Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • rasputin_thorpedo
    • By rasputin_thorpedo 1st Mar 16, 7:18 PM
    • 323Posts
    • 1,882Thanks
    rasputin_thorpedo
    Man vs Mortgage
    • #1
    • 1st Mar 16, 7:18 PM
    Man vs Mortgage 1st Mar 16 at 7:18 PM
    Come on in and put your feet up!

    The aim is to be Mortgage Free by May23 - the same month I turn 40!

    I purchased a lovely flat in Brighton in May15, and after setting up and settling in, am ready to take on the big kahuna.

    I'm really fortunate that I am healthy, single (I'm 32), have a great job I enjoy close to where I live and can spend a lot of my time training for triathlon.

    I'm an analyst by trade, so I've crunched the numbers and here is what I found most interesting;
    1) I can take my mortgage from 30 years to 8 by overpaying and be Mortgage Free by 40!
    2) Using that plan (carved out in detail by month in Excel), every extra £1 I can save this year will save me £1.30 over the mortgages life.

    I have to say I'm being quite thrifty here and giving myself £10 a day to live off and £200 a month for fun money. I keep an Emergency Fund of £2k in my spare account so I can cover breaking my mac/iphone/bike etc.

    I've been through all my monthly and annual expenses and optimised them to within an inch of their lives!

    Finally, I'm buying the freehold of my flat with the other leaseholders (update - completed Apr16).

    My hopes are that I can achieve this and then spoil myself and my parents afterwards.

    My fears are that I spent my 20's scrimping to pay off my student loan and then saving for my own flat deposit - that I will end up doing the same in my 30's and never living!!!

    All thoughts/experiences/advice welcome
    Last edited by rasputin_thorpedo; 13-08-2016 at 9:30 PM.
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
Page 19
    • CathT
    • By CathT 18th Oct 16, 6:39 AM
    • 4,885 Posts
    • 33,479 Thanks
    CathT
    Good news about the job. I'd not seen the hally news. Might be time for me to ditch that account!
    June 2010 £121,287
    Nov 2016 £84,680
    WIOTW Nov £92,214
    • earthgirl
    • By earthgirl 18th Oct 16, 7:46 PM
    • 1,989 Posts
    • 16,102 Thanks
    earthgirl
    Great news on the job shifts. I'm tempted to get a job when the kids are asleep...I used to do evening shifts in a supermarket before kids, it was great to have the extra cash coming in.
    15/5/12 Paid off Mortgage 1 (£220k)
    Dec 13 - £116,508 Bought Dream House
    Dec 14 - £94, 402 (£22,106 offset in 2014)
    Jan 16 - £67, 852 (£26,550 offset in 2015)
    Sept 16 - £37,429.63 (£30,422 offset so far in 2016)
    Kids savings 11.8/36k
    • Teacher2
    • By Teacher2 19th Oct 16, 10:03 AM
    • 397 Posts
    • 2,039 Thanks
    Teacher2
    Good news about the bar job. Don't overdo it though. You need to stay healthy for the winter!
    • rasputin_thorpedo
    • By rasputin_thorpedo 22nd Oct 16, 4:47 PM
    • 323 Posts
    • 1,882 Thanks
    rasputin_thorpedo
    Hi everyone, happy weekend! The baked potatoes are in the oven and the crockpot is working through a batch of lentil and bacon soup.

    REFLECTIVE POST

    It's been an easy, quiet month. As per before, I'm enjoying bar work and it fits the schedule nicely for the moment. I get paid from my main job on Thursday and then hopefully get my first bar pay on Friday so a double whammy Bar pay is fortnightly so I will have a LOT of fun with that. So far have been putting all the tips in a jar, might keep doing that without looking then count it up at Christmas

    Everything mortgage wise is progressing as planned for May 2023 and I think I have a good work life balance with a good social life going on. My to-do list is shorter than I can ever remember, and even the freehold company is all set up and running itself nicely on it's own. Things feel comfortable right now - and I hope this doesn't sound arrogant or jinx me, but I'm glad because I feel like I've worked hard enough to have earned it.

    Of course, I get that niggle after so long that I need a challenge or something to get my teeth into. But for now, rest - physical and mental - is welcome.

    ----------

    My thoughts at the moment are really on the savings. I have until Decemberish time to make my mind up (when my TSB 5% drops in interest-eligible amount and in interest rate) on what to do with the TSB £2k. Initially I wanted to put everything into Premium Bonds but part of me says not to do that because it isn't as liquid - it takes a couple of weeks to withdraw, so in a real emergency that might not be useful. Plenty of time to mull it over and by December there might be an amazing new saver on the market(!).

    ----------

    Meanwhile then, I've got a couple of good books on the go and my pocket money for next month is going to be about £80 per week, way up from previous months where it's been £40 per week or so because I had some big stuff to pay out for. Combined with making my own lunches, I just can't see myself spending this amount! So I finally get to have a look to see what theatre shows are on, maybe get some new clothes (very unlike me!). Or more likely buy some triathlon kit I want. It feels nice to be able to spend (wisely and efficiently) without pressure.

    So happy right now to be in this position, and I must be reminded to thank EVERYONE who contributes to my diary and their own diaries for having shared ideas and motivation and helped to get me where I am with all of this. High fives all round!

    Now if only my flat would clean itself I really would be living the dream!

    ----------

    See you all on Thursday when I get to post my payday overpayment

    Speak soon,

    MvM x
    Last edited by rasputin_thorpedo; 22-10-2016 at 4:53 PM.
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • newgirly
    • By newgirly 22nd Oct 16, 5:11 PM
    • 5,215 Posts
    • 35,909 Thanks
    newgirly
    Good update, glad you are enjoying the bar job
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
    • Lomcevak
    • By Lomcevak 22nd Oct 16, 6:05 PM
    • 605 Posts
    • 3,736 Thanks
    Lomcevak
    My thoughts at the moment are really on the savings. I have until Decemberish time to make my mind up (when my TSB 5% drops in interest-eligible amount and in interest rate) on what to do with the TSB £2k. Initially I wanted to put everything into Premium Bonds but part of me says not to do that because it isn't as liquid - it takes a couple of weeks to withdraw, so in a real emergency that might not be useful. Plenty of time to mull it over and by December there might be an amazing new saver on the market(!).
    Originally posted by rasputin_thorpedo
    I'm thinking about all this too, as I've got the usual collection of TSBs (four in our case), Lloyds, and Santander 123s. I'd probably just switch to an offset mortgage if I could but i'm 18 months from a penalty-free remortgage point so that's not really an option right now. Will probably keep as many TSBs as they'll let me keep so that i'll have an instant-access emergency fund put aside, and then try and find a reasonable home for the rest.

    I had the same thoughts about liquidity as you, but decided I'm not too worried - almost any emergency payment that i'd be likely to make could be covered by a credit card and i'd have 30 days to pay that off again, so as long as I have a little bit of cash available then some restrictions seem ok to me.
    MFiT-T4#126, £135k to 60k: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
    • earthgirl
    • By earthgirl 23rd Oct 16, 10:22 AM
    • 1,989 Posts
    • 16,102 Thanks
    earthgirl
    Lomcevak - good point about the credit card covering immediate emergencies. That gives me a little bit more hope with the emergency cash situation. I think I'm better overpaying the majority of it still. Also in my diary to look at in Dcember.
    15/5/12 Paid off Mortgage 1 (£220k)
    Dec 13 - £116,508 Bought Dream House
    Dec 14 - £94, 402 (£22,106 offset in 2014)
    Jan 16 - £67, 852 (£26,550 offset in 2015)
    Sept 16 - £37,429.63 (£30,422 offset so far in 2016)
    Kids savings 11.8/36k
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 23rd Oct 16, 10:49 AM
    • 434 Posts
    • 1,952 Thanks
    SuperSecretSquirrel
    Te$co have a current account paying 3% (for now at least!) on up to 3k, you can have two, there are no minimum monthly funding or direct debit requirements. Very handy for up to 6k of easy access emergency money
    Mortgage: £27,057.25 [MFiT4 MN+60k: MN+£30,371.02] (24/10/16)
    Independence: 11.7% [300k in 2020: 72.9%] (1/10/16)

    • rasputin_thorpedo
    • By rasputin_thorpedo 24th Oct 16, 6:24 PM
    • 323 Posts
    • 1,882 Thanks
    rasputin_thorpedo
    OUCH!

    Tax bill for £205 because work weren't deducting for my health insurance.

    Will try and sort that out tomorrow.

    Told you my last post was too cocky

    MvM
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • Teacher2
    • By Teacher2 26th Oct 16, 11:08 AM
    • 397 Posts
    • 2,039 Thanks
    Teacher2
    Sympathy extended for the health tax bill! Ouch indeed!

    As for 'cleaning the flat', at the risk of sounding like Julie Andrews and 'A spoonful of sugar helps the medicine go down'-ish, look on it as an extra fitness workout. No gym fees and plenty of endorphin raising exercise. I find, courtesy of my Fitbit, that I have usually knocked up thousands of 'steps' by Hoovering and dashing round the house.

    I feel like the maid-of-all-work when I am doing it but then when everything looks good I can be the Dowager Countess of Downton Abbey. 'Fetch me a glass of Champagne, Carlton.'
    • rasputin_thorpedo
    • By rasputin_thorpedo 27th Oct 16, 7:42 AM
    • 323 Posts
    • 1,882 Thanks
    rasputin_thorpedo
    Hi all!

    Too true - I don't mind cleaning the flat in the rainy winter, it can be a nice excuse not to leave the flat and stay in the warm, but in the summer when there is so much enjoyment to be had outside!

    Tax bill I believe is being sorted by work - and I am not sure I am going to end up paying it. One to watch. Oh - it wasn't my fault though, work sent HMRC the employee benefits form and HMRC did receive the form and didn't process it. They now want every individual to sort it out - work can't even send the info together, HMRC specified separate envelopes. Medieval.

    I went to get my bar hours last night, turns out paydays aren't Fridays, they are Tuesdays so I won't get paid tomorrow, I will get paid on Tuesday! Honestly, WHO gets payday wrong!!!
    ----------

    And speaking of payday, it was payday at main-work today so:

    £1,131.43 PAID OFF - FOREVER!

    It never has to be paid off again. It will never accumulate any more interest. It's another step toward being FREE and it's (literally) in the bank.

    As usual, I just need to wait for the interest to hit, then I will do a little overpayment to round everything off. I expect to be at £159,300, so I have left the £16X,XXXs!

    Time for work - after paying my mortgage off last month I did treat myself to a new sports watch. I wanted a Garmin 920XT (measures swim bike run) but instead I plumped for the previous model, the 910XT which I have had before, already have the charger, heart rate monitor for etc, but was about £150 less.

    I kept myself from having it for about a year, it has fallen in price a lot with the new model launch. I better not lose this one!!! Looking forward using it

    Time for work, have a great day everyone, looking forward to lots of your payday overpayments. DFOD if you're reading this, KEEP GOING! You're so close!

    MvM
    Last edited by rasputin_thorpedo; 27-10-2016 at 7:59 AM.
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • Moneyfordreams
    • By Moneyfordreams 27th Oct 16, 8:58 AM
    • 645 Posts
    • 3,042 Thanks
    Moneyfordreams
    Well done for the reaching the £150's ( the £160's are sooo behind you )

    Nice treat of the watch, at the older model
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £168060
    Car loan finished oct 16
    h@lifax CC £5360 0% until May 2018.. will pay minimum for now, slow stooze
    • Canucksfan
    • By Canucksfan 29th Oct 16, 11:52 PM
    • 169 Posts
    • 1,535 Thanks
    Canucksfan
    Hi there ��I have just read your diary in one sitting. I should be asleep in preparation for working a night shift in a few hours (I live in Canada����), but your diary reads like a blockbuster-it was unputdownable!

    Do you have a blog? I know someone with a personal finance blog and after winning an award for it, several large companies offered money to put their company logo on his site ....
    • EatingTheElephant
    • By EatingTheElephant 30th Oct 16, 7:43 AM
    • 605 Posts
    • 2,916 Thanks
    EatingTheElephant
    Well done on leaving the £160's, great OPs.
    • Teacher2
    • By Teacher2 2nd Nov 16, 8:29 AM
    • 397 Posts
    • 2,039 Thanks
    Teacher2
    "
    And speaking of payday, it was payday at main-work today so:

    £1,131.43 PAID OFF - FOREVER!

    It never has to be paid off again. It will never accumulate any more interest. It's another step toward being FREE and it's (literally) in the bank.

    As usual, I just need to wait for the interest to hit, then I will do a little overpayment to round everything off. I expect to be at £159,300, so I have left the £16X,XXXs!"

    Wow! Congratulations on this amazing achievement.

    I have been regaling my dear OH at breakfast with your financial exploits and we both agree it reminds us of ourselves when it dawned on us that we could use our Virgin One chequebook mortgage to pay down what we owed. We were shocked at the snowball effect it had and how, once we started to get on top of out mortgage debt, the effects of being frugal and not spending accelerated the effects of being able to save money.

    The trick, as you have found, is never to live up to the payrise and never to spend more when you have more. If you are used to living at a certain lower level then stick with that and put the rest away either to pay off the mortgage or to stash in the savings. My children were sick of hearing me say, 'save the payrise'.

    I wonder, though, whether you have to experience some hardship to value a message like this. Neither of my children had the sort of financially restricted circumstances my dear OH and I had (along with the rest of my generation) and they are not so inclined to live frugally as we are. They do not prioritise saving and they never seem to see the 'black hole' beneath their feet that older people see. I remember that during my childhood my mother had two jobs (day and night) to keep my sister and myself and that sometimes there would be literally no money in the house at all. My children (and everyone else's children) have grown up not knowing circumstances like this.

    I wonder, Rasputin Thropedo, what makes you so insightful in the saving department and so different from many of your peers?
    • rasputin_thorpedo
    • By rasputin_thorpedo 5th Nov 16, 1:42 PM
    • 323 Posts
    • 1,882 Thanks
    rasputin_thorpedo
    Hi guys! Happy weekend!

    Thanks MoneyForDreams and EatingTheElephant for sharing in the congratulations Another milestone reached - a little bit extra below, too...

    Canucksfan, thanks for reading! If nothing else, I really, really hope my diary has made a difference to your current or future life. That's why I write, as well as to motivate myself. I love the idea of being sponsored, but I love more the comfortable nesting in the MSE site where we can freely be ourselves without responsibility, commitment or politics Good luck on your money travels, friend.

    Teacher2, your posts always make my workday lunches interesting I don't think I have in particular faced any hardships financially - now I am older I understand the pains my parents went through, especially when my self employed dad faced the mortgage rate rises (in the late 80's/90's?) and the pressures that must have put him under. We were all but shielded from it as kids though - not that we had everything we wanted at all, just emotionally shielded. What stress that must have been. I think I just had a prudent nature from being a natural planner. I'm super goal-orientated. It has pros and cons - I would say I know how to achieve anything I set my mind to, but try and get me to relax when there is something that can be done or improved and you'll lose every time.

    ----------

    So this weeks news? Well, I got my first bar-work pay. Just waiting on the payslip now to check everything tax wise is in order.

    My main job let us know that payday in December instead of being on the 27th will be on the 16th. I can manage January being a long stretch as it returns to a payday of the 27th. The upside is of course I will get to make my chunky overpayment in December ELEVEN DAYS early which will save a few pounds. Enough, indeed to mean that the interest just applied to my account was the last ever interest to be over £500 (Interest applied in Jan was due to be just over £500 too and was the last one). So, happy that's another milestone ticked off

    Also got a OnePoll cash in, so that's £40 towards Project Thousand which has been static for a short while now.

    Also got a bag of cheese (!) from my upstairs neighbour thanking me for looking after the flats. She didn't need to, but it was kind And it means new neighbours are coming, so the opportunity to sell on wifi again soon

    ----------

    This weekend then is a quiet one with me catching up on some admin and planning on a Christmas Tree to put in the ground level window facing the road to cheer up the passers by I didn't manage it last year after being called in to work while on leave, so this year am getting in early (don't worry, it won't go up until December!).

    Hope everyone is great, and please let me know how you're doing.

    I've seen someone on Lomcevaks board recently stating they have now paid their mortgage off - it's great motivation to keep everything rolling. I am really not looking forward to the bleak winter months. Might have to write a list of things to do in those months at home and in town...

    MvM x
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • gallygirl
    • By gallygirl 5th Nov 16, 3:14 PM
    • 16,029 Posts
    • 105,201 Thanks
    gallygirl
    Well done on the £500 going for ever . No resting on your laurels young man, what goal is next in your sights
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Kittenkirst
    • By Kittenkirst 5th Nov 16, 4:24 PM
    • 836 Posts
    • 3,734 Thanks
    Kittenkirst
    Hi there, love reading your thread and you've inspired me to look into taking a bar job to up my income. I've just moved into my first home so will give it two months to settle in (I have a lot of belongings to sort!) and then will look into in earnest. I like the social side of bar/restaurant work and think a few shifts a week will mean a little OP each month
    Emergency savings- £701.54 /£1000
    Mortgage Oct '16- £170.995 LTV- 90%
    2016 OP target- £14.58/ £150 -
    Mortgage end date- Nov '41

    NST: 42
    • rasputin_thorpedo
    • By rasputin_thorpedo 10th Nov 16, 7:57 AM
    • 323 Posts
    • 1,882 Thanks
    rasputin_thorpedo
    Morning guys, just a quick one on some reshuffling: I had near £3k in my savings - £2k in TSB, £1k in Bonds. After the TSB rate drop, I decided to pay that whole £2k into the mortgage. My rate is 3.69%, so the new rates on the market just don't match. I am still at the same mortgage on paper - I deduct my Emergency Fund from my total as some of you may know (because when the end comes, I am throwing EVERY SPARE PENNY to kill it off) so it hasn't made any difference except the interest being saved is more than would be earned.

    It does also mean that I will be very, very close to hitting my 10% overpayment allowance for this year which is a nice feeling, but was never really a goal of mine. That has however just answered a question below I ask myself on what to do with the bar cash - I am £400 away from my overpayment ceiling, so I will max that out and then work on another target. Gosh, you guys are so helpful to talk to!

    ------------

    Otherwise, everything else is rolling along nicely now, I just get to have an argument in my head every day about whether to use my bar job cash to pay the mortgage, put towards my triathlon event, buy premium bonds or get myself something from my wish list. First world problems, right? Kitten, i'm enjoying the bar job, it has taken me a short while to get used to working shifts but overall a-ok!

    Have a great Thursday

    MvM
    Last edited by rasputin_thorpedo; 10-11-2016 at 8:10 AM.
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • newgirly
    • By newgirly 10th Nov 16, 8:41 AM
    • 5,215 Posts
    • 35,909 Thanks
    newgirly
    Take it on a month by month basis, give yourself permission to buy a treat if you really feel like you want it, but I think more often than not you will want to overpay it despite trying to spend it
    MFW 21
    Target for 2016 £30,000 \ £72,350.11 paid so far

    Mortgage £63,080 5 yrs 8 months left. Total owed £92,893.96.

    Weight loss 2016 - 18.25 lb lost 40lb target
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,455Posts Today

7,669Users online

Martin's Twitter