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
    • ajmoney
    • By ajmoney 5th Aug 16, 10:50 AM
    • 4,833Posts
    • 55,425Thanks
    ajmoney
    Project Mortgage Neutral Begins
    • #1
    • 5th Aug 16, 10:50 AM
    Project Mortgage Neutral Begins 5th Aug 16 at 10:50 AM
    Hi. We have just remortgaged on our larger product and while mortgage freedom is still the ultimate goal I am working on the smaller challenge of mortgage neutral first.

    We have a smaller mortgage that we transferred when we moved 5 years ago and a larger mortgage that topped it up.

    Mortgage 1

    Total £32097.21
    Interest 2.68%
    Redemption Date Februray 2030
    This is a tracker mortgage, we are not tied into anything but the deal is so good that unless things change substantially I don't intend to change this.

    Mortgage 2

    Total £103615.51
    Interest 1.74%
    Redemption Date February 2030
    This a tracker mortgage too with the current deal ending in August 2018.

    First and foremost I want to get rid of the larger mortgage even though it has the lower interest rate as it is the biggest debt and is the one product we have that could be a struggle if we ever got stupid interest rates.

    We are due to hit mortgage neutral in July 2021. This is worked out with all our mortgage rates staying the same and not receiving any interest on our savings. I am hoping the fluctuations in these will even each other out.

    While Mr AJM is happy to reach mortgage neutral, mortgage free and therefore retire early this a solo journey with it all being my effort. We haven't changed our lifestyle at all so there are always other things we can do but this is not so important to us at the moment.

    I will add more as the next few days go by. Recently I have been guilty of ignoring my thread but I am hoping starting a new thread will get me on here a little bit more.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
Page 10
    • Downshifterella
    • By Downshifterella 12th Sep 17, 10:00 PM
    • 63 Posts
    • 322 Thanks
    Downshifterella
    Fab well done on the putting you and your family first, it can be so easy to get things totally out of balance otherwise...been there... (Still a bit there! But good reading others ideas of trying to re balance!)

    Well done on signing up for the runs and on finishing the great North run! Love a run for clearing my head...and having a focus!

    Well done!
    MF planning for the simple life
    • ajmoney
    • By ajmoney 12th Sep 17, 10:21 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I can slowly feel the real me trying to peak out the cloud of stress. I woke up early and went out for a short jog before my alarm went off. I won't be breaking any records for speed or time but I have to start back somewhere. Went for another swim this afternoon, I find it really clears my head.

    Tried to do an action plan this morning to help plan and organise but wasn't very successful, I will try again at some point.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • Tilly MFW in 6 YRS
    • By Tilly MFW in 6 YRS 13th Sep 17, 8:04 AM
    • 7,755 Posts
    • 86,522 Thanks
    Tilly MFW in 6 YRS
    Great post to read first thing AJ ❤️

    Tilly xxx
    2004 £387k 29 years - MF March 2033
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15
    • ajmoney
    • By ajmoney 15th Sep 17, 8:23 AM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I don't think I have felt any panic this week so the changes I am making are working. I still have plenty to do at work so I need to keep up with me-time to make sure I can stay in control.

    On Wednesday I went for a walk in the evening and had to wear my winter coat for the first time as it was so cold yesterday I went for another walk/run and a swim, I nearly talked myself out of doing bothand so glad I didn't.

    I am at home today, my first week day off on my own for quite a long time. Ironically this is when I start to feel low so I determined to do something with my day, it is beautiful so I think I will start with a nice walk along the coastal path.

    Not much to report money wise, I am not spending much money though so I guess it is all good.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 30th Sep 17, 2:43 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    Moneywise, once next month's mortgage payment and OP have cleared we will never see £120k again, I told Mr AJM this earlier and the smile on his face was great

    I have made a couple of decisions this morning
    1. I will try and replace my car in 18 months time as a 40th birthday present to me
    2. After totting up our savings tomorrow I am going to suggest to Mr AJM that we use a small chuck of our S&S ISAs to make a larger OP to our mortgage and depending on his reaction seek some advice on this from the bank. We will be remortgaging next August and currently have no limit on the OPs we can make so it makes sense to try and do some of this now. It will mean we don't wipe out our savings paying off the larger mortgage and we can considering doing the same thing again just before we remortgage. The kind of money I have planned should automatically recalculate our daily interest and monthly payment, I will keep the payment at the current level and see what we can do. These plans always change but I think it may be the better option long term.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 2nd Oct 17, 9:59 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    We will never see £90k on our larger mortgage again
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 3rd Oct 17, 4:12 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    Heading south for a work trip tomorrow so I have lists everywhere of things I need to pack for me and work and of things I need to do while I am there. It is where I was 18 months ago and a lot of people have moved on in that time, I am hoping it will show me that the grass there is not greener! It will also give me some time to myself and I intend to use some of that time walking around the shops getting some ideas for my Christmas shopping.

    Our finances are looking good, not sure where we are with our mortgage targets at the moment but should have some time for that over the next few days too.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 5th Oct 17, 11:48 AM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I am having a lovely time back down here and seem to be achieving quite a lot. I have even taken a walk into town (can't do this without a 10 mile round trip where I am) and have treated myself to a pair of jeans and trousers.

    Going to watch my friends and colleagues in a concert tonight, it will be strange being on the other side but I am looking forward to it. Meeting up with some of the girls for dinner beforehand too.

    A bit more work tomorrow, a good catch up over a cuppa and then a large social occasion in the evening before I head home on Saturday.

    The grass definitely seems greener but I may be doing the other location an injustice as I haven't spent as much time there, something I am going to try and rectify.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 6th Oct 17, 8:28 AM
    • 590 Posts
    • 2,606 Thanks
    SuperSecretSquirrel
    Nice to hear about you enjoying yourself ajmoney Is the plan to move back permanently to the location you are currently visiting, in a few months time?
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £15,667.31
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k]
    48,973.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £264,504.07 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.3%
    • ajmoney
    • By ajmoney 6th Oct 17, 9:57 AM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    Nice to hear about you enjoying yourself ajmoney Is the plan to move back permanently to the location you are currently visiting, in a few months time?
    Originally posted by SuperSecretSquirrel
    I finish my current role in 11 months time and hopefully get some say in where I go next. In an ideal world I would come back down here but I would have to live away from Mr AJM for longer.

    Had a great evening listening to some amazing musicians. Passing a bit of time before going out for a cuppa and a catch up with a good friend.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 8th Oct 17, 10:09 AM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I had a very enjoyable time away catching up with many friends and colleagues. I managed to be quite sensible with my thinking on the way back yesterday, remembering what the cons would be moving south from a work point of view (it is obvious what the personal ones would be) as it is very easy to look at the positives. We had a bit of a discussion yesterday and I am going to start talking to my superiors about my options both next year and over the next 5 years.

    My bank balance is looking good for this month, I have a few things I need to pay for but I am hoping to finish with quite a positive buffer at the end of the month.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 16th Oct 17, 7:15 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    Mr AJM rang the bank today to ask if we could go in and discuss our mortgage/savings options with a view to clearing some of our mortgage balance and they have said they can't help according to the person on the end of the phone, the mortgage advisor won't be able to offer advice on overpaying and the financial advisor can't advise us on using our savings towards the mortgage. I think they may be confusing telling us what to do with us asking to discuss our various options but I am quite shocked. They seemed perfectly fine years ago to tell Mr AJM to use his savings to clear my car loan, where is the dfference? As far as I can see we are going to have to do this on our own, although I will try a phone call tomorrow to see if they can help a little more. It wasn't quite how I wanted to do this...
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 17th Oct 17, 8:42 AM
    • 590 Posts
    • 2,606 Thanks
    SuperSecretSquirrel
    What do you need advice on ajmoney? The bank isn't your friend. They are more likely to push you down a path that earns more profit for them than savings for you.
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £15,667.31
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k]
    48,973.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £264,504.07 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.3%
    • ajmoney
    • By ajmoney 17th Oct 17, 1:13 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    What do you need advice on ajmoney? The bank isn't your friend. They are more likely to push you down a path that earns more profit for them than savings for you.
    Originally posted by SuperSecretSquirrel
    I realise that now. I guess Mr AJM and I can come to a decision ourselves, we just need to work out how much of our stocks and shares ISAs we cash in.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 18th Oct 17, 6:11 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I am trying to work out what the correct option is to pick when we make our large OP

    • Pay off my mortgage earlier by reducing my mortgage term
    • Reduce my future monthly payments
    • Keep my existing payment and term as-is. (At the next natural mortgage payment change, i.e. interest rate change, my payment will be automatically recalculated).
    When we have made OPs over £500 before I have gone with the first option however making a larger OP with the view to getting rid of it sooner rather than later I am not sure which I should be clicking on, can anyone offer any advice please?
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 19th Oct 17, 8:24 AM
    • 590 Posts
    • 2,606 Thanks
    SuperSecretSquirrel
    I'd go with the first option, personally. Your large overpayment is then locking you into getting rid of the mortgage sooner rather than later, which is your stated aim. Option 2 would just free up cashflow, doesn't seem to be what you're aiming for. Option 3 just sounds like a deferred option 2.

    Usual caveats about me not being a qualified financial adviser and so on apply!
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £15,667.31
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k]
    48,973.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £264,504.07 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.3%
    • ajmoney
    • By ajmoney 9th Nov 17, 9:36 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    I hadn't realised it had been so long since I wrote in my diary, I read others every day!

    I wanted to come in here and post because many people in my real life might think me mad and I want to shout from the rooftops. I haven't conquered my stress by any stretch of the imagination but I am slowly feeling the "normal" me working its way to the surface. I got angry today when I thought I wouldn't be able to get to the swimming pool on time, I was running late but went anyway and covered quite a distance. My swimming has gone up a level this week, I have no idea what I have done to help it but I feel more determined than I have in a long time.

    I have spent the evening looking at possible running events and reading my running magazine which has been sitting next to my bed for weeks. I am sure it was the exercise a couple of years ago that came me sane when I was working down south and the urge to go out and do things is making me so excited.

    One of my friends from down south has started working in the office next to me this week, I don't know if it us chatting and having tea breaks but the whole area seems to have become friendly and there is loads of banter in my office. I have a great support network while I am at work now who I know I can call on when I am struggling. I haven't spoken to them about my stress/panic/anxiety yet but just knowing the offer is there has helped so much.

    I know I probably need to seek a bit of help to deal with my stress or get some coping strategies (other than exercise) and I am not sure if I am ready for this yet but I am just so happy to feel my heart wanting to jump out of my body with excitement rather than the gripping feeling of it with the stress. I have a stressful weekend coming up so we shall see how long it lasts.

    Sorry if my post makes me sound like a nutter but it is a great feeling.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 10th Nov 17, 7:41 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    Today we have experienced a great plaus point to overpaying. Our larger mortgage standard payment is currently £707.36 and with the rise in the base rate it is going...down to £666.32 we will still be paying the same amount in total as we will put the OP up. Mr AJM was surprised when he told me the new amount and I said it had gone down.

    I don't remember why I first started OPing as it was a long time before I found this website, probably when the interest rates first started dropping but I am glad I started so early in my mortgage ownership.

    We haven't made a plan for a large OP yet but will look into it.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • ajmoney
    • By ajmoney 12th Nov 17, 6:21 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    2 extremely busy days for Remembrance weekend, my stress levels from a work perspective should die down a little, even more so once we are into December when most of my more challenging organisation has finished. I hope to go home mid way through the week and plan to do something with Mr AJM on Sunday which has absolutely nothing to do with work or Christmas (I haven't started shopping yet but can't put it off much longer or the stress will be worse). Sunday's are normally my toughest days and I need to change this.

    With a tough weekend my excited feeling has disappeared which I knew would happen but I am sure I can rekindle it by the end of the week. I have a lot of swimming to do this week which should help.

    Work (the office side of it) has become a much more enjoyable place to be and I am doing short stints in my bandroom to get things done without being brought down by the atmosphere. I need to start tackling some of the things that annoy me at home and strip back the layers to try and get down to the causes of my stress/anxiety/panic. I hope this will help my sleep as this has got really bad and doesn't help.
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • Watty1
    • By Watty1 12th Nov 17, 9:34 PM
    • 2,863 Posts
    • 19,896 Thanks
    Watty1
    Just caught up. I started running earlier this year and it really does help. Peeling back the layers sounds a good plan too. Take care x
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
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

280Posts Today

1,483Users online

Martin's Twitter
  • RT @TfLTravelAlerts: Oxford Circus and Bond Street stations now both reopened and all trains are stopping normally.

  • RT @metpoliceuk: We have not located any trace of suspects, evidence of shots fired or casualties. Officers still on scene. If you are in a?

  • My hopes and prayers are that this turns out to be nothing. Stay safe.

  • Follow Martin