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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,125Posts
    • 9,569Thanks
    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 68
    • A Frayed Knot
    • By A Frayed Knot 27th Sep 17, 9:50 PM
    • 2,125 Posts
    • 9,569 Thanks
    A Frayed Knot
    I'm crafty too (more ways than one) Toys sound lovely, but you need a lot of patience for that

    Long travel sounds lovely, and I have the time (I hardly ever use all my a/l) so I end up with more the next year Just call me workaholic who asks for time off, and hardly ever gets it and (oh you've started me off on one now) I worked xmas last year and been refused a/l this xmas, so atm i'm not a happy bunny

    I've been sitting here thinking about information(good) given to me over the phone today . To be honest still a bit stunned. Could this be as Life Changing as I think it might be . . . . . . . . . .

    Probably not . . . . . but then again . . . . . .
    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 -£1367.81 so far
    • A Frayed Knot
    • By A Frayed Knot 5th Oct 17, 11:01 PM
    • 2,125 Posts
    • 9,569 Thanks
    A Frayed Knot
    Have had time to ponder over last week's news. Before figures pop through the door, I've already half decided - to wait.

    One day, just one day I ask for off - refused, the last full week I had off was April and a day here and there during the summer.

    Am pleased at how my little side line is doing, and completely amazed that for once (twice really - 1st was to buy a house at auction) I just done something without thinking it through - meaning - I don't have a plan - yet.

    Mortgage deal is up end of the month and so is my internet/phone/tv deal, so busy looking for new deals for this as well.

    Mortgage company new offer looks to be 2.4%, but can see deals for 1.14% if I switch - no fees, just need to find out fees for leaving then work out - is it worth it. Still doing my fictitious knotty o/p's.

    So by the end of this month, should have some kind of new mortgage/life/saving news.
    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 -£1367.81 so far
    • bexster1975
    • By bexster1975 6th Oct 17, 12:31 PM
    • 1,041 Posts
    • 4,816 Thanks
    bexster1975
    All sounds fab AFK. I await news with bated breath.

    Bexster


    ETA: oh, and I quit my job as of Jan 2018
    Last edited by bexster1975; 06-10-2017 at 5:15 PM.
    • A Frayed Knot
    • By A Frayed Knot 6th Oct 17, 7:52 PM
    • 2,125 Posts
    • 9,569 Thanks
    A Frayed Knot
    All sounds fab AFK. I await news with bated breath.

    Bexster

    ETA: oh, and I quit my job as of Jan 2018
    Originally posted by bexster1975

    Whoa - what's this what, how, why and when ???? was all this decided, do they know? and what are you going to do with yourself ???
    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 -£1367.81 so far
    • bexster1975
    • By bexster1975 6th Oct 17, 8:19 PM
    • 1,041 Posts
    • 4,816 Thanks
    bexster1975
    Hello

    It was decided about ten days ago ( although if I'm honest I have been considering it seriously since before the summer). Yes they know. I'm planning that long holiday first. After that, I'm not sure. I'd like to see if I could earn enough working for myself.

    Both of us with life changing situations then

    Bexster
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