Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • originalmiscellany
    • By originalmiscellany 10th Aug 10, 4:23 PM
    • 1,593Posts
    • 3,839Thanks
    originalmiscellany
    Originalmiscellany's MF dreams
    • #1
    • 10th Aug 10, 4:23 PM
    Originalmiscellany's MF dreams 10th Aug 10 at 4:23 PM
    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
Page 24
    • originalmiscellany
    • By originalmiscellany 6th Apr 17, 10:04 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Collective Advice Needed...
    So not having posted for almost a year - house is lovely, just what we always wanted. Am planning on posting a new thread for the new house, but need your advice.
    Currently on a 2 year (expires Oct 2018) Nationwide mortgage currently at 1.59%.

    Am tempted by the First Direct 10 year fix mortgage at 2.49%.

    On both we've gone for the longest term but have been overpaying monthly whilst keeping the amount we pay the same, e.g. shortening the length of the mortgage.

    There's "only" £50 a month difference in the 1.59% for 18 months and the 2.49% for 10 years.

    What would you do if you were me?! I am thinking of fixing but really don't know what interest rates are going to be doing over the next year - would you go and "lock in" a deal or would you go and risk it for a little less mortgage cost over the next year and a half with a potential of some increase/rates not being as good?
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • Tropically
    • By Tropically 6th Apr 17, 10:58 AM
    • 158 Posts
    • 432 Thanks
    Tropically
    What are the terms of overpayments and early repayments? If you pay off your mortgage, or try and move house again in the 10 years will you have a horrible fee?
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
    • originalmiscellany
    • By originalmiscellany 6th Apr 17, 12:31 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Good qn!

    The house is a forever home and we won't be moving on for a very long time.

    a) Nationwide - infinite overpayments but realistically i am doing 500 a month currently.
    b) F.D. 10 year - is 10% of the mortgage a year which I wouldn't get close to for the first 5 years plus - without incurring a cost. Longer term, say in the final 3 years, I would potentially be able to hit the 10% overpayment amount if i was lucky but it wouldn't really be a big issue sadly!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • smallholdingsister
    • By smallholdingsister 6th Apr 17, 4:23 PM
    • 3,557 Posts
    • 27,742 Thanks
    smallholdingsister
    I would fix, but how vulnerable would you be to rate rises?
    • originalmiscellany
    • By originalmiscellany 6th Apr 17, 10:14 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Well, if it goes up by a half percent I would probably fix! But I assume if rates increase then I would lock in...
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 7th Apr 17, 7:58 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    So then I had confirmation from my bank today that both my payment for April and my overpayment have been received. It means that with over payments I am reducing the expectancy of the mortgage by 3 months a month - a good feeling However, there's still a long way to go - 365 months of payments if I accept the current "no over payment" choice.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 10th Apr 17, 11:14 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    So over the weekend, we were told that thanks to our smart meter and energy provider, our gas/elec monthly DD was being dropped by £30 - better than a slap in the face with a wet kipper. I've budgeted at the original level so hopefully this will mean some savings will be felt soon.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 23rd Apr 17, 4:07 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    So, we got a small refund for a broken Christmas present via royal mail, which finally came through over the weekend. Therefore I was "up" financially but then have invested in some wasp repellent! Furthermore our gas bottles are running on empty so I'll have to go and get some more. Therefore it's a case of one positive incoming, 2 outgoings. Onwards and upwards
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 28th Apr 17, 12:27 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Petrol claim has gone in, and will be paid in the next few days. Another £40 for the mortgage
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 2nd May 17, 9:29 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    First day of the month in the eyes of the bank, mortgage paid and £500 overpaid. Another 3 months taken off the mortgage length - so overpaying takes 2 months off the life span. In a few months, I think these overpayments will slow down but as the life span is so long (30 years +), it's mentally encouraging to see the overall time reduce, even if only by a fraction - down from 365 months to 362!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 8th May 17, 11:32 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Just read an article from Martin - about broadband increases, so I range my provider (plusnet) and managed to get the next speed upgraded, and a new router sent out for the same cost that I am on - which means faster internet (I think it's £4 a month more for that service), so not a money saving phone call but certainly is not a money losing phone call.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 1st Jun 17, 8:35 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    June mortgage paid (and overpaid)
    So mortgage and overpayment made, again, taking 3 months off in all - so effectively overpaying a lot faster. If maintained, it'll be cleared (at the current interest rate) in 10 years. As a reminder it won't happen but every month that we can do this means a little more freedom long term when MOM's maternity pay stops

    Things to be grateful for:
    She has done some work this month which'll she'll receive in July.
    Summer holidays are expensive, even the cheaper version (staying with friends) we are adopting this summer
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 10th Jun 17, 11:13 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    However, some extra expenses have occurred - in the space of a week, we've had a hoover (motor) and flymo (motor blew up and melted plastic!) die. Therefore if overpayments next month it'll be coming from savings.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 26th Jun 17, 1:39 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Extra efficient, have transferred my overpayment for July already, so hopefully that'll take off a few more months off the end date. Have spent more than I would like as my watch died (so got a funky fitness tracker), and the car is due its MOT (a rust bucket) in a week so I hope it passes smoothly and cheaply!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 6th Jul 17, 10:43 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Annoyingly a few things have occurred (planned) - Road Tax, MOT/Service of our car - an old faithful which is on its final few years of life I think, plus stuff for the summer (new shoes etc). As a result, I'll erode our savings a little, but am happy to lose a little if I can keep up the accelerated overpayments.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 13th Jul 17, 4:24 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    I'm sure you know this, but I have done my road tax over 6 months, with no extra charge rather than annually - at the same cost. As the car has a limited life span it makes sense to pay in 6 month installments rather than annually I think. A frugal week this week, walking to work, eating soup for lunch etc.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 19th Jul 17, 11:07 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Just a "no update" this week - but walking as much as possible - averaging well over 100k a week now which is certainly proving beneficial to health and sleep patterns.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 24th Jul 17, 1:38 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Lined up next months over payment (£500 again - really pleased to see the mortgage shortening each month at an accelerated speed) - but I think the brakes will be applied soon - Maternity pay for MOM stops in August, and we have a holiday to pay for. Will have cleared about 10k in a year (normal and overpayments) which is good - between Sept 2016-Sept 2017, will be about 10.5k off the mortgage. But just like the economy, I am expecting a slowdown soon!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 25th Aug 17, 12:39 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Have lined up next months overpayment again (Sept 2017) and have had to pay for house insurance - a planned but never enjoyable extra spend. We have a few things every month now on top of normal out goings, such as car insurance, MOT etc, so between now and December every month has an extra cost to incur. This is excluding Christmas presents which we will soon be starting to purchase if we see reduced items/
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 5th Sep 17, 10:41 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    Boring post - payments gone through for September. We've taken off 10k in the last year, which is naturally pleasing. Looking outside and it's wet and cold really makes me want to think back to the lovely weather we had a few weeks ago. Am going past a low cost (German) supermarket on the way to work, so once a week am filling up on fruit and soups for lunch to reduce my outgoings - so far soups and crispbreads delicious, filling and saving me a small fortune.
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,091Posts Today

7,903Users online

Martin's Twitter