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  • FIRST POST
    • beanielou
    • By beanielou 4th Nov 14, 2:19 PM
    • 48,483Posts
    • 178,338Thanks
    beanielou
    Baby steps to mortgage freedom for beanielou.
    • #1
    • 4th Nov 14, 2:19 PM
    Baby steps to mortgage freedom for beanielou. 4th Nov 14 at 2:19 PM
    My first thread on the MFW board!!
    My mortgage has 6 & 1/2 years left to run.
    My income seems to decrease more & more & it becomes more & and more of a challange to pay my hefty(to me) mortgage.
    I have managed an overpayment last month as I got some £££'s unexpectedly.
    My biggest fear is not being able to pay my mortgage & loosing my home.
    So I have decided that baby steps are the way forward~even a fiver or a tenner overpaid in a month is better than nothing.
    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***
Page 1
    • Andrewboom
    • By Andrewboom 4th Nov 14, 3:55 PM
    • 60 Posts
    • 121 Thanks
    Andrewboom
    • #2
    • 4th Nov 14, 3:55 PM
    • #2
    • 4th Nov 14, 3:55 PM
    Well it sounds like a good start.

    When I first started overpaying my mortgage I created an excel spreadsheet which I still use today. search for excel PMT fuction in a search engine.

    I found it a big help to be able to see how much that extra £10 paid off saved me over the length of the mortgage.

    If you don't want to create your own spreadhseet i'm sure you can download some ready made ones.

    Check with your bank but my overpayments could be clawed bank into my current account or used to pay future months principle payments. So once i got a few months worth of overpayments together i felt a lot more secure, as at any time i could get the money back, or use it to have a payment holiday.

    So for me you get the boost of paying less interest, and a nice safety buffer against future income issues.
    Last edited by Andrewboom; 04-11-2014 at 4:30 PM.
    • Mrs_E
    • By Mrs_E 4th Nov 14, 4:07 PM
    • 189 Posts
    • 1,703 Thanks
    Mrs_E
    • #3
    • 4th Nov 14, 4:07 PM
    • #3
    • 4th Nov 14, 4:07 PM
    Welcome to the MFW boards Beanielou (I'm an old user under a new name). The spreadsheets are very addictive, but they are very motivating. Good luck on your journey.
    • Goldiegirl
    • By Goldiegirl 4th Nov 14, 4:08 PM
    • 8,343 Posts
    • 47,649 Thanks
    Goldiegirl
    • #4
    • 4th Nov 14, 4:08 PM
    • #4
    • 4th Nov 14, 4:08 PM
    Hello Beanie, I've seen you on other threads, so I'm glad you've started your own diary


    All the little payments soon mount up
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
    • beanielou
    • By beanielou 4th Nov 14, 5:58 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    • #5
    • 4th Nov 14, 5:58 PM
    • #5
    • 4th Nov 14, 5:58 PM
    Thank you for the lovely warm welcome

    Goldie~~your savings are just awesome
    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***
    • Greying Pilgrim
    • By Greying Pilgrim 4th Nov 14, 7:14 PM
    • 3,899 Posts
    • 43,113 Thanks
    Greying Pilgrim
    • #6
    • 4th Nov 14, 7:14 PM
    • #6
    • 4th Nov 14, 7:14 PM
    YAY!!!!

    Beanie I get to do this;



    HAPPY NEW DIARY - KEEP PLODDING





    Greying
    'Ich habe genug'

    'I am not in the pursuit of happiness, only in the discovery of joy' - Joyce Grenfell
    • Goldiegirl
    • By Goldiegirl 4th Nov 14, 8:24 PM
    • 8,343 Posts
    • 47,649 Thanks
    Goldiegirl
    • #7
    • 4th Nov 14, 8:24 PM
    • #7
    • 4th Nov 14, 8:24 PM

    Goldie~~your savings are just awesome
    Originally posted by beanielou
    Thank you

    Saving at that level will stop next year, which makes me feel slightly , as I've got into the habit of regularly putting money away - next year we'll start spending some of it
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
    • beanielou
    • By beanielou 5th Nov 14, 12:09 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    • #8
    • 5th Nov 14, 12:09 PM
    • #8
    • 5th Nov 14, 12:09 PM
    Good news today~~
    I checked my free noodle credit report today & my mortgage has just dipped into the £29,000's.So I am quietly happy with that
    I am getting a wee refund from my energy suppler so will send that when it hits my account.
    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***
    • jwil
    • By jwil 7th Nov 14, 3:09 PM
    • 7,736 Posts
    • 21,932 Thanks
    jwil
    • #9
    • 7th Nov 14, 3:09 PM
    • #9
    • 7th Nov 14, 3:09 PM
    Good luck
    "If you can dream it, you can do it". Walt Disney
    • muddywhitechicken
    • By muddywhitechicken 7th Nov 14, 6:35 PM
    • 3,783 Posts
    • 34,559 Thanks
    muddywhitechicken
    beanie - welcome to MFW

    Good luck and...

    Happy shiny new diary

    MWCx
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: ~£41,500
    Current total overpayments: ~£116,750
    • beanielou
    • By beanielou 7th Nov 14, 6:48 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    Great day today.
    Got a refund from my energy company so I have paid it all of the mortgage, even though I am very very skint.I dident have it before so in theory shouldent miss it!!!!
    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***
    • in need of direction
    • By in need of direction 8th Nov 14, 8:45 PM
    • 4,695 Posts
    • 26,462 Thanks
    in need of direction
    Just treat that mortgage like you did your weight and you'll have it cleared in no time. Glad to see you have a diary. I'll be cheering you on as it was you how kept me and I'm sure many other plodding on with my diary
    Mortgage at 01.01.14 £119,481.83 today £79,389.12, target £75,000 by 31/12/17 Offset fund today £4,055.43 target £5,500 by 31/12/17
    Emergency fund £5k/5.5k & £90/200 cash.
    Current weight loss 8/34 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 8th Nov 14, 9:37 PM
    • 3,929 Posts
    • 36,189 Thanks
    Secret Saving Squirrel
    Good luck to you. When you feel in need of treats, just remember how hard you work to earn the money to pay for them, and they don't feel like treats any more.

    Squirrel x
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • beanielou
    • By beanielou 9th Nov 14, 7:30 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    I think my biggest problem is that I live very close to the bone anyway & really dont have any spare money.
    Anyway every little helps
    Thanks for the encouragement everyone
    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***
    • beanielou
    • By beanielou 21st Nov 14, 10:56 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    A wee payment today.
    It all adds up
    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***
    • in need of direction
    • By in need of direction 22nd Nov 14, 7:41 AM
    • 4,695 Posts
    • 26,462 Thanks
    in need of direction
    Well done. I didn't believe just how much it adds up until I stopped faffing about and started to op.
    Mortgage at 01.01.14 £119,481.83 today £79,389.12, target £75,000 by 31/12/17 Offset fund today £4,055.43 target £5,500 by 31/12/17
    Emergency fund £5k/5.5k & £90/200 cash.
    Current weight loss 8/34 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • tootallulah
    • By tootallulah 22nd Nov 14, 7:50 AM
    • 1,998 Posts
    • 6,907 Thanks
    tootallulah
    Hiya Beanie great to see you on MFW. Gosh you are in the 29s every £10 makes an impact and you will be able to see it. Good luck.
    Mortgage House £108,000 September 29th 2017.
    • beanielou
    • By beanielou 27th Nov 14, 8:43 AM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    Another teeny weeny payment today
    Two quid better in their pocket than mine!!!
    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***
    • Karmacat
    • By Karmacat 27th Nov 14, 9:00 AM
    • 28,042 Posts
    • 154,091 Thanks
    Karmacat
    Beanie! I'm so sorry I didn't see your thread before - I'm terrible for only looking at threads I'm subscribed to, I must go to the forum itself once a week or something.

    Anyway, welcome here its a very lovely place.

    And I know exactly what you mean about income going lower and still trying to pay things off, thats the boat I'm in. I'm looking at m.b.ing to help me

    Subscribing.
    Retired August 2016
    • beanielou
    • By beanielou 27th Nov 14, 4:19 PM
    • 48,483 Posts
    • 178,338 Thanks
    beanielou
    Thanks karmcat
    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***
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