mortgage free by 45 diary

suse*

I am really on a roll at the moment. Since getting the offset it has really made me take things up a gear, as I can't stop checking how much the interest is each day. I paid over the ppi money straight away, but I need to keep checking a couple more days to check what the new day rate is.

Spreadsheets are not one of my skills but I'm even thinking of making one to track things a bit better, just to give me extra insentive to see how much each over payment or just a little bit of money in the offset can make such a difference.

I have been really good this week so far and apart from planned spending I am in budget for the week for food and everything. I resisted buying coffee at work today too after being good and taking in sarnies. Where normally I would buy lunch or soup or something each day I go there.

I think having to review the yearly benefits at work for next year too has made me think about some things a bit. Such as I increased my pension payment up a couple of %, which I hope will be worth it in the long term. Also though you get life insurance etc which I don't really anyone to leave this too of my own. I got a last week off willaid email today though, so I have emailed the closest solicitor for that to have a chat with them, just as I don't want to do all this hard work then it go to the state or something if the worst did happen.

I also noticed the job on the up your income board working for lionbridge which is part time and work from home. It isn't amazing money but I am pondering it could be worth doing still, but I just haven't had to do a tax return as well has had paye through a job before, so I don't know how complicated that would be, or if for the amount of hours after tax if it would make a big enough difference to sacrifice that time.

So tomorrow is virtual friday for me as well which is always good, although I am now doing overtime on sunday as well though which is good too in a way.

I also am booked in to get my hair cut at the local college for a bargin price of £9. I haven't had it done there before but then again I don't get my hair cut very often so I don't think they can mess it up too badly really. Famous last works maybe

BlueMoo

I hadn't seen your thread before, so Welcome to the board suse*
:wave:

Sounds like you're making a good start.

So when was your original end date? Your target date is 2023 right? That seems so soon :eek: :eek:

suse*

HI Bluemoo well the mortgage is 20 years yerm and it started on the 18th of october, so I don't know if I can do it in 10 years but I'm going to give it a real good try at least.

Thanks for your reply, it is nice to know I'm not just talking to myself.

Just finished my expenses finally, so that will be another 360 quid I can overpay with once that comes through.

chirpchirp

Hi Suse

I really want to subscribe to this thread but can't for the life of me remember how to do it!

You've inspired me to see if I can clear mine by the age of 45, not sure I can as I'm already 40. However, 45 seems so much better than trying to aim to clear it by 50. I have 14 years left to go at the moment!

suse*

HI to subscribe when you do a new post if you scroll down past the submit / preview button there are the options there.

I am 36 in Jan as well so 45 is getting even closer for me too All I know is if I hadn't made overpayments the past 6 years already I'd still be stuck with my northen rock / nram mortgage at 6% so even if you can't pay it all off it is very worth doing. When I was doing it before it wasn't very organised though, and I did waste a lot of money really for different reasons, so I am being more selfish now and taking control more I guess as I really want this done.

I guess it depends on your motivation really as to why you want it paid as to how far you'll get, and if you will give up some of your treats to get it done or not. I just know I'm never going to make it to working full time till I'm 68 or whatever the pension age is now, so the sooner this is paid the more options I will then have to cut back my hours, but still not have the major expense of rent / mortgage is my thinking.

So day off today and I have bought starbucks as a treat, but I have been doing really well and haven't had takeaway for over 2 weeks now so that seems like a good reward.

I have had £80.21 paid into the offset savings from quidco so it is much better in there than just sat waiting to get to 100 like it was before. I have also been paid so have moved about half of that money into the offset so that I have enough to cover half the direct debits in my bank account for now, and will move the rest over later in the month to cover the rest.

I am still not sure how the interest calcuations work properly though and if just moving that amount will make that much of a difference as since the 5k for the ppi money has gone in, it only seems to have gone down from 9.67 to 9.29 a day. I guess I have to remember every little helps really over time though, I just need to find a calculator or something to help me figure out how it works better I think. Also I want to do an overpayment this month too but I need to figure out how much exactly. I am thinking to keep paying what I have been when it was a northen rock mortgage even though the payments are lower now as I won't notice the difference, it is just if I can manage more on top of that or not and just how much difference an extra fiver or whatever might make. I just can't find a calcuator so far that does offset and overpayments to be able to work out the best way of doing it really.

So £9 hair cut at the college later, and also an appointment with a willaid solicitor to get a will made, just as I haven't had one before and I don't want the house just to go to the state really after all this work.

chirpchirp

Thanks for letting me know how to subscribe, let's see if this works.

Imma_Number

suse* wrote: »

HI to subscribe when you do a new post if you scroll down past the submit / preview button there are the options there.

Or on one of the green bars at the top there is "Thread Tools" and "Subscribe to this thread" on that menu.

suse*

More overtime this weekend, but I am not sure if I will get any more now this year.

Put some things I have been pondering about selling on ebay on my facebook page, and have a buyer for one of them at least so that's a good start.

I called and changed my direct debit today, so the minimum payment is 680 now, but as I am used to paying 825 from when it was with nram I have changed it to be that still. So that will be 145 a month extra without it really costing me extra so to speak.

I also made my first over payment of 1855 which was money that was in the offset account, but I just want to see if doing that makes a big difference to the interest or not as well. So that will mean once the direct debit goes out on the 1st I would have overpayed 2k in total.

They asked if I wanted to reduce the term too automatically but I just want to have the option of lower payments later, if I need it due to redundency or illness.

So today it looks like the interest is 9.10 a day now, so I guess the money from the ppi has finally caught up a bit. So I will just have to wait now till after the 1st to see what impact the overpayments have too.

EchoDelta

suse* wrote: »

I am still not sure how the interest calcuations work properly though and if just moving that amount will make that much of a difference as since the 5k for the ppi money has gone in, it only seems to have gone down from 9.67 to 9.29 a day. I guess I have to remember every little helps really over time though

Every little does help - that's about £11.40 per month that you are now not paying on interest. £136.80 per year! :j

Definitely better than a poke in the eye!!

Imma_Number

38p per day is about right for approx 5K at 2.93%

Surely having it in the offset account is just the same interest wise but preferable from an access point of view. I've never had an offset account so I don't know the details.