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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,244Posts
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    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 3
    • atypicalblonde
    • By atypicalblonde 4th Oct 15, 9:51 AM
    • 2,412 Posts
    • 15,006 Thanks
    atypicalblonde
    Hello hiddenshadow

    You are incredibly focussed it's so lovely to read. And very very close to your 2015 target too, well done!! I would love to have solar panels, maybe in the next house...

    Best wishes, ATB xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 10.9.17 - £122,780
    Aiming to be MF 1.10.2020
    • hiddenshadow
    • By hiddenshadow 4th Oct 15, 11:53 AM
    • 2,244 Posts
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    hiddenshadow
    Thanks, ATB! (Also a blonde myself )

    Sometimes I think that 5 years seems like an awfully long time (especially as we'll be reducing our monthly contributions to saving pots quite dramatically come January). That said, I've had car loans that lasted longer (at least on paper, paid those off early as well ), so in the grand scheme of things, not too bad. And as we're planning on moving laterally (upsizing size-wise but downsizing COL-wise) for our forever house, this should be the last mortgage we ever have, which would be amazing.

    Need to work on being a bit more patient on things, though - I was looking up used cars last night as DH had a successful driving lesson (with luck he'll get his licence in Dec/Jan?). Found a couple very low mileage cars for crazy cheap money (£700-900) and was trying to think of ways we could go see one, test drive it (given that DH only has a provisional licence), and insure it to get it home and then park it on our driveway until DH passes his test. DH didn't seem keen at all, so have tried to put it in the back of my mind and remember that there should be cheap cars in 3-4 months (if anything possibly cheaper as people presumably buy fewer cars in winter) and I don't need to do All The Things RIGHT NOW. We're not desperate for a car (would just be handy for errands, taking dogs to the vet, visiting family) so it's silly to buy one now and then have to do its MOT/repairs/insurance/etc that much sooner when we're not quite ready for it.
    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 4th Oct 15, 7:44 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Wow, who knew that all it would take to get DH into the DIY spirit would be to go outside and paint some things for 20 minutes!

    Today we:
    - painted two stools from IKEA (plan to make nightstands out of them)
    - finished* installing our heated towel rail that's been sitting in our bathroom for over a year
    - installed handles on two cabinets in the bathroom so that you can finally open/close them properly
    - installed a medicine cabinet in the bathroom
    - touched up paint in the bathroom
    - installed picture rails in the bathroom (still needs caulking to cover the joins)
    - attached the drain plug to the bath (miraculously we didn't lose the little clip!)
    - cleared out all the DIY stuff from the bathroom and re-organised the bathroom-related things
    - cleared out all the DIY stuff from the linen closet so that it can actually store household things

    *just need to wire it up so that it heats, but it's holding towels brilliantly

    Started about 9am and finished just after 7pm. I am exhausted. The bathroom looks so nice now, though! Still need to clean the grout film off the shower (still not done since last summer when we installed it ) and install a windowsill (previously the bathroom was fully tiled so there was no sill).

    So close to having one completely finished room in this house, huzzah!
    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 7th Oct 15, 1:49 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Wow, productive weekend for you! It's a great feeling of achievement once another room in the house is "finished". Problem is, I got itchy feet once we finished our home in Spring, hence the planned move
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 7th Oct 15, 1:58 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Wow, productive weekend for you! It's a great feeling of achievement once another room in the house is "finished". Problem is, I got itchy feet once we finished our home in Spring, hence the planned move
    Originally posted by Sundaysgirl
    I'm hoping that won't happen to us for a few years. Once we're done we'll have redecorated this house from top to bottom (literally, as there was wallpaper or polystyrene tiles on every single ceiling - now removed!), so I don't fancy doing that again anytime soon.

    Once we finish these bathroom bits this will be the first truly "finished" room we have in the house, so that'll be very nice!
    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 7th Oct 15, 2:02 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Ours was the same. DH was of the same mindset as you, so I had to compromise by househunting only for non-doer-uppers (though a few slipped in )
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 7th Oct 15, 2:09 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Ours was the same. DH was of the same mindset as you, so I had to compromise by househunting only for non-doer-uppers (though a few slipped in )
    Originally posted by Sundaysgirl
    At least if we wait until we're MF (or close to it) when we start looking we'll have the flexibility to live somewhere else while we do up a place (if that's what we choose to buy). I wouldn't recommend living in the house you're doing up, though - too much chaos!
    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 7th Oct 15, 2:10 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    It is horrid I agree (I got used to the plaster dust and mess but never the intrusion of workmen!) but so much more satisfying when it's finished as it feel really deserved. Your plan does sound a lot nicer though!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 7th Oct 15, 2:39 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    It is horrid I agree (I got used to the plaster dust and mess but never the intrusion of workmen!) but so much more satisfying when it's finished as it feel really deserved. Your plan does sound a lot nicer though!
    Originally posted by Sundaysgirl
    I'll admit I've been fantasising about building our own place, or buying a barn and renovating it. Not that we would likely need that large a space but being able to design it ourselves with our needs in mind sounds lovely!
    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 11th Oct 15, 4:05 AM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Quiet few days - bought a mattress on M!ghty Deal$ (using TCB as a bonus), I'm hoping that'll help with my stiff/sore back when I wake up.

    I've tried out MB, and based on two free bets (and about 30min of time) I've made £27.85. That's on its way as an OP to the mortgage. (DH looked skeptical when I explained it to him, but I'm proven right. Will likely continue, but only on maximum profit free bets. Also need to perfect my system for selecting/tracking.)

    Still investigating solar panels as well as replacing our central heating unit (likely a goal for late 2016, but at least the price came in slightly less than expected, and would include replacing our boiler for a better model as well). Have ~£160 left to OP to make my 2015 goal (the £16,411 OP one, which will mean a larger balance drop in 2015 than 2014). After that any extra can go towards savings for either/both of these improvements.

    Also got a quote from the carpenter - about as expected, though I'm guessing we won't have him install the fence (£1,500 in labour costs alone). Hoping DH and I can do the majority of the work ourselves (though who knows when) and save a good amount of money.

    Stupid cat brought in a mouse (thankfulluy deceased rather than maimed) at 2:30 and now I can't sleep.
    Last edited by hiddenshadow; 11-10-2015 at 4:06 AM. 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%
    • Luckyinlife
    • By Luckyinlife 11th Oct 15, 10:29 AM
    • 1,609 Posts
    • 6,036 Thanks
    Luckyinlife
    Great OP :] money

    Ya labour costs can be crazy i dont mind paying them if they are fair i guess its about time vs working vs hassle

    let us know how you get on :]
    Mortgage--- £67700 March 15 £65221 April 15 £64983 July 15 £64780 sept 15 Remortgage £67295 oct 15 £66599 Nov 15 £65878.73 Dec 15 £64834 1st Jan 16 Feb 16 £64,511.89 March 16 £64,056.40 April 16 £62550 May 16 £62,396.20 Feb 17 £60.800
    Emergency fund 23k
    • hiddenshadow
    • By hiddenshadow 11th Oct 15, 10:36 AM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Great OP :] money

    Ya labour costs can be crazy i dont mind paying them if they are fair i guess its about time vs working vs hassle

    let us know how you get on :]
    Originally posted by Luckyinlife
    Thanks! Yes, I don't mind paying for labour but DH is pretty confident we can install ourselves - even if we can do the majority of the work ourselves and get someone in to do any fiddly bits (if we install a gate, and/or the bits closest to the house) then that should save quite a bit. Not really looking forward to actually doing the work (our garden has 2+ years of overgrowth in it now!) but at least we're not in a rush.

    (Mainly still a bit annoyed at BIL who visited in the spring for a weekend to - supposedly - help with the fence, and then did F-all. DH gave up many weekends over the last decade helping with their house, but I guess when the shoe's on the other foot, it's not a big deal.)
    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 13th Oct 15, 6:50 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Tried to open a joint TSB account with DH today, but was told we have to come back on Friday. Did at least deposit £6.99 in coins that I'd counted out from our jar of 1/2/5p pieces. (Not sure where the 1p went as I'm sure I counted out £7 even; and after we left I remember another 2p that was in my bag. Oh well!)

    Have sent a £7 OP to the mortgage. £5 until I hit 90% of my 2015 goal - may get that done this month!
    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 13th Oct 15, 10:04 PM
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    hiddenshadow
    We’ve tentatively decided on a solar company. £6,000 to install, should generate ~£650/year savings/income.

    Assuming we use some savings to pay for the install and “pay ourselves back” in our budget categories, we should only have to take January off from big OPs and make a smaller OP in February. According to my spreadsheet, this would put us back a month to being MF (May 2021), but we’ll OP whatever income we get from the solar so that should balance out.

    It may not be the best mathematical decision (compared to investing the £6k for the next 5+ years) but I think it'll work out OK and it's an environmental win.

    I’m excited!
    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 13th Oct 15, 10:17 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    We’ve tentatively decided on a solar company. £6,000 to install, should generate ~£650/year savings/income.

    Assuming we use some savings to pay for the install and “pay ourselves back” in our budget categories, we should only have to take January off from big OPs and make a smaller OP in February. According to my spreadsheet, this would put us back a month to being MF (May 2021), but we’ll OP whatever income we get from the solar so that should balance out.

    It may not be the best mathematical decision (compared to investing the £6k for the next 5+ years) but I think it'll work out OK and it's an environmental win.

    I’m excited!
    Originally posted by hiddenshadow
    Yay another solar MFWer, there's a few of us. I send FIT payments directly to the mortgage OP so I have my target every month (£450) and my target on a FIT month (£600-£700 depending on weather). The leccy savings just help with the bills. In a couple of years I will start to put a little on one side for a new inverter as they usually so whilst panels still have life in them so I'll budget for a replacement in 5-7 years.

    Don't forget new applications for FIT dry up soon so don't take too long deciding
    £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 13th Oct 15, 10:23 PM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Yay another solar MFWer, there's a few of us. I send FIT payments directly to the mortgage OP so I have my target every month (£450) and my target on a FIT month (£600-£700 depending on weather). The leccy savings just help with the bills. In a couple of years I will start to put a little on one side for a new inverter as they usually so whilst panels still have life in them so I'll budget for a replacement in 5-7 years.

    Don't forget new applications for FIT dry up soon so don't take too long deciding
    Originally posted by ourcornercottage
    Thanks!

    The company's coming out tomorrow evening to do their detailed survey, and assuming we decide to go ahead we'll aim to install by mid-November.

    Our quote includes a 20-year warranty on the inverter (they've factored in having to replace it in ~10 years), so that's one less thing to worry about. (We'll probably have sold the house by then, but who knows?)

    Will probably look into buying a new dishwasher so that it can have a timed delay function (washing machine already has one thankfully). I'm also hoping (possibly foolishly) that we might be able to get away with putting the heating on for a few hours in the afternoon and then not needing it in the evenings. We'll have to see how MSE we can get with the electricity savings.
    Last edited by hiddenshadow; 13-10-2015 at 10:24 PM. Reason: add info
    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 14th Oct 15, 8:47 AM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Exciting progress! And hitting 90% of target only 78% of the way through the year Sounds to me like you should be upping the target
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 14th Oct 15, 9:25 AM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Exciting progress! And hitting 90% of target only 78% of the way through the year Sounds to me like you should be upping the target
    Originally posted by Sundaysgirl
    Haha, that'll be next year. Our real target for this year is just getting below the £165k mark as that's the requirement for our refinance in January. I upped that a bit so that we'd pay off more in 2015 than we did in 2014 (by a whole £2 ), but if we're going to chuck £6k at solar panels in a month we'll have to funnel money towards that for a bit. And DH will get his license soon (I hope!) so we'll be shopping for a car. And replace the central heating system. And install a water softener. And...the list goes on. At least none of those things are a rush (other than possibly the water softener as there's a deal on for another two weeks so we'll have to decide whether to go for it or not).

    2016 is going to be a good year for OP goals, though - with luck we can knock out between 25-30k off the principal.
    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 14th Oct 15, 9:32 AM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Ok, you're off the hook! That's a long list... do you really need to do it all, given that this isn't your forever home?


    And could you do without a car, given that you already do? If you don't need it for everyday use for work (which I'm presuming you don't as you manage otherwise now) I would be inclined not to other. DH and I have one, which we use purely as a runaround at weekends. We managed perfectly fine before we had it, and whilst it's nice to have, and provides freedom, it is a luxury.


    Apologies for the interrogation


    We keep toying with the idea of a water softener but can't quite bring myself to bear the cost in this house. What's the deal?


    p.s. your 2016 goal is fabulous!
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • hiddenshadow
    • By hiddenshadow 14th Oct 15, 10:05 AM
    • 2,244 Posts
    • 10,120 Thanks
    hiddenshadow
    Ok, you're off the hook! That's a long list... do you really need to do it all, given that this isn't your forever home?
    Originally posted by Sundaysgirl
    Probably not, but in theory it's all MSE (and helpful for future sale) - heating system is probably 20+ years old and it functions but we got a pretty good quote (£5k incl VAT) to replace it with a more powerful/efficient model and install a combi boiler. Right now you don't really get any heat output downstairs/in the kitchen so it would be nice if that could work. Will probably do that in the next year or two.

    Water softener is mainly to prolong the life of our appliances/etc. Our local plumber (who's pretty reasonable) quoted £780 to install one, we also got a flyer through the door for £499 so we're probably going to do that (have to arrange that by the first week of November).

    And could you do without a car, given that you already do? If you don't need it for everyday use for work (which I'm presuming you don't as you manage otherwise now) I would be inclined not to other. DH and I have one, which we use purely as a runaround at weekends. We managed perfectly fine before we had it, and whilst it's nice to have, and provides freedom, it is a luxury.
    That is very true. We could do without a car, as we've managed for two years. The main issue is the pets - we've had a couple of scares with our older dog and needed to take him to the vet sharpish, and finding a taxi who's ok with 1) dogs in general 2) a sick dog wrapped up in a blanket can be a challenge. We've been setting aside ~£100/mo and will probably look to buy an older model for £1k or thereabouts in the spring. We won't drive it much so as long as it's in reasonable condition it should last for quite a while. (In theory we can save money - or at least time - visiting the in-laws as well as we could just drive up rather than spending 3+ hours on the train.)

    I think our main "luxury" house expense is the fence - we originally planned to install it before we got our second dog (a retired greyhound), but it turns out he's not bothered by not having a fence. (There is a barrier on all sides of the garden, it's just not solid.) So there's no real rush to do that. I would like to try and get it done this winter/spring, though (assuming we do it ourselves) so that in the spring we could possibly try and plant/grow some veg. No idea if we'll be successful at that, but if so we could drop our food budget by ~£60/mo and not get a veg box.

    Apologies for the interrogation
    No, it's good to have your assumptions challenged.

    p.s. your 2016 goal is fabulous!
    Yeah, I can't wait. Is it really sad that I'm looking forward to seeing my mortgage balance drop most of all for 2016? DH was mocking the OCD-ness of the idea of Tilly Tidies this morning and told me I need to find 51p for the mortgage so it's an even number. But hey, at least playing around with hypothetical payments/timings in a spreadsheet is free entertainment, which is more than I can say for his spending.
    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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