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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,234Posts
    • 10,099Thanks
    hiddenshadow
    Mortgage free by 2021?!
    • #1
    • 15th Sep 15, 9:51 AM
    Mortgage free by 2021?! 15th Sep 15 at 9:51 AM
    DH and I bought our house Christmas 2013 and have been overpaying automatically ever since. Original mortgage of £197,100, have managed to knock out £30k since then. We're both well-employed (computer programmers), no kids, though we do have a pair of dogs and a pair of cats.

    Our mortgage fix is up in December, so we've refinanced for 5 years and managed to shave almost 2% off the interest as well. By agreeing to up our agreed payment to the amount we've been overpaying so far (£1,350 rather than £778) we'll reduce our remaining term from 23 years to 11.75.

    I was playing around with the budget this week, as we ought to be able to live off one salary and save the rest. With that number (£2,750) as a monthly payment, we should be able to pay off the loan in 6 years. Would be really nice to get that down to 5 so that we don't have to refinance again, but paying off almost 200k in 8 years is still pretty exciting.

    Current Goal - December 2017 - Balance below £105,000

    Past Goals
    * April 2017 - Balance below £110,000 (£108,597.74 April 2017)
    * March 2017 - Below £8 daily interest (£7.86 March 2017)
    * February 2017 - Balance below £115,000 (£113,932.35 February 2017)
    * February 2017 - Below £250 monthly interest (£248.27 February 2017)
    * December 2016 - Balance below £120,000 (£119,900 December 2016)
    * November 2016 - Below £9 daily interest (£8.52 November 2016)
    * October 2016 - Balance below £125,000 (£124,999.99 October 2016)
    * September 2016 - Balance below £135,000 (£132,991.85 September 2016)
    * August 2016 - Balance below £140,000 (£139,700.00 July 2016)
    * June 2016 - Balance below £145,000 (£142,927.47 June 2016)
    * April 2016 - Monthly interest below £300 (£293.59 April 2016)
    * April 2016 - Balance below £150,000 (£149,847.03 March 2016)
    * April 2016 - Below £10 daily interest (£9.99 March 2016)
    * March 2016 - Balance below £155,000 (£152,953.85 February 2016)
    * January 2016 - Balance below £159,500 (£158,711.69 January 2016)
    * December 2015 - Balance below £161,800 (£161,771.90 December 2015)
    * December 2015 - Balance at/below £164,280 (£162,636.18 November 2015)
    * December 2015 - Balance below £165,000 (£164,907.08 November 2015)
    Last edited by hiddenshadow; 02-10-2017 at 11:13 AM.
Page 2
    • hiddenshadow
    • By hiddenshadow 30th Sep 15, 6:45 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Bit muddled today. Got an e-mail about solar panels, so decided to get some quotes. Seems reasonable enough, if only from an environmental standpoint.

    Only one quote in so far (2 others pending), £5,900 all-in to install a 4kW set of 16 panels on the roof. Calculators estimate this should save us £515/year (if we install before the end of the year).

    So break-even point is in ~11 years. We'll (ideally) be MF in 5-6, and likely to move within a year or 2 of that (though it depends on when we get sick of our commute, as that would be the main reason to leave).

    If we assume 7 years, then we're still out £2,295 (with £6,695 left in future savings), but presumably the house would be worth 6-10k more than if it didn't have solar panels installed. ??

    Called up an estate agent to get their take on it and they'd only handled one place in the area with solar panels and its sale (18 months ago) got delayed by 9 months due to paperwork issue between the solar panel company and the mortgage lender. Called our lender and they have no objection (or input) if we buy the panels out-right, but they do have concerns if we lease them (fair enough). (As we're only likely to sell once we're MF, a delay in selling isn't that big a deal, but would be nice to know if it were likely to be a hassle.)

    So...not really clear-cut. On the one hand, I like the idea of the environmental impact. And, if we don't follow-up on our cash-in plan, then £4,400 profit over the next 20 years sounds nice (though I suppose not really when you compare the value of £5,900 saved for 20 years). Even if we do cash-in, we shouldn't be any worse off as the house would ideally increase in value by a corresponding amount.

    Part of me thinks we should just wait until we've sold up and found our forever home and then install solar panels there and be environmentally friendly then. Another part of me thinks it's a shame to waste the nice government money that's being guaranteed now.

    Off to do more research...
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 1st Oct 15, 6:22 AM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Grr. Can't sleep (stupid cat brought in a mouse at 5am so now I'm awake ).

    Updating bank balances for the 1st of the month. Mortgage payment's gone out, but interest hasn't been applied so I don't have an updated balance yet. Come on, bank!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 1st Oct 15, 9:14 AM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Phoned up FD again and found out the interest won't be charged until tomorrow, but at least I got the amount (£603.03 ) so I can update spreadsheets!

    £214.39 OP from all the budget savings/tidying in September.

    Current balance: £165,972.07
    Month we’d be in to get to our current balance without OPs: November 2017

    2015 Overpayments: £10,242.64
    2015 Interest Saved: £8,317.87

    Total Overpayments: £22,262.42
    Total Interest Saved: £25,563.89

    Daily Interest: £19.16 (down £0.45)
    Monthly Interest: £594.05 (down £8.98)

    I got to fill in another house brick! I showed DH my house and he laughed and said I should have done one for every physical brick on our house - told him it took enough time figuring out how to represent 198k worth of bricks in a house shape to begin with!
    Last edited by hiddenshadow; 01-10-2015 at 2:27 PM. Reason: extra details
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • Sundaysgirl
    • By Sundaysgirl 2nd Oct 15, 2:22 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Woo! How did you do the house - is it just a filled area on a s/sheet? I feel like it's not really worth doing things like this on the current mortgage now, but will need every ounce of motivation I can get on the new whopper if/when it starts!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • Sundaysgirl
    • By Sundaysgirl 2nd Oct 15, 2:25 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    I can't really add anything re the solar panels, but my initial (albeit very superficial ) response was - will it deter buyers due to the visual impact? I think I personally would be put off, a roof covered in solar panels is not to everyone's taste so you may want to consider that you may even lose value or narrow your potential market. Just my thoughts.
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 2:35 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Yeah, I figured out how many rows/columns that 198k would represent (rounded our original balance up for a nice round number) and then made it look like our house (if you squint really hard ).

    I've been filling it in with the dates that those bricks get paid off - tempted to change it up to be a rainbow house and have each year in a different background colour so that our momentum (once we start big OPs in 2016) is really obvious, but haven't figured out what colours I want pulled the trigger yet.

    DH was laughing about it but I told him we own from the top of our upstairs bedroom window up, so that's not too bad for 2 years in (on a 25-year mortgage). If we can make all our big OPs next year we'll own the entire upstairs windows, too!
    Last edited by hiddenshadow; 01-01-2016 at 3:07 PM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • shangaijimmy
    • By shangaijimmy 2nd Oct 15, 2:37 PM
    • 2,207 Posts
    • 10,144 Thanks
    shangaijimmy
    I got to fill in another house brick! I showed DH my house and he laughed and said I should have done one for every physical brick on our house - told him it took enough time figuring out how to represent 198k worth of bricks in a house shape to begin with!
    Originally posted by hiddenshadow
    Love it. I get called all kinds by Mrs SJ (in the nerd ballpark)!
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 2:41 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    I can't really add anything re the solar panels, but my initial (albeit very superficial ) response was - will it deter buyers due to the visual impact? I think I personally would be put off, a roof covered in solar panels is not to everyone's taste so you may want to consider that you may even lose value or narrow your potential market. Just my thoughts.
    Originally posted by Sundaysgirl
    Thanks! I think we're leaning against solar panels, for the reasons you mentioned and because it's not a clear win financially. Need to get quotes to replace our central heating as I think that will have a large impact on our gas bills and be much more suited to selling the property (if someone objects to our warm air heating they'd do so for a new or an old system, but if they don't they'll appreciate having a new one!). Much as I'd like to have the environmental win, I think that's best left to our forever home (and hopefully the technology is even more amazing/efficient then!).
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 2:43 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Love it. I get called all kinds by Mrs SJ (in the nerd ballpark)!
    Originally posted by shangaijimmy
    DH is a nerd as well, but definitely not in the financial realm. More into movies/comics/games/books. I think my nerd-dom "wins" in that it will give him more money to buy his nerd-dom things down the line.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 2:50 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    I'm digging the rainbow colours.
    Last edited by hiddenshadow; 01-01-2016 at 3:07 PM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • Sundaysgirl
    • By Sundaysgirl 2nd Oct 15, 3:00 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Yeah, I figured out how many rows/columns that 198k would represent (rounded our original balance up for a nice round number) and then made it look like our house (if you squint really hard ).

    https://drive.google.com/file/d/0BwfsgiD4b9iQNU5hclVsdnFxeEU/view?usp=sharing (hoping that link will work!)

    I've been filling it in with the dates that those bricks get paid off - tempted to change it up to be a rainbow house and have each year in a different background colour so that our momentum (once we start big OPs in 2016) is really obvious, but haven't figured out what colours I want pulled the trigger yet.

    DH was laughing about it but I told him we own from the top of our upstairs bedroom window up, so that's not too bad for 2 years in (on a 25-year mortgage). If we can make all our big OPs next year we'll own the entire upstairs windows, too!
    Originally posted by hiddenshadow

    Awesome - I need one of these!!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • shangaijimmy
    • By shangaijimmy 2nd Oct 15, 7:27 PM
    • 2,207 Posts
    • 10,144 Thanks
    shangaijimmy
    Oooh, love ythe idea of different colours for different years. My house is very similar to yours, and i think i'll definitely pinch that idea for added 'nerdy' visual effect...
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 7:53 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Oooh, love ythe idea of different colours for different years. My house is very similar to yours, and i think i'll definitely pinch that idea for added 'nerdy' visual effect...
    Originally posted by shangaijimmy
    Yeah, me too! Thought it might look a bit wonky but I like the effect.

    My only "complaint" is that I won't have nice even rows. Going to push to get below 164k in December but if we do it'll be by about £10 so definitely no chance of getting below £163k to finish off the row. Ah well, next year the big repayments start and then our nice rows will be gone to pot anyway (for a good reason, at least!). Must try and control the OCD CDO tendencies though.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 2nd Oct 15, 8:07 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Pretty good (though unexpected) MSE day today. Phoned up our plasterer today to arrange doing our downstairs toilet (spent a weekend a few weeks ago laboriously de-tiling it). That prompted me to look up bathroom units to go back in once it's all done, and Homeb@se has a massive sale on now so we got a vanity/toilet worth over £800 for just over £250 including delivery. Also bought it with TCB so we should get ~£5 cashback.

    Also bought the last door we need to replace all the doors in our house (had purchased the other 8 on offer months ago and they've been sitting in the garage since!). Carpenter's coming next week to quote, so at least if the price is right we can proceed with that whenever we like - our door handles are really mean, we keep getting caught/bruised on them, so it will be nice having fresh new doors and hardware (also on hand). Should get ~£5 cashback on the door as well (and free delivery, woo!).

    Think that's almost the end of our house DIY spend - need to see if we can get a gate in the garden fence (if so, need to buy the gate itself), and get the carpenter to quote on installing the fence. (We were meant to install it ourselves with family help this spring, but that was a whole drama in itself.)

    We went great guns on redecorating the house last year (also replaced the kitchen and bathroom) and then lost almost all our momentum this year, so it would be nice to get the house done (and decorated - haven't put up any artwork in almost 2 years!) this winter.
    Last edited by hiddenshadow; 02-10-2015 at 8:20 PM. Reason: typo
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 3rd Oct 15, 5:33 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Weekly shop done today. Have been trying out Shopitize the last few weeks and we got enough for a payout today, so that's £5.65 to the mortgage.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • MFWKid
    • By MFWKid 3rd Oct 15, 8:03 PM
    • 28 Posts
    • 40 Thanks
    MFWKid
    Hey hiddenshadow - looks like its going well. Will be following with interest - best of luck!

    I know what you mean with redecorating - it seems to come in waves, but we've just started to get back into it again. My logic is, at them moment, keeping the house in good condition is closer to investment as we are pouring money into the mortgage
    Mortgage free target: 2030
    Emergency Fund: £3,000/£3,000 (Met: Nov 15)
    Mortgage LTV (Oct 15): 73.5%, Last Overpayment: £0
    • hiddenshadow
    • By hiddenshadow 3rd Oct 15, 8:44 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Hey hiddenshadow - looks like its going well. Will be following with interest - best of luck!

    I know what you mean with redecorating - it seems to come in waves, but we've just started to get back into it again. My logic is, at them moment, keeping the house in good condition is closer to investment as we are pouring money into the mortgage
    Originally posted by MFWKid
    Thanks!

    We were pretty relieved that our lender did an internal appraisal (via whatever house value data they have on hand) over the phone, so no need to have an estate agent round to look at the place - there's DIY material (not to mention clutter) pretty much everywhere.

    Hoping to get an EA round next spring if we can finish off the DIY stuff by then, if only to confirm the bank's valuation. In theory we're at 60% LTV (based on the interest rate we got) so the house should have gone up ~£50k since we bought it, but that seems too good to be true! We only put 10% down (paid off another 15% since then) so if we did get 15% for "free" thanks to the market, that would be great.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • ourcornercottage
    • By ourcornercottage 3rd Oct 15, 9:04 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    We have solar panels, installed earlier this year. Cost £4800 for a 3.75kw system including iboost. Have recieved £425 in fit payments for last 6 months and electricity usage has gone down from 15 to 5 units per day and oil usage is virtually nil due to iboost. Baring disaster, Pay back will be 7 years on a very conservative estimate.

    I personally would LOVE to buy a house with solar panels due to fit payments (which transfer to new owner) and free electricity and I love seeing them on a roof. Not everyone thinks they are ugly, a lot of people think they are very responsible. The other factor is they aren't difficult to remove it required.

    I don't regret having them for one minute. If you can't face them think about geo thermal (my next plan) if your garden is a reasonable size.
    £119,375.00 MFW16 #9 £3952.49/£6000 Jan-£536.60 Feb-610.39 Mar-£1006.22 Apr-£549.92 May-£739.57 Jun-£504.79 July-£5 (reg op £199.17)
    Kw gen'd 12/15-94 1/16-132 2/16-236 3/16-231 4/16-419 5/16-438 6/16-375 7/16-0
    Save 12k 2016 #59 - £3708.48/£3000 || MFiT-T4 #12 - £67000
    • hiddenshadow
    • By hiddenshadow 3rd Oct 15, 9:42 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Pretty good (though unexpected) MSE day today. Phoned up our plasterer today to arrange doing our downstairs toilet (spent a weekend a few weeks ago laboriously de-tiling it). That prompted me to look up bathroom units to go back in once it's all done, and Homeb@se has a massive sale on now so we got a vanity/toilet worth over £800 for just over £250 including delivery. Also bought it with TCB so we should get ~£5 cashback.
    Originally posted by hiddenshadow
    Update on this - it tracked at the full £800+ so the cashback is actually £17.38! Won't pay out for 8 weeks, but hey, £12+ more than I was expecting.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • hiddenshadow
    • By hiddenshadow 3rd Oct 15, 9:48 PM
    • 2,234 Posts
    • 10,099 Thanks
    hiddenshadow
    Thanks for weighing in OCC. We've got two quotes from different companies (in person) this week, so will see if the numbers work out any better. Also hoping to hear back from the heating company regarding replacing our forced air heater, so that we can compare the costs for both (will definitely want to replace the heater in the next couple of years).

    Have been dreaming up/researching eco-friendly house build plans and dreaming of having solar panels and wind farms and things once we're MF.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
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