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Thistlewhistle makes a dash for Mortgage Freedom!
Thistlewhistle
Posts: 1,091 Forumite
:dance::dance::dance::dance:Welcome to my Mortgage Free Wannabe Diary:dance::dance::dance:
Bienvenue à tous!
I've decided that I seriously need to start thinking about how best I can pay off my mortgage as soon as I can. I'm fed up with being 6 years down the line, paying nearly £500 a month, only to find that when the annual statement comes in, the outstanding balance has hardly moved.:mad::mad: it's just not going fast enough so I'm kicking back!!
A little about me:
I used to live in a friend's house, paying rent but he and his wife and daughter moved into a second home but allowed me to stay on in the old house. It suited me fine but one day my friend announced he was putting the house on the market so I started looking for a place of my own. I was 35 so it was about time really! Another friend was co-renting and so he decided he'd move with me when I found a place.
Anyway, it was only the third house I'd looked at that I actually bought - it was so perfect and so well-maintained that I could move in without doing anything to it, which was a godsend because I'm no DIY expert! We moved in in June 2007 and my friend was paying me rent so that really helped with the bills.
Anyway, to cut a long story short, my friend moved out when he got his own place shorty after, and I lived alone for a while, then took in another mate when his marriage broke down. He stayed for 12 months and his rent really helped me furnish my home.
Since August 2010, I have lived alone, but now I have a new guy in my life and he IS the one. We're looking to move in together one day but because I bought at the top of the market, I know I'm in negative equity and so I simply can't do anything with the house until I've paid off £X to bring me back to even stevens. I reckon I'm about £14K down based on the selling price of the house a couple of doors down who've just sold.
My house cost £96K (small terrace:rotfl:!)of which I put down £6K as deposit so my opening balance was £90,202 on 21/05/2007. I had to take it out over 35:eek:years to afford the repayments on my salary at that time.! Here I am 6 years in and the balance is still £88K. It's depressing! I've only paid of £1800.
The worst bit (and the catalyst to get me off my chuff), was spotting that I'm going to pay back £242,285 for the £90,202 I borrowed over 35 years. That's £2.69 in the £
In Jan 2010 I became self-employed (best decision ever) and my earnings are now entirely at my command - the harder I work, the more I earn. Simples! So I'm in a great position to really knuckle down and start doing some serious overpaying. My current monthly repayment is £461.30 which used to be over £550 before the fixed rate ended. I'm so cross for not maintaining 'cause if I had, I'd be £1000 overpaid by now.
Anyway, I'm comfortably well off now but all the spare cash is being frittered away on rubbish when it could be put to good use in getting the mortgage down to make me and OH a lot more mobile. He wants to move area and get another job but we're tied for the moment.
Another option might be to rent this out and me live in with him - he gets a house with his job - but I'd still like to see the mortgage shifting. A MFD of 2042 is scary as I'll be 71½:eek:
There's also the issue of £3,400 credit card debt to deal with first!
Long first post, I know but there you are. So that's me. I'm happy go lucky and welcome anyone into my diary for tea and fancies! The kettle's always on the boil on Planet Thistlewhistle!;)
Bienvenue à tous!
I've decided that I seriously need to start thinking about how best I can pay off my mortgage as soon as I can. I'm fed up with being 6 years down the line, paying nearly £500 a month, only to find that when the annual statement comes in, the outstanding balance has hardly moved.:mad::mad: it's just not going fast enough so I'm kicking back!!
A little about me:
I used to live in a friend's house, paying rent but he and his wife and daughter moved into a second home but allowed me to stay on in the old house. It suited me fine but one day my friend announced he was putting the house on the market so I started looking for a place of my own. I was 35 so it was about time really! Another friend was co-renting and so he decided he'd move with me when I found a place.
Anyway, it was only the third house I'd looked at that I actually bought - it was so perfect and so well-maintained that I could move in without doing anything to it, which was a godsend because I'm no DIY expert! We moved in in June 2007 and my friend was paying me rent so that really helped with the bills.
Anyway, to cut a long story short, my friend moved out when he got his own place shorty after, and I lived alone for a while, then took in another mate when his marriage broke down. He stayed for 12 months and his rent really helped me furnish my home.
Since August 2010, I have lived alone, but now I have a new guy in my life and he IS the one. We're looking to move in together one day but because I bought at the top of the market, I know I'm in negative equity and so I simply can't do anything with the house until I've paid off £X to bring me back to even stevens. I reckon I'm about £14K down based on the selling price of the house a couple of doors down who've just sold.
My house cost £96K (small terrace:rotfl:!)of which I put down £6K as deposit so my opening balance was £90,202 on 21/05/2007. I had to take it out over 35:eek:years to afford the repayments on my salary at that time.! Here I am 6 years in and the balance is still £88K. It's depressing! I've only paid of £1800.
The worst bit (and the catalyst to get me off my chuff), was spotting that I'm going to pay back £242,285 for the £90,202 I borrowed over 35 years. That's £2.69 in the £
In Jan 2010 I became self-employed (best decision ever) and my earnings are now entirely at my command - the harder I work, the more I earn. Simples! So I'm in a great position to really knuckle down and start doing some serious overpaying. My current monthly repayment is £461.30 which used to be over £550 before the fixed rate ended. I'm so cross for not maintaining 'cause if I had, I'd be £1000 overpaid by now.
Anyway, I'm comfortably well off now but all the spare cash is being frittered away on rubbish when it could be put to good use in getting the mortgage down to make me and OH a lot more mobile. He wants to move area and get another job but we're tied for the moment.
Another option might be to rent this out and me live in with him - he gets a house with his job - but I'd still like to see the mortgage shifting. A MFD of 2042 is scary as I'll be 71½:eek:
There's also the issue of £3,400 credit card debt to deal with first!
Long first post, I know but there you are. So that's me. I'm happy go lucky and welcome anyone into my diary for tea and fancies! The kettle's always on the boil on Planet Thistlewhistle!;)
Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!
0
Comments
-
Ooooo a nice new shiny diary
Will be following you with interest, have you thought I anyways in which you want to increase your payments ?
Good luck
Ps replied to your pm 0 -
Welcome Thistle, starting a diary is fantastic and the support you will receive is LIFE changing.
best wishes Tilly x2004 £387k 29 years - MF March 2033:eek:
2011 £309k 10 years - MF March 2021.
Achieved Goal: 28/08/15 :j0 -
Thanks elantan
Thanks Tilly,
My first goal is to clear the CC debts but that shouldn't take too long now I'm earning regular bonuses (touch wood). Once the cards are clear, it's full steam ahead on the mortgage. I do have another debt on a couple of sofas I bought but that's on interest free credit, with a year to go, paid by DD at £22.87/month so that can look after itself.
After that, it's about cutting back on unnecessary spending. Stuff like meals out all the time and wasting food, turning lights off etc.
I'm not struggling to survive - I could just be less wasteful than I am.
Do you know what I'm trying to say?
TWMortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Yep it all makes perfect sense ... Sounds like a plan to me ... Have you heard of Tilly tidies ? I find them a handy way to keep me focussed
0 -
Welcome Thistlewhistle! Great name, reminds me of a hobbit
Amazing things happen to mortgages when you focus and keep on focusing on hammering them down.... they start to vanish :T
Do you have plans for how you're gonna make OPs? If you like, you could post an SOA and we could all have a nosey
Best of luck with your journey.Updating soon...0 -
Yep it all makes perfect sense ... Sounds like a plan to me ... Have you heard of Tilly tidies ? I find them a handy way to keep me focussed
No! Do tell!!Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Welcome Thistlewhistle! Great name, reminds me of a hobbit
Amazing things happen to mortgages when you focus and keep on focusing on hammering them down.... they start to vanish :T
Do you have plans for how you're gonna make OPs? If you like, you could post an SOA and we could all have a nosey
Best of luck with your journey.
Hi Courgette, pull up a chair!!
Speaking if cracking names, I just love yours!!
Cn you remember the children's programme " The Family Ness"?
"The children blew hard on their thistlewhistles and up popped Ferociousness!"
SOAs? That sounds scary but I suppose it's necessary. :rotfl:
I really should do this. It'll be interesting.Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Just showed OH the power of the Mortgage Repayment Calculator. Shocked me actually!! If I double my payments to £922.60 it'll knock 25 years off my mortgage. I could be mortgage free by 2018!!!!
He's totally committed to it now, which is going to make life so much easier!!
He's been paying me back £1000 which I lent him to buy a car last year. He's paying it off at £83.33 per month and he's only got 2 payments left. He wants to keep the payment on after he's cleared the £1000 as his contribution to the MF quest.
So glad he's on board!!! I'm so excited!!Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Decided on an overpayment figure of £500 per month. This will be challenging but not over stretching I feel. Some months (January) ill be ale to do more. Other months (August & December) I'll struggle big time. This is due to seasonal fluctuations in my income streams. But all in all, an annual figure of £6,000 should be doable.
Well we'll soon find out anyway!!
I'm going to be brave and post my SOA at some point. Please be nice!! Lol!
I'm SO glad I rejoined the forums. It's been too long and I've missed them.
TWMortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Start date?
01/04/2013
Phew!!Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0
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