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  • FIRST POST
    • MortgageFreeMimi
    • By MortgageFreeMimi 24th May 17, 8:52 PM
    • 49Posts
    • 214Thanks
    MortgageFreeMimi
    Once more unto the breach!
    • #1
    • 24th May 17, 8:52 PM
    Once more unto the breach! 24th May 17 at 8:52 PM
    Before I start this MFW diary - I just wrote out that title for it and then reacquainted myself with the whole speech and frankly, it's probably a bit strong. Mortgages aren't quite that bad - and I definitely didn't think they were bad when I was waiting and begging for the decision to be approved for one!

    Anyway! I digress already (sign of things to come, no doubt); I was a MFW before and paid it off last year and then had a few months of general and fairly unexpected expenses (this seems to be the way of it; get rid of one financial millstone and another pops up) but managed to get organised enough to buy the Bolthole, keys received last week with nice welcome letter from mortgage firm on the doormat!

    I am never EVER buying another house ever! I'd completely forgotten how stressful all the uncertainty is! But it's done and now I'm going to try to pay it off again.

    I managed to kill off the last mortgage quite quickly but to the detriment of a number of things. I had a flat, but no savings by the end of it - and wasn't even paying properly into a pension as I was so focused on it. This time, I'm going to aim to try and have it paid in 10 years while building a pension pot and fill the ISAs. I can already feel that I want the debt gone more than I want a full ISA so have to remind myself firmly to balance it all out!

    My income is very up and down too - my contributions to the pension and ISA are fixed so I have got to make a certain amount to meet those commitments for the year which may mean very small OPs some months and playing catch up after but if I can average £1100 a month, then it can be done.

    Mortgage balance is £225,000 and I hope to pay it off by Christmas 2026.
    Initially I want to pay down the balance and keep the 20 year term so that my monthly payments lower which will ease the pressure. Once it's under £800 pcm, I'll shorten it.

    I am really looking forward to getting this done again and the next decade - the MFW 2014-2016 thread really really kept me focused and I find the diaries so encouraging! My DH thinks I'm a touch overfocussed financially and his eyes glaze over when i say the word mortgage or ISA so it's good to read the thoughts of so many like minded people!
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
Page 1
    • Miss D Meanour
    • By Miss D Meanour 25th May 17, 6:11 AM
    • 91 Posts
    • 640 Thanks
    Miss D Meanour
    • #2
    • 25th May 17, 6:11 AM
    • #2
    • 25th May 17, 6:11 AM
    Hi there
    Congrats on surviving the home purchase process - again. And good luck on your 2nd MF journey.
    I'm sure with your focus and a good plan, you'll succeed in clearing the mortgage yet again.
    Happy Friday
    MissDM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574. .......... How much will you spend 2017? #9
    Xmas 2017 - #40: £391 / £365. .......... CCCC 2017 - #9: £122 / £150
    PAYDBX 2017 #23: £6,540.26 / £8,100. .......... MFW2017 - #2: £5,808.10 / £7,000
    No matter how far you go, you always take yourself with you
    • Miss Money Magnet
    • By Miss Money Magnet 25th May 17, 6:12 AM
    • 109 Posts
    • 362 Thanks
    Miss Money Magnet
    • #3
    • 25th May 17, 6:12 AM
    • #3
    • 25th May 17, 6:12 AM
    Hi, welcome to the board. We have a similar sized mortgage to you which in an ideal world I would love to get rid of in 12 years. This is pretty ambitious. Ive worked out a five year target and a target for this first year, if Im to stay on task! Look forwards to following your progress!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years)
    Regular overpayment of £115 (reduces to 24 years)
    Target extra overpayments: to be added (reduce to 20 years)
    • Busy Mee1
    • By Busy Mee1 25th May 17, 7:43 AM
    • 388 Posts
    • 1,467 Thanks
    Busy Mee1
    • #4
    • 25th May 17, 7:43 AM
    • #4
    • 25th May 17, 7:43 AM
    You sound like an old hand at this game - I look forward to reading along. We are trying to pay off a £200k + mortgage too ( although soon to slip under the £200k mark ! ) Good Luck !
    • EatingTheElephant
    • By EatingTheElephant 25th May 17, 7:47 AM
    • 1,124 Posts
    • 6,053 Thanks
    EatingTheElephant
    • #5
    • 25th May 17, 7:47 AM
    • #5
    • 25th May 17, 7:47 AM
    Hi, I feel exactly like you do after just moving into our home. I am aiming to reduce ours to pay off in 10 years also. At the moment I'm still waiting for bills to transfer over and settle down. Good luck on your journey
    • originalmiscellany
    • By originalmiscellany 25th May 17, 9:55 AM
    • 1,585 Posts
    • 3,830 Thanks
    originalmiscellany
    • #6
    • 25th May 17, 9:55 AM
    • #6
    • 25th May 17, 9:55 AM
    Sounds really positive Elephant. Good luck in clearing your bills, whilst keeping your lifestyle enjoyable,
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - September 2017 down to 29.04 months vs 31.0 months at normal payment
    Aims: 1) To pay off mortgage within 20 years - 2037
    • MortgageFreeMimi
    • By MortgageFreeMimi 25th May 17, 7:00 PM
    • 49 Posts
    • 214 Thanks
    MortgageFreeMimi
    • #7
    • 25th May 17, 7:00 PM
    • #7
    • 25th May 17, 7:00 PM
    What a warm welcome! Great to see some of us have similar goals and timelines - very encouraging.

    I am already dying to see the balance under £200k but £25,000 is actually quite a lot obviously. I mentioned to DH how much I was looking forward to my first OP and he said suspiciously "you're not going to make a huge overpayment and then say you aren't buying a TV because you 'can't afford' it are you?"

    Maybe. Maybe it will be paid off and furnitureless. Great!
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
    • MortgageFreeMimi
    • By MortgageFreeMimi 3rd Jun 17, 11:41 PM
    • 49 Posts
    • 214 Thanks
    MortgageFreeMimi
    • #8
    • 3rd Jun 17, 11:41 PM
    • #8
    • 3rd Jun 17, 11:41 PM
    So! First OP made today on discovery I wasn't paying a May payment so rolled up what I had thought I was going to pay into a potential OP to supercharge it.

    Aside from that, buying endless things for a new house has been painful but necessary- and next week I am hoping to have 3 NSDs.

    Pleasingly, overpaying today reduced my monthly payment by £6.50 so I hope that can inspire me to cut back enough next month to get the payment to under £1200 as encouragement.

    I do love having a bit of financial focus and feeling like I'm getting the best out of my income. I most want to feel that if I lose my job or there is a significant downturn (there's bound to be one at some point in the future after all), that I can feel like I used the good years well (made hay etc) and didn't just blow it on fripperies I regret. Don't get me wrong; I love fripperies too but they definitely come at the bottom of a financial priority list! And that list seems to get longer and longer!

    Note to self. Must buy second chair for house! Apparently it's not all about me...
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
    • MortgageFreeMimi
    • By MortgageFreeMimi 18th Jun 17, 10:38 PM
    • 49 Posts
    • 214 Thanks
    MortgageFreeMimi
    • #9
    • 18th Jun 17, 10:38 PM
    • #9
    • 18th Jun 17, 10:38 PM
    Quick Sunday night diary entry: it's been a spendy week and weekend has involved a lot of socialising so this evening I sorted out getting a B00t Advantage card and a N3ctar card so that I can at least get something out of my regular shopping.

    Next stop is a cashback credit card I think. The OPs I make have to be over £1000 to count in the way I want them to, so I don't have the pleasure of making smaller regular ones to eat away at the balance so I have to get my kicks from somewhere else.

    Next pay day will involve the purchase of a washer dryer amongst other things. Looking forward to it already...

    This week is quite busy with a few work events in the evening which isn't my favourite way to spend free time but needs must etc.

    Aim for the week;
    to walk to work every morning
    Plan lunches ahead of time
    Leave debit cards behind and only use cash.

    Hopefully having it written down will keep my focus! Have good frugal weeks all.
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
    • MortgageFreeMimi
    • By MortgageFreeMimi 29th Jun 17, 10:36 PM
    • 49 Posts
    • 214 Thanks
    MortgageFreeMimi
    2nd OP completed and very satisfyingly the monthly payment has come down to £1182 which feels better already. I was quite taken aback by how much the £3000 reduced it but I guess it's because it's right at the beginning. Also glad that the outstanding balance is under £220k now. Two mini goals achieved which is crucial when it's such a huge debt.

    I have probably OP'd more than I can comfortably afford this month but nothing wrong with being a bit uncomfortable in the short term and I will be unable to make really good OPs in either Sept or August. Having to have £1000 minimum is a bit of a handicap.

    Have an inexpensive weekend coming up - but some more things to buy to furnish the house - it is still very bare and chairless. Sofa to arrive next month and can't come soon enough!

    Nectar card arrived, cash back credit card approved and onepoll surveys done while watching TV. I might go back to my old ways of every time I don't buy something I want / don't get public transport and walk etc input that money aside straight away and build it up to make a random OP when I'm able. Since there is a LOT of stuff I want and I'm fundamentally lazy it could add up sooner than I think.
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
    • MortgageFreeMimi
    • By MortgageFreeMimi 2nd Aug 17, 8:16 AM
    • 49 Posts
    • 214 Thanks
    MortgageFreeMimi
    Monthly update to keep me accountable.

    So - slightly depressingly, no OP for July. The bed has been ordered plus various other expensive bits and pieces and coupled with the minimum OP being £1k, I can't do it. So frustrating - with the last one, I was able to do even very small OPs of a few pounds to keep me going psychologically as every penny makes a difference but no longer! I know that as long as I average £1100 a month it's dead in 10 years but I think next year and maybe the year after the likelihood of being able to make real headway is going to be less depending on the economic climate.

    Anyway! The house is getting homelier and is still the nicest thing I've ever bought. I need to refocus (yet again) on cutting day to day expenses. It shouldn't be that hard since I only socialise at breakfast these days as can't commit to leaving the office at a sensible time to meet friends. I should have a NSD today (depending on the weather for walking home tonight). My Goodbudget pie chart showed a big leap in eating out last month which was down to not feeling up to cooking and meeting my husband late for dinner and I need to put a stop to that. The eating out from laziness, rather than the meeting him, natch.

    My cashback limit on Am3x of £125 has been reached too so I can put that to one side for now I think.

    Will hopefully update this diary a bit more to keep motivation up on the face of no OP. Damnit.
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
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