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  • FIRST POST
    • rasputin_thorpedo
    • By rasputin_thorpedo 1st Mar 16, 7:18 PM
    • 371Posts
    • 2,408Thanks
    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

    Archive:
    Original Targets
    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!
    Last edited by rasputin_thorpedo; 17-12-2016 at 12:09 PM.
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
Page 23
    • try harder
    • By try harder 28th Feb 17, 8:23 AM
    • 366 Posts
    • 1,108 Thanks
    try harder
    What a great idea getting the loan and applying it to the mortgage and at a lower rate plus lowering your ltv therefore being able to apply for better rates ,what a result and as you say so much less to think about now .
    Well done on the run too ,wish i could run let alone a half marathon .
    • RoonilWazlib
    • By RoonilWazlib 2nd Mar 17, 8:50 AM
    • 90 Posts
    • 56 Thanks
    RoonilWazlib
    Inspiring read.

    Got me thinking about my own situation. We only bought our place 2 months ago and 25 years seems a long way off. Quick in my head calculations and I reckon we could comfortably overpay by enough to reduce that by 5-6 years without too much hardship.... need to do a proper plan to stretch that to maybe 12. Thanks MvM, a great story you have here.
    • apple muncher
    • By apple muncher 2nd Mar 17, 5:02 PM
    • 5,742 Posts
    • 41,938 Thanks
    apple muncher
    Well done on the run time . Was it barefoot as in wearing vibrams (or similar), or barefoot proper? Either way, a great achievement, especially as it's always windy in Brighton.
    NST April #10; NSD 17; Ex 16; craft 68; remove 135
    2017 MFW#63 Pay off: £1720/£4000; 2
    017 sell 30

    Mortgage £27,295 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295) MFWDate Dec 2018
    • lavinia21
    • By lavinia21 4th Mar 17, 10:28 AM
    • 271 Posts
    • 1,956 Thanks
    lavinia21
    Amazing achievement on the run. Sounds like your mind and body are getting a spring clean. Keep up the hard work
    Positivity is the key there is a reason why life happens. Find your rainbow and ride it.
    • themadvix
    • By themadvix 7th Mar 17, 3:18 PM
    • 706 Posts
    • 2,800 Thanks
    themadvix
    Truly inspiring stuff going on over here, MvM - have subscribed and hope some of your motivation rubs off!
    OPs 2017 = £1300/£10000
    S&S ISA = £100/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance Feb 2017: £103, 019.99
    MFW2017 no. 38
    • newbiesaver55
    • By newbiesaver55 7th Mar 17, 10:42 PM
    • 56 Posts
    • 18 Thanks
    newbiesaver55
    Love your updates. Just placemarking 😁
    • rasputin_thorpedo
    • By rasputin_thorpedo 8th Mar 17, 11:54 PM
    • 371 Posts
    • 2,408 Thanks
    rasputin_thorpedo
    Evening everyone!

    So, two and a half weeks without the bar and sleep pattern is back to routine and i am feeling on top of the world - ahhh, sleep! Final bar pay has been received - I would say farewell, though it's clear I will be popping back a few times to be on the right side of the bar If anyone remembers Denise (name of actress and character) from Corrie, she was singing there on Sunday evening and it was a really chilled out atmosphere. She even commented about the group of "nice young men" standing by the bar - flattered, until I realised she's probably knocking on 60 and I'm in my mid 30's - I suppose it's all relative! For the record, she is a very good entertainer.

    Having moved to a monthly gym contract (paid annual up front last year and got 10% off, this year paying annual up front only gave 5% discount so opted for the flexibility instead) they charged me what they quoted for one month and then increased the charge this month. So I had a word and they admitted an admin !!!! up in not telling me about the fee rise - fair, I was expecting an annual rise but they need to tell me. So they are charging me 3 more months at the lower price and the difference for this month refunded. Worth pursuing - only a tenner overall but I will put that in the emergency fund pot.

    Have been REALLY good at making own lunches recently - saved £££'s so far this month. Have split the cash saved between contributions to emergency fund and 1) Brighton Pride ticket 2) Brighton Fringe ticket 3) Brighton Sewer Tour ticket (yes really). If I save any more, I think i need some new lycra shorts, I ashamedly type that I think i have a hole starting in the read of my current ones - good I saw that when was doing the washing, by the time they are on it's too late!!!

    Have been filling time with lots of odd-jobs on the to do list, mostly making sure I have good stuff planned for over the FANTASTIC Brighton summer that is soon to arrive, and spending time with friends. Have also been on some projects for the flat and freehold - the freehold I have some A3 frames work were throwing out, and my photographer friend has send me some high-res photos of Brighton. I have printed them onto A3 at work and will be putting the artwork on the walls of the Freehold. Also trying to finish reading a few books - currently on The Yes Man - having finally finished reading a book called The Power of Now.

    Try_Harder - the loan has been great for my mental health. If circumstances allow and it makes sense, I encourage it - just be aware of the higher contractual payments it brings and stress-test these could be met if the mud hits the fan. And, anyone who tries to run is a runner - look up Parkrun and see if there are any near you - a great goal for a non-runner and a very friendly atmosphere - most have Facebook pages and have a walker-marshal at the tail end. Carpe diem, my friend!

    Roonil, welcome. Congratulations on buying your place - it's a great feeling, right? I was shocked at how much interest a mortgage accrues over it's life, and my OCD brain was quick to act to find the quickest route to release the shackles. But I am also a big fan of maintaining good balance and mental health through the process - whatever your choices, good luck!

    Apple - hello! Love your diary. I read it regularly. Barefoot indeed, skin on tarmac. And yes, a breeze - be bold, start cold - at the start it's freaking freezing, after the half way mark when you're all warmed up it's a nice cooling breeze!

    Lavinia, Madvix, Newbie - welcome, welcome, welcome. It's great having different minds to share opinion and advice along for the ride.

    Bed time! 19 days to Bonus payday

    MvM
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • Karmacat
    • By Karmacat 9th Mar 17, 7:33 AM
    • 27,112 Posts
    • 145,270 Thanks
    Karmacat
    Good to hear you've caught up on your sleep, MvM - I'm looking forward to some of the Brighton Fringe events myself. I went on the Sewer Tour years ago, came up on through a manhole on the Old Steine. Lovely Victorian brickwork, and the pounding of the sea against the big anti-flooding valve. Wonderful.
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.Save
    • rasputin_thorpedo
    • By rasputin_thorpedo 12th Mar 17, 7:43 PM
    • 371 Posts
    • 2,408 Thanks
    rasputin_thorpedo
    Hi everyone, hope you all had a great weekend - I had a superb weekend!

    THREE FRUGAL WINS!

    Saturday I got a nice Parkrun in with a friend and then got home to finish off an art project. The freehold corridors have white bare walls. Work had a refurb and threw out about 50 A2 picture frames that were about 2 years old, so I asked and took home as many as I could carry. That was a while back - recently I asked my friend who has a photography hobby to send me some of his photos of Brighton in hi-res - well, I finally framed them, and put them up on the walls. Absolutely free - except maybe the pound store pack of picture hooks, but I will charge that to the freehold company in my end of year expenses - haha!

    https://instagram.com/p/BRjOvo3gFEh/

    Then last night I got a call from a friend saying they had a relay marathon place spare. I stepped up and took the challenge on - free entry, got picked up, got the couple I was with a round of coffees in for a fiver and after Dave finished his half, off I trotted into the BEAUTIFUL South Downs, with some of the most incredible views I've seen running to date. At the end instead of a medal we got a pint glass to fill up with ale from the brewery and a stone baked pizza - very Sussex... I could not have asked for more from a day out and it cost me a fiver. A fiver. A fiver. I offered to pay for petrol and the place but they insisted I was helping them out after the other runner dropped out. Amen.

    https://instagram.com/p/BRjO_-bg_ei/

    I also hoiked out all the stuff in the freezer and cooked it off last week. Truth be told, I had a big big bag of cheap mince that I didn't enjoy one bit but i got a good 4-5 meals out of it in different forms and it kept the food bill down last week. I already have a loose meal plan for this week but I STILL need to tighten up this area and run it like a military operation. There's money to be saved!

    ----------

    £1K EMERGENCY FUND: £350/£1000

    Saved some cash by making lunches at home last week, so put some more cash in the EF pot. It's building!

    Also, picked up 6p off the floor this week Some people sneer at that but I put it in the till before I pay on my card and that way it 'transfers' it to my bank account and can be put towards my £1,000 savings target. I will win!

    ----------

    Hope your weekends were equally as frugal. Race season has truly started now and I have the compulsion to do every race anyone talks to me about so I need to take a step back and be selective and enjoy my training.

    Karma - enjoy the fringe and the festival! Really looking forward to the stuff I got booked in - the cost saving strategies and efficiencies I initiated last year are really starting to reap their rewards now, I have spare cash to make choices with and it's really freeing - as well as meeting my stretching savings/overpayment goals. Long may it continue. If you want to meet for a coffee while you're down this way send me a private message over. I work in the town centre so I'm fairly available

    Finally, since I seem to have worked out instagram again, here's a photo of my feet after Brighton half marathon barefoot - if you're of a sensitive nature you may wish not to click the link. But of course, you will...

    https://instagram.com/p/BRjPGWuAA9X/

    Have a peaceful week everyone, make a choice to do something different this week and let me know how it goes

    MvM x
    Last edited by rasputin_thorpedo; 12-03-2017 at 8:03 PM.
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • apple muncher
    • By apple muncher 12th Mar 17, 8:26 PM
    • 5,742 Posts
    • 41,938 Thanks
    apple muncher
    Youch! to the feet! Did you run over the downs barefoot too?

    The pictures of Brighton are beautiful - well done bringing the whole project together.

    well done too on the roadkill - I pick up every penny and we put it in a pot and treat ourselves at the start of december.
    NST April #10; NSD 17; Ex 16; craft 68; remove 135
    2017 MFW#63 Pay off: £1720/£4000; 2
    017 sell 30

    Mortgage £27,295 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295) MFWDate Dec 2018
    • Freddyflintoff
    • By Freddyflintoff 12th Mar 17, 9:03 PM
    • 3 Posts
    • 8 Thanks
    Freddyflintoff
    Don't get married and have children, otherwise you'll never be free of debt. of course adore my family but oh to be mortgage free.....3 kids under 5, marvellous wife, dog a cat and a goldfish.
    • CathT
    • By CathT 12th Mar 17, 9:11 PM
    • 5,114 Posts
    • 34,845 Thanks
    CathT
    Yikes at the feet! You seem to have kept your toenails though. It was damage to feet that put me off running, I never quite got over losing a toenail!
    June 2010 £121,287
    April 2017 £81,658
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 12th Mar 17, 10:47 PM
    • 494 Posts
    • 2,153 Thanks
    SuperSecretSquirrel
    Don't get married and have children, otherwise you'll never be free of debt. of course adore my family but oh to be mortgage free.....3 kids under 5, marvellous wife, dog a cat and a goldfish.
    Originally posted by Freddyflintoff
    That's a bit defeatist... It might not be easy, but it can be done!

    here's a photo of my feet after Brighton half marathon barefoot - if you're of a sensitive nature you may wish not to click the link. But of course, you will...

    https://instagram.com/p/BRjPGWuAA9X/
    Originally posted by rasputin_thorpedo
    I was expecting far worse from a half marathon on tarmac! Well done Of course I think you're slightly crazy, but still, well done
    Last edited by SuperSecretSquirrel; 12-03-2017 at 10:55 PM.
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £20,907.54
    DN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£39,577.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £245,670.99 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 14.5%
    • lavinia21
    • By lavinia21 13th Mar 17, 9:20 PM
    • 271 Posts
    • 1,956 Thanks
    lavinia21
    Yay oh the cheap race things happen for a reason. The pics your friend did are gorgeous. Ouch on the feet. Looks like its all coming together for you. Keep up the great work.
    Positivity is the key there is a reason why life happens. Find your rainbow and ride it.
    • ch4rly2002
    • By ch4rly2002 19th Mar 17, 3:00 PM
    • 153 Posts
    • 584 Thanks
    ch4rly2002
    Finally I can say "Hi" RT. I've recently discovered your thread after you were mentioned by another MFW. It's take a few days but I'm finally read it from start to finish. What can I day? Wow! What an inspiration. Well done, you're doing marvelously. So many money saving and money making tips, I have already benefited from copying some of them, so thank you.

    I enjoyed the video you put up, and the photo of the free pictures - they look fab. Ouch to the feet... they don't look as fab. Hope you've recovered now.

    Just a thought. You mentioned a couple of times about saving up £100 blocks for your bonds. Were you aware that if you set up a standing order you can do it in £50 blocks? I've only just found out and now pay £50 into my bonds each month before I have chance to spend it.

    I look forward to reading the rest of your journey
    Savings: Aim £10k. Dec 2016 £1,700 / Current £8,750
    Mortgage: Dec 2014 -£216,000 / Current -£200,200.00
    BTL Mortgage: Dec 2014 -£136,000/ Current -£126,695 .00
    Loan to In-Laws: Sep 2010 -£48,185.82 / Current -£35,655.49
    Student Loan: March 2011 -£18,275.04 / Current -£14,310.60
    CC 0%: Nov 2016 -£4,500 / Current -£3,724.38
    • rasputin_thorpedo
    • By rasputin_thorpedo 21st Mar 17, 1:07 PM
    • 371 Posts
    • 2,408 Thanks
    rasputin_thorpedo
    Hi everyone!


    I am so, so close to payday and I have about £4 left of my budget - I had done really well in the first half of the month and move that across to the emergency fund. I don't want to steal it back from myself for daily spends.


    I wonder if I can use food from the cupboards for the remaining 7 days... one things for sure, I don't have a lunch on me so that £4 is already gone :-/


    I've got a night free tonight and a fridge fairly full of food so it's going to be a bake off night - 6 days of butternut squash risotto and rice and beans I imagine - yummmmm


    Nearly bonus payday - figured out where to move it all to - I *think* I am going to give myself £100 play money this month as my bonus - the rest (which is a fair whack) is going to top up the emergency fund to £1k, and then all into savings. It shouldn't be too long at this rate until I start winning on the Premium Bonds again - fingers crossed.


    Have also decided that April will be...


    *THE PACKED LUNCH CHALLENGE*


    Yep, I'm going to have packed lunch every working day. I've never managed it before, but it's still my biggest spend area and I need the discipline drilling into me. This will run from payday to payday, 27th-26th.


    Apple - thanks and nice to see you!
    Freddy - 3 kids is a long way off for me! The goldfish would be considered, if it went out to work and put something on the table
    CathT & SSS - I still have all ten toenails, the feet are fine, I promise. It's just training. And just think about how much money I save on trainers
    Lavinia - welcome and thanks
    Ch4rly - welcome. Thanks for reading. I found blogs and vlogs so helpful, I can't believe people find mine helpful, let's keep moving forward together! If you're interested, my favourite vlogger is an American called Budget Girl - she is following the Dave Ramsey plan and paying her student debt down, and holds a good vlog together. Standing order - not sure about that. I like to be in control, and blocks of £100 are okay for now. If I'm near a £100 pay in, I normally sacrifice the personal spend to top it up to £100 so I guess it helps me out.


    Hope everyone is having a great week!


    What have been your frugal wins this month!??!


    Man v Mortgage
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • freshcotton
    • By freshcotton 21st Mar 17, 7:11 PM
    • 198 Posts
    • 508 Thanks
    freshcotton
    £4 for lunch ! This needs to stop mate, straight away. In the last 12 months Iv only purchased lunch from work once and it was my birthday and it was a pizza from Greggs. It cost £1.50.

    If you break your challenge I think you should confess on here so we can shower you with disappointment
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
    • rasputin_thorpedo
    • By rasputin_thorpedo 21st Mar 17, 9:39 PM
    • 371 Posts
    • 2,408 Thanks
    rasputin_thorpedo
    I need you in my life FreshCotton...

    My one legitimate excuse for spending more (but not as much as I have been spending) is the sheer volume of food I eat. But if I make it at home, then it's cheaper regardless of volume. Watch this space, I'm going to smash this challenge. Or be showered with disappointment. Either way, I am duty bound to be honest, and I will be.

    MvM x
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • Teacher2
    • By Teacher2 22nd Mar 17, 9:35 AM
    • 449 Posts
    • 2,254 Thanks
    Teacher2
    Loved the '6p off the floor' story. For a bit of fun I keep a penny jar where coppers cluttering up my purse go and, indeed, any bits of change I see on the floor around the house (there were two pennies in my porch unaccountably the other day). Every so often I take them to the local Asda Coinstar machine and get a token which I put towards a bottle of their tenner Champagne. Got a bottle for four quid the other day! Result!
    • rasputin_thorpedo
    • By rasputin_thorpedo 22nd Mar 17, 9:47 AM
    • 371 Posts
    • 2,408 Thanks
    rasputin_thorpedo
    Teacher! The coinstar machine charges a fee??? Just use the self-service checkout and pour the coins in!!!!!
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
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