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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,734Posts
    • 41,645Thanks
    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 8
    • Silence101
    • By Silence101 1st Nov 17, 7:34 AM
    • 310 Posts
    • 471 Thanks
    Silence101
    Sorry to hear DH has been suffering this month.
    Tax credits can be a right pain. We keep updating them and they keep sending letters with old figures instead of the updated ones. Mr S tried to phone them and got told off as "you need to update us immediately" except that we consistently do.
    Must be great seeing the mortgage going down!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • Pooky
    • By Pooky 1st Nov 17, 11:21 AM
    • 6,734 Posts
    • 41,645 Thanks
    Pooky
    So infuriating isn't it Silence - but hey ho, a few weeks of extreme belt tightening required to get us back on track. We've lost just over £50 a week which was part of my grocery and petrol spends - we now have £19 a week to cover the same spends....good job the larder and freezer are full.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 1st Nov 17, 5:26 PM
    • 49,011 Posts
    • 181,888 Thanks
    beanielou
    Sorry to hear about your DH's increase in pain & the falls
    Good news on being in the 89, 000s though
    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***
    • beanielou
    • By beanielou 1st Nov 17, 5:27 PM
    • 49,011 Posts
    • 181,888 Thanks
    beanielou
    & eek to the tax credits.
    That is a big drop
    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 7th Dec 17, 8:55 AM
    • 6,734 Posts
    • 41,645 Thanks
    Pooky
    Ooh it’s been a while. So money news.....

    Nothing....no changes, been selling everything and anything and managed to boost the savings pot. No OPs made.

    DH had his ESA face to face and we’re waiting for the outcome...probably not until after Christmas now. Still waiting to hear back from them regarding their errors too.

    DH had to inform PIP of changes to his condition which triggered a new set of forms to fill in, still waiting to hear back but it may mean yet another face to face because they don’t/won’t use the one just done by ESA....that would be far to simple.

    Latest MRIs showed the reason for DHs increase in falls and it’s not great news. All plans to downsize are on hold until we know what is likely to happen. It’s likely to mean surgery but there are additional complications which may kick off before then.

    So everything is up in the air, I’ve no idea what money (if any) we’ll have coming in next year. But I need to stop worrying about that and let it sort itself out and start concentrating on getting DH through this next bit.....we’re both a little bit apprehensive and stressed so we need to steady the boat and get on with living rather than trying to plan 6/12 months ahead. The savings pot is healthy enough to cover us for 6 months and a lot can happen in that time.

    On the plus side we had a wonderful day out yesterday doing something that pushed DH to his limits.....really worth it though and we’ve now got a few quiet days where he can stay in bed and recover.

    Oh and another plus side.....new car is in the country and with the adaptions team, should be collecting it on Wednesday!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 7th Dec 17, 11:39 AM
    • 49,011 Posts
    • 181,888 Thanks
    beanielou
    Sorry about the MRI results.
    Im sure ESA & PIP will be fine, its just the blooming uncertainty.
    HUrrah for new car
    Glad that you had a good day yesterday
    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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