Closing the mortgage to Open opportunities

edited 29 December 2011 at 7:37AM in Mortgage-free wannabe
154 replies 16.9K views
Emsky123Emsky123 Forumite
180 Posts
Mortgage-free Glee!
Forumite
edited 29 December 2011 at 7:37AM in Mortgage-free wannabe
Right, After lurking for 3 years its time i came out of the shadows .

In two weeks I will finish my maternity leave and face the prospect of working till retirement as our family is now complete. That thought coupled with the fact that interest rates are looking increasingly likely to rocket next year makes me want to clear the mortgage more than ever so that work no longer becomes such a necessity.

I am very lucky in the fact that my parents looks after the kids when i work for a very low fee so i dont have to worry about the cost of childcare.

So as of today i have 7 years left on the mortgate but hope to halve this, currently i can OP by 10% and am on a fixed rate until Jan 2013. I have checked every bill i pay and believe to be on the best tarriffs for phones, Gas, insurance etc. I use Quidco for most purchases and have cash back credit cards which get paid off in full each month and have 6 months salary in savings in case of job loss.

My main plans for 2011 is to Ebay as much as possible, Start budgeting more to reign in the spending and after O/P the maximum throw as much as possible into savings ready to pay a lump sum off the Mortgate once the fixed rate ends.

That's if for now, Really looking forward to the next stage of the journey:T
Balance as at Dec 2010 £88,000
Balance as at Oct 2013 £0
Original MF date 01.05.2027 :mad:
Morgage free as of 24/10/2013 (13.5 years early) :j
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Replies

  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Just adding you as a thread to read. Sounds like your financial head is screwed on, and you've locked down any obvious financial leakages that could occur.
    We've done similar to you and made overpayments in the past, and have managed to reduce our mortgage hugely, it's soooo satisfying to see that :)

    All the best with your ebay sales - have you thought about a target e.g. to sell £1000 of stuff by June 2011? Something to keep you focussed and on task?
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • theyoungonetheyoungone Forumite
    2K Posts
    Forumite
    Hey Emsky
    great progress so far! :)
    I too am hoping to get rid of the mortgage asap to open up opportunities for work! Mine is similar size to your origonal one so itll be a good few years yet! but have reviewed everything to make sure Im on the lowest/best tarrifs so now its very much setting up regular OPs and also trying to make any extra to put in savings from ebay/amazon etc..
    good idea to set a challenge too i reckon! Im in if it takes off ;)
  • Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    Hi Originalmiscellany and the youngone

    Thanks for your welcome messages, Its amazing how being on Maternity leave makes you think, Its only then that you reaslise it is possible to live off a lot less money.

    I do not have a target for Ebay yet, I was thinking of listing 1 item per week with a target date of April, that way i should be clear of clutter in time for a good old spring clean.
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
  • sobasoba Forumite
    2.2K Posts
    Emsky123 wrote: »

    I do not have a target for Ebay yet, I was thinking of listing 1 item per week with a target date of April, that way i should be clear of clutter in time for a good old spring clean.

    I always find my ebay items sell better if I've got more than one item listed - I always say 'take a look at the other items I have at the moment'. You'll get people taking a look and something might catch their eye.
  • Welcome, you seem to be remarkably well organised !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    RosieTiger wrote: »
    Welcome, you seem to be remarkably well organised !

    Thanks Rosie - i must admit your Diary was one of the first i read on here which gave me the inspiration :A
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
  • Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    Right, have joined the MFW 2011 thread with a challenge of OP'ing £5K, I decided to do this today before its a new year as i dont want it to become another failed New years resolution:mad:

    Have advertised a couple of items in the local free paper to see if i can sell them, If they dont sell then will put on Ebay next week. Not sure if its the right time of year to be selling??

    Going to ring the Bank in the New year to change the Mortgage term, At the moment i can only O/P 10% but if i change the term i will be automatically O/P'ing without hitting the maximum allowed, Luckerly my bank allows me to do this without charge and if i ever have problems i can change the term back at any time.
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
  • Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    Yay, First step of the year taken, I called Halifax first thing this morning and changed the term to 6 years, This will increase my payments by £200 per month, One thing i could not understand was that the advisor was unable to proceed with the request until i confirmed what date i was going to retire, Considering thats at least 20 years away i was not sure how relevant this was??

    Anyway I also checked how much i could overpay and was told that as i had already made a partial overpayment back in April the rolling year would have started from then so i can pay the balance of the 10% up till April and then another full 10% after April.

    So now i have another target of raising around £3000 to overpay between now and April, And then another 10% after April which will be around £8000 although this may be a bit of a stretch so will look to at least achieve my MFW2011 target of £5k.
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
  • edited 7 January 2011 at 12:05PM
    Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    edited 7 January 2011 at 12:05PM
    Time to start listing on Ebay, Its free listing this weekend so my target is to get everything listed, Had a call out of the blue yesterday for my Pram which i put in the paper a few weeks ago so [STRIKE]im hoping that will go today as it will be my first £50 towards this months OP.[/STRIKE] - Sold YAY, £50 sent to mortgage straight away so no chance of spending it!
    Next week is my last week of maternity, will miss being at home all day but will be glad to get paid again, Now that i have had several months living on a tight budget i should be in good shape to carry on budgeting and throw everything possible at the mortgage.
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
  • Emsky123Emsky123 Forumite
    180 Posts
    Mortgage-free Glee!
    Forumite
    Failed miserably at the Ebay challange, but managed to put an item in the free adverts this week so hopefully that makes up for it. This is my last week at home before going back to work so the challenge this week is to have 4 NSD's, I also need to sort out my chocolate addiction as i would love to loose some weight this year.
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0
    Original MF date 01.05.2027 :mad:
    Morgage free as of 24/10/2013 (13.5 years early) :j
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