Project Mortgage Neutral Begins

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  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    Payments are still not showing online :mad: I want a mini-celebration but want to see the hard evidence first.

    I have had a very busy few weeks at work, I am counting down the hours (about 6) until I get home tonight. I think by body is trying to remind me to take time for myself as I am aching and feeling a bit coldy :( I have achieved a lot over the last few weeks so I am going to try and go easy on myself for the last 2 and a half weeks until my leave starts.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    99,700.38 :j
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • Radish72
    Radish72 Posts: 2,073 Forumite
    Name Dropper First Post First Anniversary
    ajmoney wrote: »
    99,700.38 :j

    Enjoy celebrating the 90's :T
    Mortgage Aug 12 £165K, Aug 19 £0
    ISA challenge start 2019 £3000/£1500 (50%)
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    I haven't checked my maths yet but I think if we were to max out our RS accounts for the next year we could get rid of the larger mortgage by the end of 2017, this assumes that our S & S ISAs wouldn't make any money in that time even with us paying into them. This is at least 8 months ahead of our current schedule, I just need to see if it is feasible us doing this.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • Watty1
    Watty1 Posts: 4,913 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    ajmoney wrote: »
    I haven't checked my maths yet but I think if we were to max out our RS accounts for the next year we could get rid of the larger mortgage by the end of 2017, this assumes that our S & S ISAs wouldn't make any money in that time even with us paying into them. This is at least 8 months ahead of our current schedule, I just need to see if it is feasible us doing this.

    I do love a plan :)
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    Christmas arrives in our house today. We put the tree up last weekend and most of the presents have been wrapped. I have a couple of gifts left to buy and wrap, food shopping to buy, cards to write and 2 beds to make before my family arrive about 3.30. This would be a challenge normally but I have a terrible cold so it may be a tough day, I guess it is my fault for not being organised enough.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    The weekend was lovely and somehow I managed to get everything done and finished as my family pulled up outside the house :D I have 3 gifts left to get which I will do by the end of the week, I know exactly what I am getting so it should be fairly easy.

    I have just signed up for the MFW 2017 challenge, I have put down for £5500 although I am expecting to OP more than this.

    My RS account has matured and moved across into another account. I am going to transfer this money into my ISA as it is a slightly better interest rate and will open another account at the weekend when Mr AJM's matures. I am going for a different approach, I will still transfer £250 a month from my pay but I will top up from my ISA as the interest rate is a lot better. Any extra money I have left at the end of each month can go straight into my ISA.

    I think Mr AJM and I might work a lot harder to our MF goal on the larger mortgage after the summer as we will then have a year to go. It will be great to give Mr AJM the option to stop working at that point if he wants or go part time, the other option is to stick with it for 2 years and get rid of the smaller mortgage too and build our savings back up as they will take a huge hit.

    I have got an unexpected day at home today, we weren't going to have enough people for a rehearsal tonight so I will be able to travel back to work after dinner rather than now :j I am winding down towards the holidays now, I have a list of things I would like to get done which seems perfectly achievable.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    At home and looking forward to the first full weekend off with nothing particular planned in about 2 months.

    Went to a Christmas concert last night and really enjoyed it, it was nice to be on the other side being entertained for a change. I met with a friend beforehand for dinner and am meeting another for lunch today, I need to do this far more often.

    Only a week until Mr AJM and I finish for Christmas, I can't wait to have 2 weeks together and am quite excited by it :D

    I think Mr AJM's RS account matures tomorrow, so long as it moves across to the new account I will go ahead and set up our new RS accounts for the next year. Hopefully they will still be on offer in a year's time but I am not too hopeful!

    Managed a small OP the other day from a cashback payment, we have made good progress in OPs this year. I am looking forward to seeing what we can achieve over the next year and to seeing what our mortgage balance will be at the end of 2017.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • ajmoney
    ajmoney Posts: 6,229 Forumite
    Name Dropper First Anniversary First Post
    I have closed my old RS account, transferred the funds into my ISA and opened a new one for the next year. I will topping up with the full amount each month and any extra will be paid into my ISA.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • Frugaliza
    Frugaliza Posts: 58 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Hi Ajmoney,
    Apologies if you've covered it already but wondering what precisely you mean by 'mortgage neutral'?

    I'm guessing you mean you want to have enough savings/investments that you could pay off your mortgage if you chose to. With low interest rates this might be a better option for many and so wondering if that's your plan?
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