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  • FIRST POST
    • mrsp1987
    • By mrsp1987 4th Feb 16, 8:28 PM
    • 781Posts
    • 3,760Thanks
    mrsp1987
    Mortgage Free Mini-Goals
    • #1
    • 4th Feb 16, 8:28 PM
    Mortgage Free Mini-Goals 4th Feb 16 at 8:28 PM
    So, I've decided that I want to make a concerted effort to reducing our mortgage so that we finish our term well before the initial end date of April 2041. Unfortunately, I haven't quite set a fixed date in mind I just know that I want to pay it off early.

    A bit of backstory for you all. My husband and I bought our first home together in April 2011. We initially had a mortgage for £108K. 2 years later when our fixed term came to an end we wanted to free up some money so that we could do some renovations on the house - extend the bathroom and convert the garage. We had the house revalued as £155K which allowed us to remortgage for £116K, giving us £10K for the renovations.

    Life tootled on and I fixed out mortgage again at the end of the 2 year fixed period in April 2015 for 5 years. Annoyingly, we were just over the 75% LTV ratio when I remortgaged and within a few months we had dropped below it and could have got a cheaper rate and saved ourselves about £100 a month. But, I didn't know this at the time and hindsight is 20/20.

    After our wedding last year DH's dad came along one day out of the blue and said he wanted to give DH an advance on his inheritance. Well, not just an advance but his actual inheritance early. To the tune of £100K!! This actually rendered me speechless. Not something that happens very often.
    As our mortgage was over this amount we decided not to put it all down onto the mortgage. Whether this was the right or wrong thing to do...well, people will have their own opinions. We decided to pay off our debts and put £10K down as a lump sum on the mortgage and invest/save the rest.
    Oh and we both took £1000 each to do what we wish with. He spent his on a titanium frame and built a new road bike. I invested some of mine in Funding Circle, bought a new iPhone after buying myself out of my mobile contract and have the rest in a savings account. This is why I'm in charge of the household finances

    Anyway....we now have a mortgage below £100K and when the statement came through at the end of December I was so excited! This seemed to me like a massive milestone and it got me thinking.
    How much more could I do? How much money could I get out of my husband each month without him complaining too much? Where can I squeeze some money and put it towards the mortgage and bring it down? The fact that we shaved off nearly 5 years on the length of the term really excited me. How much more could I take off if we made regular over-payments?
    Unfortunately we can only make lump-sum over-payments of £500+ on our mortgage. So, my plan is to save the money up and make either one or two lump-sum payments each year. This year I want to pay a minimum of £1,000 extra.

    I've also just realised that this post is loooong and quite possibly very boring to you all. So, for now I will leave it at this and keep updating as I go along. Also, my cat has decided to sit on my arm as I'm typing and this isn't particularly conducive to typing.
    So, hopefully I'll get a few followers on this journey of mine. If not, at least I've got somewhere for me to put my random and not-so-random ramblings.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
Page 17
    • Kittenkirst
    • By Kittenkirst 15th Oct 16, 5:43 AM
    • 841 Posts
    • 3,759 Thanks
    Kittenkirst
    Congratulations on your new additions to your home, they look just adorable! :
    Emergency savings- £701.54 /£1000
    Mortgage Oct '16- £170.995 LTV- 90%
    2016 OP target- £15.06 / £150 -
    Mortgage end date- Nov '41

    NST: 42
    • giblet1979
    • By giblet1979 15th Oct 16, 8:47 AM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    You're a very honest person tbh I'd have to do the same and I bet the bill would have bitten you firmly on the behind otherwise!
    Hope all is well x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 15th Oct 16, 11:58 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    You're a very honest person tbh I'd have to do the same and I bet the bill would have bitten you firmly on the behind otherwise!
    Hope all is well x
    Originally posted by giblet1979
    Well I work on an energy project at Citizens Advice so I've seen what happens if issues like this aren't identified quickly, or are identified but ignored by the consumer thinking no-one will notice. It usually ends up with a rather convoluted bill and certain backbilling rules need to be applied, which the provider won't do upfront, only after we get involved. Anyway.
    Something I noticed is that Severn Trent didn't say anything about the pretty much free water that I've had for almost a full year. We've used 12 units in the last 12 months, none in the last 6 so all we've paid for is service charges, ground water and sewerage. They didn't mention anything about paying extra for what we've consumed in the last 6 months but haven't been billed for. From what I've heard though is that STWater are pretty happy to just write things off i.e. trust fund applications and the big difference scheme they run rather than chase for the money. Maybe because they have the monopoly on the market in our region? I'm not complaining anyway
    Save
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • giblet1979
    • By giblet1979 15th Oct 16, 12:55 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Sounds like good news anyway
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 15th Oct 16, 8:21 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Photos of kitties





    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • giblet1979
    • By giblet1979 15th Oct 16, 11:52 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    VERY cute mrsp - they look like they are settling in well x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • Bluefire
    • By Bluefire 16th Oct 16, 7:49 AM
    • 566 Posts
    • 2,835 Thanks
    Bluefire
    Aww, a mini kitty cone of shame! My cat would NOT be impressed with me if she had to wear one of them. Not that she's impressed with us most of the time anyway...
    Mortgage: £28,896.49 £1,791.47
    MF Date:
    November 2041 December 2016
    MFW 2015 #110: £13,867/£13,000 (100%)
    Offset Savings 2015: £5,000/£5,000 (100%)
    MFW 2016 #110: £1498/£2308 (65%)
    • EatingTheElephant
    • By EatingTheElephant 16th Oct 16, 8:20 AM
    • 605 Posts
    • 2,923 Thanks
    EatingTheElephant
    What sweeties, looks like they are settling in well.
    • mrsp1987
    • By mrsp1987 17th Oct 16, 10:16 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Clio gets her stitches out on Wednesday, so not long to go now until she will be cone free! We're giving them semi-supervised access through the house now, mainly downstairs, still keeping some upstairs doors and the conservatory sliding doors closed. The other 2 cats, Darcy and Bubba, are...tolerating them. Darcy is pretty dominant and will let them know when she's not happy and puts them in their place. Bubba is a whingy little thing and seems a bit of a wet blanket. He's like "I don't like this. I'm not too happy but I'm just going to cry" instead of giving them a whack which would tell the, they've pushed it too far.
    I think this evening he was a bit better though and think he wanted to play with them but wasn't sure how to do it.
    I'm looking forward to them being friends. I think eventually Bubba will be close to the kittens
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • giblet1979
    • By giblet1979 17th Oct 16, 10:29 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Aww....that sounds incredibly cute. I love having mine here (they were staying at the folks for a long time due to house being unsuitable). I never thought I would be a cat person (used to be very scared of them actually) but they are the cutest things x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 19th Oct 16, 10:42 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    We never had pets going up, not that type of family and mum's allergic and dad doesn't like dogs too much. Oh and my grandma had the most evil cat in the world that I was terrified of! So it's only since I met hubby that I've become a cat person but I am a proper crazy cat lady now
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 22nd Oct 16, 10:09 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Water is to be either fixed or replaced on 2nd November, so still getting free water for now well, I say free but we still have to pay daily standing charges, sewerage and blah blah but its almost free.

    Just popped out to @sda. I normally shop at @ldi but there were a few branded items I wanted to get so I thought I'd do it all in one go. Spent £55! But I did spend £8 on loo roll, which is a bulk purchase and I bought a 30 pack of diet coke at £7, which is a steal. Should have bought two really, but only had a little trolley. Also muller yogurts were 12 for £3 which is generally the best offer on the market whenever it appears so it would have been daft not to take advantage of it. And I splurged £1.50 x 2 on cat collars which they will probably never keep on or if they do will be so annoying with the tinkly bells that I shall take them off

    Something that I think I've completely forgotten to mention on here is that I've been given an extra 7 hours per week at work for the next 3 months, with it possibly being extended for a further three (I'm working on the assumption its 3 months not 6 months though). So, when I get paid next week I should have an extra £200ish in my bank! Then there's the money from my second job too.
    I have got some CC bills to pay, but one of them is 0% so I can spread that one out and I have my income tax bill to pay by the end of January and of course its nearly Santa time so I've got to spend on that too but it'll be very welcome and I'll see if I can top up some of my savings and pay off the mortgage. Hubby's rental property is currently unoccupied so we're not getting the income for that at the moment. Hopefully it should be filled soon, but seeing as I have nothing to do with it (it's hubby and his mum's deal) I can't chase it up with the letting agent and hubby doesn't seem to want to. Meh, whatever.

    So it's going to be a bit of a spendy time coming up, but I can usually navigate it quite well and there will be some extra income too. Not too shabby. About £150 away from my next mortgage O/P
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • giblet1979
    • By giblet1979 22nd Oct 16, 10:25 AM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Excellent mrsp. Hard work but worth it x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 31st Oct 16, 2:25 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Postie has just been and I've received my log-in details for my Scottish Widows pension. My old @sda pension has successfully transferred in and it currently stands at £5,235.59 and I've still got this month's payment to go in tomorrow so it'll be about £5,350-ish I imagine. It's nice to see a big lump of money now in one place and I'm looking forward to watching it grow and grow, especially now I can log on and check!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 2nd Nov 16, 7:09 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Just doing the rounds of the bank accounts what with it being the start of a new month and my mortgage has dipped below the £95K mark. It's now £94,880 or something very similar. I didn't realise how much difference those few hundred pounds would make but I feel great knowing I'm on the downward slope to £90K!!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • SueP19
    • By SueP19 2nd Nov 16, 10:29 AM
    • 1,697 Posts
    • 14,450 Thanks
    SueP19
    way to go
    MFiT-T4 #57 £300/£20,000 MFW 2016 #53 £300/£4,800
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Jan 16 £17,734
    Tilly Tidy #1 £50.55/£250
    • EatingTheElephant
    • By EatingTheElephant 10th Nov 16, 6:45 AM
    • 605 Posts
    • 2,923 Thanks
    EatingTheElephant
    Onwards and downwards
    • mrsp1987
    • By mrsp1987 15th Nov 16, 8:59 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Downwards a bit more - sent another £500 OP the other day. Didn't phone up and pay my debit card but did a bank transfer so I'm hoping I did it right and the money will end up where it should be. I'll know in a couple more days.

    New boiler being installed tomorrow. We've only had it waiting in the utility for the last 2 years but better late than never I suppose.

    Hubby has terrible tootache at the moment and is going to the dentist tomorrow. Neither one of us is registered with a dentist. I'm absolutely terrified and I can't quite remember when I last went - might have been about 15 years ago, so with what's happened to hubby and the fact that I've got sensitive teeth right now it's got me thinking that maybe I should make some steps towards going too.
    So tomorrow I might open the door, walk in and talk to the receptionist. I'm committing to nothing though, and that might be more than I can quite cope with.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • SueP19
    • By SueP19 16th Nov 16, 3:42 PM
    • 1,697 Posts
    • 14,450 Thanks
    SueP19
    I'm terrified of the dentist and hadn't been for years (anesthetic never worked on me), to make matters worse I grind/chomp my teeth in the night.

    It cost me about £1,000 in the end
    MFiT-T4 #57 £300/£20,000 MFW 2016 #53 £300/£4,800
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Jan 16 £17,734
    Tilly Tidy #1 £50.55/£250
    • mrsp1987
    • By mrsp1987 16th Nov 16, 9:11 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Hubby went the dentist and has to have an extraction next week and 3 other appointments to see the hygienist as he has acid erosion.
    I popped into town earlier before his appointment and actually went in. It didn't smell like a dentist - you know that really medicinal, bleach smell? So that helped a bit with the anxiety although I was physically shaking. I spoke to the receptionist who from the website is also the practice manager and a dental nurse and explained that I was really scared. She explained how it would all work and what happens at the initial consultation appointment.
    Basically you have a 45 minute consultation where they spend a fair amount of it talking, he checks your teeth and you have dental x-rays done. Then he tells you what treatments you need and what your options are.
    So I don't know what the hell came over me but I booked an appointment for a consultation and it's on the 7th December. Paid a £20 deposit, so hopefully that will spur me on to actually keep the appointment. Actually, I'm hoping that my bravery will get me there.
    I suppose, I don't actually have to let him look in my mouth if I don't want to? From the website he works with a lot of anxious patients so I'm sure he'd understand if I just freaked out.
    Anyway, I do intend to go to the appointment and see what happens. Chances are I'll cry at some point but he's just going to have to deal with that.
    If I need treatment they offer IV sedation - it only costs £175!! but I genuinely think that I may (heck, will) have to go that route. But the prospect of that still freaks me the ***k out!

    So now I've got 3 weeks until my appointment and need to figure out how to not go insane in the meantime
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
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