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  • FIRST POST
    • JimLad
    • By JimLad 18th Aug 15, 3:29 PM
    • 849Posts
    • 1,248Thanks
    JimLad
    Mortgage Free by April 2017
    • #1
    • 18th Aug 15, 3:29 PM
    Mortgage Free by April 2017 18th Aug 15 at 3:29 PM
    Hi everyone! Long time lurker on these forums! I have previously posted in my wifes diary, and whilst our OP’s have continued we have been a bit slack there. Our plan has changed a fair amount since she first posted so I have decided to kick off this new diary to chronicle the (hopefully) final 20 months of our mortgage.

    A little bit about us. I am 29 and the wife 27. We both have decent jobs and we have no kids (we want to pay off the mortgage first). We got married in January this year and in true MSE fashion we kept it bang on budget. We bought our 3 bed detached house for 200k in October 2011 with a 150k mortgage and have since overpaid it down to approx 86k.

    The plan…We have a 5 year fixed mortgage at 3.99% with Santander which currently limits us to 10% overpayment a year. We have already made the 10% for this year, so we currently are saving for next year’s 10% and then for a big overpayment in October 2016 when the mortgage drops onto a SVR and we can do unlimited. After this lump sum, we should be down to about 20k and then it’s just as much monthly as we can do until its gone (April 2017 is the target). Im a nerd for a good spreadsheet and have it all planned out month by month.

    Other than our salaries, we have a few different things that we do to boost the overpayment coffers which I call our side hussle. We rent out our spare bedroom on a short term basis on Airbnb, we have solar panels on the roof which provide a small quarterly income, and I run a technology youtube channel which brings in a few quid each month from adverts and affiliate sales. I plan on posting monthly updates on the amounts these generate.

    That’s it for now as I have rambled on a bit! If you see MissWillow on here, that’s the wife!
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
Page 13
    • Moneyfordreams
    • By Moneyfordreams 8th Oct 16, 10:09 AM
    • 645 Posts
    • 3,043 Thanks
    Moneyfordreams


    can't wait to be in your position, but I doubt my savings will reach that until after our mortgage is completed
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £168060
    Car loan finished oct 16
    h@lifax CC £5360 0% until May 2018.. will pay minimum for now, slow stooze
    • JimLad
    • By JimLad 10th Oct 16, 10:03 AM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Have to say I'm a bit envious! We've just broken the £60,000 outstanding mark, down from over £94k three years ago. 18 months until our fix ends and we can overpay without penalty, but don't think we'll have quite that much saved by then! Your side hustles are an inspiration!
    Originally posted by mikenolan
    That is still an amazing acheivement! Over 10k a year is cracking! HOw many years has that shaved off?



    can't wait to be in your position, but I doubt my savings will reach that until after our mortgage is completed
    Originally posted by Moneyfordreams
    We would be nowhere near it without doing Airbnb. Is it something you could do?
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • mikenolan
    • By mikenolan 11th Oct 16, 7:20 AM
    • 34 Posts
    • 49 Thanks
    mikenolan
    Technically we've not reduced the term at all because Accord recalculate regular payments each year to maintain the same end date. In reality we're aiming to be done 5 years from now instead of ~18.

    Airbnb not really possible where we live now. Briefly considered moving house to one nearby with five double bedrooms plus a granny annex that would've been the ideal Airbnb property but couldn't face the extra £60-100k on the mortgage.
    • JimLad
    • By JimLad 1st Nov 16, 9:53 AM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Its big overpayment week!

    Usually we do much smaller payments. I wonder if we are going to have any security issues when we try to transfer 50k?
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • NorthernMonkey1
    • By NorthernMonkey1 1st Nov 16, 10:18 AM
    • 137 Posts
    • 569 Thanks
    NorthernMonkey1
    HSBC will give you 15k on an unsecured loan @ 3.3% with no overpayment penalties.

    I'm sure others are available, but it might be worth looking into paying off your mortgage with an unsecured loan
    • PrincessLou
    • By PrincessLou 1st Nov 16, 10:34 AM
    • 461 Posts
    • 1,755 Thanks
    PrincessLou
    Its big overpayment week!

    Usually we do much smaller payments. I wonder if we are going to have any security issues when we try to transfer 50k?
    Originally posted by JimLad
    I don't think I would dare transfer that much all at once. I would worry it would get lost or something!
    Mortgage - £112,900
    • JimLad
    • By JimLad 1st Nov 16, 4:21 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    HSBC will give you 15k on an unsecured loan @ 3.3% with no overpayment penalties.

    I'm sure others are available, but it might be worth looking into paying off your mortgage with an unsecured loan
    Originally posted by NorthernMonkey1
    Clever idea! We will only have 20k or so outstanding for about 6 months so i dont think saving 1% is really worth doing. Thats works out as less than £80 saved and lots of extra hassle.
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • Watty1
    • By Watty1 2nd Nov 16, 9:32 AM
    • 2,486 Posts
    • 17,584 Thanks
    Watty1
    Its big overpayment week!
    Originally posted by JimLad
    Really exciting!
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £68801
    • atypicalblonde
    • By atypicalblonde 2nd Nov 16, 11:05 AM
    • 1,612 Posts
    • 8,454 Thanks
    atypicalblonde
    Exciting times Jimlad! I read somewhere that once you break into the 5 figure barrier, the numbers seem to tumble a little faster and I really hope that is the case when we get there lol!
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • JimLad
    • By JimLad 3rd Nov 16, 12:24 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Exciting times Jimlad! I read somewhere that once you break into the 5 figure barrier, the numbers seem to tumble a little faster and I really hope that is the case when we get there lol!
    Originally posted by atypicalblonde
    Absolutely! The lower you go the less interest you are paying so the more that gets paid off with every regular payment.
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • JimLad
    • By JimLad 3rd Nov 16, 2:19 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Todays the day! Soon as i get home from work tonight im going to phone up Santander to confirm we are variable, and then whilst im on the phone im going to initiate the transfer!

    The wife is in america for work so hoping they phone me and not her for any security checks!
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • atypicalblonde
    • By atypicalblonde 3rd Nov 16, 2:34 PM
    • 1,612 Posts
    • 8,454 Thanks
    atypicalblonde
    Really excited for you Jimlad, look forward to your update later today! x
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • ajmoney
    • By ajmoney 3rd Nov 16, 3:07 PM
    • 4,731 Posts
    • 54,898 Thanks
    ajmoney
    Very exciting. I'm looking forward to see your new balance
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • JimLad
    • By JimLad 3rd Nov 16, 6:19 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Down to 22k!
    £22,250! Thats all our mortgage will be once the payment I just made goes through!

    It was a 48k payment in total but I had to make separate 25k and 23k payments as online banking wouldn't let me do it in one hit. Hopefully that doesn't cause any trouble at the other end. I phoned them up and explained the double payment and they said it was fine but we shall see!

    I think we could have stretched to 50, but we decided to leave a little slush fund in the accounts.

    Now we are variable we can do overpayments every pay day!

    I also just realised I havent done the side hustle update for october so look out for that tomorrow!
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • atypicalblonde
    • By atypicalblonde 3rd Nov 16, 6:50 PM
    • 1,612 Posts
    • 8,454 Thanks
    atypicalblonde
    Fantastic news Jimlad!!! Well done you!
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • JimLad
    • By JimLad 4th Nov 16, 8:39 AM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Fantastic news Jimlad!!! Well done you!
    Originally posted by atypicalblonde
    Thank you! The beers will defiantly be out this weekend!
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • JimLad
    • By JimLad 4th Nov 16, 12:03 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    October Side Hustle Update
    Its November already! I can almost smell Christmas! Here's the totals for October!.

    Airbnb: £488 – A 100 increase on last month! A couple of longer midweek bookings which helps bolster the total. Hopefully one of them will be booking again for next week too. Already 10 days booked in November.

    Adsense from Youtube: £47.82 – A little bit higher again than last month. I often find advert revenue creeps up towards Christmas as companies ramp up their budgets for marketing. 2 videos in the works for this coming week.

    Amazon Affiliates from Youtube: £14.73 – 624 clicks and 15 items ordered. Lots of blenders as usual, but some other items include a winter parka packet, various flavours of syrup (caramel, hazelnut, vanilla) and 1kg of protein powder!

    Solar Panels: £49.14 –
    We are heading straight for the depths of winter! Not only does this mean less money from the feed in tariff, but it also means we will be paying for electricity during the daytime and paying for gas to heat the water. Sad times.

    Matched Betting: £36 – Champions league games started but only a couple of “easy” bets this month. Leicester and Manchester city games netted me an easy profit. Hopefully this will ramp up when the knock out games start. Just hope the british teams stay in!

    Thats a grand total of £635.69 earned outside of work in October, back up to our usual levels in main thanks to Airbnb picking up again.

    Starting this month the side hustle will be going straight into our monthly overpayment which we will be doing towards the end of each month after both our paydays have passed. I will be doing an overpayment update to detail it each month. Still on track for April 2017!

    Merry November everyone!
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • kitjos
    • By kitjos 4th Nov 16, 12:56 PM
    • 164 Posts
    • 924 Thanks
    kitjos
    Hi Jim! Such a great thred to read through . We're a wife & husband duo too and are about the same ages (28/31), we have two kids which slow the money front down but looking at your thread gives me the push i need to press on . We've just sent 8k OP off (also on 10% per year) - not too far from 99k now. Did you find it got easier (if thats the right word??) once you got out of the 100k bracket? Our house is worth roughly 208k and got 107k left to pay off. We are hoping to do it in 4-5 years from now.

    Ill be eagerly watching your thread . An 48k is AMAZING! Good luck with obliterating the other 20k

    X
    Mortgage originally = £155,000
    Current mortgage = £107,700
    House Value = £208,000

    Joint savings account = £2000
    • JimLad
    • By JimLad 4th Nov 16, 2:29 PM
    • 849 Posts
    • 1,248 Thanks
    JimLad
    Hi Jim! Such a great thred to read through . We're a wife & husband duo too and are about the same ages (28/31), we have two kids which slow the money front down but looking at your thread gives me the push i need to press on . We've just sent 8k OP off (also on 10% per year) - not too far from 99k now. Did you find it got easier (if thats the right word??) once you got out of the 100k bracket? Our house is worth roughly 208k and got 107k left to pay off. We are hoping to do it in 4-5 years from now.

    Ill be eagerly watching your thread . An 48k is AMAZING! Good luck with obliterating the other 20k

    X
    Originally posted by kitjos
    In some ways it got easier, eg more of the regular payment came off the capital. But it was also more restricting as the 10% limit really held us back. The more you pay off, the less that 10% is.

    Sounds like you are almost in the exact same position as us a couple of years ago! When does your fix end?

    Do you have a diary? Ive tried to look through your profile but cant see anything. Maybe im being dumb.
    Paying off the Mortgage as fast as we can. 13k to go!
    MissWillow is my OH!
    • kitjos
    • By kitjos 4th Nov 16, 5:46 PM
    • 164 Posts
    • 924 Thanks
    kitjos
    No diary im afraid. I just keep log if what we've done in another diary format site . Yeh we do sound like you guys a few years ago, its nice to see how it could be for us in near future . Weve just got new fixed rate for 2 years so we will OP the 10% we can per year, then put left over money in a pot so we can do lump sum once fixed ends in Oct 2018 . Very similar to how you guys have done it. We hope to be at 75k by time fixed runs out (so 32k in 2 years) - should be doable.

    I appreciate why you're waiting to have children though, i went from working 5 days a week on good wages - to one day a week . Not easy to juggle both parts of life and work.

    Cant wait to see you smash this 20k
    Mortgage originally = £155,000
    Current mortgage = £107,700
    House Value = £208,000

    Joint savings account = £2000
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