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
    • NorthernMonkey1
    • By NorthernMonkey1 10th Apr 15, 2:09 PM
    • 231Posts
    • 838Thanks
    NorthernMonkey1
    Mortgage free in 10 years
    • #1
    • 10th Apr 15, 2:09 PM
    Mortgage free in 10 years 10th Apr 15 at 2:09 PM
    I guess it's an odd time to start aiming to be mortgage free, as I'm currently mortgage free, but I've just signed on the dotted line for a £102,000 mortgage.

    Following much saving, and raiding of piggy banks, I've managed to get a cheeky £120,000 offer agreed on a £130,000 house, and just scraped together a 15% deposit instead of the 10% we originally thought we could manage.

    Although the mortgage is nominally 18 years, I want to be mortgage free in 2025. I thought I'd start a diary before I even started.
Page 4
    • ch4rly2002
    • By ch4rly2002 27th Feb 17, 1:42 PM
    • 228 Posts
    • 972 Thanks
    ch4rly2002
    Just started reading your diary and caught up.

    Wowsers, you're doing well, and it looks like you're going to smash the 10 year target! Seems like you have a good head for investment too.

    I'm sorry to hear about the wall ties / re-pointing work that you need to do, and it sounds exactly like the issues we have at the moment so I'm expecting the same kind of work (cracks round the replacement UPVC windows and cracks in the brick work - the house across the road was told their wall ties needed to be replaced, hence why I think we have the same issues). I've got to book a surveyor to confirm. Can I ask, what size house do you have? Trying to get an idea of how much it might cost us to get it sorted so I'm prepared in advance.

    "CC of Doom", love it! I really like the idea of using a 0% balance transfer card to save on some of the interest, but how did you manage it? I thought they were for transferring the balance from one CC to another.

    Sorry to bombard you with questions, I'm just curious as you have raised some very interesting points.
    Savings: Aim £13.5k. Dec 2016 £1,700 / Current £10,850
    Mortgage: Dec 2014 -£216,000 / Current -£195,420
    BTL Mortgage: Dec 2014 -£136,000/ Current -£124,790
    CC 0%: Nov 2016 -£4,500 / Current -£3,506.43
    Loan to In-Laws: Sep 2010 -£48,185.82 / Current -£35,655.49
    Student Loan: March 2011 -£18,275.04 / 29th April 2017 -£14,003.85
    • NorthernMonkey1
    • By NorthernMonkey1 27th Feb 17, 3:21 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    Hi there,

    Its a 3 bed semi, built in the 30s. The cost was broken down roughly as £1500 for ties, £1500 for a full repointing of the house, and £800 for a scaffold for the house.

    Virgin offer a 'money transfer' card instead of a 'balance transfer' card. £15000 is the most they offer for money transfer, so I took the maximum. It will save me approximately £800-1000 in interest over the lifetime of the debt.
    • ch4rly2002
    • By ch4rly2002 27th Feb 17, 8:23 PM
    • 228 Posts
    • 972 Thanks
    ch4rly2002
    Fabulous! Thank you for the info, it is much appreciated
    Savings: Aim £13.5k. Dec 2016 £1,700 / Current £10,850
    Mortgage: Dec 2014 -£216,000 / Current -£195,420
    BTL Mortgage: Dec 2014 -£136,000/ Current -£124,790
    CC 0%: Nov 2016 -£4,500 / Current -£3,506.43
    Loan to In-Laws: Sep 2010 -£48,185.82 / Current -£35,655.49
    Student Loan: March 2011 -£18,275.04 / 29th April 2017 -£14,003.85
    • NorthernMonkey1
    • By NorthernMonkey1 1st Apr 17, 1:16 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    It's a long time since I've posted, but I thought its time for a little update.

    Things were going so well on the MSE front, and then I accidentally bought myself a brand new motorbike. It's very pretty and very fast but hasn't really helped my finances.

    I decided to take out a personal loan for this, rather than taking money out the isa, and got £7000 from HSBC at 3.3%, then paid back £1000 straight away. This was oddly much cheaper than borrowing the £6000 that I needed at 6.9%

    Other than that, a few overpayments here and there, bringing the mortgage total to £10119. Which sounds good, as long as you ignore the extra 6 and a bit k in debt from the yellow terror.

    Virgin card of doom is down to £14650, and is going to sit there until sharesave maturity in 4 months time. I'll have to work out how I juggle everything at that time.

    However, if I include all my liquidish funds, I'm now in the black. By a whole £978!!!! It'll go back into the red when I have to pay for the wall in a few months time, but right now, I'm mortgage neutral!
    • NorthernMonkey1
    • By NorthernMonkey1 4th May 17, 8:22 AM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    Another Month, another mini update

    My work payroll found some overtime from January that I should have been paid, but hadn't.

    I managed to pay £800 of the personal loan, a £600 op on the mortgage, plus the normal £84 payment. All of the totals are slowly creeping down, and were edging ever closer to my share save maturity date on the 1st of August.

    Buying a brand new bike probably wasn't the greatest ideas, but its ace. BRAAAAPPPPPPP!!!

    £9519 mortgage + £5209 loan + £14500 credit card = £29226
    Wall fund £3800 / £3800 (need to chase builders)
    Emergency Fund £15240
    • NorthernMonkey1
    • By NorthernMonkey1 12th May 17, 4:42 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    I've been working on a little freelance work recently, which I'm managing by using some flexible working options I have at my main job. I've started up a Ltd company, set up a bank account, and just sent off my first invoice for £2000 . Just need to wait for it to be paid, then work out how to pay tax and get the money out

    Of that, £1400 is consultancy fees, and £600 is expenses for driving 1000s of miles to Manchester and back, so I can charge my company the expenses.

    Unfortunately, I'm putting millions of miles on the car, and its just popped it's turbo, and I've just paid £500 to get it fixed.

    All this means I'm very skint right now. £400 overdrawn and 2 weeks til payday.
    • NorthernMonkey1
    • By NorthernMonkey1 3rd Jun 17, 4:22 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    Decisions Decisions...

    So I think, but I'm not totally sure, that I want to continue to pay off all of my remaining debt by April 2021, 4 years since the beginning of this financial year, at the same time as a increase my margin over being mortgage neutral.

    I could pay it all off now, and end up with zero savings, which is probably a bad idea, and likewise, I could pay it all off at pretty much the minimum amount, and just put all my money into an isa. I think 4 years is a sort of inbetweeny amount.

    I'm 38 this month. Mortgage free at 40 sounds nice, but in practice probably isnt best.

    Right now, the debt sits at

    Mortgage - 9093, personal loan - 5040, CC of doom, 14350. Total 28483

    I think that I'm going to put the mortgage and the personal loan into a 2 year fixed rate mortgage with a 16 year term. This gives a payment of just under £100.

    Ill then increase the CC payments from £150 (the minimum) to £300. The interest free rate ends in 25 months from now. I haven't decided what I'm going to do with the outstanding balance yet. Options are a) move it to another Credit card, b) remortgage with uplift to include outstanding amount c) personal loan d) pay it off from the isa, probably in that order of likelyhood

    Isa is sitting at a fairly healthy £16300. Sharesave is at £13900, but a big chunk will mature in august, pushing its value right up.

    So many options, and I don't know which is correct.

    MFWBers, what would you do?
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 4th Jun 17, 8:21 AM
    • 582 Posts
    • 2,566 Thanks
    SuperSecretSquirrel
    Hi NM, I would not increase the credit card repayments while on 0%. Pay the minimum each month from your £300, put the remainder in an interest paying account. At the end of the interest free period, try to find a fee free 0% balance transfer so you can keep earning interest on free borrowed money, but if you can't you could always pay the card off using your savings before any interest is charged.

    As for clearing the mortgage or not, depends on the mortgage rate and what you'll be earning on savings.

    When the sharesave matures is it automatically converted to cash? If so, I'd be sorely tempted to repay the mortgage in full!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £16,426.36
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£47,033.30 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £259,115.08 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • NorthernMonkey1
    • By NorthernMonkey1 4th Jun 17, 10:38 AM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    HI SSS. Minimum card payments are £150. That's what I've been paying since December.

    There are a few options for share save, I can either have Shares, or take cash. I'll probably take cash. I've got 2 schemes running, and the one which matures on 1st August is currently forecast to mature at a smidge over £16000.

    The mortgage is 2.69, the personal loan is 3.3. If I consolidate them together, and get a 2 year fixed rate, I can get 1.89% (only the zero fee mortgages make since for values less than £50,000). Any savings would be into a S&S isa, so the interest rate is unpredictable, but likely to be >1.69%
    • NorthernMonkey1
    • By NorthernMonkey1 5th Jun 17, 8:38 AM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    I tripped over my scuba diving gear on Friday. Again. Since I haven't used it for 3 years, as it hurts my ears, I decided to sell it.

    I wanted £200, so put it on a diving FB group for £210 on Friday night. Someone came to see it on Saturday, and offered me £240 for the lot.

    I'm not sure thats how things are supposed to work, but I'll roll with it. I now have more room, and £200 (after I put £40 of fuel in the car). I've already put it in the bank, now just need to decide if it goes in the ISA or against the debt
    • NorthernMonkey1
    • By NorthernMonkey1 12th Jun 17, 9:26 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    I had an interesting dilemma present itself today.

    My one day a week job is still plodding along. It pays quite well. Really well TBH, £350 a day, plus 380 miles expenses at 45p per mile. Thats over £450 a day if I take away the tiny amount of fuel my little panda sips.

    If I put the credit card of doom back on the mortgage, and sign up for a 20 year fixed rate, which drops the mortgage right down, then I can probably work one day a week. For ever more.

    It's like 80% of retirement. Right now. It's kind of an insane thought, but it's also possible.....
    • gallygirl
    • By gallygirl 12th Jun 17, 10:16 PM
    • 16,425 Posts
    • 107,656 Thanks
    gallygirl
    I had an interesting dilemma present itself today.

    My one day a week job is still plodding along. It pays quite well. Really well TBH, £350 a day, plus 380 miles expenses at 45p per mile. Thats over £450 a day if I take away the tiny amount of fuel my little panda sips.

    If I put the credit card of doom back on the mortgage, and sign up for a 20 year fixed rate, which drops the mortgage right down, then I can probably work one day a week. For ever more.

    It's like 80% of retirement. Right now. It's kind of an insane thought, but it's also possible.....
    Originally posted by NorthernMonkey1
    Wonderful dilemma to have .

    What about pension provisions? You're paying a lot in at the moment so you need to work out the impact. How does Mrs NM feel about it - and how have her hours panned out? How frugal would you have to be? No more new motorbikes! How do you feel about working one day a week forever rather than completely retiring early? How could you keep your skills up to date if you were only working one day a week - you're in a fast changing area.

    Lots to consider - but, to repeat, wonderful dilemma to have .
    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"
    • NorthernMonkey1
    • By NorthernMonkey1 12th Jun 17, 10:30 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    My Sharesave doesn't pay out until the 1st of August, and then I've got 3 months notice, so even if I decide to do this, its going to be a little while.

    Now the bikes are paid for, they don't cost a lot to run, but yes, it would mean no more new bikes... Hmmm
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Jun 17, 7:51 AM
    • 582 Posts
    • 2,566 Thanks
    SuperSecretSquirrel
    Awesome situation to find yourself in NM!

    Any chance of increasing the one day a week job so its two or three days a week? If so I'd be ditching the day job!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £16,426.36
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£47,033.30 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £259,115.08 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • NorthernMonkey1
    • By NorthernMonkey1 13th Jun 17, 3:36 PM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    I'm not sure if the people employing me one day a week want to pay any more money, its already costing a fair bit for me to be here.

    It's a problem, because I can't keep up the current work rate. Im working my main job on compressed hours, but still 40 hours over 4 days, then working 8 hours in the second job, but its 4 hours drive each way away, so a 16 hour day.

    I think I'm suffering a little because I can feel my pulse, and normally its something I'm unaware of. It's sat at 75 while I'm sat here (I'm an IT monkey. It's hardly a strenuous job)
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 14th Jun 17, 8:20 AM
    • 582 Posts
    • 2,566 Thanks
    SuperSecretSquirrel
    I wouldn't accept a stressful life for any amount of money, but we're all individuals and we all feel differently about these things. I reckon there's no point being FI if you're unable to enjoy it.

    If the one day a week job is secure, I'd definitely consider it, easy life and enough money to get by comfortably

    I guess you could always look for a new full time job at some point down the line if you wanted one?
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £16,426.36
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£47,033.30 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £259,115.08 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • NorthernMonkey1
    • By NorthernMonkey1 21st Jun 17, 9:39 AM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    Still waiting for the 1st of August. Feel like I'm wishing my life away a bit.

    I don't know what I'm supposed to be doing in my new job, and feel like someone is going to work this out soon. I'm quite good at pretending that everything is OK on the outside, but inside, I'm stressed out.
    I've booked a holiday for me and MrsNM for a week in Turkey for Thursday. It was only £500, so a bit of a bargain. Hopefully feel better on my return, but I've got a heap of work to complete this evening for my second job. I couldn't get something to work yesterday, and I've not started packing yet, or got holiday money.

    Hopefully I'll work out what this job is about, or I'll get made redundant, or something. As long as I'm not stuck in this odd void. It's melting my brain
    • Kittenkirst
    • By Kittenkirst 3rd Jul 17, 8:10 PM
    • 1,593 Posts
    • 8,227 Thanks
    Kittenkirst
    Northern Monkey- your words ring so true to me! I've recently
    Changed. Roles and have no clue what I'm supposed to be doing. I feel such a fraud and am working hard but worried I'll be exposed for not having a clue!

    Hope
    Your situation eases up and it gets easier x
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • NorthernMonkey1
    • By NorthernMonkey1 1st Aug 17, 8:08 AM
    • 231 Posts
    • 838 Thanks
    NorthernMonkey1
    It's been a little while since I've posted.

    Its share save day. I'm not quite sure what happens. I've filled in (many) forms and the money should just appear in the account, but I'm not quite sure how long it takes. Because I don't have the money yet, I've not included this in this months totals.

    The job is getting a little easier, not much though. Still feel like I'm making it up as I go along. I feel a little more comfortable knowing that my second job could (just) support me if anything goes wrong.

    I'm also still doing a bit of work for myself. Not taken any money out the Ltd company yet, but I am charging the client mileage at 45p, and the difference between what my car uses as fuel and the 45p is going into the mortgage, which has been a fair bit in the last few months.

    Mortgage now stands at £6256, and the credit card of doom at £14050, just making minimum payments on this as its at 0%.

    Total debt stands tantalizingly close to starting with a 1, at £20306
    savings comfortably above this now at £16350 in an ISA, and £14900 in the sharesave (this is the un-optioned value), leaving me £10900 in the black.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 1st Aug 17, 10:21 AM
    • 582 Posts
    • 2,566 Thanks
    SuperSecretSquirrel
    Awesome figures NM £6,256 mortgage remaining, and a big lump of sharesave cash on the way... Are you tempted to wipe it out completely?

    Glad to hear the main job is improving, even if just a little
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £16,426.36
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£47,033.30 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £259,115.08 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
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

2,843Posts Today

7,264Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin