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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,133Posts
    • 9,583Thanks
    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
    • 2,133 Posts
    • 9,583 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
    • 2,133 Posts
    • 9,583 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
    • 1,065 Posts
    • 4,900 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
    • 2,133 Posts
    • 9,583 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
    • 1,065 Posts
    • 4,900 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
    • A Frayed Knot
    • By A Frayed Knot 1st Nov 17, 9:07 PM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Well been away for a while, how time flies.

    This is one of "those" days I have been waiting on . . . I am "out of fixed" mortgage term and can pay what I like when I like

    Thought I knew what I would do, but now the time has come, and guess what . . . I'm dithering - again.

    Enquired about new fixed term, and was told - it wouldn't make that much difference - "your mortgage being so low" but still to do the figures, reckon they would say that anyway just to get me to pay more interest

    the baying doing fantastically well - still taking up a lot of my time, and just claimed £15 from PC for surveys completed - it all helps. Managed to secure b/b-phone-tv deal same as last year - just no cashback this time but happy with the service and deal.

    Biggest news of all, is I'm due some money that I didn't know about need to get my head round it all, but end result could be life changing . . . . more later . . . .
    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 2nd Nov 17, 7:05 AM
    • 1,065 Posts
    • 4,900 Thanks
    bexster1975
    Hello AFK! Nice to " see" you

    I'm afraid even with a little mortgage I'd fix unless I really wanted the freedom to massively overpay. If you would like some assistance re: dithering, feel free to DM me.

    You have dangled the life changing money for several weeks now. It sounds exciting!

    Tell us more

    Have a great day, fab news about baying!

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 21st Nov 17, 11:28 PM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Blimey - has it been that long since I've been on here, how time flies when your enjoying yourself - aka - working your socks off - phew !!!

    Well I'm still o/p slightly and also dithering - about my new deal, was hoping all would change but can't even make up my mind on that front either

    Have PM you, Bexster, I hope that was what you meant - DM ?? me.
    Last edited by A Frayed Knot; 21-11-2017 at 11:34 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 -£1367.81 so far
    • A Frayed Knot
    • By A Frayed Knot 2nd Dec 17, 2:40 PM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Hello - as we have now reached the last month of the year, and so, thought I ought to make the effort time for an update.

    Have been popping in time to time but not much, hopefully will catch up soon.

    Now out of a "deal" I will never learn - but not for long.

    Decided to throw a nice little £1000 to the mortgage this month before all the big spends , so my grand total for mortgage is now . . bang on my target for my MFiT T4 challenge with another year still to go

    Mortgage would have been a lot less had I decided not to order new windows but the time was right to order them.

    Hope everyone is well and keeping momentum up with the o/p's, and the 0.00 Challenge at the end of their mortgage

    So with mine having 000.00 at the end I am going to spoil it and pay another £1 best of both worlds in 1 day - reaching £15000.00 and going under it by £1. Temptation was just . . too much.

    Off to make that o/p now.
    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 2nd Dec 17, 3:07 PM
    • 1,065 Posts
    • 4,900 Thanks
    bexster1975
    Congrats AFK!

    Nothing further to report. Two weeks at work to go!

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Dec 17, 4:23 PM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Wow, only 2 weeks, nice thought. Have a fabulous time, won't you?

    You can all think of me when working Xmas - 3rd in a row, so everyone better believe me when I say "that's the last for a good while anyway" well xmas anyway, they've got me working the next PH as well - Easter . No rest for the wicked, or should that be . . . the hard working
    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
    • shangaijimmy
    • By shangaijimmy 3rd Dec 17, 8:33 AM
    • 2,281 Posts
    • 10,612 Thanks
    shangaijimmy
    "Without a deal"... its like Brexit negotiations!
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
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