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
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 1,991Posts
    • 9,023Thanks
    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 61
    • A Frayed Knot
    • By A Frayed Knot 11th Jun 17, 7:52 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Hurrah for 2 years!
    Only 4 weeks to go here until the end of term. Then a lovely long summer. Also hope to get last two jobs on current list done before then. I don't want to do either, and it's likely both will take more than 30 mins

    Have a great dayBexster
    Originally posted by bexster1975
    Oh, at this moment in time - so envious - of your long summer holidays.

    You have 4 weeks to do maybe 2 x 1 hour (?) jobs, get them done

    Takes longer just thinking about them, than it does actually doing them, I should know, probably could make a list of all the jobs, I just think about

    Terrible weather today, put out bedding this morning, lovely wind would take no time at all to dry them, but decided to go shopping, came back and well, just lets say, the're back in the washing m/c.

    Have a good evening.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • bexster1975
    • By bexster1975 11th Jun 17, 8:09 PM
    • 905 Posts
    • 4,517 Thanks
    bexster1975
    Hello!

    You are quite right, it is what inspired the list in the first place!

    You will be pleased to hear half of one of the jobs is done. I will finish it Tuesday evening. Depending on how much needs to go to the tip I will start the last one on Thursday night. ( I say last one, I'm already making a new list of them, but with 4 weeks to good I thought, what the heck!)

    Shame about your weather. It's been overcast here in and off but otherwise dry, but very windy.
    Started list of things to do over long hols; some fun, some needed.

    Have a good evening, I will report back during the week on progress

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 11th Jun 17, 11:31 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Ok, so still felt in some mess with all the financials (due to factual o/p's being halted)

    So tonight sorted bank accounts so I actually know what everything is for now

    Made up three accounts -
    1 for extra income (What I call my "Lying in wait to o/p account) but could be used for anything else
    1 for actual o/p's (which I call my Spent Phantom o/p's - BUT no going back ) As these amounts have been deducted off my Phantom Mortgage Balance **(more of that later)

    and another for a c/c - which I don't need to pay until Jan 2019
    (treading careful with this one, as soon as spent - I transfer the amount over to this account )

    **Phantom Mortgage Balance - this way I can still round off to 00.00 balance
    Just transferred my mortgage balance onto a spreadsheet and keep rounding off as I would normally, the only difference is this is Phantom but amounts I enter as o/p's goes straight into my Spent Phantom o/p account, never to be seen again, until ready to o/p once my "deal" is finished.

    Hope you can all follow that, it's the only way to go for me, I've spent the last month not being allowed o/p's and was completely at a loss, ££'s building up in an account, just doesn't do it for me. I NEED to see that Mortgage Balance going DOWN.

    So now I'm sorted and look forward to being able to "Phantom" o/p once again.
    Last edited by A Frayed Knot; 11-06-2017 at 11:40 PM.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • PrincessLou
    • By PrincessLou 12th Jun 17, 10:45 AM
    • 493 Posts
    • 1,857 Thanks
    PrincessLou
    I think the 'Phantom Mortgage Balance' is a great idea. I can imagine how frustrating it must be not to see your mortgage balance going down. Keep up the good work!
    Mortgage - £105,989.59
    • bexster1975
    • By bexster1975 12th Jun 17, 6:22 PM
    • 905 Posts
    • 4,517 Thanks
    bexster1975
    Hi

    I sympathise with the not being able to overpay. If the phantom mortgage works for you, I say go for it. I confess it never really phased me. As long as the money wasn't in my current account, and gaining a similar ( ideally higher) amount of interest as the mortgage cost I just felt it was six and two threes to me. I know you have a bit more of a rounding obsession than me tho!


    ETA: lol! As this is my 899 th post!!
    Hope you had a good day

    Bexster
    • gallygirl
    • By gallygirl 12th Jun 17, 9:12 PM
    • 16,375 Posts
    • 107,212 Thanks
    gallygirl
    That's what I did as well - all money allocated to the mortgage was unofficially offset on my spreadsheets - I had a variable rate with unlimited OP's, but 5 & 6% savings accounts made better sense so lots of columns on the spreadsheets . A bonus was you had more milestones to reach - the real and offset balances could both cross another 1k off .
    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 12th Jun 17, 9:47 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    I think the 'Phantom Mortgage Balance' is a great idea. I can imagine how frustrating it must be not to see your mortgage balance going down. Keep up the good work!
    Originally posted by PrincessLou
    Thanks, just needed something as I feel I "lost" a month of o/p's. Made up for it now, though see updated signature

    Hi
    I sympathise with the not being able to overpay. If the phantom mortgage works for you, I say go for it. I confess it never really phased me. As long as the money wasn't in my current account, and gaining a similar ( ideally higher) amount of interest as the mortgage cost I just felt it was six and two threes to me. I know you have a bit more of a rounding obsession than me tho!
    ETA: lol! As this is my 899 th post!!
    Hope you had a good day
    Bexster
    Originally posted by bexster1975

    Obsession is not the word for it . . . . I did notice your no. of posts, just as much as I noticed £9.59 on the end of PrincessLou's mortgage I call it "an eye for detail"


    That's what I did as well - all money allocated to the mortgage was unofficially offset on my spreadsheets - I had a variable rate with unlimited OP's, but 5 & 6% savings accounts made better sense so lots of columns on the spreadsheets . A bonus was you had more milestones to reach - the real and offset balances could both cross another 1k off .
    Originally posted by gallygirl
    I'm thinking you may have had the DeLuxe model of all spreadsheets ,
    whereas I have, what I would call 4 columns and a balance

    Anyway, keeps me happy

    Note to PrincessLou - Get ebaying and see that £9.59 disappear

    Note to Bexster - Make another post, and you will have 00 at the end
    Last edited by A Frayed Knot; 12-06-2017 at 9:51 PM.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • A Frayed Knot
    • By A Frayed Knot 14th Jun 17, 5:55 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    More pennies in the pot, as I worked late last night and have started taking lunches/break food to work again (slightly slid off the scale with this one) oops.

    However we're back on track again, but still walking back from work - as always, rain, hail or shine & windy.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • bexster1975
    • By bexster1975 14th Jun 17, 9:01 PM
    • 905 Posts
    • 4,517 Thanks
    bexster1975
    OK, OK.

    900



    Bexster
    • A Frayed Knot
    • By A Frayed Knot 14th Jun 17, 9:27 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Now I have a dilemma

    do I "thank you" or not the "thanks" figure you have is quite rounded

    How's the "hate" jobs going?
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • bexster1975
    • By bexster1975 15th Jun 17, 5:45 AM
    • 905 Posts
    • 4,517 Thanks
    bexster1975
    Lol! Re: thanks.


    Can I confess I have not got very far with "hate" jobs this week? It's been a bit of a funny one so far and I'm not sleeping well thinking about it all ( hence the early message). There is an opportunity job-wise that I don't want to pass over, but also I believe I have quite a compelling reason to stay put other than my actual job! ( I see that sounds like a riddle - but again RL lurkers could be anywhere).

    Anyhow, not a great deal of progress on the old "hate" chores. I should be home quite early this evening/late afternoon so will see what my energies are like then.

    Ok, coffee.....

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 15th Jun 17, 6:10 AM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    I too am up early, not sleeping well, but dog tired really, think hayfever has eventually hit.

    So, thinking maybe make a micro dumpling for work today , see how it goes after shower/wash hair etc.

    Re; work, Make a List - usually helps decide - Pros and Cons column.

    Re: Conundrum - you could always pm me.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • bexster1975
    • By bexster1975 15th Jun 17, 6:36 AM
    • 905 Posts
    • 4,517 Thanks
    bexster1975
    Many thanks AFK, I may well pm you.

    Sorry you are not sleeping either, glad you can make use of time

    Better get ready for work. Have a good day

    Bexster
    • shangaijimmy
    • By shangaijimmy 15th Jun 17, 9:59 PM
    • 1,868 Posts
    • 7,779 Thanks
    shangaijimmy
    Dreaded hayfever...mines been appalling today.
    MFW: Original June 2036 // Aim March 2025 - 27//120 payments // Avg Daily Interest £4.84
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £107,618.31
    MFiT-T4 #8 - 42.45% of £41,000
    • A Frayed Knot
    • By A Frayed Knot 17th Jun 17, 9:08 AM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Late night, last night but still up early this morning, enough planned for today, lets hope I get through it.

    Have a lovely, but rather sad, trip planned for tomorrow to a most beautiful part of the country, and have relatives arriving from down under the next week, at very short notice

    Need to get busy.

    Another £6.86 o/p taking me into the £17's
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • A Frayed Knot
    • By A Frayed Knot 18th Jun 17, 11:13 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Very early start today, on the go the whole day, covered a couple of hundred miles. Exhausting.
    Still was something that needed doing and time was getting on, so today was the day.
    Had the most wonderful home baked made Lemon & Coconut slice, on my travels today,
    delicious, so have looked up the recipe - which is a no bake recipe, can't wait to try it.

    Found £3.41 in a handbag I rarely use, so won't miss what I didn't have - straight to o/p fund.

    Exhausted so, bedtime.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • A Frayed Knot
    • By A Frayed Knot 19th Jun 17, 7:12 AM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Awake early again today with the dreaded hayfever.

    New target to take me to Oct will be £2,400 but have around half of that already not sure how I'll do this yet, but that's what targets are for. Pushing myself to limits unknown.

    1274.71/2400
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • A Frayed Knot
    • By A Frayed Knot 19th Jun 17, 7:32 AM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    Hold the press

    Just upped my new o/p target to £2,600 that way makes it £5,000 total for the year (well to October)
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • shangaijimmy
    • By shangaijimmy 19th Jun 17, 7:50 AM
    • 1,868 Posts
    • 7,779 Thanks
    shangaijimmy
    Like your confidence...!
    MFW: Original June 2036 // Aim March 2025 - 27//120 payments // Avg Daily Interest £4.84
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £107,618.31
    MFiT-T4 #8 - 42.45% of £41,000
    • A Frayed Knot
    • By A Frayed Knot 19th Jun 17, 11:44 PM
    • 1,991 Posts
    • 9,023 Thanks
    A Frayed Knot
    I made a start today on my new target today.
    • Walked to work - saving and exercise
    • Took Lunch in with me - saving
    • Posted ebay item - made a few £'s
    • completed survey - £'s in the bank (so to speak)
    Have let the lunches lapse lately, so will be making more of a conscious effort - saving and being more organised. Have lunch ready and waiting in fridge for tomorrow. Win, win.
    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
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
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

149Posts Today

1,368Users online

Martin's Twitter