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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,786Posts
    • 42,591Thanks
    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
    • 318 Posts
    • 524 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
    17/18 OP £7700
    • Pooky
    • By Pooky 1st Nov 17, 11:21 AM
    • 6,786 Posts
    • 42,591 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
    • 50,516 Posts
    • 193,093 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
    • 50,516 Posts
    • 193,093 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
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Ooh it!!!8217;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!!!8217;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!!!8217;t/won!!!8217;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!!!8217;s not great news. All plans to downsize are on hold until we know what is likely to happen. It!!!8217;s likely to mean surgery but there are additional complications which may kick off before then.

    So everything is up in the air, I!!!8217;ve no idea what money (if any) we!!!8217;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!!!8217;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!!!8217;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
    • 50,516 Posts
    • 193,093 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***
    • CathT
    • By CathT 21st Dec 17, 9:51 PM
    • 5,418 Posts
    • 37,947 Thanks
    CathT
    Well Pooky, after my LBM on my diary I just had to pop in to read your diary!! Hope the ESA and PIP decisions go well.

    Your OP's so far really are impressive!
    Feb 2018 -
    part 1 - £78,989
    part 2 - £45,748
    Total - £124,737
    • Pooky
    • By Pooky 22nd Dec 17, 10:11 AM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Thanks CathT, nice to see you over here.

    Nearing the end of another month and I think we will struggle to bring this one in, in credit. Current indications show Iíll need to transfer a £50 buffer over from savings....at least itís in savings to do that! It was our lowest income month for years with just over half our income going out in mortgage. Next month is considerable better so will be playing catch up.

    New car is here and is lovely, there was a problem with the hoist but they ended up coming to the house to sort it which was great. Itís so much easier for DH to drive and the scooter fits perfectly. Heís had his face to face PIP assessment too so another thing ticked off the list and just waiting for the outcome. Still no hospital appointment but thatís ok for now, GP did order a different set of MRIs too and theyíre booked in for New Yearís Eve at 8.30am! Thatís going to be pushing it as itís 20 odd miles away but hey ho.

    Lots of family stuff over the next few days, FIL birthday tea tomorrow and DDís have invited us to theirs on Christmas Eve for a new tradition of picky tea with them.....their first year living away from home and we felt it time to start with some new traditions. Then Christmas Day at our with MIL and FIL and my parents and DDs, Boxing Day at home with whoever turns up and a few days break before having friends over for New Yearís Eve. For a couple that donít do much socialising, this is a lot!

    Have finished all the shopping (all gifts were brought weeks ago or over the course of the year) everything is wrapped and food prep starts today. I think there might be a board game with cheese and biscuits on the agenda for tonight....and maybe even a glass of wine, weíll it is Christmas!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 22nd Dec 17, 4:49 PM
    • 50,516 Posts
    • 193,093 Thanks
    beanielou
    Have a happy time
    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 Jan 18, 9:03 AM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Still no news from ESA or PIP, grrrrrr!

    We had our wedding anniversary last weekend, we were hoping to go out but between DH not feeling up to it and my tummy not being great, we decided against it.

    Iíve never really been one to suffer from stress or anxiety (I do get stressed but it builds over a few days, I blow my top and all is calm) but with so much uncertainty hanging over us at the moment Iíve been really suffering with IBS, reflux and over active brain. Iíve tried some herbal remedies to help which seem to be doing the trick as Iím now beginning to feel more human. Letís hope I can get back on an even keel before the next round of stuff hits the fan. Iíve also gone gluten free which is something I knew I needed to do for a long time, I have a lot of digestion problems when I eat anything wheat based but have never been tested.......cutting it out has really shown how much it was mucking up my body though. Several other things have gone from the menu too, tomato based sauces, dairy, spices, garlic. All things that have set me off so doing without. Itís quite nice to go back to simpler foods and Iím sure my food budget will thank me once Iím used to it.

    No real money news, a few bits have sold on 3bay and Etsy so a £70ish payment will go into the savings account when it all clears. Iíve done my tax return, Iím up to date with all paperwork and letters and DH is chasing a few pension bits still outstanding.

    All quiet on the western front........Iíve probably just jinxed that havenít I?
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 11th Jan 18, 3:27 PM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    And then as if by magic the ESA letter came and all is ok. DH continues in the support group. Such a huge relief for both of us. Hate having these things hanging over us.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 11th Jan 18, 8:42 PM
    • 50,516 Posts
    • 193,093 Thanks
    beanielou
    Great news on the ESA.
    Took a long time
    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 22nd Jan 18, 8:59 AM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Still waiting to hear back from PIP.....hoping if I put it here it might magically make the letter appear today....worth a shot.

    Money news is pretty boring, Iíve had a blip and brought a few plants and bits we needed for the house. No huge expense and covered mainly by some Etsy sales but it could have gone towards an OP. Hey ho.

    Had an email from energy provider after theyíd read the meters saying DD needed to go up by £28!!!!! Checked the account and we are over £50 in credit so told them where to shove the increase. They told us weíd be in debt by £120 by the end of the year if we didnít increase payment but then admitted that that wasnít taking solar panels into account so they allowed us to keep it at the lower payment for now.....contract is up with them soon so will be switching ASAP, theyíve been hassle all along.

    Grabbed a wonderful new bit of furniture via freecycle over the weekend so need to drag that in from the garage and give it a quick polish up before finding a home for it. Iím still amazed at what people give away on there but very very thankful. In the past 6 months weíve had 3 chest of drawers, a bookcase, a handbag, 2 ton of logs, a huge beanbag and some tools. All in daily use here and saved from landfill.

    DH and I have had a good chat about different outcomes for his surgery and have decided on a few emotional coping stratergies as well as a few practicalities. Fingers crossed it wonít be as bleak as we expect but Iíd rather be ready for the worse case scenario than have it dropped on us from a great height. Got a big list of things to do in the next few weeks that will make life easier going forwards (mostly just admin stuff, putting my name on accounts so I can talk to people etc) and we must must must finalise our wills and get them witnessed. Why do we keep putting that off?

    Today will be spent with me trying to catch up on some work whilst not disturbing DH whoís been up half the night in pain. Seeing the DR next week to start changing pain meds as heís now on maximum amounts of some and theyíre not working anymore. Hoping they donít just refer him to the pain clinic again as the waiting list is so long.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 26th Jan 18, 6:34 PM
    • 50,516 Posts
    • 193,093 Thanks
    beanielou
    Hope all goes well getting the pain sorted out very pronto.
    How are you getting on with that thing you got for your circulation?
    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 7th Feb 18, 7:55 PM
    • 50,516 Posts
    • 193,093 Thanks
    beanielou
    You are very quiet Pooky.
    Hope all is as well as it can be.
    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***
    • Buffythedebtslayer
    • By Buffythedebtslayer 8th Feb 18, 8:59 PM
    • 15,040 Posts
    • 48,982 Thanks
    Buffythedebtslayer
    Yeah Pooky, I see a few bits on FB but didn't realise so much was going on. Big hugs XXX
    Penny a day Challenge, Frugal living challenge, £1 a day challenge, VSP challenge, Sealed Pot Challenge.
    • Pooky
    • By Pooky 11th Feb 18, 8:01 AM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Hope all goes well getting the pain sorted out very pronto.
    How are you getting on with that thing you got for your circulation?
    Originally posted by beanielou
    It was ok, I didnít use it much and hoped DH would but he couldnít cope with it as it mixed up to many neuro signals for him....it ended up on eBay.

    So thereís a glimmer of hope on the horizon as far as finances are concerned, had a phone call from 2 different DWP departments last week but until the letters are firmly in my hand with figures on, Iíll not count my chickens.

    We managed a night away by a different bit of the coast this week which was lovely, just a cheap hotel room and a Potter around the seafront but just what I needed. We didnít manage to celebrate our wedding anniversary last month so this did the job nicely. DH has been in bed pretty much since weíve been back but has managed to get up this morning so fingers crossed we can get out for some fresh air at some point.

    DD1 has just been accepted into a shared ownership scheme and has asked to view a flat so will be going to do that with her at some point in the next few days, itís perfectly located, affordable and in a nice area but a tad small....trying to meet her to understand that any step on the propertyís ladder is a positive one but sheís got ideas of big high ceilings and balconies over looking the sea....sheís definitely my daughter

    DD2 has just accepted a new job and starts next week, a bit more of a commute but better pay and lots of progression opportunities and degree funding if she chooses to go that way. Iím worried her little car wonít be able to cope long term but fingers crossed it will last until the autumn when she can have MILs old car.

    Iíve decided after recent hormonal outbursts that Iím probably entering the menopause zone, not sure Iíll get through the other end of it without DH finishing me off, thereís already been some choice mutterings and murderous looks. I shall start investigating some herbal remedies as I know I wonít be able to use HRT due to breast cancer issues in the family, if anyone has any advice on this Iíd be very greatful.

    So overall, no OPs have been made, any extra funds that have come in via selling stuff has been used to put fuel in the car and top up the food budget and I canít make any financial plans for the next few months until I know whatís happening.

    But at least thereís chocolate
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Courgette
    • By Courgette 11th Feb 18, 8:45 AM
    • 1,671 Posts
    • 17,910 Thanks
    Courgette
    Chocolate is our friend, Pooky! Hope things feel more settled soon
    A reminder to myself: Persistence Pays Off
    Mortgage 1: £95,000 £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
    • beanielou
    • By beanielou 11th Feb 18, 9:42 AM
    • 50,516 Posts
    • 193,093 Thanks
    beanielou
    Good news on the phone calls.
    Chocolate is always good
    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 15th Feb 18, 12:01 PM
    • 6,786 Posts
    • 42,591 Thanks
    Pooky
    Finally had PIP confirmation letter through for DH, he!!!8217;s gone up a level and has a 5 year award so a lot off our minds. A very handy back payment hit the bank too. Huge sigh of relief!

    Had a funeral yesterday, was nice to see my niece and nephews and parents....my sister wound me up but I smiled sweetly and remembered that this is the exact reason I don!!!8217;t spend time with her. Was quite a long day all in all so DH was fit for nothing when we got back. We were up at 3.30 with his pain too so today is going to seem silly long. He went back to bed and will be heading back again in a bit but I hate sleeping in the day, gives me a headache.

    A slow weekend planned but I may head out to the garage to find 5e wall paper scrapper, might as well start stripping the hallway, it might encourage me to get on with decorating....there again it might not.
    "Start every day off with a smile and get it over with" - W. C. Field.
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