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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,053Posts
    • 9,144Thanks
    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 - April 2017 - Balance below £110,000

    Past Goals
    * 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; 05-04-2017 at 12:50 AM.
Page 51
    • hiddenshadow
    • By hiddenshadow 1st Mar 17, 10:17 PM
    • 2,053 Posts
    • 9,144 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 2nd Mar 17, 10:12 AM
    • 2,053 Posts
    • 9,144 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 19th Mar 17, 2:23 PM
    • 2,053 Posts
    • 9,144 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • cazmanian_minx
    • By cazmanian_minx 19th Mar 17, 4:39 PM
    • 3,967 Posts
    • 18,054 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: £115,054.89 Offset: £24,098.05 Amount paid off: £30,090.11 (20.7%) Paying interest on: £90,956.84
    Holiday let:
    02/17: £177,416.86 (Family loan: £129,146.86 + 0% cards £48,270.00) Currently: £176,516.86 Amount paid off: £900.00 (0.51%)
    Sugar days 2017: 8/26 Yoga days 2017: 113/365 Debt-free: 17/02/2017
    • lippy1923
    • By lippy1923 19th Mar 17, 5:45 PM
    • 1,175 Posts
    • 3,286 Thanks
    lippy1923
    Nice progress. Enjoy your hols :-)
    Total Mortgage OP £17,000
    House Value £240,000 Mortgage £96,355
    Emergency Fund £21,500
    Shares £485
    • hiddenshadow
    • By hiddenshadow 19th Mar 17, 9:18 PM
    • 2,053 Posts
    • 9,144 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 5th Apr 17, 12:44 AM
    • 2,053 Posts
    • 9,144 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • EatingTheElephant
    • By EatingTheElephant 5th Apr 17, 7:07 AM
    • 813 Posts
    • 4,025 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
    • 2,258 Posts
    • 13,765 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
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