Originalmiscellany's MF dreams
originalmiscellany
Posts: 1,655 Forumite
So I have read all these forums avidly, and have never really contributed – something like 10 posts in 2 years!
However I’m going to take the plunge and start a MFW thread.
So, I bought our house (co-bought with a friend) in 2002 – 127,500 – with us each paying half the mortgage. At the end of the five year fixed deal (total of 25 year mortgage), I got married and bought the friend out, where the house was valued at 160k, and with the mortgage having to be extended to 120k (I think). This was in August 2008. We moved to a fixed rate deal with Halifax which expires at the end of November 2010 where we will hopefully switch to a First Direct Offset, interest only mortgage for the remaining term (18 years). The mortgage will be around 80k left.
We are in a fortunate position where we have been able to overpay the mortgage since getting married and have some savings, so the actual mortgage will be around £50k with 30k sitting in the offset section of our account (mainly ISA’s accrued over the past few years), especially in light of the measly interest rates we currently gain on them. Interest only means we pay a minimum and can then save/offset our savings every month which I estimate to be a good thousand a month as the situation currently stands.
The chief driver in documenting this is to hold myself accountable to people in trying to get this mortgage cleared as fast as possible, and also being a nerd (I work in education in ICT), I like being able to track our mortgage/outgoings etc, so logging it here will be quite cathartic!
Realistically, we could clear this if nothing changes to our financial situations in 5 years relatively easily, we could hammer the mortgage and clear it in 2 years at a real stretch, or can take it easier and see what happens.
Life is further complicated by the fact that my wife owns a house which has been rented out for several years, and currently generates a small profit every month, but is on an interest only mortgage – that’ll be cleared once our main abode is cleared, or the housing marked picks up (but we’re looking at it being a 10 year project to get it back to a good situation).
In terms of clearing the mortgage, I’ve been selling stuff on ebay, will continue to do so, and am tempted to have a go at online betting where you take the money for setting up an account with a variety of websites and then bet on both outcomes of a 2 horse race… It looks like it would be fun, and could generate several hundred pounds with no risk of me losing money + I’m not that addictive a person in my nature - matched betting I think it's called?
Anyway, I look forward to any comments/feedback on our journey - my plan is to update monthly with current figures, to encourage myself on living frugally to clear the mortgage.
Thanks
Originalmiscellany
However I’m going to take the plunge and start a MFW thread.
So, I bought our house (co-bought with a friend) in 2002 – 127,500 – with us each paying half the mortgage. At the end of the five year fixed deal (total of 25 year mortgage), I got married and bought the friend out, where the house was valued at 160k, and with the mortgage having to be extended to 120k (I think). This was in August 2008. We moved to a fixed rate deal with Halifax which expires at the end of November 2010 where we will hopefully switch to a First Direct Offset, interest only mortgage for the remaining term (18 years). The mortgage will be around 80k left.
We are in a fortunate position where we have been able to overpay the mortgage since getting married and have some savings, so the actual mortgage will be around £50k with 30k sitting in the offset section of our account (mainly ISA’s accrued over the past few years), especially in light of the measly interest rates we currently gain on them. Interest only means we pay a minimum and can then save/offset our savings every month which I estimate to be a good thousand a month as the situation currently stands.
The chief driver in documenting this is to hold myself accountable to people in trying to get this mortgage cleared as fast as possible, and also being a nerd (I work in education in ICT), I like being able to track our mortgage/outgoings etc, so logging it here will be quite cathartic!
Realistically, we could clear this if nothing changes to our financial situations in 5 years relatively easily, we could hammer the mortgage and clear it in 2 years at a real stretch, or can take it easier and see what happens.
Life is further complicated by the fact that my wife owns a house which has been rented out for several years, and currently generates a small profit every month, but is on an interest only mortgage – that’ll be cleared once our main abode is cleared, or the housing marked picks up (but we’re looking at it being a 10 year project to get it back to a good situation).
In terms of clearing the mortgage, I’ve been selling stuff on ebay, will continue to do so, and am tempted to have a go at online betting where you take the money for setting up an account with a variety of websites and then bet on both outcomes of a 2 horse race… It looks like it would be fun, and could generate several hundred pounds with no risk of me losing money + I’m not that addictive a person in my nature - matched betting I think it's called?
Anyway, I look forward to any comments/feedback on our journey - my plan is to update monthly with current figures, to encourage myself on living frugally to clear the mortgage.
Thanks
Originalmiscellany
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
0
Comments
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Hello and welcome. Nothing like a new diary
. Look forward to reading more about your journey - I've been living frugally for the last year and now it's second nature!!
QB0 -
Hey - welcome - I know exactly what you mean about wanting to be held accountable! That's one of my main reasons for documenting too - the encouragement from this forum is great!
Good luck!
PO xx
2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
But now I'm not - (Joint) Mortgage £104704.New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%No 17 Lewis Lane0 -
originalmiscellany wrote: »In terms of clearing the mortgage, I’ve been selling stuff on ebay, will continue to do so, and am tempted to have a go at online betting where you take the money for setting up an account with a variety of websites and then bet on both outcomes of a 2 horse race… It looks like it would be fun, and could generate several hundred pounds with no risk of me losing money + I’m not that addictive a person in my nature - matched betting I think it's called?
If you do want to do this there is a thread on the gambling board which advises on best offers on new sites etc. I like a bet every now & then but tbh this sounds like work, not fun! No doubt though there is some money to be made. I think the trick is to go into it with a big pot so you can make as much as possible before introductory offers dry up.
Good luck!A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Hello - welcome and good luck!
Matched betting intrigues me - but I'm too much of a wuss to try it out! Lots of help on the boards about it, though!I am the master of my fate; I am the captain of my soulRepaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NILNet sales 2024: £200 -
All I've done is get the paperwork through, and am waiting for my bank to send their statements through (I knew paperless banking would be a pain) so I can send paperwork off to the mortgage provider. Hope to get this done soon (the postman tomorrow fingers crossed for the statements)...
And I've been on holiday all week too which is more exciting than posting on here (marginally!)Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Nothing more to update - mortgage has gone out for this month, will be an expensive month as car needs fixing (a new second hand one) with some electrical weaknesses and I've booked a holiday for October/November time. Work starts soon - back to teaching. Hope to collect a reasonable amount of savings between now and November 2010 so when the ofset mortgage kicks in, we will be have a decent buffer -
Hoping to save a few k between now and Nov + some compensation from a car crash - should act as a buffer - we will and see...
So nothing too interesting from me, from 1 Dec, that's when it will, when First Direct Offset kick in.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
have you contacted first direct to see if they will give you a mortgage? I am working along similar lines to you with the big push on the residential mortgage pay off. Our tracker deal has just come to an end and was lead to believe that we would be able to have a first direct mortgage but when they asked have you got any other property other than the house you live in we had to say yes as we have several we rent out less than half with any mortgage at all and they turned us down. They spoke to the underwriter who said "they do not lend residential mortgages to people who let properties" We are applying to northern Rock it is a little dearer but only about 1/2% so still better than the variable rate default position we are in at the moment.
You would have thought they would have jumped at us we only want 27% loan to value
Hope this helps you I would certainly have a back up plan re mortgage provider or at least ask the question
Good luck pocketrocket10 -
pocketrocket1 - we're fine I think - our house is in my name and her house is in hers. FD have got all the paperwork in place and are just processing it.
Our ltv is good too - under 60% and I hope things don't hit any hurdles!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
that ok then hope it all goes well for you. it was an unexpected blow for us didn't want you walking head on into it awell
best of luck with your endeavours on the mortgage paying off front:beer:
pocketrocket10 -
As we approach the end of the September, I transfer to a new mortgage on the 1st December 2010 -
which I figure is 2 mortgage payments -
1st Oct, 1st Nov.
I have asked for the new mortgage to transfer on the 1st Dec, and I just wanted to check that I only have 2 payments before I transfer to offsetting...
In my mind Halifax were going to take another payment at the end of November, but I have no idea why they would do that!
I can't ring them today due to being at work, and not able to access a phone, can someone reassure me down please?!
ThanksFeb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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