, 10:41 PM
    • 581 Posts
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    michelle09
    B&M! One of the things I miss about living in the NW. Well done on the early OPs.
    • Blibble
    • By Blibble 1st Jan 18, 1:02 PM
    • 306 Posts
    • 298 Thanks
    Blibble
    Love a bit of B&M michelle09! One of the few branded things we're a sucker for is Walkers' crisps, and they do a selection box of 40 for £4.29 which is as good value as the own brand products in ASDA .

    Last 2 days have been fab at OH's aunt and uncle's - lots of free drink and good company. Woke up (bleary-eyed) this morning to see I'd won £27.80 on freebirthdaylotto.com (about time too!) so that'll go to the mortgage once received.

    Happy New Year everyone!
    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
    • Blibble
    • By Blibble 2nd Jan 18, 6:44 AM
    • 306 Posts
    • 298 Thanks
    Blibble
    Howdy!

    Back to work for me today - don't mind too much as I'm just about done with festivities now and am looking forward to a return to normality. We're aiming to put £3000 away in OPs this year, however the majority of our savings is going towards our wedding fund so this figure needs to come from extra income sources only So it's in work at 8:00am today, leaving at 18:00, and will be for the majority of the year for an extra couple of grand in overtime which should go a long way towards the target

    £27.80 payment received from freebirthdaylotto.com, which I thought was wonderfully quick for New Years' Day Thanks to my (modest!) darts winnings last week which will cover my social budget for the week, £20 further has been moved over as I've already got the cash for the social budget, so another £47.80 moved over.

    We're square out of groceries for dinners now, so will be off to ASDA after work (no biggie, as I work across the road). Will go in the evening and see if anything YS is lurking there for me. We've got a £40 p/w groceries budget, which given this started on Christmas day (double-week due to Christmas / NY) is currently being smashed around £22; the extra £18 needs to last to Saturday with any excess going towards the mortgage as well as a tilly tidy.

    Onwards and upwards
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Jan 18, 7:05 AM
    • 820 Posts
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    wishingthemortgaheaway
    Just found your diary. Welcome to the new world. We bought our house at a similar ad to you and really wish we knew about overpaying at the time. I think we would be mortgage free by now if we did. (We had a huge amount more cash in those days which we obviously just wasted) ho hum such is life. To save £1000 a month from your income is just brilliant. When's the wedding?

    Have a good day at work.
    Wish.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • Blibble
    • By Blibble 2nd Jan 18, 7:59 PM
    • 306 Posts
    • 298 Thanks
    Blibble
    Just found your diary. Welcome to the new world. We bought our house at a similar ad to you and really wish we knew about overpaying at the time. I think we would be mortgage free by now if we did. (We had a huge amount more cash in those days which we obviously just wasted) ho hum such is life. To save £1000 a month from your income is just brilliant. When's the wedding?

    Have a good day at work.
    Wish.
    Originally posted by wishingthemortgaheaway
    It's a lovely part of the world in the north west, I think . I'm a soft southerner originally, but wouldn't consider going back now - the price of houses you get here compared to south of Birmingham is astonishing (and was the only way we could consider owning anything!).

    Wedding is set for 04 November 2019 - we do everything on 4th November as that's the day we first met in 2012. It's partly done on the same day for romance, and partly for convenience
    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
    • sofarbehind
    • By sofarbehind 2nd Jan 18, 8:38 PM
    • 281 Posts
    • 1,182 Thanks
    sofarbehind
    Good luck on your journey. I wish I had your good sense at your age....good on you!
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, £800 / £10k target

    Mortgage overpayments 2018: £0
    Huge mortgage £145K
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 3rd Jan 18, 7:04 AM
    • 820 Posts
    • 3,611 Thanks
    wishingthemortgaheaway
    It's a lovely part of the world in the north west, I think . I'm a soft southerner originally, but wouldn't consider going back now - the price of houses you get here compared to south of Birmingham is astonishing (and was the only way we could consider owning anything!).

    Wedding is set for 04 November 2019 - we do everything on 4th November as that's the day we first met in 2012. It's partly done on the same day for romance, and partly for convenience
    Originally posted by Blibble
    What a lovely idea, and no excuse for forgetting anniversaries.

    Have a great day.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • Blibble
    • By Blibble 4th Jan 18, 6:46 AM
    • 306 Posts
    • 298 Thanks
    Blibble
    Last couple of days haven't quite gone as planned - the £18 food budget to last until Saturday didn't quite work out . We're up to about £50 for the 2-week period (£40 budgeted), and need to buy cat food today for another £9 (although that will last for a month). OH loves these Lenor scent boosters in the laundry - https://www.tesco.com/groceries/en-GB/products/294025620 - which cost a bomb and have killed the budget, although they last a while. Gives me an incentive to do more laundry though, as I don't put them in and she doesn't notice the difference (until she reads this over my shoulder ).

    No other unnecessary spends though over the past couple of days, and was quite proud of us resisting the urge for a Chinese takeaway Tuesday evening! Been trying to get into Swagbucks over the past few days to add to the extra income required for OPs - has anybody any tips how to get the most out of it as I only seem to earn 1 or 2 a time?
    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
    • bugslet
    • By bugslet 4th Jan 18, 8:10 AM
    • 5,900 Posts
    • 28,762 Thanks
    bugslet
    It's not advice you often see of the mortgage free wannabe board but it is advice you will get repeatedly on the pensions board. And coming from someone that values being mortgage free it is sound advice. It's very tax efficient to pay into a pension so I aim to do a mix of both.

    There is always a bigger picture though and even more so at 23: wedding, children, house, job security etc. At 42 I can tick several of those things off. I would suggest you don't lose sight of your pension savings, maybe revisit these when you've had your wedding and you have £1,000 spare a month! Your future self will thank you big time if you direct some of this spare cash towards your pension.

    There are a couple of financial things that I regret NOT doing in my twenties and they all relate to pensions:

    1. Not increasing my husband's pension contributions when he was your age. For the price of a couple of takeaways a month we would be sitting on a healthy nest egg. 20 years later we are playing an expensive game of catch up
    2. Not joining my own pension scheme for two years. I really could kick myself!

    You, however, are young enough and clearly switch on enough to learn from the mistakes that others have made on this board
    Originally posted by Happier Me
    Another NWer here, please don't tell too many Southerners how good it is up here, keep telling thme it's grim up North, would ya?


    Good advice from Happier Me.

    I started my pension at 25, never had a company pension, so started my own. I also overpay my mortgage - my Dad went bankrupt and the worry about being homeless has meant that the security of home ownership has been important to me.

    I've never thought you have to do one thing to the exclusion of the other. I overpay a bit and I pay into a pension as well. At your age though, I'd think about shoring up your pension, all that lovely compound interest in the future years, really counts. And I'd be looking to fix for as long as you can for as cheap as you can when your deal comes to an end - I am one of those people who can remember 15% mortgages

    Well done on your financial savvy!
    • Blibble
    • By Blibble 5th Jan 18, 6:46 AM
    • 306 Posts
    • 298 Thanks
    Blibble
    Thanks bugslet . We're aiming to hit £124,000 on the mortgage by August when our deal comes to an end, as this will take us under 70% LTV and open up a whole host of better rates. It's going to be tight, but it's not impossible based on some back-of-fag-packet calculations

    Yesterday wasn't an NSD, but have attempted to downshift the cat to ASDA's own brand food (cheeky cat is normally on Whiskas - very rude of her!). Turns out ASDA's food is her new favourite thing, and comes in 3/4 of the price of the branded product. Every little helps!

    Tonight we're off to OH parents for a takeaway. I've been re-assured that it's their treat , so today should be an NSD - here's hoping I've not been led up the garden path as I can't resist a decent curry

    Happy Friday y'all
    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
    • Blibble
    • By Blibble 6th Jan 18, 3:54 PM
    • 306 Posts
    • 298 Thanks
    Blibble
    Woop, it's Saturday, and I for one am extremely glad for that.

    I've racked up 6 and a half hours overtime at work since coming back on Tuesday, and am feeling absolutely shattered as a result. As a student, going to bed at midnight was early; this week I've been in bed between 9 and 9:30. Must be getting old!

    Weekly shop is done, and it's a respectable effort around £17 for the week (although we do have 3 meals in already). Very happy with that! And more MSE'ing complete by taking the Christmas tree up the tip ourselves, rather than paying someone to do it. Squishing an 8ft tree in the back of a Peugeot 206 is not recommended.
    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
    • michelle09
    • By michelle09 6th Jan 18, 4:55 PM
    • 581 Posts
    • 2,718 Thanks
    michelle09
    Our fluffball likes the ASDA Tiger stuff too, and it is so much cheaper. Or at least the wet stuff. She eats the dry but I get a vague look of betrayal every time it goes into her bowl, so will shift back to another brand when this is gone.

    Hope the curry was good.
    • Kittenkirst
    • By Kittenkirst 6th Jan 18, 6:19 PM
    • 1,703 Posts
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    Kittenkirst
    Another vote for the Asia cat food- Our kittens quite like the Tiger wet meat too, but are snobs about the dry. Always worth trying them on the cheaper brands and seeing their preferences
    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
    • Blibble
    • By Blibble 7th Jan 18, 10:37 AM
    • 306 Posts
    • 298 Thanks
    Blibble
    Fluffball over here isn't fussy at all - she prefers left over chilli con carne & pasta arrabiata to her actual food! Need to get her some dry food shortly (thought we were well stocked, but clearly not) - as she's a bit older we get her GoCat Crunchy and Tender which goes down very well. She seems to struggle with anything else, we think because she's getting on a bit, so likely won't downshift on that.

    Today should be an NSD - busy day ahead with cleaning the car inside and out (pine needles everywhere after yesterday!), tidying the garage, going for a long Sunday walk, and doing the garden if I can be bothered. Which is unlikely as it's still getting dark by 5!

    Happy Sunday everyone
    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
    • bugslet
    • By bugslet 8th Jan 18, 12:43 PM
    • 5,900 Posts
    • 28,762 Thanks
    bugslet
    I dug up my 'prairie patch' yesterday, my mini homage to Piet Oudolf the Dutch gardener. I was grateful when it go too dark to do much more.

    My dogs like chicken - but they are not going to eat better than me!
    • Misslayed
    • By Misslayed 8th Jan 18, 1:34 PM
    • 3,824 Posts
    • 20,191 Thanks
    Misslayed
    Have you got Lidl or Aldi in the frozen north? I used to do all my shopping in Asda, but I’m a complete convert. I alternate between the two to have a nosey at their ‘specials’ and it’s much cheaper than Asda, and at least as good quality, much better in a lot of cases.
    I’m a proper soft southerner now, but I was born in Cumbria, many moons ago, still visit relatives often. I’ll wave when I’m up!
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • bugslet
    • By bugslet 8th Jan 18, 1:58 PM
    • 5,900 Posts
    • 28,762 Thanks
    bugslet
    Have you got Lidl or Aldi in the frozen north? I used to do all my shopping in Asda, but I’m a complete convert. I alternate between the two to have a nosey at their ‘specials’ and it’s much cheaper than Asda, and at least as good quality, much better in a lot of cases.
    I’m a proper soft southerner now, but I was born in Cumbria, many moons ago, still visit relatives often. I’ll wave when I’m up!
    Originally posted by Misslayed
    Ay lass, we have Aldi and Lidls up in't North.

    I'm sorry you had to leave the North, I realise it wasn't by choice). We'll have you back you know, just have to present your doctors letter to confirm mental fitness at the border, aka Watford Gap
    • Blibble
    • By Blibble 8th Jan 18, 6:39 PM
    • 306 Posts
    • 298 Thanks
    Blibble
    Awww come on now, the border's nearer Coventy (that may be the latent southerner in me talking!).

    We do have Aldi & Lidl oop nort'; Aldi is nearer to us than ASDA, however Lidl is quite a trek. Sometimes we'll stop off there on the way to OH's parents, but generally it's Aldi for us.

    The fluffball has now been downshifted to Sainsbury's own brand dry food (had to go SBs due to Sunday opening hours and not being bothered to drive to Aldi!) - surprised by how well it's gone down! And it was 1/4 price per 100g of the GoCat one. Result

    Off out tonight with OH, best friend and his partner to the pub. Here's hoping I can keep within the remaining £10 social budget before it renews tomorrow

    Misslayed - you're welcome back up here any time you like. If you want to bring some southern weather with you, that'd be ace. I was tempted to wear 3 jumpers today!
    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
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