ajmoney's bid to be mortgage free

ajmoney

My previous thread was to reduce my mortgage however I have decided I want to be mortgage free in 11 years. All I need to do now is get DH on board which I hope won't be too difficult. I will post a bit more once this thread is set up.

I hope this link works https://forums.moneysavingexpert.com/discussion/1875433 I don't know how to do short links...sorry!

ajmoney

It worked :j
We moved house on Friday and it has always been my intention to start OPing as soon as the money has settled down from the move. I am hoping to start by October so for now I am just playing about with figures as I need to get DH to agree to this but we both love our lifestyle so any drastic changes will send him running and not wanting to give this a go. Our plan a few months ago had been to OP our old mortgage as the maximum £500 a month would have seen our mortgage paid of in 5 years (13 years early) however we decided to move as we have needed more space for a long time.

We have 2 mortgages, a smaller one which has been transferred from the old property and a larger one which made up the rest of the purchase price. I have only looked at OPs on the larger mortgage as it has the higher rate of interest, has no restriction on OPs and I know how quickly we can pay the other one off anyway. If we OP £450 a month we can pay the larger mortgage off in 10.9 years so this is the extra monthly OP I would like to get to eventually. I am unsure of our exact monthly outgoings at the moment but did some rough calculations this morning so need to play about with these over the next couple of months.

Right, I have rambled enough for now so am going to go and look at some figures.

twinklie

Woo...welcome to your new thread! Very exciting times.

Phelpsie001

Do you have a plan, year on year?

i.e. end of 2012 = £100,000
2013 = £90,000 left

Lois_E

ajmoney wrote: »

My previous thread was to reduce my mortgage however I have decided I want to be mortgage free in 11 years. All I need to do now is get DH on board which I hope won't be too difficult. I will post a bit more once this thread is set up.

I hope this link works https://forums.moneysavingexpert.com/discussion/1875433 I don't know how to do short links...sorry!

Congratulations on moving. I hope you are both very happy in your new home. Don't be surprised if you have a few months of having to spend money sorting things out in you new house before you can start OPing, but don't worry - it doesn't go on for ever. (Says Lois in faith that one day she will be able to finish paying for stuff for her own house and start OPing her mortgage )

To paste short links, type the word you want to appear as the link, and then select the whole word with your mouse. Then look along the bar where the bold, italic, centred etc icons are. There is an icon that shows the Earth with a little chain link in front of it. Click on it. Paste the URL of your link into the box that appears, and there you are!

originalmiscellany

Mortgage free by 2019 and not 2030 is a great bit of progression - very well done - assuming you get there!

ajmoney

Phelpsie001 wrote: »

Do you have a plan, year on year?

i.e. end of 2012 = £100,000
2013 = £90,000 left

I had a plan on the old mortgage on the 2011 mfw thread, did this last year too, but I possibly won't make that target this year now. I am hoping that by the beginning of next year we will have a better idea of what we can OP. I am thinking of starting to do some private teaching again so that will help with a bit of extra income, but I need a couple of normal weeks at work to see how much time I have.

ajmoney

I have worked out the daily interest on each mortgage so I can keep an eye on how it is doing, with or without monthly OPs.

Smaller mortgage opening balance £41,471 daily interest £3.05
Larger mortgage opening balance £145,529 daily interest £15.95

Even the larger interest amount isn't as much as I thought it would be. I am not sure what targets I will be making until I see how the mortgage looks after payments and see how our money is doing. I am slowly forming ideas of what I can do though.

ajmoney

I've just been thinking about credit cards. I have one which I rarely spend on, does it matter which one I have if I don't have any debt on it? Just trying to think where I can shave costs so we will have more money to OP when we start.

ajmoney

I have started putting info into a SOA today but it is hard when we are not sure how much things will cost, I have put our old spends in for now to give me a starting point.

I rang the council today to ask if they had acted on our email from weeks ago about us moving home. They asked me if I had received their email confirming they were dealing with our account which I confirmed but said we hadn't heard anything more and would rather start paying the correct amount from next month so we don't have extra bills coming in.
Them"we haven't looked at it yet"!
Me "have you moved us out of our old home so we aren't paying for that..."
Them "er, have you moved out yet?"
Me "yes I cinfirmed that at the beginning of the call"
Them "who owns the home now..***homes?"
Me "yes we put that in the form we emailed to you"
Them "right we will sort that out then"

I now see why the internet makes their job easier...because they don't bother dealing with it.

I tried to ring our old phone company today asking when our final bill would be sent out as we moved 12 days ago, they cut me off after it had taken me ages to find the right automated numbers to get through so I have emailed them now.

twinklie

Ah the joys of councils and such. Blooming rubbish the lot of em.