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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,393Posts
    • 10,857Thanks
    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 - June 2018 - Balance below £100,000

    Past Goals
    * December 2017 - Balance below £105,000 (£104,645.69 December 2017)
    * November 2017 - Daily interest below £7 (£6.98 November 2017)
    * April 2017 - Balance below £110,000 (£108,597.74 April 2017)
    * March 2017 - Daily interest below £8 (£7.86 March 2017)
    * February 2017 - Balance below £115,000 (£113,932.35 February 2017)
    * February 2017 - Monthly interest below £250 (£248.27 February 2017)
    * December 2016 - Balance below £120,000 (£119,900 December 2016)
    * November 2016 - Daily interest below £9 (£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 - Daily interest below £10 (£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; 31-12-2017 at 10:16 AM.
Page 56
    • lippy1923
    • By lippy1923 31st Dec 17, 10:20 AM
    • 1,235 Posts
    • 3,441 Thanks
    lippy1923
    Hey Hidden! Its been a long time but I have finally caught up with your diary. You have certainly achieved a lot over the last year. Well done
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £91,758
    Emergency Fund £29,200

    • hiddenshadow
    • By hiddenshadow 31st Dec 17, 1:49 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    Thanks lippy. Nice to see you around again.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 2nd Jan 18, 2:06 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    Budget Analysis
    We completely re-organised our budgets post-move, so this is only based on data since August.

    All percentages are based on our income.

    UK BUDGET
    Transfer to Euros: 41.91%
    Savings: 25.23%
    Mortgage: 15.63%
    Loan: 5.57%
    London Trips (mostly work): 1.91%
    DH Allowance: 1.89%
    My Allowance: 1.08%
    Misc: 0.91%
    Transfer to Dollars: 0.85%
    Gifts: 0.42%
    Charity: 0.41%
    Life Insurance: 0.20%

    Would like to get the charity number up this year.

    IRISH BUDGET
    Rent: 44.91%
    Savings: 23.99%
    Car Insurance: 5.49%
    Groceries: 4.16%
    Travel (mostly work): 3.05%
    Household: 2.29%
    Natural Gas: 2.11%
    Car Taxes/Fees: 2.01%
    Pets: 1.89%
    Medical: 1.89%
    Health Insurance: 1.84%
    Petrol: 1.24%
    Internet: 1.08%
    Electricity: 0.67%
    Phone: 0.59%
    Horses: 0.47%
    Contents Insurance: 0.40%
    Misc: 0.35%
    Waste/Recycling: 0.33%
    Pet Insurance: 0.26%
    Eating Out/Takeaways: 0.24%
    Allowances: 0.17%
    Vet: 0.16%
    Gifts: 0.15%
    Work: 0.11%
    Culture & !!!!: 0.08%
    Parking: 0.06%

    I'm pretty happy with that, aside from spending 11.85% of our budget on car/transport. Could be worse, though. It'll definitely be nice having that 45% of our budget back once we buy a house and are MF.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 2nd Jan 18, 2:17 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    Hope everyone had nice holidays. Ours was very quiet, just us and the pets. DH and I exchanged quite practical gifts, which was nice. (On the other end of the spectrum - our gift to BIL was to contribute towards a chair which retails for over £5k I think it's used so a bit cheaper, but still..!!)

    I've had today off due to an extra day of holiday carried over from last year, so I've just been pottering around.

    Bit of progress towards goals:
    - went for a run yesterday, which went well
    - think I've decided how much I want to request for my raise, still have no idea how to actually request it (beyond pointing out that I've been working insane hours and have completed every project handed to me on time or early, I'm not sure how best to illustrate that it's much cheaper/better to give me X as a raise than to hire an extra dev for some multiple of X...though they should do that too, we're still understaffed!)
    - researched US flights a bit, think we can go for ~£800 which would be quite good, need to figure out luggage options as we'll be carrying back horsey stuff with us (which has been languishing in my parents' basement for almost 8 years!)

    Otherwise generally being a bit lazy/fatigued. Back to work tomorrow though, boo!
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 5th Jan 18, 8:09 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    Quiet rest of the week. Been dealing with fatigue and brain fog, so just as well that work was extra-quiet.

    No major financial news, except that we got the last of our interest from our T$B accounts. We've decided to pay off the loan that we stoozed from nationwide, as that's currently our highest interest debt (by 0.5% over the mortgage ). Won't be complete until Monday when we can get the final payoff figure from the bank, and had to raid the EF to do it, but DH gets his quarterly bonus this month so that will replenish it anyway.

    Quick goals update...

    Goals

    Personal
    • Health/exercise: Horse riding 0/3 Barn opens next week!
    • Health/exercise: C25K Week 5 started on week 3, lost a couple of days this week to fatigue
    • US Trip: Look into flights have tentative dates planned

    Financial
    • Mortgage balance: £103,847.46/£103,855
    • Sell the house: Draft letter to tenants (who asked for first right of refusal) still to do
    • 2018 Rent: €6,350 currently have €5,200

    Career
    • Research current positions to figure out what sort of raise to request need to write up my thoughts, if only for my own use
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • FloppyDisk
    • By FloppyDisk 11th Jan 18, 10:32 PM
    • 569 Posts
    • 3,994 Thanks
    FloppyDisk
    I LOVE what you do to your data.

    £18,438/£42,500
    • hiddenshadow
    • By hiddenshadow 12th Jan 18, 6:05 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    I LOVE what you do to your data.
    Originally posted by FloppyDisk
    Thanks - I'm all about the geeking out over data (and/or spreadsheets).
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 13th Jan 18, 7:47 PM
    • 2,393 Posts
    • 10,857 Thanks
    hiddenshadow
    More goal updates...

    Goals

    Personal
    • Health/exercise: Horse riding 1/3 Good ride today, sensitive mare this time...just my type
    • Health/exercise: ZR5K Week 4 switched to Zombies, Run! 5k program because my C25K app was bugging me and this one includes some other exercises, just finishing week 2
    • US Trip: Look into flights have tentative dates planned

    Financial
    • Mortgage balance: £103,847.46/£103,855
    • Sell the house: Draft letter to tenants (who asked for first right of refusal) still to do
    • 2018 Rent: €6,350 currently have €5,200

    Career
    • Research current positions to figure out what sort of raise to request need to write up my thoughts, if only for my own use

    DH and I also chatted today about the car and I think we're both happy to drive it (figuratively) into the ground. We don't want to sink too much into it if/when it starts to deteriorate, but it's still pretty low mileage and works for our needs, so no rush to swap it out. Perhaps when we're MF and have loads of savings set aside we'll decide to change it sooner rather than later, but in the meantime we'll stick with no car payments/selling and buying hassle.

    Also on the subject of cars, I should be able to drive here. I'm going to investigate a learner's permit and see if I could get my license pretty quickly (as I already know how to drive). Then I can just not drive for 3 more years and count as an "experienced" driver again and hopefully not have to pay tons for car insurance.

    We're finally planning to explore a bit next weekend. We need to head to Dublin anyway to get pet food, so we'll detour on the way home and explore the likeliest looking town for when we move. It's about the same distance from Dublin as we are now (possibly a bit closer), but in a much cheaper county, so worth exploring.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • FloppyDisk
    • By FloppyDisk 17th Jan 18, 12:12 PM
    • 569 Posts
    • 3,994 Thanks
    FloppyDisk
    I am a big fan of the zombie run app. I find it great for distracting you enough to just get on a run and find I go much further than I do in silence. I haven't done one of the training plans before though.

    £18,438/£42,500
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