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    • Madcatgirl
    • By Madcatgirl 30th Mar 16, 9:32 PM
    • 327Posts
    • 3,956Thanks
    Madcatgirl
    MCG's Mortgage Free Mission
    • #1
    • 30th Mar 16, 9:32 PM
    MCG's Mortgage Free Mission 30th Mar 16 at 9:32 PM
    Hi all

    This is the beginning of my MF mission, so I thought I'd start a diary...

    We've been umming and aahing about whether to stay in our current house or move over the past year. We think we're going to stay for now, at least for a couple more years, so now is the time to start hammering down the mortgage.

    I've checked our balance and we owe £178,914 and we have exactly 27.5 years to go on the mortgage and 2.5 on the fixed deal we have. We took out a 30 year mortgage when we bought the property as we were about to have a baby and wanted a more comfortable level of payment whilst I was on maternity leave. However 2.5 years later, I'm back at work nearly full time and our finances are in a much better position than when we took out the mortgage.

    I've got about £300 spare each month that I'm going to chuck at the mortgage. In the next couple of months I'll have finished paying off my student loan so will have about £125 back each month which will also go to the mortgage. I'm also in the process of inheriting part of a joint btl which will give net about £200 a month net so that'll also be for the mortgage when probate is finalised.

    We also have another btl and owe approx £70k but make a reasonable amount each month from this. The profit from this and my OH are going to clear this mortgage as it makes a good profit but it won't be very good once the mortgage tax relief is scrapped. Once this is paid off, the profits will go on the main house mortgage.

    I've got some money saved up to buy a new car, as mine is getting pretty temperamental now, although I've just spent £200 to get it through the mot. I've also got a small contingency fund and some money set aside for a few things I'm planning to get in the next year. Once I did my sums I realised I had a little money spare.

    So today, I've made a payment of £389.01 off the mortgage! Yippee, it should knock one month off!

    I'm hopefully going to keep this diary up to date to keep me motivated. We think that we could pay off both in about ten years, so that's the loose plan!
Page 3
    • Madcatgirl
    • By Madcatgirl 30th Dec 16, 11:12 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    My goals for the year are as follows:

    - keep grocery spends at no more than £65 per week
    - sort out Council tax as my neighbour successfully lobbied to get in a lower band; our houses are exactly the same, and both new build 3 years ago, so no reason why not
    - get OH a Nectar keyfob, as he spends loads in Mr S, and doesn't have one.
    - try out lots of new and interesting slow cooker recipes
    - no use of the drier
    - no buying lunch at work
    - significantly reducing beauty and cosmetic spends - I've started to do this already, but there's more that can be done.
    - using my garden for productive food growing - I'm looking forward to this!
    - not buying any clothes all year, apart from one (needed) sports bra
    - claiming tax back on my expenses - I've never done this, but I'm entitled to it apparently.
    - reduce cost of Christmas by seeking out vouchers etc. I spent £500 in total this year (just my share), but want this reduced
    - £15k overpayments on the mortgage
    - reduce mortgage balance to under £150k
    - and finally, maybe buy a new car...but this needs a bit more research before I pull the trigger!

    Quite a lot to be getting on with then
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Kittenkirst
    • By Kittenkirst 31st Dec 16, 10:03 AM
    • 1,609 Posts
    • 8,379 Thanks
    Kittenkirst
    Impressive overpayments made this year MCG!! Really well done.

    Good to see your goals for 2017, I'm writing mine at the moment too!

    This year I spent £300 on clothes (including things like tights etc)- I'm aiming for £200 this year as I have so much stuff already!!
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Madcatgirl
    • By Madcatgirl 27th Jul 17, 9:05 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    I've not checked in for a while, but there are plenty of things on my list that still need to be done!

    However, my partner and I have maxed out our full mortgage overpayment (without penalty) this year, so busted 10% of it in a year. The balance is now under £154k. And, when next year's 10% allowance refreshes next week, we've got the vast majority of it already in cash. We can see hammering the mortgage over the next few years!

    We're on a fixed rate deal which comes to an end this time next year. As soon as we can get off out 3.98% deal onto a lower rate, the better. Our house is worth about £300k, so by next week we'll be under the 50% ltv ratio. Provided there's not an enormous crash, we'll be well under it by next year when we come to remortgage.

    I'm still driving around a 15 year old, rusty car though
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 27th Jul 17, 9:26 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    July Update
    My goals for the year are as follows:

    - keep grocery spends at no more than £65 per week -Done
    - sort out Council tax as my neighbour successfully lobbied to get in a lower band; our houses are exactly the same, and both new build 3 years ago, so no reason why not
    - get OH a Nectar keyfob, as he spends loads in Mr S, and doesn't have one. Done
    - try out lots of new and interesting slow cooker recipes
    - no use of the drier it broke and we just got a new washing machine with no drier, so done
    - no buying lunch at work done 95% of the time
    - significantly reducing beauty and cosmetic spends - I've started to do this already, but there's more that can be done. Done a lot of this - seeing a mobile hair dresser now for all of us!
    - using my garden for productive food growing - I'm looking forward to this! Done, but have spent quite a lot to 'finish' the garden
    - not buying any clothes all year, apart from one (needed) sports bra I have bought a couple of things
    - claiming tax back on my expenses - I've never done this, but I'm entitled to it apparently.
    - reduce cost of Christmas by seeking out vouchers etc. I spent £500 in total this year (just my share), but want this reduced
    - £15k overpayments on the mortgage done with my oh, but this was a personal goal, so needs more work
    - reduce mortgage balance to under £150k
    - and finally, maybe buy a new car...but this needs a bit more research before I pull the trigger!
    Originally posted by Madcatgirl
    Actually, I've done more than I thought here. Gardening has been my biggest enjoyment, and I've been completely self-sufficient in salad since June. I'm planning now a way to be self-sufficient in lettuce for all of next year...watch this space. However, I've definitely spent a lot on getting the garden together, and some things just aren't worth it. I spent £8 on seed potatoes, but would have been better off just buying £8 worth of potatoes instead and growing tomatoes or fruit in my garden worth more than £8, as they take up half the garden lol! I won't bother with them next year
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 7th Sep 17, 2:44 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    Hi all - we're really trying hard to smash this mortgage now! Almost at £146k with more to go in over the next month or so. We're trying to get the mortgage down to around £112,500 by next July when we're up for remortgaging. This will halve, yes HALVE our monthly payment based on the best deals I can find today ... This would give us so much more flexibility and allow us to smash the mortgage.

    Our long term plans are to buy somewhere else, with a bigger garden as our principal home, possibly in the country. Our current house will comfortably rent out when or if we FIRE.

    Also, we've got an allotment now, so lots of digging next year and free veggies!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 7th Sep 17, 2:48 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    So, we've set ourselves a mini goal to meet the 50% ltv, or £150k by September 2018. It'll be a bit of a stretch but it's completely possible, so something to aim for!
    Originally posted by Madcatgirl
    We've smashed this mini goal a year early!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 7th Sep 17, 2:53 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    I'm also setting myself a couple of challenges for the next year:

    1. To take lunch with me to work every single day until next September unless there is a free or on expenses lunch at work (hence popping home to make lunch when my work event was cancelled).

    2. Not using my tumble drier for clothes at all for a year. I'm excepting drying pillows from this as I usually wash them a couple of times a year and they require tumbling. I've got a washer drier so don't use the drier much, but will ban myself from any useage at all (except pillows).

    Let's see how I do, will report on my progress.
    Originally posted by Madcatgirl
    I reckon I bought lunch maybe five times in the past year, so not too bad going.

    We no longer have a drier, so got this challenge sorted!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 7th Sep 17, 3:01 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    I forgot to add that both out btls are now mortgage free, so grossing £1100 per month for both (one is a share with family members). So all this money is going to the mortgage as are our savings.

    We're both at more than 50% saving rate, all going off the mortgage or saving to be paid off in a big chunk later.
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 8th Sep 17, 10:22 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    I'm looking at seriously squeezing our food budget over the next couple of months. We usually spend no more than £65 per week (inc most cosmetics and cleaning and alcohol), but want this closer to £50. That's for 2 adults, a 3yr old and 2 cats.

    I'm trying to do an "eat all the food" challenge inspired by Frugalwoods and others. Ive not got masses to eat up, but there are a few bits that need to be out of my cupboard. I'm currently slow cooking veggie bean chili, with chicken and veg and wine on the stove and Greek veg in the oven. Lots of batch cooking, and I'm determined not to waste anything!

    I spent just over £50 this week, so nearly there! I always click and collect or get delivered and never do my main shop in store - I find it's at least £20 cheaper and saves at least 1/2 hour a week! I might miss some bargains, but overall it's so much cheaper this way. I've been doing thus ever since my maternity leave finished and can't see me ever going back to a weekly physical shop.
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Betterthanever
    • By Betterthanever 8th Sep 17, 10:31 PM
    • 371 Posts
    • 1,525 Thanks
    Betterthanever
    I'm aiming at reducing our grocery bill too. I'm wanting to get it down to £50 a week...that's for 3 adults (plus one who visits when she fancies coming home for the weekend for momma's cooking!!) plus a cat. I've had a really successful storecupboard week this week and will do the same next week if I can.

    I usually do a massive shop immediately after payday so we have feast then famine as we get closer to next payday! I'm going to try to shop a few days after payday instead to persuade myself to even things out a bit. It should be doable. I've managed on much less before. I do loads of batch cooking which will help too. Perhaps I just need to leave DH at home when I do the grocery shop!? On the other hand, he is very useful at packing the trolley and bags

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Madcatgirl
    • By Madcatgirl 8th Sep 17, 10:37 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    Definitely leave DH at home lol! My OH is not allowed near the food shopping as he would add loads each week!

    Nearly £50 per week is impressive for feeding that many adults though!

    I'm saving quite a bit at the moment with my small veg garden, but that'll be over soon, so veggie costs will rise. However, we've just got an allotment in the last month, so by this time next year, we should have a bumper harvest!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 9th Sep 17, 10:31 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    I've not spent any money today other than 86p on a cookie cutter for a cake I'm making. We've been doing the heritage open days today and saw a few interesting places for free.

    In my quest to Eat All The Food, I'm also trying to Drink All The Alcohol - although not all at the same time! Luckily we're not big drinkers, but there's quite a lot of random booze hanging around which we will try to use up before buying any more!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • Madcatgirl
    • By Madcatgirl 10th Sep 17, 10:13 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    So I've had another NSD today, with more heritage open day stuff, which was really interesting and we scored some free biscuits.

    We did a bit of allotmenting in the rain, which my 3 year old enjoyed for once. As we've only just got it, there's not a lot we can do, but there are loads of raspberries, and a few corguettes I planted as well as spring cabbage and kalettes. Someone had left some help yourself marrows, which I didn't take with me. However, I might pop back and get them tomorrow in order to make marrow jam! I quite fancy experimenting with food, especially if it's free!

    I've set up another payment for the last of my half of this year's op allowance to the mortgage, so that should hit later this week. My oh has also made a large payment today, and will make a further payment at the end of the month.

    I've also transferred some of my cash EF to a slightly higher paying account, although I doubt it will make much money, it's better than nothing.
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • fiona100
    • By fiona100 11th Sep 17, 12:05 AM
    • 20 Posts
    • 29 Thanks
    fiona100
    Hi.

    Thanks for the inspiration. I am trying to reduce my food spending, so it can go onto the op for the mortgage. Apart from gardening (which I recognise as good advice, but is not as practical in a 3rd floor flat, ) I would be interested in the eat all the food challenge. Is the challenge on a thread in here? Or somewhere else in the t'internet?
    Thanks fiona100
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