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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,698Posts
    • 41,241Thanks
    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 7
    • Pooky
    • By Pooky 4th Sep 17, 2:50 PM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Thanks all....he's being missed hourly!

    Popped to the vets to settle the bill and collect the cat basket, £211 which wasn't as bad as feared.

    Managed to sell the big set of shelves on e bay rather than Fb and they're being collected tonight - hurrah! I paid £10 for them and sold them for £25 - another hurrah!

    I also had a promotion on my Etsy page and managed a good few sales including a quilt that I'd made. That's been posted out today and there's a nice payment heading into the bank today.

    Today's spends - £18 in family-bargain-bucket (as we call it) on toiletries and some store cupboard bits and £1 on a shirt in a charity shop - only wanted it for the fabric for patchwork.

    Yesterday was a village bootfair so lots to see, around £20 spent on some CDs, demijohns, a wii with games and controllers (DDs took ours when they moved out) a couple of books, some games for DDs and DH got s pair of binoculars (we've only got about 20 pairs already!!) My parents came for lunch too and Dad hung a door for me - the door was free from free cycle, the hinges had been sitting in the tool box since god knows when, as had the catch....just had to order some new handles for the vast sum of £3.98. Might splash out and get a draft excluder strip too. I've just spent the last 2 hours sanding and washing it and put the first coat of wax on...it's looks fab....especially for a freebie!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 6th Sep 17, 6:49 AM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Had a bit of a chat about our money yesterday, we know we need to move in the next 3 years as we won't be able to continue to pay the mortgage, make overpayments and live for much longer than that. Downsizing will give us a lot of breathing space as we could be mortgage free and our savings could start to build towards retirement.

    One of our biggest annoying outgoings at the moment is petrol - our current car is hideous on MPG so DH phoned up about it yesterday (it's on the motability scheme), they're happy for us to change early so we now have a list of suitable vehicles to go see....2 of which are double the MPG than we get currently which would be a godsend. We'd have to dip into savings as there's a cancellation fee, the deposit and we'd need to have a new hoist fitted but we'd save that back in the first year of driving. A bit of a no brainier.

    We were hoping to come out of the scheme all together in a few years and this would hopefully tie in with when we downsize - I'd then like to live within walking distance of shops/doctors etc rather than a village in the middle of nowhere with expensive buses.

    Stayed in all day yesterday waiting for a delivery that didn't turn up! Got to wait in today too for the boiler service man so hoping to make it a couple of NSDs (I'm not counting the online order of printer ink yesterday as it's a business expense).

    DH phoned the bank as we hadn't dropped our mortgage payment since making a few OP's - whilst we'd like to have left it and know we're OPing something each month, we really are counting pennies at the moment so feel it's better off lower.....so mortgage payment has now dropped by £13 a month!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Betterthanever
    • By Betterthanever 6th Sep 17, 7:46 AM
    • 179 Posts
    • 628 Thanks
    Betterthanever
    The longer term plans definitely seem as though they will do you an awful lot of good. We're looking at similar plans, downsizing and allowing a bit more breathing space in due course, so I'm right there with you.

    Bah to the delivery not turning up. Hope today is more reliable!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • beanielou
    • By beanielou 6th Sep 17, 7:58 PM
    • 47,214 Posts
    • 169,667 Thanks
    beanielou
    If you paid a deposit on current car you should get it back pro rata.
    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 11th Sep 17, 7:41 AM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Well the boiler man turned up and couldn't believe our boiler is more than a year old (we barely use it) he didn't have the seal that was needed if he does a full service so said he'll order one and rebook but I'm thinking we might put it off until spring.

    Went shopping with DD1 on Saturday for shoes for her graduation this week...couldn't find any to go with the dress she has so ended up buying a new dress and then shoes....she treated me to lunch too so no spends for me. Popped to one of the last of the seasons boot fairs yesterday and managed a good haul, some lovely wool for a baby blanket, a pair of jeggins for 50p, snuggly cardi for £1 and lots of 30p CDs, a board game and some candle sticks. I do love it when I find some bargains.

    Off to test drive one of the cars we like today and then DDs graduation tomorrow, we need to be in the city centre and in our seats by 9am which is hideous, will have to leave here just after 7 to make sure we can get parking.....and I've got to wear a dress! I haven't had to do hair and dressy stuff that time in the morning for over 20 years! Wish me luck.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Betterthanever
    • By Betterthanever 11th Sep 17, 7:48 AM
    • 179 Posts
    • 628 Thanks
    Betterthanever
    Sounds like a fab weekend. Enjoy the rest drive today and good luck for the early start tomorrow!!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • Betterthanever
    • By Betterthanever 11th Sep 17, 7:49 AM
    • 179 Posts
    • 628 Thanks
    Betterthanever
    Test drive, not rest drive!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • maia_evo
    • By maia_evo 11th Sep 17, 11:52 AM
    • 56 Posts
    • 118 Thanks
    maia_evo
    Have fun with both events
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £1000 (currently £701) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £4445
    • Pooky
    • By Pooky 11th Sep 17, 2:29 PM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Test drive went well and DH is happy to go ahead and order - or he will be once he wakes up - driving a new car and having to talk to people is very tiring for him.

    Will need £900 deposit, £200 for a new hoist and £250 cancellation on the old lease - should get around £250 back on the current deposit but won't count on it. DH took out a new credit card (for the £co cash back) so will use that for the spends then has a 0% balance transfer offer on his emergency card with zero fee for transfers.....we'll move it over there for the 18months of interest free and I'll aim to pay it off well within that time with normal funds rather than touch the savings but we know it's covered if need be.

    A few small sales over the weekend have seen £70ish go into the account this morning - could do with a few more weekends like that!

    Dug out about 10 bits for the bay of E - just need to get some photos done and get them listed. They won't raise a lot but more than if I shove them in the charity shop bag.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 11th Sep 17, 8:28 PM
    • 47,214 Posts
    • 169,667 Thanks
    beanielou
    Good news on the car.
    Have a great day tomorrow
    B's seems ages ago now!
    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 12th Sep 17, 6:31 PM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Lovely day, graduation went well and DD1 looked beautiful, disabled access was fab but when we came out it was hellish with large crowds and lots of cobbles, DH felt very overwhelmed. We managed to get to the drinks reception after for a little bit so not all bad....what's not to love about free champers!

    DH managed a 3 hour nap when we got home so he's feeling a little more human, I'm flagging though after being up since 5am. I've cooked a nice dinner (DD1 requested a home cooked meal rather than restaurant) and the DW is doing its thing. I'd allowed £50 for a meal out tonight but only spent £22 in the supermarket and there's lots of extra veg and wine for another night too.

    Win win!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 12th Sep 17, 6:32 PM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    Oh and car is ordered!!!! Yay!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 12th Sep 17, 7:02 PM
    • 47,214 Posts
    • 169,667 Thanks
    beanielou
    Glad you had a lovely day.
    Yah to car
    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***
    • Betterthanever
    • By Betterthanever 12th Sep 17, 7:17 PM
    • 179 Posts
    • 628 Thanks
    Betterthanever
    Happy new car ordering day!!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • Pooky
    • By Pooky 17th Sep 17, 8:27 AM
    • 6,698 Posts
    • 41,241 Thanks
    Pooky
    I really shouldn't be allowed near shops! I went into one for cat biscuits and came out without the biscuits and £65 poorer! Most of it is store cupboard stuff and a few bits to tuck away for Christmas (gifts and food) - not a single penny was frivolous but I really do need to reign it in.

    Before that I popped into the charity shop whilst DH was in the pharmacy, £17 later I came out with more stuff than I could carry. 3 brand new jumpers for DH, he needed a couple of thicker ones so pleased to get them for £3 each instead of the £25 on the label. 3 new jigsaws at £1 each - we always have one on the go this time of year, 7 DVDs for £4 and a board game for £1!

    We have games nights with friends so always on the look out for different games, especially affordable ones....board games can be silly pricey. We got rid of all our DVDs when we swapped to a streaming service but everynow and then pick up a few cheap ones to make a change. They then get traded in/sold/donated so are fairly cost neutral.

    Didn't leave the house (except for a walk along the cliffs yesterday morning) and did boring smelly jobs (cleaning out the washing machine waste and under sink pipes - they'd developed a nasty whiff), hosed out parrot cages, washed the car etc. Then it was a hot bath, a picky tea and an early night.

    Today I have loads of work to do but my laptop has decided to set some new shortcuts and hide my files.....typically the files I need so I've got DH on the case to sort that - I bribed him with bacon and eggs for breakfast. I'll need a fridge sort out too as there's lots of veg that needs using so will get some of it made into a tray of roasted veg, chop some for tomorrow's sausage casserole and blanch/freeze anything else.

    There's a pot of elderberries that needs faffing with and going in a demijohn too - already have one of blackberry and Apple blopping away in the hall.

    So today should be a NSD but I do have to go pick something up from a freecycler - must resist temptation!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 17th Sep 17, 7:53 PM
    • 47,214 Posts
    • 169,667 Thanks
    beanielou
    Have a good week
    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***
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