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  • FIRST POST
    • Jessy103
    • By Jessy103 17th Oct 16, 12:00 PM
    • 64Posts
    • 192Thanks
    Jessy103
    I Want To Be Mortgage Free!
    • #1
    • 17th Oct 16, 12:00 PM
    I Want To Be Mortgage Free! 17th Oct 16 at 12:00 PM
    I've been reading a lot of inspiring diaries over the past few days (I've actually become quite addicted to reading them!) and thought I would have a go at my own.


    In 2007 me and OH bought our first house for £86,000, we were in rented accommodation and desperate for our own home. As it was 2007 the bank was quite happy to give us a 100% mortgage (I know it was a silly thing to do but I was only 20 and hindsight is a wonderful thing!) and add any fees on to the mortgage but of course the banking crash happened a year later and our house is no longer worth what we paid for it. We are not in a rush to move home but I would like to repay as much of this mortgage and save up as much as we can so that when we do come to move it will be a lot easier and we don't get a LTV of 100% again!


    Unfortunately I am not working at the moment due to health issues and my lovely mum suffers from MS so I like to be available to her when she needs me as it is a very unpredictable illness. The only income I have at the moment is from internet surveys. I am very lucky that I have a fantastic husband that earns a good wage and understands that I want to be there for my mum as much as I can.


    I am trying to be very frugal so that we are able to overpay on the mortgage and save some money so any tips from you lovely people would be greatly appreciated! Thank you for reading!


    Mortgage amount in 2007: £87,310.50
    Mortgage as of October 2016: £70,486.38
    Target for October 2017: £65,000 or under
Page 1
    • juststuff123
    • By juststuff123 17th Oct 16, 3:20 PM
    • 168 Posts
    • 479 Thanks
    juststuff123
    • #2
    • 17th Oct 16, 3:20 PM
    • #2
    • 17th Oct 16, 3:20 PM
    Good Luck!!!
    MFW & DFW - Goal - to be Debt Neutral by Dec 2016
    Mortgage to pay -£42616/£66445 (started Feb 2010)
    Parent Loan to pay - £3700/£15000 Student Loan to pay - £1241/£9479
    Stoozing Credit Cards -£3359
    Savings - £48474
    Debt Neutrality --£2342
    • Jessy103
    • By Jessy103 17th Oct 16, 3:51 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    • #3
    • 17th Oct 16, 3:51 PM
    • #3
    • 17th Oct 16, 3:51 PM
    Good Luck!!!
    Originally posted by juststuff123
    Thanks juststuff123! I appreciate it!
    • atypicalblonde
    • By atypicalblonde 17th Oct 16, 5:08 PM
    • 1,616 Posts
    • 8,506 Thanks
    atypicalblonde
    • #4
    • 17th Oct 16, 5:08 PM
    • #4
    • 17th Oct 16, 5:08 PM
    I've found you

    Would you be happy to post your monthly budget? That way we could have a look-see and give some suggestions as to where you can save money.

    Best of luck, I will follow your journey with interest xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • Jessy103
    • By Jessy103 17th Oct 16, 5:44 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    • #5
    • 17th Oct 16, 5:44 PM
    • #5
    • 17th Oct 16, 5:44 PM
    I've found you

    Would you be happy to post your monthly budget? That way we could have a look-see and give some suggestions as to where you can save money.

    Best of luck, I will follow your journey with interest xx
    Originally posted by atypicalblonde

    Thanks ATB! That would be great, thanks. Budget below:


    Nett income: £2,225
    Mortgage: £291.40
    Mortgage overpayment already set up: £50
    Denplan (This is for both me and OH Dentist): £36.13
    Water: £28.30
    Council Tax: £84.00
    Life Insurance £13.67
    Gas & Electric: £70
    Car Insurance: £56.51
    Mobile Phone: £14
    Pet Insurance for 2 dogs: £40.29
    Broadband and Phone: £50
    Car Service plan: £15.12
    Home Insurance: £14
    DVLA: £16
    New Bathroom: £184.96 (This is only until May 17 and has 0% interest)
    Shopping: £250
    Savings: £250
    Petrol: £150
    TV License (Quarterly) £37.62


    Total £1,652
    Left Over Money should be about £573


    This month we had £200 left so I've made an overpayment to the mortgage. We don't have a joint account and as OH supports me I don't like to pester him too much about what he spends any money on.


    Any advice would be very much appreciated!! Thank you!
    • BachSoon
    • By BachSoon 17th Oct 16, 6:14 PM
    • 39 Posts
    • 73 Thanks
    BachSoon
    • #6
    • 17th Oct 16, 6:14 PM
    • #6
    • 17th Oct 16, 6:14 PM
    Good luck Jessy. I shall be reading with interest
    • Jessy103
    • By Jessy103 17th Oct 16, 6:16 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    • #7
    • 17th Oct 16, 6:16 PM
    • #7
    • 17th Oct 16, 6:16 PM
    Good luck Jessy. I shall be reading with interest
    Originally posted by BachSoon

    Thanks BachSoon, I appreciate it!
    • jodles16
    • By jodles16 17th Oct 16, 6:37 PM
    • 1,240 Posts
    • 3,604 Thanks
    jodles16
    • #8
    • 17th Oct 16, 6:37 PM
    • #8
    • 17th Oct 16, 6:37 PM
    Best of luck!!

    Jodles
    MFW2016 #25 6969.57/3820
    MFiT #66
    Overall aim 8106/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- Apr- July- Oct-

    • Jessy103
    • By Jessy103 17th Oct 16, 6:51 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    • #9
    • 17th Oct 16, 6:51 PM
    • #9
    • 17th Oct 16, 6:51 PM
    Best of luck!!

    Jodles
    Originally posted by jodles16

    Thanks Jodles, much appreciated!
    • atypicalblonde
    • By atypicalblonde 17th Oct 16, 8:21 PM
    • 1,616 Posts
    • 8,506 Thanks
    atypicalblonde
    I am by no means a budgeting expert but the following jumps out at me:

    - Water - are you on a meter? If so, is it read regularly? We pay £33 a month, but that is for a family of four.
    - Food - this is a good amount, but could you challenge yourselves to lower it even further by say £50 per month by batch cooking, yellow sticker bargains, freezer surprise dinners? We spend around £250 including nappies, dog and cat food and wine.
    - Savings - what rate are you getting on your savings versus what you are paying on your mortgage?
    - Bathroom - as soon as this finishes, I would set up a regular OP to the mortgage for that amount

    My other advice would be to Tilly tidy your accounts daily, i.e. send any stray pennies lurking at the end of your current account balance to the mortgage. Sounds daft but they do all add up.

    I don't work per se either (I do DH work admin for him), but I see it as my job to run the household finances and make each penny do the work of 3.

    Have a tinker with the overpayment calculator on here, its a great motivator. Above all, best of luck x
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • Jessy103
    • By Jessy103 17th Oct 16, 8:41 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    I am by no means a budgeting expert but the following jumps out at me:

    - Water - are you on a meter? If so, is it read regularly? We pay £33 a month, but that is for a family of four.
    - Food - this is a good amount, but could you challenge yourselves to lower it even further by say £50 per month by batch cooking, yellow sticker bargains, freezer surprise dinners? We spend around £250 including nappies, dog and cat food and wine.
    - Savings - what rate are you getting on your savings versus what you are paying on your mortgage?
    - Bathroom - as soon as this finishes, I would set up a regular OP to the mortgage for that amount

    My other advice would be to Tilly tidy your accounts daily, i.e. send any stray pennies lurking at the end of your current account balance to the mortgage. Sounds daft but they do all add up.

    I don't work per se either (I do DH work admin for him), but I see it as my job to run the household finances and make each penny do the work of 3.

    Have a tinker with the overpayment calculator on here, its a great motivator. Above all, best of luck x
    Originally posted by atypicalblonde

    Thanks ATB that's really kind of you!! We have tried to get on a water meter because there is only the two of us (and two dogs) but the water company said they weren't able to do it as we live in a very old terrace house where the pipes run through the cellars of all the houses on our row!


    I am in the process of trying to reduce our shopping bill and we have had the good news that an Aldi is going to be built around the corner from us soon, as I don't drive this will be a big help in reducing the food bill because at the moment I am having it delivered (OH hates going shopping and there isn't a shop within walking distance for me).


    I will have to check the savings rates and see if I can find a better one to switch too.


    Yes that's a good idea regarding the monies when the bathroom has been paid off and I'm sure with savings in other areas I can get it rounded up to £200!


    Thank you so much for the help, I really appreciate it!! I think it helps to have a fresh pair of eyes have a look for you!
    • atypicalblonde
    • By atypicalblonde 17th Oct 16, 8:46 PM
    • 1,616 Posts
    • 8,506 Thanks
    atypicalblonde
    Our meter is under the pavement outside the house and is read by bluetooth - maybe ask your water company if that is an option?

    I will follow with interest x
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 3.11.16 - £139,251.40
    • Jessy103
    • By Jessy103 17th Oct 16, 9:49 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    Our meter is under the pavement outside the house and is read by bluetooth - maybe ask your water company if that is an option?

    I will follow with interest x
    Originally posted by atypicalblonde

    Thanks for that, I will give them a call tomorrow! x
    • giblet1979
    • By giblet1979 17th Oct 16, 11:03 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Hi Jessy,

    Lots of luck on your journey - OP'ing gets very addictive and every bit adds up

    Gib x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • Jessy103
    • By Jessy103 18th Oct 16, 10:09 AM
    • 64 Posts
    • 192 Thanks
    Jessy103
    Hi Jessy,

    Lots of luck on your journey - OP'ing gets very addictive and every bit adds up

    Gib x
    Originally posted by giblet1979

    Thanks Gib, I appreciate it and the same to you! Yes I think I'm going to become quite obsessed with overpaying and watching our finances like a hawk!!
    • Jessy103
    • By Jessy103 18th Oct 16, 10:25 AM
    • 64 Posts
    • 192 Thanks
    Jessy103
    Made an overpayment for £206.38 yesterday so the new mortgage amount is £70,280.00. I'm really looking forward to it going under £70,000!!
    Told OH this morning that when he next gets paid on the 20th I will be making a new spreadsheet where I monitor all the money that is going out of both of our accounts so I can see if we are spending money on silly things we don't need and make a note of all unforeseen expenses. He laughed and called me the Money Police but said if it makes me happy to crack on!
    I'm still trying very hard not to put the heating on and it is only set to come on in the morning if it drops under 15 just to take the chill off, otherwise it's jumpers, blankets and a hot water bottle, even the dogs have jumpers to wear!! (They are whippets so they don't have a lot of fur or fat to keep them warm, I'm not just a mad woman that likes to dress her dogs up!)


    I've got some Christmas presents to wrap up today that I had delivered from Boots. I got 7 presents that totalled £47 but I have recently found out that my bank does a rewards system that is like TCB if you click on the link through their website. This meant that I got £4.70 cashback and as I used my credit card (don't worry it will be paid in full at the end of the month!) I also get a cashback reward on that.


    Have a lovely day everyone!
    Jess x
    • themadvix
    • By themadvix 18th Oct 16, 11:17 AM
    • 371 Posts
    • 1,297 Thanks
    themadvix
    Found you! And you say I'm on top of things? Sounds like you've got things pretty under control here!

    Looking at your SOA, the only thing I'd say is your broadband and phone look expensive - does that include TV? If you're with Sky it might be worth ringing them up and haggling (if you're out of contract). I did this last year and got free BB for a year and £25 credit. It was so easy... just vague 'I'm thinking about leaving, it's all a bit expensive' and the lady volunteered to 'see what she could do'.
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance December 2016: £105,159.36
    • Jessy103
    • By Jessy103 18th Oct 16, 11:30 AM
    • 64 Posts
    • 192 Thanks
    Jessy103
    Found you! And you say I'm on top of things? Sounds like you've got things pretty under control here!

    Looking at your SOA, the only thing I'd say is your broadband and phone look expensive - does that include TV? If you're with Sky it might be worth ringing them up and haggling (if you're out of contract). I did this last year and got free BB for a year and £25 credit. It was so easy... just vague 'I'm thinking about leaving, it's all a bit expensive' and the lady volunteered to 'see what she could do'.
    Originally posted by themadvix

    Thanks themadvix! I'm trying and starting to get there especially with all the tips and help you get on this forum! Yes we are with Sky but we've cancelled the TV so it is phone, line rental and broadband. I have spoken to OH about changing supplier but he was reluctant to do so because he is an IT person at work and brings it home and he says that Sky has the fastest and most reliable broadband, but it might just be worth calling and putting it on a bit to see if they will reduce it! Thanks for the tip!!
    • themadvix
    • By themadvix 18th Oct 16, 3:05 PM
    • 371 Posts
    • 1,297 Thanks
    themadvix
    Definitely Jess. I work from home, so reliable and fast Internet is vital for me too (fortunately fibre isn't needed here, I guess you have it though). I didn't want to change, but it's certainly worth putting it on and seeing what you get!
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance December 2016: £105,159.36
    • Jessy103
    • By Jessy103 18th Oct 16, 3:27 PM
    • 64 Posts
    • 192 Thanks
    Jessy103
    Yes it is superfast fibre although I can't tell the difference! Lol! Tried calling them but they won't speak to me as it is in hubby's name not mine! Will have to get him to call them when he gets home from work.
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