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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,158Posts
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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 - 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 53
    • hiddenshadow
    • By hiddenshadow 25th Jun 17, 11:46 AM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Another busy week for us. The house is looking so much bigger now that we've gotten rid of some furniture and packed up boxes.

    Got some moving quotes, which range wildly in price. We're waiting on a couple more, so hopefully we can get an idea of what's reasonable.

    Went out to London yesterday in very MSE-style. Saw a musical (Wind in the Willows) via a voucher that was a gift, then went out to dinner with another voucher that was a gift.

    Non-MSE has been the animals. Old dog needed his teeth cleaned, which also involved a day's boarding at the vets to get fluids thanks to his kidney functions. He's all fine now, albeit with 6 less teeth (!), leaving him with only 4. He inhales his food anyway, so doesn't seem too bothered. Also had a lesser spend getting all the animals their paperwork for moving abroad.

    We've almost wiped out our entire offset fund moving our money into euros to pay rent. We'll be able to build it back up later this year/early next year, but in the meantime it makes the spreadsheet look very sad!

    Goals

    Personal
    Move to Ireland Boxes packed 14/10 - packed a box of dishes with some clothes, win-win; DH also packed a bunch of his films
    Move to Ireland Items de-cluttered 20/10 - dropped off at least 8 bags for charity (lost count!), also got rid of furniture and odds and ends
    Move to Ireland Find a house to rent Done, deposit paid/contract signed
    House Install cladding in hall Progressing - just needs paint
    House Finish off kitchen (backsplash, windowsill, wood trim)
    Car Arrange brake repair advised by mechanic at MOT All done

    Health
    Chase up re-test for nerves - Finally have an appointment!
    Investigate health records - see what would be required to get health records together for Ireland move

    Financial
    Moving Get quotes for moving costs - 3/4 - waiting on one more quote next week
    Moving Shift rent money to euros 42%/100%
    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 26th Jun 17, 10:13 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    MSE win today - phoned up BT to cancel our account when we move, and managed to avoid a cancellation fee thanks to creative options from customer service. It would have been almost £200, so that's a nice bonus.

    Managed to put a coat of paint on the hall, so it's almost done. Hoping to get the last coat on later this week, as well as paint skirting board to install that this weekend.

    In non-MSE progress, I finally e-mailed quotes to W!ckes for replacing our door that they broke back in 2015, and they sent back a rather stroppy e-mail saying that they were sticking with either no compensation or £125 compensation (not quite sure which). They said we could go to a furniture ombudsman (?) so we'll start that process, I guess. Don't hold out much hope, but we'll see what happens. Either way we won't replace the door until we're ready to sell - no point replacing a door that works before we have to.

    Already hoping for the weekend...haven't recovered physically from this last weekend, so I could use a quiet weekend. (Not sure how quiet working on the kitchen will be!)

    This month should be interesting pay-wise. We've tripled DH's contributions to pension to account for his pay rise/bonus, so this month will be a fair bit lower than usual. Next month will make up for it, at least (bonus is paid quarterly).
    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 29th Jun 17, 10:26 AM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Another MSE-win, literally. Won the bonus draw on FPL so that should be ~£30 heading our way. Would have been nice to win a pot bigger than £10, but hey, it's free money.
    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 1st Jul 17, 5:34 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    June Retrospective
    June was a busy month, finally close enough to moving to actually kick things into gear re: packing/de-cluttering/etc. Also saw us on a whirlwind day trip to Ireland to secure a house to rent, and start funnelling all our spare money (including mortgage offset) into Euros. Overall I think we did quite well this month progress-wise, even if it doesn't feel like it looking around the house.

    June OPs: £0.00
    June Offset: -£6,171.64

    Current (offset) balance: £109,873.74
    Month we’d be in to get to our current balance without OPs: December 2026 (-7 months)

    2017 Overpayments: £9,981.92
    2017 Offset Savings: -£6,171.94
    2017 Interest Saved: £3,544.33

    Total Overpayments/Offsets: £68,040.33
    Total Interest Saved: £56,330.83

    Daily Interest: £7.27 (down £0.23)
    Monthly Interest: £224.69 (up £0.94 - stupid 31-day months)
    June 2016 Interest: £286.49 (down £61.80)
    June 2016 Daily Interest: £9.55 (down £2.28)

    House Bricks: -6

    Mortgage reduction: £9,967/£20,000 (49%) (Average: £1,661.28/mo)

    First month with no OPs. *sob* Also stole from our offset to transfer money into euros.

    Not sure when OPs will begin again, will need to bump our savings back up first.

    Net worth increase: £29,525.91/£80,000 (36%)

    Negative progress on-paper because over £8k went out of the budget into Euros, so will need to figure out how to balance the two currencies.

    MFIT-4: £49,798/£90,000 (55%)

    Progress here slipped a bit thanks to using up the offset.

    Goals

    Personal
    Move to Ireland Boxes packed 14/10 - packed a box of dishes with some clothes, win-win; DH also packed a bunch of his films
    Move to Ireland Items de-cluttered 25/10 - finally getting things out of the house!
    Move to Ireland Find a house to rent Done, deposit paid/contract signed
    House Install cladding in hall Done - (almost) just needs 1 more coat of paint, which will happen tomorrow
    House Finish off kitchen (backsplash, windowsill, wood trim) Progressing - did the backsplash today, will work on the others tomorrow
    Car Arrange brake repair advised by mechanic at MOT All done

    Health
    Chase up re-test for nerves - Finally have an appointment!
    Investigate health records - Not started see what would be required to get health records together for Ireland move

    Financial
    Moving Get quotes for moving costs - 3/4 - think we've decided on a moving company, just need to secure that this week
    Moving Shift rent money to euros 66%/100% - making good progress
    Last edited by hiddenshadow; 02-07-2017 at 8:03 AM. Reason: typo
    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 1st Jul 17, 7:18 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    July Goals
    Going to keep these nice and simple this month. ("Simple" in that there will be few goals, some of them are fairly major though!)

    Goals

    Personal
    Work Get this project done - supposedly launching mid-July, may shift back a week (to the week we move )
    Move to Ireland Rooms packed 0/6 - bedrooms 1/2, bathroom, lounge 1/2, kitchen
    House Finish DIY projects 0/10
    Move to Ireland Get all of us safely there! 0/6

    Financial
    Moving Shift rent money to euros 66%/100%
    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 2nd Jul 17, 7:52 AM
    • 1,044 Posts
    • 5,515 Thanks
    EatingTheElephant
    Busy times ahead, very sensible keeping goals simple. Good luck with the move.
    • MamaSaver
    • By MamaSaver 2nd Jul 17, 9:03 AM
    • 45 Posts
    • 422 Thanks
    MamaSaver
    Good luck HS, a big adventure awaits.
    • shangaijimmy
    • By shangaijimmy 2nd Jul 17, 9:39 AM
    • 2,009 Posts
    • 8,544 Thanks
    shangaijimmy
    Very impressed the level of planning and organisation in here. Don't worry about them OP's, when you look back in December June will merely be an understandable blip!

    Very excited for you!
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • lippy1923
    • By lippy1923 2nd Jul 17, 10:29 AM
    • 1,213 Posts
    • 3,382 Thanks
    lippy1923
    I echo SJ's comments. Very impressed with the organisation and also extremely excited for you
    Total Mortgage OP £17,500
    House Value £240,000 Mortgage £94,678
    Emergency Fund £23,600

    • hiddenshadow
    • By hiddenshadow 7th Jul 17, 3:48 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Thanks all!

    Lippy, I am the master of lists. I love lists...I basically run my life off lists of various kinds. (The downside is that if it's not on a list I never remember it!)

    Major MSE win today...well, not "win" as such since I was trying to do this all along, but win that it finally got done! I've been wrangling with HMRC for months over my pension contributions, and how to claim tax relief back on them. Finally submitted the right form (after many calls/chats with them getting confusing information) and....they owe me £0. (Well, actually, they'd already decided they owed me £63.20 through some magic math on their end, so they did pay that surprisingly promptly!)

    Anyway...I thought £0 back on pension contributions of over £11,000 was slightly off, so after spending a lot of time on hold and another semi-confusing conversation with them, I put in my income (which I assumed I didn't need to do because it's PAYE and they're HMRC so I'm filling in data from forms they sent me.....), and now the calculation shows a refund of £3,899.80. I was only expecting £2k or so, so that's a pleasant surprise. No idea if that accounts for the £63.20 or not, but I don't mind paying that back to them if they decide they need it.

    Hoping the money gets to us as promptly as the first payment (which claimed 3-4 weeks but only took 3-4 days), as that will go a ways towards re-establishing our EF (which has been drained to move into €).
    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 9th Jul 17, 5:48 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Crazy week...worked 40 hours by Wednesday, got given Friday off as a result, but then also got asked to work part of the weekend. So...super tiring. At least I'm accruing good will at work and time off in lieu, so there's that.

    Also made good progress on other life goals...house projects are almost done (we got the big ones 90% done this weekend, and will finish those off this week, the rest are little). Packing is stressing me out because we have so much crap that we need to pack/get rid of/deal with in some fashion. I think I'm much better at the will I regret not having this in 2 years' time? game than DH, because I'm tempted to not pack any of it, though we do still need to get it out of the house.

    Goals

    Personal
    Move to Ireland Rooms packed 1.5/6 - [bedrooms 1/2, bathroom, lounge 1/2, kitchen] almost finished with the kitchen, just need to pack pots/pans, also only have a few boxes left for lounge 1/2
    House Finish DIY projects 4/10 got lots done this weekend, though my body’s going to pay for it
    Work Get this project done - Progressing working crazy hours, and this week has been hugely tiring and stressful, but it’s getting there
    Move to Ireland Get all of us safely there! 0/6

    Financial
    Moving Shift rent money to euros 93%/100% - almost there, may need to wait until payday to do the last few transfers
    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%
    • shangaijimmy
    • By shangaijimmy 9th Jul 17, 8:44 PM
    • 2,009 Posts
    • 8,544 Thanks
    shangaijimmy
    Thinking of HMRC and escapade its amazing at how inept some departments can be at their own jobs. When i was a lowly young pool lifeguard someone from paypal actually rung me to explain how the bank holiday reimbursement worked for part time staff who were contracted to work weekends, as no-one else had tried to claim it. He couldn't understand how i had 'lost my day off' on a bank holiday, as 'everyone is off'.
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • Kittenkirst
    • By Kittenkirst 14th Jul 17, 3:43 PM
    • 1,439 Posts
    • 7,132 Thanks
    Kittenkirst
    Hi Hidden! What fantastic news with the tax being a higher refund than you were expecting!

    Good luck with the move; it sounds like you're organised and it'll go smoothly!
    Emergency savings- £3550.96 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1444.02/ £2150. 67%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £279.15 July: £73.98
    • hiddenshadow
    • By hiddenshadow 16th Jul 17, 8:58 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Thanks kittenkirst, I'm not sure I'll believe the tax thing until HMRC actually deposits the funds (whenever that might be, claim up to 5 weeks to process).

    Non-stop work this weekend...loads of house bits done, loads of de-cluttering and packing. I'm completely shattered, but at least the end seems to be in sight (both time-wise and job list-wise).

    We did pause on the non-stop work to go out to dinner with friends on Saturday. Wasn't necessarily in the budget, but is the last time we'll see them until at least September, so figured it was worth taking the opportunity. (She also has health issues so one or both of us has had reason to cancel plans for a few months straight.) Very yummy food in addition to the good company, which made for decent lunch leftovers today.

    Goals

    Personal
    Move to Ireland Rooms packed 5/6 - bedrooms 1/2, bathroom, lounge 1/2, kitchen lounge is mostly done, kitchen/bedrooms/bathrooms are DONE!
    House Finish DIY projects 7/10 got lots done this weekend, just need to finish off a few bits and pieces
    Work Get this project done - Progressing good progress this week, thankfully, so maybe things will be a tiny bit less insane now?
    Move to Ireland Get all of us safely there! 0/6

    Financial
    Moving Shift rent money to euros 93%/100% - waiting until payday to do the last few transfers
    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%
    • debtfreeoneday
    • By debtfreeoneday 21st Jul 17, 6:40 AM
    • 2,689 Posts
    • 9,125 Thanks
    debtfreeoneday
    All sounding great in here, glad to hear about the refund!
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
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