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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,634Posts
    • 40,622Thanks
    Pooky
    Mortgage free by 53
    • #1
    • 10th Aug 16, 7:59 AM
    Mortgage free by 53 10th Aug 16 at 7:59 AM
    Incredibly optimistic of me but not entirely undoable.

    I want to be mortgage free by the age of 53. Not sure it's possible to pay off our mortgage in that time with our limited income but we have the downsize option which we're holding onto for now as our "trump card".

    So I'm currently 43 and married to a rather nice man (he's 45), we've got 2 grown ups (how did that happen) one still at home, the other away at Uni (although she'll be moving home next June once she's finished her degree).

    We purchased this house 5 years ago when the money gods all came together at the same place and the same time and we had a momentary fluke of just the right income to actually get on the property ladder.

    DH is just in the midst of taking early medical retirement, a few small pension pots that don't amount to much but we've been watching them dip down over the past couple of years and decided now is the time to put the money into the mortgage instead. A car accident 9 years ago and subsequent medical conditions mean he won't be able to work again so retirement is the way to go. Not what we had planned but we're making the most of it.

    Income wise - there's very little to talk about - DH gets the contributions based bits and bobs he's entitled to and I run a small business from home around being his carer. We're debt free and make sure the credit card (used only for points) is paid off as soon as we've used it.

    Ok, so where are we at right now.

    Mortgage is currently £108300 (house was valued at £285k in Feb 2016) We put it on the market for a couple of months as we were toying with downsizing, moving to a cheaper area and being MF but then we decided to stay a bit longer and try and throw everything at the mortgage instead.

    Savings - currently £6200 sitting in the bank, I need to do something with this to generate a bit more interest. I need a decent rate, instant access account where I'm not having to cycle money through (as I lose track very easily) We do need to use a chunk of this in the next few weeks as youngest should be passing her driving test, we'd already saved for a car (which is sitting on the drive ready for her) but we need to tax and insure it and it's going to need new brakes. We did this for our eldest too - we're not into lavish gifts but we decided when they were little that this is one gift we'd like to give them.

    Pension lump sum due in the next few weeks £11500. Our plan is to put this straight into the mortgage but keeping our payments the same.

    We currently OP by around £50 per month when we can but as our income is so limited it really does depend on how good we've been or how much work I've had in. Ideally I'd like to up that to at least £100 per month. We have no limits to over payments so just keep chucking what we can at it.



    So diary wise, I need to create a few goals to work towards as we're always better if we've got an idea of what we're doing.

    1 - OP £100 per month
    2 - Grocery spends - take out cash for the month and stop the top up shops.
    3 - Petrol - plan our week better to make use of being in town (we live in a small village so need to drive to get to any shops/post office/bank etc)
    4 - Build the slush fund up to £500 (emergencies/christmas etc) Currently £224
    5 - Sell unwanted stuff - we regularly do but there's a few things built up again in the box.
    6 - New bathroom - we've had hideous quotes and we're not prepared to spend that much so a friend has offered to do the plumbing bits so it looks like I need to dig out my tiled cutter - need to decide what we're going buy and get that money put aside (ideally from selling other stuff) Ideally I'd like to do the work next April so it gives us time to save.
    7 - Sort out savings account with decent rate.
    8 - Stop buying fabric and wool (I've got enough - yeah right)
    9 - Stop him buying telescopes (expensive hobby!)


    Wish us luck!
    Last edited by Pooky; 10-08-2016 at 12:50 PM.
    "Start every day off with a smile and get it over with" - W. C. Field.
Page 5
    • Pooky
    • By Pooky 27th Feb 17, 7:40 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    Lots more stuff sold over the weekend on the local FB pages which was fab, 4 items finish on eBay in the next day or so too and all have bids so they're all wrapped and ready to go once paid.

    Treated ourselves to a cheeky take away on Saturday night, it was the first time DH and I have had a Chinese just to ourselves - how daft is that? It was lovely and very much enjoyed.

    No more OPs planned for February so just a measly £39.76 off but at least it was something rather than nothing.

    Savings account has been boosted by around £350 and we've had a couple of pricy purchases too. There's plenty in the pot for the bathroom refit and fingers crossed there should be some left over.

    Not a bad way to end the month.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 27th Feb 17, 7:52 PM
    • 46,293 Posts
    • 164,058 Thanks
    beanielou
    An excellent way to end the month I think
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Pooky
    • By Pooky 1st Mar 17, 7:41 AM
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    • 40,622 Thanks
    Pooky
    Happy March! Wish the weather was a bit more into the celebration of the new month and not quite as grey and chilly. Never mind.

    DH has a stinking cold so not much sleep has been had for the past couple of days, he's looking a bit less grey today so fingers crossed he'll start feeling better.

    Money juggling has been done and all the bills went out this morning leaving us with £20 in the account. A few bits finished on eBay yesterday, 2 sold for more than I'd have though but I won't complain - a small work sale went through too so all funds drawn down. Split the proceeds between the savings account and a £60 OP to start the month off.

    Mortgage balance stands at £93441.86 so we will definitely hit the £92's by the end of the month - yay!!!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 1st Mar 17, 6:05 PM
    • 46,293 Posts
    • 164,058 Thanks
    beanielou
    Blimey your monthly payments must be quite high.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Pooky
    • By Pooky 19th Mar 17, 7:27 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    No big money news but there have been lots of lovely things happening so that makes up for it.

    I've been following the mariekondo thread over on the old style board and whilst I've been going at it in my own way it's been paying off. We've made a lot from selling stuff we didn't need to keep, we've also taken sack loads to the charity shops. This has changed my mindset considerably and the amount of stuff coming into the house is minimal. The grocery budget has dropped amazingly and I've been squirrelling bits and bobs aside in the savings account for a few days away. It can't all be about the mortgage! (Although there was a sneaky £22 OP this week).

    Did make a start on the bathroom (I always enjoy the making a mess part) but we've had a busy couple of weeks so no further progress, it was all set for Easter weekend when both DDs were away but DD1 had an appointment letter through for an operation she's been waiting 2 years for.....yep a couple of days before Easter! So all plans on hold for another few weeks.

    Had a good few weeks work wise and lots of sales made. Got asked to quote for a piece of work I didn't want to do so gave a silly high price and they only went and said yes! I now feel guilty but if they are willing to pay then hey.

    DH is beavering away with his study with the OU, I can't even understand the questions let alone how to answer them. I like to think that I'm fairly intelligent but I honestly haven't a clue with maths, especially when it's more letters than numbers....I keep telling him it's alphabets not maths but I get that look.

    So mortgage currently stands at £93,419.74
    Savings stand at just over £10k but at least £3k of that is earmarked for bathroom and other purchases in the next few months.

    Mortgage payment is £503 and interest is £221 so still need to find £138ish to get into the £92's. Fingers crossed!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 30th Mar 17, 8:53 AM
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    Pooky
    I'm willing the days away until the end of the month to get the figures updated!

    Had a few days away last week, first hotel was lovely and far enough away from the terrible issues that happened in the Capital that we could relax. 2nd hotel not so good, whilst it was clean and the staff were wonderful, we were given the wrong info when we booked and ended up only staying one of the 2 nights booked. We ended up with a full refund for both nights and came home early.

    Visited some fantastic places and took advantage of the reduced prices for disabled and carer, just wish they'd advertise these more as most people have no idea and don't like to ask.

    Leftover funds have been added to the savings pot and we've put some aside for lunch out with friends over the weekend. Not something we do often as we normally just entertain in our homes but sometimes it's nice to have a treat.

    Found a fab offer on the @rgos outlet store on the bay of e and managed to blag our new shower for just £43.80, reduced from £179.99 thanks to a sale and some voucher codes. I'd been allowing £200 for it so huge bonus. I've also changed my mind over the tiles we're having so instead of £17.99sqm we'll go with the £9.99sqm. Seeing as I'm doing the tiling the cheaper option is probably more sensible if I get lots of breakages.

    Did manage a £150 OP last week so will definitely be in the £92's in a few days time. Such a boost to see it go down into the next bracket!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 4th Apr 17, 7:34 AM
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    Pooky
    Officially in the £92's! Just over £14k paid off since Aug 2016 - I'm pleased with that but want those numbers to drop more quickly.

    Not sure what OP opportunities there will be this month, will be a spendy one with new bathroom and lots of other small expenses. Ordered the majority of the bathroom yesterday so that should all start arriving end of the week/next week. I'm looking forward to getting stuck in now.

    Eldest DD had an interview last week with a local company, they weren't recruiting but she sent her CV in and they phoned her for a chat, then called her in for a face to face and then created a role for her....she's delighted. She started yesterday, very exciting as if she could write her job role and description and place it in the office of her dreams then she would have written just this. She's got a few weeks of juggling learning the ropes there and finishing her last bits of Uni work, her tutors are fully supportive though and very proud of her for landing such a good role.

    It did mean she had to move back at the weekend, so it's been very busy trying to get her stuff squished back in the house. Her Uni house is still paid for until June so she can pop back at weekends to use the library and see her friends.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • gallygirl
    • By gallygirl 4th Apr 17, 7:48 AM
    • 16,375 Posts
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    gallygirl
    How lived for your DD - great to see initiative paying off
    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"
    • Pooky
    • By Pooky 30th Apr 17, 7:13 AM
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    Pooky
    A very boring month money wise and absolutely no over payments this month. As predicted it's been very spendy with the bathroom fitting, the bathroom suite was quite reasonably priced as were the tiles but it's all the faffy plumbing bits, the valves, the pipes, the tools etc. that all really add up.

    Still on target to come in with a three and a half thousand pound saving based on the lowest quote which is amazing.

    I've very much decided not to be a professional tiler when I grow up though, or a plumber.....it's all very logical but all seems far to convoluted and faffy, I'm sure there must be simpler ways to do most of these things.

    My wonderful Dad is coming to do the last bit of proper soldered pipe work today for the shower, I'm not keen on the blow torch. Then I'll be able to tile that wall too and get the electrics run down from the loft ready to fit the shower at some point.

    The bathroom savings pot still has a nice lump in it so that will be the basis of a new savings pot for a new car. DH currently has a car on the mobility scheme but our mileage is very low as he can't drive very far so we are thinking of buying something second hand when this lease ends, it will save us a good chunk each month but we need to find something suitable that will fit his hoist and that's automatic...that might take a while.

    hopefully there'll be some OPs next month!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • gallygirl
    • By gallygirl 30th Apr 17, 5:31 PM
    • 16,375 Posts
    • 107,212 Thanks
    gallygirl
    Am in awe of your plumbing and tiling exploits - I'm chuffed if I manage to plumb in a washing machine (though spoiled in Spain as retailers deliver and fit, show you how to work the appliance and take the old one away - all free of charge . Don't think they fit the bath or tiles though ).
    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"
    • Pooky
    • By Pooky 2nd May 17, 7:24 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    Mortgage went out this morning so new total is now £92,690.00. Those zeros are nice at the end and purely accidental.

    This month I shall endeavour to make a £200 OP at least. DD1 has moved home so our food costs have gone up a bit, she will be paying keep but not until the end of June as she's still paying rent on her Uni house. I'd forgotten how much extra washing powder, shampoo etc we go through with an extra one here.

    My business has slowed right down as I've not been able to give it the promotion it needs so really do need to work on that this month (alongside finishing the bathroom) and if someone could invent another 12 hours in the day that would be great.

    DH needs bloods doing this morning so we'll whizz off to the hospital for that and then off to buy some more bits I need for the bathroom. I'd like to fit a walk in somewhere along the line as I miss my daily 3 miles (although the bathroom is exercising muscles I've not used in a long time). DH had a good day yesterday which was a welcome relief after a few bad ones. He had a spectacular fall a few days ago and ended up falling half on a concrete planter and into our garden bench which broke under him....DD1 tried to catch him and hurt herself in the process too. Hes got some great bruises to show off.

    So, £200 OP.....not sure where from so best I start selling my body or a cat or 5.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 3rd May 17, 7:46 AM
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    • 40,622 Thanks
    Pooky
    Well the walk didn't happen yesterday but I did spend silly amounts on screw covers and little widgety things in the DIY shop. Honestly these little bits are costing more than the entire bathroom suite!

    So bathroom progress is doing well. It was 2 weeks yesterday since it all came out and so far the bath is in, all the pipe work is done, all the electrics are done, I'm 3/4 of the way through the tilin, the bath frame is built and I know what I'm doing with the bath panel and access hatch but just need to cut the wood and get it sealed before it's fitted. The sink and loo are ready to put in place once the tiling is done, the shower is ready to connect and the flooring is sitting under my bed ready to be laid...oh and the radiator is currently in my wardrobe (of course).

    We were quoted a minimum of 2 weeks work by all 4 tradesmen we had in to quote so I think I'm doing pretty well. I'm hoping that it will all be finished by Sunday evening (but more likely Monday or Tuesday depending on the weather as I need to get skirtings and bath panels etc painted outside).

    Money news - we changed broadband providers earlier in the year and got a good cash back deal that's still tracking and a £100 prepaid credit card that arrived a few days ago. We're going to splash out on a new hoover as my current one has been used and abused with all the decorating and is just about holding together with cable ties.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 18th May 17, 8:00 AM
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    Pooky
    The bathroom is finally finished! Woohoo! Very pleased with it and so nice to have a fully functional bathroom again. The bath is extra deep and wide so that DH can have a decent soak in it which really helps his fibro pain.

    Still have the £100 prepaid card (as I forgot all about it) but they've not sent a pin so will have to use it online. There's a couple of bits we need so no hardship there.

    Instead of an OP this month I've started a new regular saver account with my bank, they were offering 5% so we are bunging £250 in there a month for a year to take advantage. That gives us the money we need to buy a car when DHs current one is due for renewal with his motability lease. He wants to come off the scheme as we just don't do enough mileage to make it worth while.

    I need to concentrate on the emergency fund as that was part of the bathroom savings that have now been used/moved/repurposed. So my aim is for £500 by the end of June from "other sources" (quidco, eBay etc). We have £162 paid out from quidco and due to hit the bank in the next few days so that's a good start.

    The tumble drier died last week so will get that apart today to see if it's fixable, I think it's the belt which would only be around £10 to replace but it's fiddly...but worth it. The washing machine decided to show its support and stop pumping and spinning yesterday but the filter was clogged so that was an easy fix.

    Silly hot day here yesterday so lots of outdoor jobs done and then we had huge amounts of rain over night and had to listen to the gutters overflowing - we get a lot of moss on the roof so the gutters do back up sometimes, having not had any proper rain for months I hadn't realised it needed doing. Will make a few calls today and get someone round a.s.a.p. My ladder isn't long enough to get up there (and I'm a real wuss on tall ladders) so I'll happily pay someone to come do that job.

    Really annoyed that the mortgage won't be getting anything this month, might have to try and squeeze a fiver from somewhere
    "Start every day off with a smile and get it over with" - W. C. Field.
    • EatingTheElephant
    • By EatingTheElephant 18th May 17, 8:05 AM
    • 974 Posts
    • 4,985 Thanks
    EatingTheElephant
    Congratulations on the bathroom completion
    • beanielou
    • By beanielou 18th May 17, 8:41 AM
    • 46,293 Posts
    • 164,058 Thanks
    beanielou
    Great result Mrs Wonderful.
    It is just stunning.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Pooky
    • By Pooky 18th May 17, 11:49 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    Congratulations on the bathroom completion
    Originally posted by EatingTheElephant
    Great result Mrs Wonderful.
    It is just stunning.
    Originally posted by beanielou
    Thank you! I'm soooooo pleased with it - and yes, it is stunning (how often it needs cleaning!!!!!!)
    "Start every day off with a smile and get it over with" - W. C. Field.
    • enthusiasticsaver
    • By enthusiasticsaver 18th May 17, 12:27 PM
    • 3,555 Posts
    • 6,214 Thanks
    enthusiasticsaver
    Just read your MFW diary and had to post to say how impressed I am with your budgeting and mortgage OPs. I hope you reach your target of being mortgage free by 53. We cleared ours by the time I was 48 and DH 50 but ours was much smaller than yours. It is a great feeling once it is gone.
    Debt and mortgage free and saving for early retirement
    • Pooky
    • By Pooky 27th May 17, 8:59 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    Just read your MFW diary and had to post to say how impressed I am with your budgeting and mortgage OPs. I hope you reach your target of being mortgage free by 53. We cleared ours by the time I was 48 and DH 50 but ours was much smaller than yours. It is a great feeling once it is gone.
    Originally posted by enthusiasticsaver
    Hello! Thanks for popping by. I'm ever so hopeful that the mortgage will continue to decrease nicely but in order to do that I really do need to stop spending!

    Decided on an impromptu camping trip for a few days. This week as the weather was set to be nice. Found a fab fairly local site and did some touristy things over that side of the county that we'd not done before. It was just blissfully quiet and relaxing (until loads of people started turning up for the bank holiday weekend). We're home and unpacked and planning the next trip for next month.....I do love a bit of solitary field sitting with a fire pit and some marshmallows.

    No OPs this month, the last of the bathroom fund has been put into a regular saver which will get a £250 per month top up for the next year and it's youngest DDs birthday tomorrow so my funds are non exsistant now.

    DH has a few bits to sell so hopefully he'll get himself together and get those listed this weekend and that would be a good addition to the emergency fund (that was supposed to be started this month with £co funds but we spent those camping......oooops!)

    DD1 starts paying keep next month so that will be a welcome addition to the household finances.

    Today will be a freezer and fridge sort as I'd like to try not shop this week and I need to crack on with some work as I had orders whilst I was away.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 2nd Jun 17, 8:51 AM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    Morning all!

    All the banking is done and up to date and I need to find £114 this month along side the regular mortgage payment to get us into the £91's - should be doable as I've got a very tight budget planned.

    Had a good tidy up in the garden and resisted the urge to go buy some plants to fill a gap, I know that given another few weeks, everything else around it will have grown and fill it - cleaned out my big water feature too so it's nice to hear that splashing around.

    There's a few bits piling up to bung on the bay of E so I should probably get those listed this weekend. A few bits to list on local FB selling pages too, I'm lacking motivation in the heat.

    List for the weekend -

    Bay of E listing
    FB listing
    Tidy garage
    Sort airing cupboard and make new shelves
    Dismantle pallets that are getting in the way
    Clean out fire place properly for the summer
    Finish 3 bits of outstanding design work
    Start commission piece (finishing it would be good but unlikely)
    Nag DDs to change their beds and catch up on their washing
    Take all houseplants into garden for a good hose wash and soak (which is when I curse having so many house plants)
    Find old fitness tracker and get it working
    Clean out 2 parrot cages
    Scrub 3rd cage ready to sell.

    That should keep me busy and away from spending money!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 4th Jun 17, 6:53 PM
    • 6,634 Posts
    • 40,622 Thanks
    Pooky
    List for the weekend -

    Bay of E listing - DONE
    FB listing - DONE
    Tidy garage - will do during the week
    Sort airing cupboard and make new shelves- need to find the wood in the garage when it's tidy.
    Dismantle pallets that are getting in the way - DONE - sawn up and burned in the fire pit last night whilst we toasted marshmallows and watched the bats flying about.
    Clean out fire place properly for the summer - FORGOT THAT ONE!
    Finish 3 bits of outstanding design work - DONE and created 4 new designs
    Start commission piece (finishing it would be good but unlikely) - PUTTING IT OFF
    Nag DDs to change their beds and catch up on their washing - Didn't need to nag, they both did it without asking.
    Take all houseplants into garden for a good hose wash and soak (which is when I curse having so many house plants) - Will do this week
    Find old fitness tracker and get it working - NEEDS A NEW BATTERY
    Clean out 2 parrot cages - DONE
    Scrub 3rd cage ready to sell - Done and listed
    Originally posted by Pooky
    Not a bad attempt at the list. It's been far too hot here to faff in the garage so will do that tomorrow and Tuesday when it's supposed to be cooler here.

    Food shop came in at £52 but had to spend £30 on parrot food and vitamins which wasn't planned but she was refusing her normal food so needs must. Popped to a local bootfair today but I only spent £1 on some books, DH spent £8 on some camera bits that he can use. Can see DH is in for a bad week as he's having lots of falls so will stay close to home and just crack on with some work.
    "Start every day off with a smile and get it over with" - W. C. Field.
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