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
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,158Posts
    • 9,723Thanks
    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 - May 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; 13-05-2017 at 2:14 PM.
Page 51
    • hiddenshadow
    • By hiddenshadow 1st Mar 17, 10:17 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    I really like your organised goals! Sometimes just 'paying off 100k+' does seem a bit unachievable.

    I need to catch up with your diary to find out more about Ireland.
    Originally posted by FloppyDisk
    Thanks. I was a bit overwhelmed by the big goals, so I'm trying to break it down into more manageable chunks that are easier to focus on. Think they still need tweaking, but it's a process.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 2nd Mar 17, 10:12 AM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    I need to wander around the house and KM/de-clutter again. I have a feeling we still have a LOT of things that could go (besides the things that we've already ear-marked but done nothing with yet...).

    I have been really good about using KM on things (...yarn...) I'd like to buy. If my first instinct is "ooh, pretty, I'd like that" then I wait a while and come back to see if that's still my reaction. Then I evaluate price and see if I'm still happy about it. This has resulted in me not buying anything since Feb 8, even though I've thought about quite a few things.

    (Of course, part disclaimer there is that I plan to buy a fair bit in the US where it's cheaper and I can use my US bank account which I don't track in the budget. So that does help with resisting the urge to buy things here pre-holiday....)

    Small victories, anyway.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 19th Mar 17, 2:23 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    Been too quiet on here - not much financial action going on. Did manage a £40 OP from budget shuffling, but then remembered that we've budgeted for the dog sitting during our upcoming holiday, but not the cat sitting, so no more OPs after that. Only £112 so not too bad, will likely steal from the home improvements pot.

    We leave on Friday for holiday. Should be a fun, relaxed trip - planning a drive down to the Los Angeles area to watch part of a 3* horse event, lots of eating Mexican food, and not much else. Won't be going to my dad's wedding due to my health issues, but will meet up with him after they get back.

    Ireland move has been pushed back a month due to a work project that's starting next week and going through early July. Bit disappointing, but may as well take advantage of the fact that we're not set to any specific timetable (other than wanting to move before school starts up again, so that finding a place to live ourselves and renting out our house are both easier). Tentative plan is still to go over sometime in May/June to investigate specific properties/areas - hopefully we can manage this on a weekend so I don't have to request holiday during the final weeks of this project. On the plus side this gives us another month to pack/sort out the house.

    I've been learning spinning, and been fairly MSE if I do say so myself. Bought a drop spindle for £15 locally, and then went to the local spinner's guild meeting and found someone wanting to sell their wheel. They've lent it to me indefinitely for me to learn on, and obviously I have the option to buy it if I like it. I've only tried it for a day, but I like it so far. Guild membership is £20/year so even if that turns into just 2-3 months of free use of this wheel, that seems like a decent deal.

    March Goals

    Personal
    1. Move to Ireland Boxes packed 5/5 - DH did really well and packed more books/DVDs, plus all our board games, so we can de-clutter the shelf they've been sitting on
    2. Move to Ireland Items de-cluttered 5/5 - found 5 things to de-clutter (aforementioned shelf, sofa, clothes, yarn), haven't actually done it yet
    3. House Start hardwood flooring on stairs Started - figured out our method, still need to actually cut everything down and install it (won't happen until April)

    Financial
    1. Mortgage OP £1,500 £1,540/£1,500

    Career
    1. Learn Tech book chapters read 1/3 - work's been mental so I've had no spare time or mental energy, but hoping to look into this on holiday as well

    Not too bad, progress-wise.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • cazmanian_minx
    • By cazmanian_minx 19th Mar 17, 4:39 PM
    • 4,004 Posts
    • 18,419 Thanks
    cazmanian_minx
    I'm very envious of your wheel! There was someone up here selling an Ashford Elizabeth for £150, but despite messaging the seller as soon as I saw it, she already had someone coming to see it and of course they bought it. Enjoy
    Home: 06/08: £145,145.00 Currently: £114,428.66 Offset: £51,337.84 Amount paid off: £30,716.34 (21.2%) Paying interest on: £63,090.82
    Holiday let:
    02/17: £177,416.86 (Family loan: £129,146.86 + 0% cards £48,270.00) Currently: £169,936.86 Amount paid off: £7,480.00 (4.22%)
    Sugar days 2017: 15/26 Debt-free: 17/02/2017
    • lippy1923
    • By lippy1923 19th Mar 17, 5:45 PM
    • 1,213 Posts
    • 3,382 Thanks
    lippy1923
    Nice progress. Enjoy your hols :-)
    Total Mortgage OP £17,500
    House Value £240,000 Mortgage £94,678
    Emergency Fund £23,600

    • hiddenshadow
    • By hiddenshadow 19th Mar 17, 9:18 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    I'm very envious of your wheel! There was someone up here selling an Ashford Elizabeth for £150, but despite messaging the seller as soon as I saw it, she already had someone coming to see it and of course they bought it. Enjoy
    Originally posted by cazmanian_minx
    Oh, bummer! I keep seeing wheels pop up on Ravelry, roughly in the £150 range, so hopefully something else pops up in your area soon. (There was a post today from someone with half a dozen wheels for sale, incl an Elizabeth, but for £250 and in Milton Keynes, so less useful.)

    I'll definitely need more practice with the wheel - my spinning today was entirely fits and starts as once the wheel was going I could draft OK, but then something would get tangled or confused (or both) and I'd have to stop and fix it, so I only managed in about 4-6" bits. Called it a day after about an hour as my hands and feet were tired, but it was enjoyable, and my yarn looks much better than on the drop spindle.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 5th Apr 17, 12:44 AM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    March Retrospective
    March OPs: £1,540.00
    March Offset: £0.00

    Current (offset) balance: £111,283.08
    Month we’d be in to get to our current balance without OPs: October 2026 (+3 months)

    2017 Overpayments: £5,838.39
    2017 Offset Savings: -£749.07
    2017 Interest Saved: £3,542.77

    Total Overpayments/Offsets: £65,601.69
    Total Interest Saved: £57,010.53

    Daily Interest: £7.86 (down £0.20) <-- below £8.00!
    Monthly Interest: £218.38 (down £29.89)
    March 2016 Interest: £309.63 (down £91.25)
    March 2016 Daily Interest: £9.99 (down £2.13)

    House Bricks: +2

    Mortgage reduction: £8,385/£20,000 (41%) (Average: £2,795.26/mo)

    Managed a few extra OPs.

    Net worth increase: £28,394.26/£80,000 (35%)

    Stock market again.

    MFIT-4: £48,216.92/£90,000 (53%)

    Still 12% ahead of schedule.

    Goals

    Personal
    1. Move to Ireland Boxes packed 5/5
    2. Move to Ireland Items de-cluttered 5/5
    3. House Start hardwood flooring on stairs Started

    Financial
    1. Mortgage OP £1,500 £1,540/£1,500

    Career
    1. Learn Tech book chapters read 1/3 - haven’t done this on holiday at all, though I have done other tech-y things on holiday
    Last edited by hiddenshadow; 05-04-2017 at 12:49 AM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • EatingTheElephant
    • By EatingTheElephant 5th Apr 17, 7:07 AM
    • 1,045 Posts
    • 5,520 Thanks
    EatingTheElephant
    Great figures holidays are for switching off from work, I can never read tech books while on holiday!
    • BookWorm
    • By BookWorm 5th Apr 17, 9:25 PM
    • 2,274 Posts
    • 13,897 Thanks
    BookWorm
    Great figures Hidden.

    Hope the break wasn't all work and that you found plenty of time for fun too.

    In case you wanted, here is the recipe I mentioned

    BW
    • BookWorm
    • By BookWorm 4th May 17, 9:12 PM
    • 2,274 Posts
    • 13,897 Thanks
    BookWorm
    Just popped in to say hello. Hope all ok with you Hidden
    • hiddenshadow
    • By hiddenshadow 5th May 17, 6:06 AM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    Thanks BW. Work's been a bit crazy, with health/DIY stuff filling up the weekends. Still making good progress, though.

    The highlights I remember -
    - convincing DH to phone up car insurance to ask for a price reduction for renewal. Got the price down from £640+ to £537!
    - DH got paid for unused holiday last year so that boosted his pay quite a bit for April
    - spent under £185 on groceries in April, helped in part by being on holiday for the first week

    Had a lovely holiday, though now it feels like forever ago. Work is getting more busy than usual due to a major project due in July.

    Not much else to report, really. Finances are primarily on auto-pilot now that nothing's earning interest so there's limited money shuffling going around. This actually bit us in the butt this month as I forgot to transfer money into an account to pay the CC direct debit. I know before they've texted me to remind me, but they didn't this time (perhaps thanks to the bank holiday), so had to pay £5 fee for that. Will probably try to phone up and get that waived but not a crisis if not.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 5th May 17, 8:55 AM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    April Retrospective
    April OPs: £1,658.61
    April Offset: -£104.89 (just to bring it to a round £6,000 )

    Current (offset) balance: £108,597.74
    Month we’d be in to get to our current balance without OPs: February 2027 (+4 months)

    2017 Overpayments: £7,497.00
    2017 Offset Savings: -£853.96
    2017 Interest Saved: £4,414.37

    Total Overpayments/Offsets: £68,506.13
    Total Interest Saved: £57,884.16

    Daily Interest: £7.69 (down £0.17)
    Monthly Interest: £237.17 (up £18.79)
    April 2016 Interest: £293.59 (down £56.42)
    April 2016 Daily Interest: £9.79 (down £2.10)

    House Bricks: +3

    Mortgage reduction: £11,176/£20,000 (55%) (Average: £2,794.00/mo)

    Made some extra OPs this month from budget savings.

    Lifetime ISA: £0/£8,000 (0%)

    Not sure when we’ll start funding this, probably once we’re settled in Ireland.

    Net worth increase: £37,091.27/£80,000 (46%)

    DH got paid for unused holiday.

    MFIT-4: £51,007.00/£90,000 (56%)

    Still doing well.

    Goals

    Personal
    1. Move to Ireland Boxes packed 4/4 - also ordered more boxes for free with nectar points
    2. Move to Ireland Items de-cluttered 4/4 probably more!
    3. House Start hardwood flooring on stairs Started - also made a plan for execution, will aim to do half at the late May bank holiday weekend and the other half in June when we visit Ireland to house-hunt

    Financial
    1. Mortgage OP £1,500 £1,658.61/£1,500

    Career
    1. Learn Tech book chapters read 0/2 - still 0, but I’ve learned a ton of other stuff in the last month so I’m giving myself a pass
    Last edited by hiddenshadow; 05-05-2017 at 8:59 AM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • chumpy45
    • By chumpy45 5th May 17, 3:01 PM
    • 315 Posts
    • 1,347 Thanks
    chumpy45
    Just popping in to catch up and say hi and thanks for your support on my diary. Fab progress being made chez Hidden and exciting adventures to come. It never ceases to amaze me that no matter how hard we try, the de-cluttering never seems to end
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017;
    • hiddenshadow
    • By hiddenshadow 5th May 17, 3:37 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    It never ceases to amaze me that no matter how hard we try, the de-cluttering never seems to end
    Originally posted by chumpy45
    Oh gosh - does acquiring boxes for packing count as re-cluttering? Probably. Sigh.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 7th May 17, 6:32 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    May Goals
    Personal
    Move to Ireland Boxes packed 0/5 - time to start kicking this up a notch
    Move to Ireland Items de-cluttered 0/5 - have loads of things to put on freecycle/gumtree/wherever, just need to do it!
    House Finish half the hardwood flooring on stairs
    House Get at least 2 quotes for re-instating the bedroom wall

    Health
    Chase up appointment with consultant A - scheduled for June but will check for early cancellations
    Chase up appointment with consultant B - scheduled for July but will check for early cancellations
    Chase up re-test for nerves - consultant B mentioned this would be in May but I haven't heard anything

    Financial
    Mortgage OP £2,500 £0/£2,500 - may be a bit of a stretch

    Career
    Pass probation officially - should have already met the 3-months, and no one's said anything to give me pause, but would be good to have this done and dusted
    Last edited by hiddenshadow; 07-05-2017 at 6:37 PM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 7th May 17, 6:36 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    Going to try and make a point of checking in here more than once/month. Seems like very little excitement is going on financially (and not much room/time/energy for doing extra little bits there), and there's not much else to report life-wise at the moment.

    DH got paid for unused holiday from 2016-17, so that's an extra £1k to the mortgage. Might be able to squeak another £100+ in there by the end of the month.

    MIL may move to Ireland as well at some point...she was quite surprised at DH's comments about how tricky things may get post-Brexit, and I have a feeling she would like it there anyway, plus we can provide more support for her financially/lifestyle-wise. We're fine either way, just another thing to consider.

    Goals

    Personal
    Move to Ireland Boxes packed 3/5 - got some packing done today
    Move to Ireland Items de-cluttered 0/5 - have loads of things to put on freecycle/gumtree/wherever, just need to do it!
    House Finish half the hardwood flooring on stairs Planned - need to order supplies and prep things for the bank holiday weekend to execute
    House Get at least 2 quotes for re-instating the bedroom wall 0/2 - will try and call around for these this week

    Health
    Chase up appointment with consultant A - scheduled for June but will check for early cancellations
    Chase up appointment with consultant B - scheduled for July but will check for early cancellations
    Chase up re-test for nerves - consultant B mentioned this would be in May but I haven't heard anything

    Financial
    Mortgage OP £2,500 £2,400/£2,500

    Career
    Pass probation officially - should have already met the 3-months, and no one's said anything to give me pause, but would be good to have this done and dusted
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 13th May 17, 12:59 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    Goals

    Personal
    Move to Ireland Boxes packed 4/5 - packed another box
    Move to Ireland Items de-cluttered 2/5 - still need to put items on freecycle/etc
    House Finish half the hardwood flooring on stairs Planned - (still) need to order supplies and prep things for the bank holiday weekend to execute
    House Get at least 2 quotes for re-instating the bedroom wall 1/2 - waiting on the quote from one person, should look into another quote next week

    Health
    Chase up appointment with consultant A - Still checking for early cancellations, nothing yet
    Chase up appointment with consultant B - scheduled for July but will check for early cancellations (waiting on appointment date below)
    Chase up re-test for nerves - chased up with consultant B, waiting on appointment

    Financial
    Mortgage OP £2,500 £2,400/£2,500

    Career
    Pass probation officially - All done and dusted
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 13th May 17, 2:11 PM
    • 2,158 Posts
    • 9,723 Thanks
    hiddenshadow
    Not much to report from the last week, really. Work's busy, but officially passed probation so that's good. Also confirmed with work the Ireland plans so we can book a trip in June to house-hunt and then plan to move either late July or early August.

    Estate agent's come to take photos of the house to go onto social media, the plan is to do an open house/arrange all the viewings for whenever we're in Ireland as the house will be empty and the dogs will be away. Fingers crossed it's easy to get a tenant in and go from there.

    Super close to £105k on the mortgage...should be on track to break through that this month.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • lippy1923
    • By lippy1923 13th May 17, 3:51 PM
    • 1,213 Posts
    • 3,382 Thanks
    lippy1923
    Great progress. Sounds like a dream plan to me. Would love to move to Ireland and rent out this house. Good news about probation at work
    Total Mortgage OP £17,500
    House Value £240,000 Mortgage £94,678
    Emergency Fund £23,600

    • cookie9
    • By cookie9 17th May 17, 8:41 PM
    • 726 Posts
    • 3,601 Thanks
    cookie9
    Great news about getting through the probationary period. Good luck breaking through £105s.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
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

180Posts Today

1,295Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin