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  • FIRST POST
    • shala_moo
    • By shala_moo 9th Oct 11, 2:38 PM
    • 3,242Posts
    • 27,179Thanks
    shala_moo
    Mortgage freedom..Shala_moo's attempt at a diary..
    • #1
    • 9th Oct 11, 2:38 PM
    Mortgage freedom..Shala_moo's attempt at a diary.. 9th Oct 11 at 2:38 PM
    Hi everyone..

    I love to read everyone's diaries but i don't get to post much as I get easily distracted by links to other diaries/websites/adverts and lose myself in the weird world of the interweb..

    I've decided I need to keep myself on track as we are about to take on a larger mortgage, moving to our dream house, and that scares me somewhat.. I also don't want to be still paying a mortgage when i'm 65 and relaxing on a cruise ship somewhere sipping Pina Colada's (here's hoping )

    So a little bit about me (us? hubby doesn't actually know i'm doing this )

    I love spreadsheets, i love numbers, i'm a geek and now because of Pammyj74 i have an excel version of my house that I am colouring in when i've paid off a certain amount... thanks Pammy!!

    I'm 35, have only ever owned one house and extended the mortgage over certain periods of time so i now, after 10 years, STILL owe the bank what I paid for the house back in 2001 have had my LBM a few years back and i'm determined not to be left with mortgages when i'm retiring...

    Between myself and OH we have 3 mortgages..

    Mortgage 1 - my house - waiting to be sold or rented

    Mortgage £72,818.25 @ 3.49%
    Home loan £16,499.02 @ 3.49% (taken out to help my dad buy a house whilst he sold his old house, now sold and i have the money sitting in the bank)

    Can only overpay this mortgage by £90 a month

    Equity - £40,000

    Mortgage 2 - new joint house (moving in 4-5 weeks when building work is completed)

    Mortgage £166,050 @3.99% fixed for 3 years
    Family loan - £60,000 @ 0% - will pay this off once house 1 is sold

    Can overpay by 10% a year.. i'm not sure that will happen but stranger things have happened

    Mortgage 3 - OH's parents house

    This was taken out as OH's parents couldn't get a mortgage, at the time OH didn't have a mortgage so we helped them out by putting his name down on the deeds and the mortgage paperwork. Obviously at some point this could fall to us to pay but it's only £200 a month.. fingers crossed we'll never need to step in..

    Savings

    £27,000 - part of this is the money to pay back the home loan and also money to pay back the family loan once house 1 is sold so i'm not to touch it for pretty new things for my new house!!

    I also have a savings account which has £1000 in it and i'm part of the share save scheme at work so i also have savings stashed there. If i'm desparate for money i can close either one of them to get access to it.

    Ohh that was a lot of rambling weren't it.. as i read it back it seems very complicated but the upshot of it is that, at the moment, i owe over £300K *gulp* and my assets are about £350K...

    Jeez guess who might not be sleeping very soundly tonight... i'm very risk adverse!

    Anyway if you're still with me then thanks for reading...
    Last edited by shala_moo; 31-10-2011 at 12:34 PM.
Page 49
    • atypicalblonde
    • By atypicalblonde 12th Jan 17, 7:52 AM
    • 2,556 Posts
    • 16,419 Thanks
    atypicalblonde
    Hi Shala-Moo,

    I love reading your diary and thought it was time I posted rather than just lurked! Oohhh a new TV, now that is exciting enjoy and try not to worry about it being OP money used.

    You are going great guns, whenever you have a rubbish day at work just remind yourself that "this too shall pass" and it will give you a renewed focus to pay off that mortgage ASAP xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
    • shala_moo
    • By shala_moo 28th Jan 17, 4:37 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Thanks for popping in atypicalblonde, apologies that I hadn't noticed your post earlier!!

    I've been away from the boards somewhat, due to time pressures.. work is getting worse and it's definitely renewed my focus to get the mortgage paid off. We have lost 3 team members in the last few weeks and we're not allowed replacements so we have to pick up the slack.. end of...

    OH has kindly suggested that maybe we should start looking at moving to somewhere smaller so we could pay off the mortgage completely and I wouldn't have to work at all!! now whilst this a far flung fantasy of mine, the reality, I know, is completely different and I love my house, I don't want to move just yet!

    Anyway the exciting news on the mortgage front is that we received our yearly mortgage statement yesterday
    • our monthly payment has reduced by £31.31 - this will be OP'd going forward to keep our pymt the same
    • we saved £458 in interest over the year from offsetting - aiming to get this to >£1000 this year (£80 odd a month)
    • Total overpayment for 2016 was £5068
    • according to my spreadsheet if we keep payments the same it'll knock another 3 months off the term
    • according to zoopla the house is now worth £55k more than it was when we bought it!

    We OP'd quite a bit this month as my overtime payments were ridiculous - half bought the new TV and the other half I op'd so Jan figures will look like this.

    Jan Monthly figures
    Outstanding Mortgage = £125,845.18
    Mortgage Offset % = 24.97%
    Approx. Monthly interest saved and OP'd £25.69
    Mortgage Neutral Date = May 2027

    Total Debt as present moment £94,419.36 (-1,815.11)

    Aims next month are to get the actual mortgage under £125k and the offset over 25%.

    I have another ridiculous overtime payment coming through next month so I may split it so we can reach these goals and use half for another OP and half for the new bathroom tiles..

    Right i'm off to catch up on the boards and to go read the rest of your diary ATB you've done brilliantly so hopefully I can pick up some tips!

    xx
    Last edited by shala_moo; 28-01-2017 at 5:18 PM.
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • beanielou
    • By beanielou 28th Jan 17, 9:01 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    You are doing SO well

    Boo to work though.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Pushkin
    • By Pushkin 29th Jan 17, 8:18 PM
    • 795 Posts
    • 2,955 Thanks
    Pushkin
    Sorry to read that your work situation has not improved, sounds like it is actually getting worse. So common these days - I do sometimes despair of the society we have created and the values & culture that companies hold dear.

    Hope things improve.
    • shala_moo
    • By shala_moo 29th Jan 17, 9:57 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Thanks Beanie and Pushkin for popping by...

    Srry to hear about your situation Pushkin, I've just caught up on your diary. I'll post there too..

    Unfortunately I can see my particular work issues getting worse, can't say too much obviously but there'll probably be more staff leaving.

    The most we can all do is have a plan in place to deal with a worst case scenario..

    My current plan is to look at the ridiculous amount of overtime as a positive thing, it'll pay the mortgage off quicker, so I can leave quicker!! Although it's not great health wise

    Anyway, to get this show on the road more OP's have been made
    • £14.65 rounded down current and savings accounts
    • work paid us wrong, so an extra £62 was put into my account - no one quite understands the email that went out about it so we're all not sure what was wrong i'm not complaining and have just OP'd it

    Have a good week x
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • shala_moo
    • By shala_moo 24th Feb 17, 7:57 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Ooopss it's been a while.. hope everyone's got through the storm intact. Worst thing here was a few fence panels have gone, so weekend job is to fit some more - i'll leave that to OH to deal with and the new neighbours! It's one way to get to know our new neighbours isn't it!

    Everything moneywise is just plodding along, i'm on track to get the mortgage under £125k for this month so that goal's met and our daily interest will be under £11 so that goal's met too!

    Haven't really spent much money since the tv! We still haven't got round to looking for bathroom tiles, but have decided to get a smaller bath and new sink too so the bathroom "refresh" will be costing a bit more than anticipated.

    Off to make OH his tea xx
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • shala_moo
    • By shala_moo 28th Feb 17, 8:09 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Feb Monthly figures
    Outstanding Mortgage = £124,896.91
    Mortgage Offset % = 26.05%
    Approx. Monthly interest saved and OP'd £28.31
    Mortgage Neutral Date = Mar 2027

    Total Debt as present moment £92,356.91(-2,062.45)

    Mortgage now under £125k and offset is over 25% of the mortgage

    There have been a few "taps on the shoulders" going on at work so once again we're all not sure how long we'll be there for. It's very sad when you lose people you've been working with for years and demoralising at the same time

    However, OH has had some brilliant news today - he's been promoted to manager and had a glowing review at work dead proud. This comes with a bit of a pay rise so new calculations show we could live on one wage now for a while if needed.

    xx
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • beanielou
    • By beanielou 28th Feb 17, 9:48 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    Great news on your figures & OH's promotion.
    Not so good on your uncertainty at work though
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • shala_moo
    • By shala_moo 2nd Mar 17, 10:28 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Thanks for stopping by Beanie x

    Today was a bad day at work, everything got on top of me and i had a panic attack which knocked me about a bit. But, its our busy week so just had to get over it and carry on working.

    OH is really angry when i tell him about what happens every day and has told me if the mass redundancies come round again that i have to take it! i know he's right but it's a scarey prospect of leaving a secure job after 11 years.

    I think this weekend will be spent calculating some figures to see how much we actually need to live on. Luckily we're not extravagant people so it'll just be necessities that make the list!

    At least with no job i'll have time to catch up properly with everyone's diaries

    Xx
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • beanielou
    • By beanielou 3rd Mar 17, 9:06 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    Your health is the most important thing.
    Everything else is secondary.
    Take care xx
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • in need of direction
    • By in need of direction 4th Mar 17, 11:05 AM
    • 4,738 Posts
    • 26,835 Thanks
    in need of direction
    That's so true. I finished up yesterday and while I'm still petrified, there's a major element of relief.
    Mortgage at 01.01.14 £119,481.83 today £79,389.12, target £75,000 by 31/12/17 Offset fund today £4,055.43 target £5,500 by 31/12/17
    Emergency fund £5k/5.5k & £130/200 cash.
    Current weight loss 7/32 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • beanielou
    • By beanielou 4th Mar 17, 12:58 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    inod~~A new dawn, a new start
    Be kind to yourself xx
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • shala_moo
    • By shala_moo 5th Mar 17, 8:55 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Thanks both xx

    INOD, you were very brave walking away. I hope something wonderful comes your way!

    I absolutely love the bit of my job that I can control and love (most of) the people I work with, unfortunately the outside influences and decisions made by upper management just defy belief!

    Anyway plans are in place and spreadsheets are compiled I went through our numbers this weekend and whilst I would have to find work at some point, it seems we have enough money coming in/stashed should the redundancy happen to last us a fair while. That's a relief.

    In all my worrying etc, I had completely forgotten it was free council tax months so I paid off an additional £360 on the mortgage yesterday. Numpty, I've paid an additional 50p in interest now as I was late OP'ing.. must put a reminder for next year!

    Other over payments
    • £29.10 topca$hback
    • £31.31 - didn't have time to change my regular overpayment SO so this is the additional overpayment
    • £1.41 TSB interest
    • £64.73 to round my accounts down to an even number

    So still chipping away, closer to getting under that £90k goal all things going well, we're aiming for end of April on that goal!
    Last edited by shala_moo; 05-03-2017 at 8:59 PM.
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • shala_moo
    • By shala_moo 12th Mar 17, 6:47 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    how is everyone?

    I was told on Thursday that this cycle of redundancies are now complete and we've survived another day. Lets hope we can settle in to some sort of happier state and try and raise morale a bit.

    Forgot it was also bonus month so we have that coming in this months pay. I'm a lower staff member so I only get 1% but it's better than nothing. I've spent a bit of it on desperately needed clothes and the rest i'll put into my offset.

    Off to Brighton this week to see the sister can't wait to get near the sea! There will be some spending but we have Tesc0 vouchers for meals out and she has a discount card that gives us money off certain restaurants. My dad gets so embarrassed with us and our vouchers but we love a bargain
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • beanielou
    • By beanielou 12th Mar 17, 7:57 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    Enjoy .
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • EatingTheElephant
    • By EatingTheElephant 13th Mar 17, 7:05 AM
    • 1,162 Posts
    • 6,237 Thanks
    EatingTheElephant
    Great news on OH promotion and the survival through the redundancies. I've been through a similar situation and it isn't pleasant. I hope things settle down at your work now.
    • shala_moo
    • By shala_moo 2nd Apr 17, 2:01 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Just come to post my monthly figures Haven't been on much as work's been mega busy and had to work Saturday too. At least i get more overtime again this month

    Mar Monthly figures
    Outstanding Mortgage = £123,790.63
    Mortgage Offset % = 26.96%
    Approx. Monthly interest saved and OP'd £36.23
    Mortgage Neutral Date = Dec 2026

    Total Debt as present moment £90,417.22 (-1,939.69)

    Overpayments have knocked another 3 months off my Neutral date and we're not far off getting under £90k for total debt!

    April goals and things to do
    • request a grade change at work - trade off between overtime or no overtime but more pensionable pay and bigger bonus
    • Sort bathroom refresh - need tiles, bath, sink, taps x2, shower screen, flooring and plumbing bits - this may scupper the <90k goal
    • find a new hairdresser
    • book a health check at doctors
    • decide front garden plans
    • check to see if I can change phone contract to sim only

    xx
    Last edited by shala_moo; 02-04-2017 at 2:10 PM.
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • shala_moo
    • By shala_moo 3rd Jun 17, 6:19 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Wowsers.. kind of abandoned this last month so best post my updated figures for both months.

    Apr Monthly figures
    Outstanding Mortgage = £122,955.32
    Mortgage Offset % = 27.44%
    Approx. Monthly interest saved and OP'd £36.22
    Mortgage Neutral Date = Sept 2026

    Total Debt at end of April £89,210.32 (-1,206.90)

    May Monthly figures
    Outstanding Mortgage = £122,212.01
    Mortgage Offset % = 29.01%
    Approx. Monthly interest saved and OP'd £37.59
    Mortgage Neutral Date = Sept 2026

    Total Debt as present moment £86,759.43 (-2,450.89)

    Way under the 90k mark now mainly due to a ridiculous overtime payment from last month.

    Updated goals

    •request a grade change at work - requested, and in the pipeline, work is no better but the extra hours mean I'm paying my mortgage off a lot quicker
    •Sort bathroom refresh - need tiles, bath, sink, taps x2, shower screen, flooring and plumbing bits - this may scupper the <90k goal - booked for 1st week in July - decided not to change sink
    •find a new hairdresser - done, have a new do
    •book a health check at doctors - done, everything's ok except my weight and I don't exercise enough
    •decide front garden plans - plan decided just not sure when it'll be done but lawn dug up and replaced with gravel, old trees dug up, new front door, paint garage
    •check to see if I can change phone contract to sim only - still haven't done this one

    Must go and start catching up with everyone's diaries, i'm so behind!!
    xxx
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • shala_moo
    • By shala_moo 30th Jul 17, 2:24 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    Missed last months update OH had a mental health scare at the end of June so I've spent July dealing with it, we're just starting to come out the other side now and all's looking a bit better and getting back to normal.

    June Monthly figures
    Outstanding Mortgage = £121,483.29
    Mortgage Offset % = 30.76%
    Approx. Monthly interest saved and OP'd £40.04
    Mortgage Neutral Date = May 2026

    Total Debt at end of April £84,112.36 (-2,647.07)

    Jul Monthly figures
    Outstanding Mortgage = £120,786.53
    Mortgage Offset % = 31.38%
    Approx. Monthly interest saved and OP'd £44.56
    Mortgage Neutral Date = May 2026

    Total Debt as present moment £82,879.68 (-1,232.68)

    Figures are coming down, which is brilliant to see. According to my spreadsheet I have to find an additional £101.34 to get the mortgage under £120k next month. If I don't get this through additional income then i'll just transfer some savings across. It'll definitely be a motivational boost to see that figure get in the £119k's

    Work have now granted me my grade change, which means better pension %, 8 weeks notice instead of 4, additional salary and bonus. There are a few downsides, less holiday and no overtime but I did the figures and I moneywise I was better off taking the grade change. It also gives me an additional payout should I get made redundant so..

    anyway off to tidy up (it's never ending) xxxx
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • beanielou
    • By beanielou 30th Jul 17, 2:55 PM
    • 49,064 Posts
    • 182,227 Thanks
    beanielou
    Glad that things are looking up.
    Figures coming down nicely.
    Good news on grade change other then the holidays.
    Take care.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
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