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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,206Posts
    • 9,924Thanks
    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 69
    • bexster1975
    • By bexster1975 2nd Jan 18, 11:29 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    Good morning AFK.

    Please let me know how the MB goes. I am looking into passive income streams to pay about £600 a month in total. I've always been super nervous of the matched betting thing but I'm sure it's more than do-able. Good luck with the decs, I have started removing mine too

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 11:31 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Just checked online mortgage,

    Good News - have just made on o/p of £574.52

    Bad News - interest has doubled

    Memo to self - get on the phone tomorrow am and Get A New Deal !!!
    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 £4068.97
    • bexster1975
    • By bexster1975 2nd Jan 18, 11:35 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    .....why not today?

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 11:47 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    .....why not today?

    Bexster
    Originally posted by bexster1975

    No Banks open here today (is there?) Bank Holiday here today
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 11:50 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Good morning AFK.

    Please let me know how the MB goes. I am looking into passive income streams to pay about £600 a month in total. I've always been super nervous of the matched betting thing but I'm sure it's more than do-able. Good luck with the decs, I have started removing mine too

    Bexster
    Originally posted by bexster1975

    MB - for me thought it would be a whole lot easier, than I find it. Time will tell. (tonight )


    Think I would rather go buy another house at auction, then find the funds
    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 £4068.97
    • bexster1975
    • By bexster1975 2nd Jan 18, 11:53 AM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    Surely a national number for most banks ( are you still Halifax?)
    Just thought you could do it on your day off!

    Good luck for tonight, I will await the result

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 1:29 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    On the calculators just now, most finish April 2020 which is beyond my target

    Suppose just go neutral when the time comes. Working out the fees if I complete early
    ever the hopeful
    Last edited by A Frayed Knot; 02-01-2018 at 2:33 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 £4068.97
    • bexster1975
    • By bexster1975 2nd Jan 18, 1:49 PM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    I would def go neutral for the time difference. Either that, or you will need to suck up the interest difference.

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 6:55 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Re -listed some items on the bay - who would believe it - 4 items sold.

    Once I get the figures, less P&P, less fees etc, etc, going to keep tally - this time round
    Last edited by A Frayed Knot; 02-01-2018 at 6:57 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 £4068.97
    • bexster1975
    • By bexster1975 2nd Jan 18, 7:26 PM
    • 1,099 Posts
    • 5,239 Thanks
    bexster1975
    I don't have much to sell, but I'm happy to play. Shall we share selling successes monthly?

    I had 165 NSDs last year. Don't know if you counted as we did last year.

    Hope return to work tomorrow isn't too bad

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 8:26 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    That's an excellent amount of NSD's A Frayed I got lost along the way

    Will say I will try for selling successes monthly. can only try.


    Only been off 4 days so no time at all. Though they do owe me an hour, as everyone but me got away an hour earlier. I will remind them of 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
    2017 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 5th Jan 18, 7:40 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Work ?? over 50% of staff off - dropping like flies with that flue bug going around, how do you avoid when nearly every one we see has the flu bug.

    Just done a knotty o/p of £9.29 that evens off my sub accounts to £190.00 so close, split into 2 sub accounts, one under £30 now, the other £160 odd but interest doesn't get added to the larger amount
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 8th Jan 18, 11:00 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    So with new windows I got 2 weeks before Christmas (am I Mad ??) yes, me thinks so I then needed new blinds which I now have (Busy putting them up at the weekend) got a good bargain too - half price in the sales - actually bought too many, so returned them tonight and yes - I came out the shop with a new lampshade, some flowers and more cash than I went in with

    After that paid a visit to the big blue and yellow shed - and came out with odds I needed - total cost £8 odds when leaving the shop, was asked if I would like some ginger biscuits - gave me 4 packets and told me to take them home - I said I will take them into work and when I told him where I worked he gave me another 4 packets

    Went onto have dinner out but they had stopped serving, so onwards home to have a sarnie and cup of tea so ££'s saved

    Next on the list is curtains - which I already have the fabric and lining (blackout) no less - so next weekend seems planned.

    Have posted 14 items that have sold so far this year and have another 2 to post tomorrow am just leaving the small amounts until it mounts up, then will transfer over.
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 10th Jan 18, 9:43 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    So thats new windows paid - 1 week before Xmas
    New blinds bought and up
    Curtain fabric/Lining bought for L/R

    So am on a mad streak, got out the pen, paper and calculator and the 3.99% interest rate is bugging the life out of me. Apart from a new deal which takes ages to go through, I needed to do something to reduce the mortgage even further . . now, as I didn't want to touch the "unlucky number" to skip that I have just o/p £1170.78 so still have 0.00 at the end of my mortgage ATB

    I can tell you now, that the o/p's from now for a while (a good 2-3 months anyway) will be little ones unless of course I get lucky with MB some chance . . .

    Will need to make one small o/p before month end as when interest added would take me to the unlucky number, and that will not do.
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 11th Jan 18, 10:52 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Do I get a New deal or No deal ?

    So after much number crunching last night - Decision made, against all my advice I would normally give as its not as bad as I thought - It's No New Deal for me

    Basically difference would be around £200 over 2 years
    New Deal
    Less interest %
    Stuck for 2 years
    Limited/Restricted o/ps
    Takes me over my target date

    No Deal
    More interest %
    Freedom of time
    Freedom of o/p's
    Freedom of MF date or earlier

    Basically No Deal gives me freedom which is more valuable to me than £200 ish, this way I can keep my foot on the pedal, and take it off, when and if I needed to, but this is the year - I'm going for it
    so my foot is firmly glued to that pedal

    My only concern is if interest rates rise further I may be forced into a deal so for now I'll take the gamble.
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 12th Jan 18, 5:58 PM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Oh no, just been into my pantry (which is empty - I mean totally empty) as planning on shelving to organise "items" only to find . . . I forgot to put up a blind in there so . .

    As I have taken the spares back, I am planning on cutting a strip of fabric off my kitchen blind (as its too long anyway) turning it on its side and making a home made blind (its tiny and will not move) for my pantry - disaster averted and only cost is time.

    Claimed just under £25 in my tcb account and already in my account and included in my big o/p.

    Plans for the weekend is sorting more items for the bay, making curtains and re-organising my furniture in L/R. But i'm a kinda - wake up and what do I feel like doing today kind of mood, no worries as I have plenty to choose from, so we'll see how I get on.
    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 £4068.97
    • Kittenkirst
    • By Kittenkirst 13th Jan 18, 7:56 AM
    • 1,711 Posts
    • 9,117 Thanks
    Kittenkirst
    Great work on the TCB monies

    Also good to see you are sticking with your current rate for the flexibility to OP and get Mortgage free quicker. I’m currently looking at rates and trying to decide whether to do a2 or 5 year deal. So much to think about!!
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • A Frayed Knot
    • By A Frayed Knot 13th Jan 18, 8:35 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Thanks Kittenkirst, I was shocked into thinking I need a new deal asap when I saw the interest nearly double then every time I thought about my mortgage was thinking I'm throwing away £25 every month

    However number crunching calculations told me if I threw a big o/p at it, it would greatly reduce the interest to a figure I could live with with an even bigger incentive to reduce even further asap.

    I though long and hard when I remortgaged to get the right balance, but exceeded my expectations, so couldn't make o/p's for the last 7 to 8 months of my re-mortgage. I saved, but was just not the same for me and did lose interest as found it so so so restricting for me. I liked my Knotty o/ps, aiming for 000.00 or 00.00 and even at time 0.00 at the end of my mortgage.

    When I gathered a lump sum in savings I thought - well if I o/p large just now - interest will be down, I never used all my savings but thought better off the mortgage than sitting in the bank.

    Hope you get your balance right and are happy with it.

    Sorry a bit long winded there
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 13th Jan 18, 9:06 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Just had a look at my sub account and a cheeky £9.22 at the end of it, so in AFK style . . .a knotty o/p of £9.22 now paid

    Right, this is not getting the work done, off to make a start in the tidiest room in the house my bedroom;


    Change bed
    Hang Up Clothes
    Hoover & Dust
    Last edited by A Frayed Knot; 13-01-2018 at 9:12 AM.
    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 £4068.97
    • A Frayed Knot
    • By A Frayed Knot 14th Jan 18, 8:59 AM
    • 2,206 Posts
    • 9,924 Thanks
    A Frayed Knot
    Managed a great deal yesterday - work wise. So today will be arranging some more items for the bay, starting to get back into the mode.

    Might just manage home tomorrow night before the predicted weather arrives, which is heavy hail and snow fall along with lightening, which they say doesn't happen very often, but then chaos on the roads by Tuesday with disruption to public transport, power cuts and no mobile phone signal (all worst scenarios) - might have to get my boots on and walk to work not always a bonus living within walking distance to your work, allbeit a long walk.
    Last edited by A Frayed Knot; 14-01-2018 at 9:28 AM.
    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 £4068.97
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