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  • FIRST POST
    • CathT
    • By CathT 2nd Sep 10, 11:22 AM
    • 5,135Posts
    • 35,040Thanks
    CathT
    CT's attempt at being mortgage free
    • #1
    • 2nd Sep 10, 11:22 AM
    CT's attempt at being mortgage free 2nd Sep 10 at 11:22 AM
    Hi all,

    Originally came across this forum and had the idea of OP in the short term while interest rates so low but have been so inspired to make being MF a realistic goal.
    Initially was inspired by Financial Bliss's diary and then read many others taking in lots of tips and posting the occasional comment.

    So, a bit about me. Live with DH and DD (aged 2) with outstanding mortgage of just over 119,000 with about 19.5 years left on the term. We are young ish! and would hope to be MF by time i'm 40 (DH 45) so pretty much a 10 year ish plan.

    We have a fair income (about 40k joint) but have been used to living on a lot less so am hoping to direct disposable income at mortgage)

    Thanks for reading so far and I hope you will join me on my journey to keep me motivated!!
    Last edited by CathT; 20-12-2011 at 1:49 PM.
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
Page 1
    • CathT
    • By CathT 2nd Sep 10, 11:32 AM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    • #2
    • 2nd Sep 10, 11:32 AM
    • #2
    • 2nd Sep 10, 11:32 AM
    Ok, so some figures. Mortgage is on a 2 yr tracker ending March 2012 on 2.69% above base rate. Have been using the spreadsheet kindly sent to me by FB and have set myself a couple of targets.
    1) Mortgage <118,000 by end of 2010 (well on target so may revise)
    2) MOrtgage <100,000 by end of 2012 (not sure how achieveable this is but psychologically would love to get down to 5 figures!!)

    Generally we are not big spenders, 2 cars both more than 7 years old, not big on holidays (days out suit better with a toddler), no flash spending, no big nights out but do like a treat now and then!

    Unfortunately don't have much in the way of savings and I know the advice is to have 3 months worth behind us but seem to have concentrated my efforts on the mortgage as well as saving for home improvements. (will try and achieve this tho)

    So far have been ebaying, music magpie, and throwing spare cash at OP but ideas are more than welcome!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • Queen-Bee
    • By Queen-Bee 2nd Sep 10, 1:09 PM
    • 819 Posts
    • 2,233 Thanks
    Queen-Bee
    • #3
    • 2nd Sep 10, 1:09 PM
    • #3
    • 2nd Sep 10, 1:09 PM
    Hello CathT - welcome to the board and congratulations on starting your diary. There seem to have been explosion of diaries recently (a sign of the times perhaps?), but I've found great inspiration from them!
    QB
    • wynnvegas
    • By wynnvegas 2nd Sep 10, 2:50 PM
    • 1,376 Posts
    • 6,392 Thanks
    wynnvegas
    • #4
    • 2nd Sep 10, 2:50 PM
    • #4
    • 2nd Sep 10, 2:50 PM
    Hi CathT,

    Glad you've finally hopped on board and started a diary. Please make sure to keep it updated regularly - my own has fallen into disrepair quite some time ago!! I'll be following your progress and I wish you the best of luck.

    My one constant tip is to do an SOA as detailed in the debt free boards. It gets right down to the penny what you've got coming in and what's due to go out and will allow you to plan any discretionary spending and give you an exact figure of what you can throw at the mortgage every month should you choose to do so. We were doing ok before we applied a bit of science to the process and our SOA has helped us knuckle down and shave an extra 8 months off the mortgage.

    Cheers,

    Billy
    Last edited by wynnvegas; 02-09-2010 at 2:52 PM. Reason: Tip
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / 61,866.50
    • CathT
    • By CathT 3rd Sep 10, 2:27 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    • #5
    • 3rd Sep 10, 2:27 PM
    • #5
    • 3rd Sep 10, 2:27 PM
    Thank you QB and Billy. Have been following your diary QB, Billy I'm not sure you still need your diary! Your OP are fantastic - almost there!
    I do need to do a SOA and am off this weekend so will hopefully get chance! Not so sure with a 2 year old to entertain!

    Cheque arrived yesterday for about 8.50 so rounded that up to 10 and have sent that to the mortgage. I originally set up SO of 50 a month so try to add to that. Last couple of months have managed 200 (with overtime etc) so now feel guilty if i don't overpay that much! This addiction soon reels you in!!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • wynnvegas
    • By wynnvegas 3rd Sep 10, 2:51 PM
    • 1,376 Posts
    • 6,392 Thanks
    wynnvegas
    • #6
    • 3rd Sep 10, 2:51 PM
    • #6
    • 3rd Sep 10, 2:51 PM
    If you need a template, I'm more than happy to pop my spreadsheets over to you for you to play about with.

    Cheers,

    Billy
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / 61,866.50
    • CathT
    • By CathT 3rd Sep 10, 3:05 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    • #7
    • 3rd Sep 10, 3:05 PM
    • #7
    • 3rd Sep 10, 3:05 PM
    That would be fab thank you. Have found spreadsheets to the best motivator! Will PM you my email address, thanks! :-)

    I just can't wait to turn to DH and say 'by the way, the mortgage is paid off!'
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
  • 3yearstogo
    • #8
    • 3rd Sep 10, 5:00 PM
    • #8
    • 3rd Sep 10, 5:00 PM
    Hi Cath, intersting diary. Subscribed to your threat cos I'd love to see your progress! I have not started me MFW quest yet as I have just started to attack the debt!

    Looking forward to keeping up with your journey!!!
    2011/12: Wii & mario cart 200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, 200 spending money 1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
    • CathT
    • By CathT 3rd Sep 10, 5:38 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    • #9
    • 3rd Sep 10, 5:38 PM
    • #9
    • 3rd Sep 10, 5:38 PM
    Thanks for jumping on board '3yearstogo' Have found this forum fab and such a brilliant motivator! Good luck with tackling the debt. Noticed on your signature your competition win! Will 'look' out for you! (where do you access these comps?)

    Have just returned from shopping for a few things and went WAY over budget! Argh! Should send some money across to the mortgage before i buy any more
    wine
    grocery essentials!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
  • 3yearstogo
    I cant go sadly! I gave them to a friend who lives in London so she will make good use of my first win! I use the competition page on this forum. I wouldn't want to even count how many new comps are posted every day! I love the "I won" thread too.. keeps me movitaved to enter the comps. At least 4 people on MSE have won Ipads this week! I plan to win things then sell them to pay off my debt quicker then start on my MFW diary!

    Enjoy your "essential" groceries!
    2011/12: Wii & mario cart 200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, 200 spending money 1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
    • CathT
    • By CathT 5th Sep 10, 3:47 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    I think I might check out the comps page!
    Well, haven't been very MSE last few days! Ridicolous overspend on food and still need bits and pieces in the next few days. Had a family day out today and spent quite a bit but did manage to buy a couple of Christmas presents from the trade stands and got plants for the garden so that looks better now they are planted.

    Have been shopping for home insurance last few days, found a good deal with sainsbury's, cheaper than my provider's quote but not the cheapest I found today but they are offering 50 voucher for new applications and double nectar points and as it's my main supermarket could be beneficial. Will also see what quidco has to offer.

    Hoping for quite a few NSD this week as payday is still 2 weeks away!

    Hope everyone has had a good weekend.
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • CathT
    • By CathT 6th Sep 10, 2:37 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    I wish DH was as motivated to be MF as me! I found a load of CD's in cupboards (not listened to for years) so uploaded them all onto our I-Tunes and then had them ready to go to Music Magpie. Clearing space, making money and still having the music to listen to seemed a no-brainer to me! However, DH decided he still needed them! grrrr! Peraps i should have just sent them!

    Think we have about 200 left for the month but am thinking of sending another 100 OP and living very frugally (food shopping is our down fall) It's funny how you make money last when you have to!

    Haven't had any One Poll survey for ages, balance is a grand 5.20! Need to check where i'm up to with Yougov but other than that not sure how to send anymore OP before payday!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • Iris Blue
    • By Iris Blue 6th Sep 10, 2:50 PM
    • 1,318 Posts
    • 5,764 Thanks
    Iris Blue
    Give him time Cath...sometimes you just have to plant the seed !

    When the time comes TCB does cashback 7.5% on music/pie, I don't know about Quidco though.

    Do you check Onepoll several times daily as they have been having a lot of 15p suveys last week. Maybe they are just being done quick. Im nearly on my 2nd lot of 40.

    Good luck


    Iris
    I can't be bothered updating this anymore
    • CathT
    • By CathT 6th Sep 10, 5:32 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    Thanks Iris, he is on board, just with minimal effort!! I've always been good with money tho. I was only 20 when we bought our first house so he should know what i'm like!

    I will keep checking Onepoll, I actually have the app on my I-phone (my one luxury in life!) so it easy for me to check so must get in the habit. You are doing well with it.

    I feel like the last few days all i'm doing is trying to find ways to raise funds to send as OP! Been reading too many diaries i think! Brilliant motivation tho and that's what this forum is all about ;-)
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • CathT
    • By CathT 8th Sep 10, 11:16 AM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    Have been shopping around for home insurance last few days and found competitive quote with Sainsbury's (50 voucher, 30 through Quidco + double nectar points for 2 years) and as it's my main supermarket seemed a good deal. Existing provider made no attempt to match it or keep my custom. If i pay in full probably eats up most of what I have left for the month but means I can increase regular S/O from 50 to 71 a month.

    Currently saving for home improvements but now toying with the idea of moving but really don't want to increase my mortgage! If interest rates stayed at 0.5% forever it would make the decision so much easier!
    So, we are getting stuff done at home de-cluttering, touching up paint work etc to a) make house saleable OR b) actually be happy living here!!

    Anyone else constantly feel like they want to move?

    Managed a Onepoll survey yesterday, am going to have a look at selling books on Amazon but as they are heavy ones not sure it would be worth it? Apart from not eating the rest of the month not sure how to find anymore OP before payday!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • wynnvegas
    • By wynnvegas 9th Sep 10, 10:56 AM
    • 1,376 Posts
    • 6,392 Thanks
    wynnvegas
    Hi Cath,

    How is the SOA coming? Hope the template helped a wee bit.

    I think an MSE swapping / selling forum might not be the worst idea ever. We've had a mass clearout but I'm too chicken to make a mess of things on eBay so it's all now sitting in the spare room cluttering up the house still - just in a different space.

    Cheers,

    Billy
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / 61,866.50
    • CathT
    • By CathT 9th Sep 10, 1:32 PM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    Ours is in the spare room too, amazing how much junk you can fit in a box room! It desperately needs sorting out, have managed to fill few charity bags but not much else looks 'ebayable'!

    Had a quick look at the SOA (thanks for sending) sorry not got back to you, first day off for few days and 2 year old DD not giving me much thinking time!! Will try and put together soon. There are definitely areas we could cut back I'm sure of it! *please don't take my I-Phone off me!*

    Have managed 2 YouGov surveys today, up to 20 on there but am a bit lazy at checking emails so could probably get more.
    Have 10 CD's ready to check for Music Magpie
    Not sure i've got anything to ebay apart from small sales and the fees don't seem worth it then
    Unfortunately overtime been stopped at work which was a big source of my O/P or savings fund, looks like i increased my contract hours just in time!

    Determined not to go food shopping but Payday seems very far away right now! We both got underpaid this month but if we 'survive' I can send next months extras as OP's.
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • museumworker
    • By museumworker 10th Sep 10, 12:26 AM
    • 1,750 Posts
    • 10,144 Thanks
    museumworker
    Yes, I should really do an SOA too, but am a bit chicken. If you do yours, I'll do mine...

    Definitely weigh Amazon books - in their packaging, you really don't want to sell for a loss after fees. Sorry to hear about the overtime - times are really tough right now.

    Regarding your question on move or improve - we have lovely neighbours, and a house we love. We just need something bigger - and it costs sooo much to buy and sell that improving is the only option for us. But we only bought 2 years ago, with the plan of extending part of the purchase decision...
    Mortgage 16/03/2011: 190K 01/01/2017: 107,729.65
    OPs 2011-2016 = 45K 2017 OPs = 0
    • CathT
    • By CathT 10th Sep 10, 7:45 AM
    • 5,135 Posts
    • 35,040 Thanks
    CathT
    Hi MW,

    If i'm going to sell my books I need to get moving this weekend I think. Uni is about to start again so be the best time to offload it all.

    My SOA shouldn't take long to do so may even try and do it this morning - there you go, you have to do it now!

    House wise we upgraded from a 2 bed mid terrace (no parking, not the nicest neighbours, noisy location etc) to our current 3 bed detached (brill location) over 5 years ago really thinking it was our forever house. Amazing how quickly you outgrow your space when a baby comes along! Have converted the garage to another room but still not completely settled here. Saving for home improvements is a long slow process tho, maybe I should learn to go without?

    TBH I should probably stop watching all these property programmes, they give me delusions of grandeur!!

    Registered for TCB yesterday, is this where others do their 'daily clicks' I tried to get some cashback by doing car insurance quotes and ended up being phoned by a firm who had spotted i'd been searching - wasn't too comfortable with that!
    June 2010 121,287
    May 2017 - part 1 - 81,782
    -part 2 - 46,814
    Total - 128,596
    • Iris Blue
    • By Iris Blue 10th Sep 10, 8:08 AM
    • 1,318 Posts
    • 5,764 Thanks
    Iris Blue
    Hi Cath,

    I always give wrong phone number for insurance quotes. If you wanted to speak to someone you'd phone them in the first place wouldn't you!

    There's not many daily clicks about at the moment , TCB has a few as does FC. I've given up on them but still getting the money through in dribs and drabs. I buy everything online through TCB. I've had 280 from them since I joined so not bad at all.

    You can do car ins quotes through TCB and then through comparethem8rket and get 51p a month for doing it. So if you're looking anyway it's well worth you doing.

    HTH

    Iris
    I can't be bothered updating this anymore
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