Home Forever? Maybe Mortgage Forever? No Way!!

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  • Radish72Radish72 Forumite
    2.1K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    I have on my mortgage spreadsheet, the total amount of interest we would pay back, if we had the mortgage for the full 25 years and then another cell showing the interest saved from OP'ing

    When we OP, the interest saved cell increases, maybe something like this could help your DF
    Mortgage Aug 12 £165K, Aug 19 £0
    OP's in 2019 £21000
    ISA challenge start 2019 £3000/£1500 (50%)
  • JackopJackop Forumite
    150 Posts
    Thanks Radish,

    Yes we do have something similar, its just a mindset thing. I have shown her and she loves it. Well on board with everything aswell, she is probably a better saver than me in all honesty. She just likes to see the numbers in the bank rather than the mortgage I think.
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • JackopJackop Forumite
    150 Posts
    Worked out my daily interest has come down a little, its nice to know the rate at which it comes down (very slowly!).

    So getting below £18.00 is the short term target. Its nice to have a few different targets to aim at.

    Short Term - Get below £18.00 daily interest
    Medium Term - Get above 20% LTV by the time my fix ends (3 Years)
    Long Term - Get rid of the !!!!!! by my DF's 40th Birthday (7 years early)
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • JackopJackop Forumite
    150 Posts
    A few little payments made across to the CC, £155 paid off this month. My target was £100/m to time with the 0% ending but iv made little bits of money here and there.

    Pinecone have finally started paying me via paypal instead of those daft luncheon vouchers. I shop at Aldi which I dont think take them so they just got spent on things I didnt really need. Paypal transfers into my bank instantly so it can go straight off the CC.

    Also bought a phone off my friend at work, she couldnt be bothered sending it to Mazuma or eBaying it so I got it for £70 and it will sell for at least £100 from the research I have done. Its on now and ending Sunday. Although they dont tend to move until the last day.

    Found £6 in an old current account so that got upgraded to another tenner off the CC.

    My DF used to like filling the car up with a between a 1/4 and a 1/3 of a tank per week. It makes no difference cash wise (apart from possibly the added weight) to fill it up to the brim. If we are careful with fuel (I cycle to work anyway) then we can get a full month out of each tank. Which makes my budgeting much easier.

    Food budgets are going well, we got the £5 aldi voucher in last week's mirror spent £50 and havent been on a shop since. Looking at the cupboards we shouldnt need another big shop for at least another week. Averaging about £35 a week, seeing as i budgeted (and still do) £60 a week then its nice to have the spare cash.

    Stock cupboards are full with pasta, rice, noodles, 'cant be arsed' sauces, all different manner of condiments and the spice rack is full. Plenty of beans and tinned toms and lots of meat in the freezer aswell as a 1.5kg gammon in the fridge. Its big enough to have me running out of ideas with leftovers thats for sure!

    I think thats everything for now, just waiting for payday again now as im bored with all the budgets done and cash accounted for. All dd's are out and my current account is the same everyday no matter how times I look at it! haha
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • tattycathtattycath Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Welcome to the world of MFW. :)
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
  • JackopJackop Forumite
    150 Posts
    Thanks tattycath, its been an easy transition really. We were saving £1700 per month to put towards the house, now that amount runs the house with plenty to spare to overpay/save for wedding/clear credit card.

    I tell my friends and get funny looks. So its nice to come here and talk about it.

    Finding £6 in my old account was a lovely surprise to me, but I reckon nobody else (in my group of friends and family) would care or even bother to check! haha
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • YorkielassYorkielass Forumite
    2.2K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭✭
    I'm the same Jackop, I'm sure if people knew I was busy selling things, making savings and overpaying they'd think, why bother. But the money I've made from selling things we no longer need this year has made enough for the new cupboards for our dining room which means more money from our salaries for our mortgage.

    I made OH do the finding money in various accounts years ago and my mum had a savings account with a few pounds in and I got her to go and close it, just to be tidy and to have the money - she wasn't convinced I don't think!

    This is why I love MSE. I've just started my Mortgage Free journey too and wish you every success with yours.
    Became Mortgage Free Wannabe 28/08/13
    Current Mortgage at start (October 2019) £175000 - MFD October 2036
    Mortgage now (August 2019) £168078.19 - MFD October 2036
  • JackopJackop Forumite
    150 Posts
    Thanks Yorkielass (2 weeks late!). Payday post is here again!

    All those little bits add up. A lot of the stuff I sell on ebay goes for 99p but it does really help.

    Its all a bit dull at the moment, another £160 off mortgage. £100 off the card and £500 into wedding fund.

    Were off to Whitby for a weekend away next Friday so that should be a good. A little break away will be nice as we havent had one since we got the house. I got some back pay from a payrise in June which should cover the expenses but if not its no problem.

    So thats me for another month I reckon. I cant see anymore random bits of cash coming in to go off the card. So with everything budgeted for, ill be waiting until next payday again!
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • Marking my place, what an interesting read!
    I got a nationwide mortgage Febuary this year and we plan to start over paying this month. I'm planning on starting a diary to help motivate me.

    In our last (rental) house we had a huge garden and we grew lots of veg. Just a courtyard here but I intend to container grow anyway next spring, outdoor cucumbers, rocket etc. we only have a small patch which isn't shady but I'm going to go for it anyway!
  • Hi Jackop! Congrats on the new house, looks like we're in a pretty similar situation and of similar age etc (I'm 28, OH 30) - will be following your diary with interest!

    Can I ask a few things about your nationwide mortgage (as we're having the same, hopefully to complete Monday) - does it show up on your internet banking? That would be useful. Can you transfer OPs online then? Also, is your first monthly payment the interest for the number of days in the month you move in on top of your regular payment? Or is it just a double? (We're due to complete on the 30th, so a bit unsure about it lol). Also, ours seems to be that you can OP but 10% annually rather than £500 per month - when we had applied for a mortgage earlier in the year that was the case (house fell through) but this time it seems to be 10% - I wonder would they let you do the 10% thing too if you rang them, or is it fixed at £500?

    Good luck with everything and sorry for all the questions lol xx
    MFW Sept 2013 Starting balance: £101160.59 25 years :eek:
    OPs 2013-2014: £64.33 :o MFW #78
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