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  • FIRST POST
    • streethack
    • By streethack 23rd Mar 11, 9:36 AM
    • 147Posts
    • 193Thanks
    streethack
    saving £100,000 ten years to utopia !!
    • #1
    • 23rd Mar 11, 9:36 AM
    saving £100,000 ten years to utopia !! 23rd Mar 11 at 9:36 AM
    Having revived my old user name and password I am going to begin the process of paying of my mortgage in ten years. The way im doing it is perhaps a little bit different to over paying I have decided to save along side my mortgage

    Being mortgage free by the time im 41 would be a dream but i hope an achievable one. Heres where im am

    Mortgage £158,000 currently being switched to a first direct 5 year fixed at 3.89%.

    Freedom pot
    Isa saving £5,100 maturing october 2012 @3.2%
    general saving (G.S) maxium to be transfered to Isa each year £5642
    First direct savings (F.D.S) £600 this account is at 8%
    Company share scheme (C.S.S) £581

    As you can see im a long way off

    Having compeltly overhauled the way i spend money I have found this to allow me to have the same standard of living while still being able to save. The biggy for me was reducing my shopping bill from £130 a week to £65 by online shopping and also going to a meat market every couple of months. Other things include switching home and buildings from £400 a year to £165 WITH £65 cash back!! And just cutting back on waste, knowing where my money has been frittered away for years and been a huge eye opener.

    We currently have savings separate from this should we need it. Wish me luck I know this is possible from being inspired on here. Any advice would be welcome.



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Page 9
    • selloptape
    • By selloptape 12th Apr 16, 7:29 PM
    • 338 Posts
    • 1,267 Thanks
    selloptape
    That must have been terrible to see someone go through that... Luckily it's not something I've experienced,totally understand how that would push you forward.
    #20 £2 saver - £18
    #78 Save 12k in 2016 - £591.24/£2000
    #29 MFW - £255/£1000
    #6 Sell £1k - £571/£750
    #21 MFiT T4 - reduce mortgage by £20k over 3 years
    • streethack
    • By streethack 31st May 16, 7:52 PM
    • 147 Posts
    • 193 Thanks
    streethack
    Ok so my mortgage finally switched over. The new mortgage amount is £104,617 on a 20 year term at 2.29%.

    The new minium payment is £545. So here is where it starts to get complicated. On my original mortgage my current minium payment is £835 this is a difference of £290 but as my rate has gone down so much I have decided to save the difference in a family holiday fund the difference between the 2.29% and 3.89% is £84 a month. That means on top of my normal overpayment I will be over paying an extra £206 and saving £84. This will keep me on target for clearing the mortgage in five years. Man my head is spinning.
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • streethack
    • By streethack 30th Jun 16, 12:54 PM
    • 147 Posts
    • 193 Thanks
    streethack
    Over payment just made this month of £606 leaving the outstanding balance of £103,160.

    The merger share deal didnt quite go how I had hoped we recieved a one for one share in the new scheme with an additional payment for each share in cash. The fall of the pound has helped with the cash payment but the fall in shares has effected what I had. This in a way is good as I will be buying every month at the lower price. Will they recover in this new world we now find are selves in. Share holdings are currently £17,981, still waiting for confirmation of the cash payment.

    Lot of uncertainy around just glad I went down the overpayment route and havent remortgaged my house for cars, extensions or holidays.
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • streethack
    • By streethack 28th Jul 16, 9:15 PM
    • 147 Posts
    • 193 Thanks
    streethack
    Double bubble on my wages this month. One of the benefits of getting paid 13 times a year is I kind of treat this wage as a bit of a bonus. So Have whacked a big over payment of £1206 this month, this leaves the outstanding balance at £101,611.

    Bit of scary news recently my wife may be getting made redundant so may have to revise this plan going forward. I have now pooled all my various savings including share dividends, ISAs, different pots from different accounts. The total is £23,000 if my wife is made redundant we will be putting a lump sum on the mortgage to bring down the monthly payments. Even with my wife working part time with four kids we are thinking it will be better for her not to work until our kids are a little older.

    My company shares are currently £20,929 so these will still play a part when I come up with a new plan of action as im still committed to overpaying the mortgage.
    Last edited by streethack; 28-07-2016 at 9:19 PM.
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • streethack
    • By streethack 25th Aug 16, 4:09 PM
    • 147 Posts
    • 193 Thanks
    streethack
    Just made an overpayment of £400 taking the outstanding mortgage to £100,860, so close now to breaking through the £100,000 mark, Whoo Hoo.

    My wifes redundancy is still up in the air at the moment so we are not sure whats happening, still worrying but more so not knowing whats happening?
    Last edited by streethack; 25-08-2016 at 4:16 PM.
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • streethack
    • By streethack 30th Aug 16, 10:12 AM
    • 147 Posts
    • 193 Thanks
    streethack
    Small overpayment of £206 just now taking the outstanding mortgage to £100,654, tiny steps closers to the £100,000 mark

    Current share holdings are £21,833 and savings are £23,000
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • streethack
    • By streethack 22nd Sep 16, 12:52 PM
    • 147 Posts
    • 193 Thanks
    streethack
    Overpayment of £400 this month means I have finally broken the £100,000 barrier leaving the outstanding balance at £99,907. This has always been a bit of a mile stone for me.

    Shares appear to be on the move up since the merger. Current holdings are £22,593
    Last edited by streethack; 22-09-2016 at 1:05 PM.
    Original mortgage £158,000 over 25 years, end date 2036
    Predicted utopia date 2021 15 years early
    Current mortgage £99,907

    2016 Over-payments to date: £3800
    Total OPs since starting £33,563
    • Lrimas
    • By Lrimas 26th Sep 16, 8:27 PM
    • 58 Posts
    • 57 Thanks
    Lrimas
    A lot of time I think that paying off early is crazy, this is certainly how I understand other people view it. I mean non mse, many people say you only live once, you could be hit by a bus etc. I like to sugar coat it but I think it's fear driven and not wanting me or my family to experience what I have seen happen to someone close to me.
    Hey Streethack. Just read through your journey and this stood out for me as I've heard people say that to me as well.

    My answer is always this: Yes, I could be hit by a bus tomorrow, but I am more likely to happily live to an old age. Which one would you prefer to happen and thus rather plan for?

    You are making great progress. Keep at it!
    Last edited by Lrimas; 26-09-2016 at 8:31 PM.
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