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
    • thewalrussaid
    • By thewalrussaid 14th Aug 15, 4:02 PM
    • 95Posts
    • 424Thanks
    thewalrussaid
    the time has come...to get the mortgage below £200k
    • #1
    • 14th Aug 15, 4:02 PM
    the time has come...to get the mortgage below £200k 14th Aug 15 at 4:02 PM
    Hello all on the MFW board!

    It is a bit scary to start a diary so do bear with me if I start rambling. I have been a long term lurker on this forum and this board in particular for years. I have been inspired by everyone but especially Gally Girl, Tilly, GreenT, HelenDaveKids & Edinburgher, in fact it was Edinburgher and Pennyforthepot who introduced me to the idea of FIRE and MMMís blog. Reading MMM and other blogs focussing on FI really opened my mind to possibilities I hadnít previously considered. I suppose in a way it distracted me because previously I had thought that to pay off the mortgage was the sole goal. The thought of FI widened my horizons and got me thinking about other long term investments. Anyway I wonít bore on for too long but suffice to say that it gave me a massive amount of food for thought.

    Some brief details, DH and I purchased our home two years ago with a £270k mortgage this currently stands at £245,990.00. The original mortgage period was 20 years and is now 18 (which is kinda stating the obvious but just confirming). The rate for the first two years was 2.74% and we have just opted for a Halifax retention product and fixed for 2 years at 1.69%.

    Why do we want to be mortgage free? Well maybe that should be why do I want to be mortgage free? Not that DH isnít on board, he is, but more in the sense the he doesnít really spend too much anyway and is quite happy for me to get on with it. I suppose the driving factors are time and peace of mind, whilst I am not long out of my twenties DH is somewhat older, and while people are living and working for longer I think it is better to get rid of the mortgage as early possible as opposed to assuming that he will continue to earn his current salary for the next 18 years! The positive flip side is that hopefully my earnings will increase over time but I donít want to rely on that Ė hence we have limited time to get rid of this mortgage.

    Peace of mind is the other factor because shortly after marrying DH lost his job and was out of work for 6 months. This was incredibly stressful because I had also made the dumb mistake of building up credit card debt due to the wedding and we had £10k to pay off (hence why I started a DFW diary). The debt is thankfully now all gone and DH has been in his permanent role for over a year Ė but even that process was stressful with his probation period being extended before being signed off. While we were going through these events my biggest fear was losing the house, a lot of it was pride and wanting to save face but it also made me think about how amazing it would feel to completely own the roof over our heads and not be beholden to a lender. This and some advice I read on MyBestJumperís diary from Secret Saving Squirrel made me realise that I might be overcomplicating matters in the short term with thoughts and plans for ever more complicated investments/BTLs etc and that there was nothing wrong with simply aiming to pay off the mortgage early.

    Things change and none of us know what is around the corner, I am hoping we will have children at some point in the future (DH has a child from his previous marriage) and if that happens it will seriously alter our current budget. Therefore as the title suggest the aim over the next two years is to get the mortgage balance below £200k before we remortgage. I am hoping that we can then reduce the term and fix for a longer period, say 5 years.

    My first aim is to get our savings back up to £9,000 Ė this year should have been all about saving but to be perfectly honest we have been on two holidays, which after last year were needed. All holidays have been planned and saved for so we are still debt free. The savings goal will be achieved by 01.01.16 with final savings from Decemberís pay packet.

    From February we are going to start overpaying the mortgage whilst continuing to save. I have calculated that we will need to overpay the mortgage by £1,200 a month to get down to the target by September 2017 (our current deals expires on 31.10.17).

    In an ideal world I would simply love to have the mortgage gone by 2023 but that would be a very tall order therefore for now I am going to focus on achieving this first goal.

    Anyway if anyone has read this far thank you so much for not falling asleep, I will leave it there for now!

    Walrus
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
Page 5
    • Firegirl
    • By Firegirl 12th Jan 16, 8:41 AM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Agree about David Bowie. Amazing artist.

    The 123 account is really good if you have a lot of savings in there. I had my personal account that didn't have a high credit balance so I transferred it to another bank. Got £100ish cash back and they messed something up and gave me compensation for making a mistake that didn't effect me at all.

    All they had done was forget to put the incentive money into my account- I called about it a few weeks later and bingo and extra few quid for the trouble- I hadn't even asked!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 13th Jan 16, 9:25 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    So we are now in the tricky part of the month, all major DDs have left the account and there is nothing to colour in or log on my spreadsheets!

    Oh well, time to focus on other things. Two workouts done this week and no alcohol since Sunday. I don't want to jinx myself but for some reason I am feeling much more switched on this year - long may this feeling last!!!

    Lots of change at work - not necessarily bad (some of it possibly very good) but the secret squirrel nature of management is unsettling me.

    Hey-ho it's nearly Thursday - yay!
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • thewalrussaid
    • By thewalrussaid 16th Jan 16, 11:47 AM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    So it's the weekend - hurrah!!!

    DH out getting the groceries and new blades for the car at the moment. Car spends out of the car pot and groceries carefully meal planned. We are away next weekend so trying to keep spends down this week - worst case scenario is tuna pasta for lunch everyday in the final week of the month (I am determined to stick to ALL budgets this month!)

    Also spent time on the phone to @m@zon this morning, for my birthday I used a sh0p and sc@n voucher (plus cash) to buy a phone case, the first package I got was empty and when the replacement arrived I realized I had ordered a 6+ case and not a 6 I felt like a total liar asking for a refund especially after the first package was empty - I am sure they probably think I am lying! Anyway after sending back the wrong case they only refunded the P&P fee so hopefully after today's second phone call I will get the full refund (inc gift card on account) so that I can buy the correct case. More haste less speed next time.

    Other than that I am about to start the ironing - glad to be doing it today and not tomorrow. Making a big batch of chilli tonight for dinner and the freezer and then roast chicken tomorrow for lunch and Monday night dinner

    I hope everyone has a great weekend
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • thewalrussaid
    • By thewalrussaid 18th Jan 16, 1:56 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hello all,

    Well 3 hours of ironing done on Saturday (oh so boring, even listening to the radio on ipl@yer didn't help too much) and chilli made.

    I am really looking forward to having Friday off and going away for our wedding anniversary which is this week. I am hoping my mindset is gradually changing as I have booked a low cost cottage (er I should possibly correctly describe it as a 'fancy large shed in someone else's garden ) I am taking dinner for the Friday night (hence the chilli) and we are going out to the local pub on the Saturday night. Therefore apart from the cost to rent it everything else is being covered by our usual budgets.

    I listened to a radio program about money and relationships over the weekend and it was very interesting, e.g. the way money represents different things to different people (e.g. power or security or love or status etc). I think, for me, money used to represent love and status - as in showing love to others through spending money on gifts & buying things to make up for low self esteem. Whereas now I am curbing the status side of it and moving more towards security by hoping that money will buy me freedom and choices but ultimately give me security. The program also mentioned how people react to their parents attitudes - this definitely struck a chord with me as my dad has always been very frugal (probably due to growing up very poor). I could never understand why he would literally drive 10 miles to save 2p on a litre of petrol (which is probably false economy) and my reaction to these ways drove my spending in my 20s.

    Anyway my point was that having grown up in quite a frugal home and seeing that it really didn't make that much difference to quality of life I wonder where my expensive tastes came from. I guess a combination of a reaction to my parents and advertising (i used to be a sucker for adverts).

    So that was a long post! To summarise I think I have done a complete 180 and realise that I would do better to emulate my parents.

    Oh and finally - I realise that not a lot of overpaying is going on here - but I am laying the foundations for the overpyaments honest! I just want to get my savings up first.

    Have a great start to the week everyone
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • Firegirl
    • By Firegirl 24th Jan 16, 11:07 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Sound like an interesting radio programme.

    I used to spend to look good for nights out-makeup etc. Now I try to spend less on stuff and more on experiences.

    I think the focus changes depending what stage in life you are!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 25th Jan 16, 2:21 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hello all!

    Countdown to payday!

    Our break in the country was very relaxing, where we stayed was almost silent apart from birdsong and the tapping of woodpeckers. The cottage was equipped with a wood burner and, having never used one before, I found it enthralling! It was very satisfying building a fire in the morning, much more interesting than flicking on a switch. The weather was a bit damp but we got a good walk in (5.5 hours including an hour lost ) and it was most enjoyable to be outside enjoying nature.

    We spent £95.00 on Saturday night dinner (including a decent tip) and a £10 on drinks on Saturday lunch. Dinner was more expensive that I thought it might be but we did have a few drinks and three courses with steak being the main. Apart from that we took our own food and everything has been covered out of standard budgets.

    Groceries purchased yesterday for £39.00 so my aim now is to spend nothing un-budgeted until after pay day.

    I hope everyone is having a good start to the week.
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • thewalrussaid
    • By thewalrussaid 28th Jan 16, 2:21 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hi all,

    Patiently waiting for my pay day tomorrow, DH's is on Monday. I have meal planned for the coming week and have booked for the groceries to be delivered on Saturday morning. I have some batch cooking planned for the weekend along with many chores as I am somewhat behind due to being away last weekend.

    In money saving news I was entering my meter readings and spotted a tariff that would save me £11 a month so we have switched. I know we could save more money on the electricity and gas but thus far I have never swapped providers, just tariffs. I suppose I think the hassle and possible bad service could be more hassle than the saving is worth.

    I am really excited about bumping up the savings balance next month! Sad but true!

    Take care all.
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • thewalrussaid
    • By thewalrussaid 16th Feb 16, 10:15 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hello,

    I am still alive - just life and work getting in the way.

    This month has included a couple of unexpected expenses (well they should be budgeted for but my budgeting skills need improvement ) the boiler was serviced and there were some gifts to buy. I set us a high savings target this month and so I ended up borrowing money back from savings (doh!). I think this shows I need to bite the bullet and do a "proper" budget that recognizes all our expenses, instead of simply winging it for some of the annual expenses!

    A £58 OP this month to round the mortgage balance down to a tidy figure.

    We've had lots of changes at work recently (an office move and merger) and this has prompted other changes in my routines - and well I suppose everything has been up in the air a bit meaning more spending

    However there have been some positives - DH was given a small pay rise and a decent bonus and I have also been offered a promotion and quite a decent pay rise Following the news I did go straight onto my spreadsheets to work out the effect this would have on our monthly income and where the extra should be allocated, but I have reversed my changes. I've done this for two reasons 1. When I write down the new figures I then start acting like I have the money in my hand and think "we've got £X extra coming in next month so I will buy this now" and 2. when the extra is already allocated away you don't see that there is actually a difference and I think it would be helpful to actually see the change to the bottom line and then be prompted to allocate the extra where required (maybe time for that budget)

    I realise that others might think it is best to immediately budget the excess into savings/OPs etc but this is what I usually do and it doesn't work for me. This way I can pretend that we still have our old salaries and then the extra will get saved, instead of seeing the higher income and feeling as though we can afford a few extra.s

    So on the whole a very good month thus far. Once we have been paid bonuses (I think I should be getting one too) I will see where our post raise salaries end up at and then calculate how we can reach our goals faster!

    Changing my job and actually feeling like I have the confidence of my boss and colleagues has really made a massive difference to my day to day levels of happiness. I am so glad I finally made the change.

    Oh and final bit of money savings news, I got rid of our S@nt@nder 123 credit cards and replaced them with the @mex for the 5% cashback in the first two months, we are already up to £85 which I am quite pleased with. We pay off the credit card as we spend so we don't carry debt on it - my aim with it is simply to earn rewards or cashback.

    Sorry this is such a long post - I will aim not to be away so long next time!

    Take care everyone
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • thewalrussaid
    • By thewalrussaid 26th Feb 16, 3:23 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Yay! It is payday!

    It has been one expensive month, I always expect February to be cheap because it is short but not this month! I seemed to be out at least once a week, we decided to book a course of acupuncture appointments to iron out various issues between DH and I and I think once we started overspending it was hard to stop!

    So all of that has left us with £1,000 on the credit card it was lucky that I did not allocate the bonus to various pots! Especially as I did not get paid my my bonus today apparently all these changes mean that our salary changes and bonuses will be paid next month - lets hope so! I haven't even seen my new job description yet.

    DH's bonus will cover the credit card bill, the rest of his bonus is earmarked for presents (at upcoming family occasion for the celebrant and the kids of a family member who is coming from overseas), various items the DSD needs for school purposes, a school trip, new work clothes for DH, the guttering repairs and some new walking boots for me.

    Hopefully if/when I get a bonus this can all go to savings.

    I amnow looking forward to Monday when DH gets paid and i can do the money shuffle woowoo!
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • Firegirl
    • By Firegirl 27th Mar 16, 7:02 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    I've really picked up on 1 point you said- changing you job has made you happier day to day. I'm hoping I follow in your footsteps soon after I've been made redundant!!!!!

    Good luck for your shuffle tomorrow:0)
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 19th Aug 16, 10:51 AM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hello All

    I haven't been around for ages but that's because there didn't seem much to say.

    Mortgage now stands at £231,350.00 which is £14,640.00 off the capital amount since I started this diary in 2015. I would love to take credit for some fab OPs but in reality this first year has been about building up savings as our standard payment takes about £1k off the capital each month anyway. However every little helps so I am not unhappy.

    Plan for the rest of 2016 is to ramp up the OPs and make a big OP from savings before the end of year. As the mortgage is with H@lif@x we can only OP 10% every calendar year.

    In 2017 I think we will save the OPs and make 1 big payment once our current mortgage fix deal expires. Not so exciting but I think DH's job might be a little precarious so better to have some cash stashed in case he is unemployed for a while.
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • Firegirl
    • By Firegirl 20th Aug 16, 3:02 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Well done! You've done great! It will be very satisfying making the big overpayment!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 2nd Oct 16, 2:40 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Thanks Firegirl

    Just waiting for September's mortgage payment to be applied and the payment to come out on the 8th and then I should be able to make this month's OP.

    I am trying the Wh0le30 at the moment, due to having some stomach/gut issues. Currently I have not eaten dairy, alcohol, sugar (apart from naturally occurring sugar in fruit/veg), carbs, grains or nuts for 9 days and I have another 21 to go. It has definitely improved my stomach and I think it is probably the dairy that is causing the issue. I mentioned it because it has really brought my spending under control. When everything has to be prepared it stops the impulse purchases at lunchtime.

    Will update again when OP made.
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • Firegirl
    • By Firegirl 8th Oct 16, 2:32 AM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Funny I've just posted that I'm spending lots on food and daft things for the kids! I'm gonna get back in gear to skipping things and transferring the few pounds and watching it add up!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 13th Oct 16, 10:50 PM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Made a chunky OP, balance now £226,500.00 (noting to track my own progress)
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • A Frayed Knot
    • By A Frayed Knot 13th Oct 16, 10:58 PM
    • 1,742 Posts
    • 7,989 Thanks
    A Frayed Knot
    Made a chunky OP, balance now £226,500.00 (noting to track my own progress)
    Originally posted by thewalrussaid

    Oh, Happy Days = £226,500.00 Well done.
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 14th Oct 16, 6:15 PM
    • 3,669 Posts
    • 34,114 Thanks
    Secret Saving Squirrel
    Well done! You have already knocked a chunk of time off the end of the beast!
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • Firegirl
    • By Firegirl 18th Oct 16, 10:06 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Well done! You're beating me!!!! Can't wait to pass the 200k mark!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • thewalrussaid
    • By thewalrussaid 14th Nov 16, 8:56 AM
    • 95 Posts
    • 424 Thanks
    thewalrussaid
    Hello all!

    It was so lovely to see all the replies on my diary! I always think that no one else reads so that has really cheered me up

    So where am I, well I am not very happy at work. I had my appraisal and personally I thought I had achieved most of my targets after only 6 months in a role new to me and the company, but my manager had other ideas. I might be taking it all a bit personally but his vague statements about "owning it", "build your profile" and "seeing the big picture" have left me quite downhearted, mainly because I thought he really wouldn't have anything that negative to say.

    However in good news I did get a £1,500 bonus so I should not complain too much. I have managed to add most of this into a super OP for the month of November which now means that the mortgage is at £222,200.00. My aim now is to get the mortgage below £220k by the end of the year.

    Apart from that my thoughts are now turning to 2017 and my final push to drag the mortgage down before remortgaging for 01/11/2017. More on those plans in a later post.

    Have a good day and week everyone
    Aiming to get the mortgage below £200k by 30th September 2017

    Current mortgage as at start of diary 14.08.15 - £245,990.00
    Mortgage balance as at 14.11.16 - £222,200.00


    Savings Aim £10,000 Balance as at 13.06.16 £11,740.00 - goal achieved
    • greent
    • By greent 14th Nov 16, 1:35 PM
    • 5,192 Posts
    • 52,293 Thanks
    greent
    Great news on the bonus and OP x
    Repaid mortgage early (originally 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Now repaying BTL Mtge. Opening Bal £69786. Current Bal £68286
    Net sales in 2016 £772.06/£500
    Dec grocery spends £0/ £480 NSDs 2/12
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

288Posts Today

1,123Users online

Martin's Twitter