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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,304Posts
    • 10,327Thanks
    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 55
    • hiddenshadow
    • By hiddenshadow 25th Oct 17, 2:24 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    Thanks FD. I'm also concerned that the legislation that's meant to help tenants is just going to make things worse.

    Life is...quiet. Work is continuing, and I've avoided having to fly to London (solo) next week, so that's a plus. Otherwise nothing exciting going on...even planned excursions have been put off a few times due to illness and/or bad weather. (Fingers crossed this weekend we can finally do something!) I've tried to get in touch with the local stables, but haven't been able to reach them by e-mail or in person (think they were away at a show?), so should try again. Not that I have energy to ride, really, but it might be decent physical therapy even if all I can do is walk/trot for 30 minutes or something.

    I feel like I've abandoned this journal, mostly because my (now limited) mental energy is being taken up by work, so at the end of the day I can't think of anything to say, let alone have the energy to say it. Partly because the excitement of this journal is largely on pause at the moment, as we're not making OPs, so no exciting spreadsheet updates, but there's also nothing overly exciting going on in other budget/financial/life areas. That's not necessarily bad, I suppose, just...different.

    On the health front, I do have appointments next month to see consultants here, so I'm hoping that will produce more information/ideas, as the NHS consultants seem all out of ideas. I'll have to pay to see one consultant, so I'm hoping that + any tests won't be too expensive, but if it leads to diagnosis and/or effective treatment, I'll be happy.

    Goals

    UK EF: £800/£600 (133%)
    Ireland EF: €100/€100 (100%)

    Groceries: €396.79/€200 yeah….won’t even make it below €400 this month this is the problem with DH going shopping, though granted he does tend to only stock up on sales things…and some of this will be household things, which I’m trying to track separately
    Transfer £ to €: £2,810/£2,500 (112%) should get above £3k this month
    Find solicitor to deal with horrible estate agents found a potential one, on hold until ombudsman does their investigation
    File complaint with Property Ombudsman done! up to 90 days for a resolution though
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • Watty1
    • By Watty1 25th Oct 17, 10:52 PM
    • 2,897 Posts
    • 20,060 Thanks
    Watty1
    Hope you get somewhere with the consultants. And maybe a steady quiet time is restful and needed?
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
    • hiddenshadow
    • By hiddenshadow 26th Oct 17, 10:13 AM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    Thanks Watty, I'm trying to acclimate to the idea that quiet time is restful. It's hard when you do virtually nothing (walk dogs at a shuffle pace for 10min, otherwise spend all day on couch) and still feel exhausted. Not that I was ever an overly "active" person (my non-horsey hobbies all being sedentary), but it is frustrating when you can't even choose to be active.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 5th Nov 17, 1:29 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    October Retrospective
    October OPs: £0.00

    Current (offset) balance: £106,575.73
    Month we’d be in to get to our current balance without OPs: May 2027 (+3 months)

    2017 Overpayments: £10,053.84
    2017 Offset Savings: -£6,171.94
    2017 Interest Saved: £3,752.04

    Total Overpayments/Offsets: £68,117.12
    Total Interest Saved: £56,094.26

    Daily Interest: £7.03 (down £0.05)
    Monthly Interest: £210.47 (down £8.61) <-- love 30 day interest months
    October 2016 Interest: £280.31 (down £69.84)
    October 2016 Daily Interest: £9.04 (down £2.01)

    House Bricks: 1

    Mortgage reduction: £13,093/£15,000 (87%) (Average: £1,309.31/mo)

    OPs still on pause. Lowered the goal to £15,000 based on this. (Will likely switch back to mortgage neutral tracking for next year, though who knows what will be going on house/mortgage wise then!).

    Net worth increase: £55,132/£80,000 (68%) + €7,284

    Steady progress here….need to think about splitting the goal between currencies though…perhaps £60k/€20k would work for the rest of the year?

    MFIT-4: £52,924/£90,000 (58%)

    Goals

    UK EF: £800/£600
    Ireland EF: €100/€100

    Groceries: €396.79/€200 did stay below €400, barely!
    Transfer £ to €: £4,080/£2,500 (163%) broke 4k, taking advantage of exchange rates
    Find solicitor to deal with horrible estate agents found a potential one, on hold until ombudsman does their investigation
    File complaint with Property Ombudsman done! though they’re referred us back to horrible estate agents’ useless complaints procedure
    Last edited by hiddenshadow; 05-11-2017 at 1:36 PM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 5th Nov 17, 1:38 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    November Goals
    Not too many this month. UK EF is at £5,000 now, plus another £1,250 for any house needs, leaving us free to focus on Ireland finances.

    Groceries: €39.30/€300 going to try for this...
    Transfer £ to €: £850/£4,500 (18%) extra bonus money...may steal a bit for an OP though!
    Ireland EF: €0/€4,000
    File complaint with horrible estate agents
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 19th Nov 17, 1:03 PM
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    • 10,327 Thanks
    hiddenshadow
    OPed the mortgage, woo!!! £303.27, which should be enough to get our YTD mortgage reduction right at £15,000. Might be off by a few pence, but can sort that out in December.

    Current mortgage balance should be at £105,456.41 Wanted to get into 5 digits this year, but priorities changed...ideally next year we'll be at £0/€0 anyway as we'll sell the house and buy here for cash (if all goes to plan)

    Groceries: €159.66/€300 doing well so far...even including some splurges thanks to my birthday this weekend
    Transfer £ to €: £2,906/£4,500 (72%)
    Ireland EF: €1,000/€1,000 (100%)
    File complaint with horrible estate agents they've promised to reply by Dec 1

    Revised the Ireland EF goal down from 4k to 1k. Pension is finally being organised through work, which is good in that I can have payroll sort it all out automatically and don't have to worry about manual payments. Unfortunately it's not being done pre-tax as promised, but post-tax, so my take-home pay will be about half normal this month, and down to about £530 until April. It's fine, should be enough to manage on (assuming rental income stays consistent), and I'll get a quite large tax refund sometime in 2018, but does mean we need to use DH's bonus money to help pad out income between the bonus months. (Thankfully we don't actually need to spend much money here on a monthly basis as rent is pre-paid until next summer, so we're living on ~€1,500/mo.)

    Another addition/splurge in the budget is that I treated myself to a riding lesson for my birthday this weekend. It went about as well as could be expected after not regularly riding for 4+ years (really 8, as that's when I sold my TB), and my current health issues. I've booked in for another lesson next week. At the moment I'm doing private lessons, as the group lessons are all booked up. Privates would cost ~€150/mo, group would be ~€90, so not exactly breaking the bank either way, but not something we'd actually planned out in the budget. I think we can find some wiggle room, though, especially once we have savings established (and/or cash out on the house sale). I'm hoping that riding will help get my body back to normal (as good diet/sleep/exercise/yoga are the only recommendations doctors have at the moment)...if so, I envision horse shopping in my future. That's at least a year out, though, probably more like 2 so that we can get ourselves settled permanently first. (Says my rational self, ignoring horse-mad self.)

    Nothing else exciting to report. Saw doctors here, no real new insight - rheumatologist said that unless bloodwork shows anything interesting (doubtful, given my results so far), he'd diagnose it as fibromyalgia. Only treatment there is as above - good nutrition/sleep/exercise/etc. So that's disappointing but not surprising - I've already got the nutrition/sleep parts down, just need to add in exercise/stretching. We'll see if that leads to any improvement.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • FloppyDisk
    • By FloppyDisk 28th Nov 17, 2:13 PM
    • 503 Posts
    • 3,715 Thanks
    FloppyDisk
    Yaaaaayyy for horsing, and it might help your diagnosis?
    July 2012 £139,642 / Dec 2017 £111,193
    EF - £20,201/£25,000
    • hiddenshadow
    • By hiddenshadow 28th Nov 17, 9:57 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    I hope so, FD! So far I've been twice and it's wiped me out both times, but I think it was less bad the second time. If nothing else, I've been pleasantly surprised at how much I can do in the saddle, given how tiring simple dog walking is for me. Of course, I'm also frustrated at how little I can do in the saddle given what my brain thinks I should be able to do, but I'm hoping that comes back to me.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 3:25 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    November Retrospective
    November OPs: £303.27

    Current (offset) balance: £105,456.21
    Month we’d be in to get to our current balance without OPs: June 2027 (+1 months)

    2017 Overpayments: £10,357.11
    2017 Offset Savings: -£6,171.94
    2017 Interest Saved: £4,433.05

    Total Overpayments/Offsets: £68,848.42
    Total Interest Saved: £56,135.41

    Daily Interest: £6.98 (down £0.05)
    Monthly Interest: £215.80 (up £5.33)
    November 2016 Interest: £255.57 (down £39.77)
    November 2016 Daily Interest: £8.52 (down £1.54)

    House Bricks: 1

    Mortgage reduction: £14,212/£15,000 (94%) (Average: £1,292.04/mo)

    OP made!

    Net worth increase: £57,499/£60,000 (95%) + €10,519/€20,000 (52%)

    UK amount should go up a bit once my giant pension contribution reflects in my account (and includes tax top-up!).

    MFIT-4: £54,854/£90,000 (60%)

    Goals

    Groceries: €252.15/€300 success!
    Transfer £ to €: £5,071/£4,500 (112%)
    Ireland EF: €1,000/€1,000 (100%)
    File complaint with horrible estate agents done
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 3:31 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    December Goals
    Groceries: €0/€250 we’ll see if this is feasible
    Transfer £ to €: £0/£2,500 first month on lower pay with pension contributions
    Chase up ombudsman complaint re: estate agents
    Horse Riding: 0/3 no riding over xmas, sadly
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • Watty1
    • By Watty1 3rd Dec 17, 9:25 PM
    • 2,897 Posts
    • 20,060 Thanks
    Watty1
    Are you sure you can't fit a horse session in over Christmas? Therapeutic grounds?
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
    • hiddenshadow
    • By hiddenshadow 10th Dec 17, 3:09 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    The barn shuts up from Dec 16 - Jan 9 for the holidays. Otherwise I would definitely fit in more riding over the break.

    I've booked in an extra lesson on Wednesday (as we'll be flying back from London on Saturday), and already booked in for January, so at least that's sorted.

    Also asked about loans and they're €320/mo for a full lease. Might consider that for later in the spring when I'm a bit more in the groove (and ideally less in need of someone to correct my position constantly!). I don't know if they do them over the summer when it's high season (barn also runs a B&B/equestrian holiday scheme), but at least with loans I can do a month as and when it suits.

    Gone riding 4x now and it's still good. This weekend I've even felt pretty normal the whole time post-riding...bit fatigued last night, but that's not unusual even for days when I haven't ridden. Granted, yesterday's lesson was all walk/trot and trying to get pony to bend/accept contact properly (which he can do quite easily, it's me that's the problem!). I need to figure out other exercises to do between lessons to strengthen/add endurance.

    Pony is also pretty much my dream horse...youngish (8-9yo), still dark grey (swoon), chunky (probably ISH) but moves quite well off the leg. We jumped last week and he was very nice there too...good scope but didn't get fired up just because we were jumping (though he did lose his mind a bit earlier in the lesson about some invisible gremlin outside the arena!). Just as well that I'm not in a physical or financial position to buy a horse at the moment!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • Watty1
    • By Watty1 10th Dec 17, 4:24 PM
    • 2,897 Posts
    • 20,060 Thanks
    Watty1
    horsey sounds lovely and always willing to encourage ill considered and unaffordable equine adventures as you know from own diary
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
    • hiddenshadow
    • By hiddenshadow 10th Dec 17, 5:04 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    Thanks Watty, I know who to come to for enabling!

    (Dangerous bit of managing the finances: DH is pretty much on board with any decision I want to make as long as I can argue the logic for it...he's already said a loan would be fine, could probably argue in favour of livery instead. Perhaps as well as a car upgrade post-house sale we could also manage a pony purchase... Though logical brain says we should sort out our own lives/house/etc before adding another member to the family.)
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
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