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  • FIRST POST
    • originalmiscellany
    • By originalmiscellany 10th Aug 10, 4:23 PM
    • 1,593Posts
    • 3,840Thanks
    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 25
    • originalmiscellany
    • By originalmiscellany 2nd Nov 17, 9:37 PM
    • 1,593 Posts
    • 3,840 Thanks
    originalmiscellany
    Another £500 over payment made - have continued to pay the "Base" mortgage as if it's at 0.5% even when it dropped to 0.25%. Hopefully it won't feel too painful to me with the rate increase, although i am certainly thinking about fixing the mortgage long term soon (it's still floating around on a tracker for another year at a low rate +1.34%).
    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 Nov 17, 10:01 AM
    • 1,593 Posts
    • 3,840 Thanks
    originalmiscellany
    But i have to say, listening to Martin on Radio 5 was hugely beneficial in terms of my outlook and consideration to risk - e.g. if I'm happy to take a gamble, hold off, if not, fix!
    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 27th Nov 17, 1:31 PM
    • 1,593 Posts
    • 3,840 Thanks
    originalmiscellany
    And the next month is assigned - ready for the final overpayment of the year - £500 by 12 = £6k off the mortgage on top of normal payments.

    Final payment to go out on 1/12/2017.
    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 Dec 17, 11:29 AM
    • 1,593 Posts
    • 3,840 Thanks
    originalmiscellany
    Objectives met - payment through. Had some extra expenses (broken dishwasher, vacuum,kettle) in the space of a few weeks - all very useful and needed! (although we could potentially get by without a dishwasher for a bit). Off to the tip today to get rid of old dishwasher, as new one (a hand me down) has been installed - and I need to cancel the order for the new one we ordered. Money saved
    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
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