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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 1,866Posts
    • 8,587Thanks
    A Frayed Knot
    Was Mortgage Free until 52!!!
    • #1
    • 8th Jun 15, 11:34 PM
    Was Mortgage Free until 52!!! 8th Jun 15 at 11:34 PM
    I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage.

    A bit about me, took the plunge and bought a house age 50 plus by myself, everyone asked "Are you mad?" But thought - I can do this.

    Bought at auction, so got a bit of a bargain (the only way I could afford a mortgage) and had what I would call (in my terms) a nice deposit. Took out an 80% mortgage, and lenders would only give me an 18 year term, 2 years fixed at 4.5%, so in my eyes I have already knocked 7 years off my mortgage - how's that for positive thinking?

    I'm now 3 years down the line and have already made the classic mistake, did not renew my fixed term after the 2 years (and still haven't) as it reverted to 3.99% which was lower than I was paying and on making my first large overpayment, they reduced my monthly payments Little did I know what I know now. So its time to get my mortgage in order.

    I have about a years mortgage savings - and about 3 years mortgage payments out on loan at the moment.

    I pay a minimal 45.00 into an isa every month, but was thinking of adding this to my monthly mortgage payments when I remortgage thus reducing the years even further. What do you think?

    I work full time and overtime is available for the moment although I never accept, as I go in early and stay late - could class that as overtime,

    As you can tell, I'm a bit obsessed with overpayments, but well - you can see my point - at my age, want to be "mortgage free" asap.

    My Motivation Madness;
    I have a simple method to keep me motivated, only thing is to explain I make it sound complicated and only works if you have a sub account as well, but you could adjust to suit yourself.
    • "Always have 0.00 at the end of your mortgage"
    • This way the least/most you will pay is 9p or 9.99
    • On flush days you could go for 00.00 at the end or even 000.00
    I know, I know, I need to get out more Good Luck whatever you decide.
    Last edited by A Frayed Knot; 20-02-2017 at 12:01 PM.
Page 58
    • bexster1975
    • By bexster1975 6th Mar 17, 6:27 PM
    • 877 Posts
    • 4,456 Thanks
    bexster1975
    Thanks GG

    I have both of those and a Santander which regular saver rate escapes my memory. Though as my current account rate was HALVED in November with them, I imagine the new regular saver rate is also significantly reduced.

    Bexster
    • gallygirl
    • By gallygirl 6th Mar 17, 8:59 PM
    • 16,266 Posts
    • 106,415 Thanks
    gallygirl
    Thanks GG

    I have both of those and a Santander which regular saver rate escapes my memory. Though as my current account rate was HALVED in November with them, I imagine the new regular saver rate is also significantly reduced.

    Bexster
    Originally posted by bexster1975
    I think it's now 3%, mine is 5% till it matures - this month

    Save
    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"
    • A Frayed Knot
    • By A Frayed Knot 8th Mar 17, 8:32 AM
    • 1,866 Posts
    • 8,587 Thanks
    A Frayed Knot
    Off work today - again - this time with the lurgy, that is doing its rounds at work, thought I had escaped it, seems not.

    No further forward with the savings accounts and due to feeling awful last night, missed the chance to list loads at the special offer I had on the bay. Another 2 parcels need posting need to make the effort and wrap them.

    So today is sleep plenty and drink plenty, and will hopefully feel better in the next couple of days.

    In the next month or two, I hope to break into the teens
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    • A Frayed Knot
    • By A Frayed Knot 10th Mar 17, 8:46 PM
    • 1,866 Posts
    • 8,587 Thanks
    A Frayed Knot
    Back on the mend, so lying about in bed no more, 3 days is quite long enough.

    Well long enough to book flights for a couple of weeks time heard there was a reunion of MFW's

    Got text from opticians saying specs now ready, so will pick them up tomorrow all going well, actually heading off complete opposite direction for shopping but hey ho, things never run smooth.

    Need to check accounts, as big bills coming off today, lets see where I stand. 2 more parcels to post in the morning, so far. Really pleased with that.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    • A Frayed Knot
    • By A Frayed Knot 16th Mar 17, 8:42 PM
    • 1,866 Posts
    • 8,587 Thanks
    A Frayed Knot
    Back into the swing of things so far. All I have done this month is to pay out heavily on all bills so just went the whole hog and booked flights and accommodation for mum and me, bf will drive down and pick us up at airport.

    Now looking for ins for person with medical history, my absolute pet hate - insurances

    Side line going well so far, and keeping busy with parcels for the bay of e.

    Another 2 surveys completed - forgot all about them, as haven't had any the last 2-3 months. Another £6 in the pot.

    Away to learn how to pack a bag with only essentials as its only hand luggage we're taking
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    • A Frayed Knot
    • By A Frayed Knot 18th Mar 17, 7:49 AM
    • 1,866 Posts
    • 8,587 Thanks
    A Frayed Knot
    Morning all, bit of a wash out yesterday with rain lashing all day long, so never crossed over the door. Today dry at the moment and have plans to go shopping for a few last minute items for holibags

    Another 3 parcels to post - anything's a bonus, so will trot off to PO first. Have a lovely weekend.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    • A Frayed Knot
    • By A Frayed Knot 19th Mar 17, 9:45 AM
    • 1,866 Posts
    • 8,587 Thanks
    A Frayed Knot
    Good Side of the Coin Yesterday's shopping went well, got great bargains Very Happy. Just made a small o/p of £48.64. Arrive back April, so new month, new targets, although council tax is back and of course - has went up. No surprises there, then.

    Bad side of the Coin ~ What would you/could you have done ??
    An event I saw yesterday has effected me greatly, making me realise just how very, very lucky I am. Actually put a bit of a damper on the day to be honest, as I couldn't stop thinking about how I could help.

    I saw a young man with sleeping bags and covers with a shopping trolley, sitting up in a shop doorway with a sign saying "I am willing to work ~ even for board and lodgings ~ I AM DESPERATE" That hit me with a force 10 gale and my immediate thought was "I wish I could help you somehow" I have 2 spare rooms and felt very, very guilty about that and still do. It's so sad, and wondered what I would do or how I could cope if that was me.

    Reminded me of another similar event, when I met a lady in L1d1's, got talking and ended up walking back with her as we were heading the same way. Turned out her son was in intensive care and she was making the 100 miles journey back and forth every day as she had nowhere to stay. Same thought crossed my mind then, I have 2 spare bedrooms.

    I really think, I need to MKd urgently and get these rooms into some kind of shape. Job for April after week's holiday in the sun (hopefully).



    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
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