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  • FIRST POST
    • ajmoney
    • By ajmoney 5th Aug 16, 10:50 AM
    • 4,729Posts
    • 54,890Thanks
    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.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

Page 3
    • ajmoney
    • By ajmoney 3rd Oct 16, 9:57 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    It appears things are starting to stabilise after the referendum...my S&S ISA returns are back to normal. On a more positive note, we are now on target to be mortgage neutral by November 2020 and are only about £100 from this being a month earlier. We are moving in the right direction without too much effort, I might see if I can come up with a couple of ideas for bringing this down ready for the new year.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 7th Oct 16, 1:53 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Swimming again this morning and there was far less lane rage

    It is interesting keeping an eye on the daily interest of our larger mortgage, I haven't been able to work out when it will drop below £4 a day but I don't think it should be too far away.

    I am looking forward to seeing our MFiT total for the next update, it will be the first true reflection of how our new mortgage is helping up move forward on our mortgage neutral journey.

    I seem to have become even more sensible with my money (although I did have a rather large purchase last weekend) and am trying not to spend money on anything that isn't absolutely essential. I want to be able to enjoy every experience when I finish my job in 6 years and the more money I can put into savings or pay of the mortgage in the shorter time, the better this will be.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 7th Oct 16, 2:27 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Does anyone have much experience of booking apartments abroad for holidays? Which companies do you book with? I am trying to make some holiday plans for next year and would rather stay in self catering apartments this time but they are not something I am used to booking.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 11th Oct 16, 4:29 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    One of the guys in my office has very kindly given me the username and password to his unlimited wifi so I can get online without it being on my mobile data. Not only does this mean I don't have to pay £16 a month for what would be about 11 nights of access but I will also save money as I won't need to go to the coffee shop every time I need to use their free wifi. This means I can check my mortgage balance every day now


    I finally paid all my sponsorship money in for the Great North Run yesterday, transferred the offline money from my bank and kept the cash. I have £130 in my wallet and am doing my best to only spend this for the rest of the month. My food (lunch and dinner) comes to a max of £5 a day while I am at work and my breakfasts cost approx £9 for the week. I am going to see if this template is going to work each month which will mean I can save more each month
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 12th Oct 16, 5:23 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    I love having the internet freely again.

    I am going to use it to our advantage as best as possible while living away through the week. I am going to try and keep an up to date food inventory and then I can make meal plans during the week and I will know what shopping I need to get on the way home, that is the plan anyway. Have any of you worked away from home and if so how did you manage to organise things like this? I love organising and I think that is what is bugging me most about being away.

    Martin's email struck a chord with me today. I am the one who does all the monthly budgetting on our household finances. It has come to a time when we need to sort through our paperwork again so once it is done I am going to make sure I at least add a spreadsheet that documents what goes where when and why.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 15th Oct 16, 8:26 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Have any of you ever roasted beetroot? I tried to roast some for dinner tonight but failed kserably. Different recipes said between 5 and 30 mins, our was in for 45 mins in the end and was still pretty tough maybe I need to peel it a bit better but I am feeling pretty clueless, can anyone help?
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • muddywhitechicken
    • By muddywhitechicken 15th Oct 16, 8:51 PM
    • 3,543 Posts
    • 32,667 Thanks
    muddywhitechicken
    I find that beetroot always needs longer than it claims in the recipes! I usually parboil whole for approx 30 minutes then peel, cut into wedges and roast for approx 45 minutes.

    MWCx
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£54,000
    Current total overpayments: £104,225
    • Moneyfordreams
    • By Moneyfordreams 16th Oct 16, 9:37 AM
    • 645 Posts
    • 3,039 Thanks
    Moneyfordreams
    We are a recent convert to @irbnb for travel (as well as income). We have just returned from Lanarote. Nice apartments. But i suppose its all down to what you want and need. This place had a coffee machine, but no kettle and the wifi was ... well it didn't work... or get fixed. But the place made up for it's failings. Stayed in a fantastic loft room above a garage in Reading. Will be using the company again to travel as we have just been given a $100 voucher
    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
    • Watty1
    • By Watty1 16th Oct 16, 10:29 AM
    • 2,483 Posts
    • 17,558 Thanks
    Watty1
    Another for the parboiling of the beetroot before cutting into chunks for the oven. I did manage to get it soft roasting in the oven once but it took forever and I'd eaten the rest of the meal by then
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £68801
    • ajmoney
    • By ajmoney 16th Oct 16, 11:24 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Thanks for the replies re beetroot, we will try parboiling next time.

    5 weeks on from the Great North Run and I still haven't been for a run, my knee doesn't hurt to run but different movements are really painful so I daren't run until it has been checked out and I am pain free, I just hope it gets better! I will be swimming and going to the gym to try not to lose too much of my fitness. It is quite sad but I know I am being sensible.

    We started replacing some of our lightbulbs with energy saving LEDs yesterday, £90 spend so far but we know we will reap the benefits. We could have got the bulbs cheaper but we weren't sure exactly what we were looking for, we can now buy the rest of them for the house at a cheaper price. Our living room bulbs have all been replced and half of the kitchen. Next job is our bedroom, en suite and hall way.

    We are having a lazy day today, I am planning to finish our Christmas shopping list and maybe have a sort through some of our cupboards.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 21st Oct 16, 8:55 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    I love it when I read other people's plans on here and even more so when they change for whatever reason, especially if it is for the better.

    Through having a conversation not at all money or mortgage related while out in Glasgow today we ended up talking about the mortgage/mortgage neutral and freedom. The original plan and therefore the title of this thread may not now be correct. We have decided that as soon as we have the money in savings to cover the larger mortgage we are going to clear it. It will mean we will completely deplete our savings but will be able to start saving again straight away while switching to overpaying our smaller mortgage. It may be a risky strategy and I will probably make sure we have a small buffer anyway but it is going to drastically change our timeframe. Based on rough calculations as I am not entirely sure how much Mr AJM has in his savings at the moment I think we should be able to pay our larger mortgage off by summer 2018 it looks weird seeing that written down. If we were to the overpay our other mortgage by the current monthly repayment and OP we would be able to be mortgage free by sometime in 2020 which would give me around 2 years to bolster my savings pot for leaving my job. I am sure I must have miscalculated, even with rough workings out but it would massively change things for us if this is anywhere near possible. Needless to say I am about to do lots of calculations to see what we can do. Mr AJM is completely on board with this, especially as we will not be changing our lifestyle at all to achieve this which means we can still go on all our holidays watch this space while I do some more concrete workings out!
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • edinburgher
    • By edinburgher 21st Oct 16, 9:20 PM
    • 10,090 Posts
    • 52,646 Thanks
    edinburgher
    Woohoo - Glasgow!
    • ajmoney
    • By ajmoney 21st Oct 16, 9:24 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Woohoo - Glasgow!
    Originally posted by edinburgher
    I am waiting for MR AJM to tell me his rough savings now as I have a new spreadsheet page with a decreasing total or the larger mortgage to give me a better idea of the timeframe we can work towards.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • A Frayed Knot
    • By A Frayed Knot 21st Oct 16, 9:26 PM
    • 1,742 Posts
    • 7,989 Thanks
    A Frayed Knot
    .
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • ajmoney
    • By ajmoney 21st Oct 16, 9:54 PM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Proper calculations confirm that we can pay off our larger mortgage around September 2018 as we have that amount in savings now we can either use this date and the rest we save between now and then means we don't wipe our savings out completely or we can possibly pay it off even sooner! September 2020 could then be a complete mortgage free date if we overpayed the same amount, however that monthly amount is very manageable so we may not do that. Mr AJM almost showed the same enthusiasm as me when I gave him the information on the phone but got a sensible head on about the savings. We are amazed that we could possibly be mortgage free in 4 years

    I may need to change my projected target for MTiT-T4 as I have currently said I would get the larger mortgage to £80k by Jan 2019
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 22nd Oct 16, 7:23 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    I am sleeping so badly at the moment, hence being on here this early on a Saturday. I am absolutely shattered from work and still have to work tonight. The original plan was to drive home after so I can get 2 nights in my own bed but I know I need to be sensible if I am tired and stay here tonight and drive home first thing but I know I will sleep better at home. The drive is just under 2 hours so I think I will see how I feel when we have finished. I can probably be home by 12.30 and there is a service area halfway so could stop safely for fresh air and a cuppa. I will have to see how I feel later.

    I have submitted my MFiT-T4 update this morning as my daily interest will be the same for the next few days.

    I am desperate to be able to do more with my money but after yesterday's revelation I just need let that sink in and become the norm and make sure I don't need to dip into my savings too much over the next couple of years!
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • Watty1
    • By Watty1 22nd Oct 16, 9:33 AM
    • 2,483 Posts
    • 17,558 Thanks
    Watty1
    Amazing revelation and not long to go at all Drive safely later
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £68801
    • ajmoney
    • By ajmoney 24th Oct 16, 9:11 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    I had momentum to keep me going on Saturday night and got home just after midnight. I am leaving to back over there again in about half an hour so glad I had a bit of extra time at home. I am working towards coming home again on Thursday this week and then I will be at home for 11 days

    I have got free tickets to see Keep Dancing in Glasgow on Wednesday night so taking one of the people in my band, it will be nice to have the company and it is my way of thanking her for all the support she gives me.

    We have been shocked to see how much energy some of our lights use now we have changed some to energy saving. It may be the downside to having a smart meter but even Mr AJM has suggested we replace the rest of the ones in the kitchen ASAP as they are our most used ones. For those of you who have a smart meter, how many bars do you have showing when you have minimal usage? We currently have some things plugged in on stand by and that is it and there are 2 bars. We need to keep the phone and sky box plugged in and clock radios that show the time but other than that I think we only have one other thing on. I am interested to compare with some of the more energy savvy people on here, this is one area we are happy not to scrimp on, especially with heating, but I am also happy to see where we can reduce if possible, even more so while Mr AJM seems to be on board.

    It has been a strange few days while I let it sink in that we are likely to be mortgage free in 4 years time, or at least in a very manageable position by September 2018. I looked to see what difference it would make to pay a larger lump sum now and then carry on with our normal payments and there was absolutely no difference at all, so for now our savings are safe. As soon as we have the same amount in savings to clear the larger mortgage I am going to go for it, but I want to make sure we are paying the same each. I currently have about £8k more in savings than Mr AJM, but seeing as we have always split everything down the middle I want to continue this way. My plan is to try and build my S&S ISA up and use that money to pay my share while keeping my cash savings. I am hoping Mr AJM may be able to do the same but his S&S ISA is a lot lower than mine.

    Once that mortgage has gone we have a couple of options on how to tackle the smaller mortgage. I have a feeling we will be spurred on to get rid of it in the shorter time frame but it will also depend how our savings are looking.

    It is a very exciting time and has filled me with a huge sense of calm, it will mean so much for our future and will enable us to do whatever we want
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 27th Oct 16, 8:45 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    I had the first decent night's sleep in about 2 weeks last night (just over 6 hours in one go) and am absolutely shattered. It is a good job I am going home today for 11 days I wonder if I have been going to bed too early.

    I went with a friend to see Keep Dancing in Glasgow last night, it was amazing, trying to see if I can get Mr AJM to find some time in his diary to see it now.

    Hoping to get away from work by about 1.30 today but I have a lot to do so it will be a race against time.

    I have a physio appointment to test the fitness of my knee. I haven't run since the Great North Run, so nearly 7 weeks and I am really missing it. I have been warned that I will be worked very hard which I am looking forward to, I plan to gradually build exercise back into my life as I haven't been doing it as much recently.

    Tomorrow's plan for my first day off is to clean the kitchen cupboards, work out what food needs using up there and the freezer and make a rough meal plan for the next week. I need to make sure I don't spend all my time doing household stuff but I am also looking forward to getting stuff done too.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • ajmoney
    • By ajmoney 28th Oct 16, 11:46 AM
    • 4,729 Posts
    • 54,890 Thanks
    ajmoney
    Day 1 of 10 at home. So far I have sorted out my loose change and have £16 to take to the bank (if they still take change) and cleaned some of the kitchen cupboards. Catching up a bit on tv and putting off making a shopping list.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

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