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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,628Posts
    • 40,310Thanks
    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
    • 6,628 Posts
    • 40,310 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
    • 45,903 Posts
    • 161,395 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
    • 6,628 Posts
    • 40,310 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
    • 45,903 Posts
    • 161,395 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
    • 6,628 Posts
    • 40,310 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
    • 6,628 Posts
    • 40,310 Thanks
    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
    • 6,628 Posts
    • 40,310 Thanks
    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
    • 16,292 Posts
    • 106,603 Thanks
    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"
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