Meandering to mortgage free

edited 7 June 2015 at 11:58AM in Mortgage-free wannabe
148 replies 14.5K views
TimmySaverTimmySaver Forumite
225 Posts
edited 7 June 2015 at 11:58AM in Mortgage-free wannabe
Hi,

After using this site for over 7 years(!) and following the MFW diaries for around 4 years, I've finally decided to start a diary.

A little bit about me: Up until January 2012 I was fit as a fiddle and working full time in IT technical support. Then one day in January 2012, everything stopped. I could barely move and couldn't get to work - both mentally and physically. I managed to get in to see my GP and he signed me off for 3 weeks. My employers weren't happy with being told it was 'work-related stress' and decided to sack me - which turned out to be a blessing. In the years since I've been fighting a bad depression and ME/CFS.
Life is a lot different for me now and I still can't work. After waiting a long time for ESA, I've finally been given it and it feels like a real weight off.

Mortgage: We got our mortgage via [email protected] in November 2009. We were lucky that DW's parents had given their children £50,000 inheritance early. So with this we got a mortgage of £78500.
As DW had provided the deposit, I decided to pay the mortgage and within a few months I'd started to overpay. I paid the mortgage myself for 2.5 years before the illness happened and I'd run down my savings. Then we split it 50/50 until about 5 months ago, I had very little left in savings, and my wife took over all the payments for the mortgage.
Now that I have ESA benefits coming in, I'm so excited to be able to pay my share of the bills again. The only thing better will be when I get to go to work again - never thought Id miss it so much!

So the initial mortgage was for £78500 in 2009 and now it stands at £64492.79 for September 2014.

Which is good, but I want to continue this and find some new ways of finding extra money to overpay the mortgage. Especially as we now have a baby on the way! (So excited).
I'd like to get as much paid off in the child's younger years, so that we can spend more money on fun things as they get older - as well as save up for any higher education they want to do.

I'd like to keep a diary as I've never been good at keeping a diary for long - but hope that some of the great users of this site will keep me motivated (and I'll try to keep you all motivated too). I also like following the journeys of others and now that I have an account will be able to comment!

I hope all that makes sense. This all looks so easy until you sit down and write one for yourself!

Thanks for reading! I'll add some more information about what I've been doing and so on later on. :)

Tim
Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]

New Mortgage: 2016: £92795 Current: £87999.99
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Replies

  • gallygirlgallygirl Forumite
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    Goodness you've had a time of it. Hope all goes well and will follow with interest :beer:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • sweetdaisysweetdaisy Forumite
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    Just wanted to wish you well on your Mortgage Free Wannabe journey :). There is a lot of support and advice on this thread and it really does help to keep you motivated, as this MFW lark is a Marathon and not a Sprint!

    Take a look at the 'Boost your income' section on the forum. Many of us do online surveys/use cashback sites when online shopping to help earn extra income. The surveys can be very tedious and boring at times and it can also take a while to reach the payment threshold, but it all helps and I use my earnings towards Birthday/Christmas presents.
  • edited 21 September 2014 at 4:20PM
    TimmySaverTimmySaver Forumite
    225 Posts
    edited 21 September 2014 at 4:20PM
    Thank you both for your replies.

    I agree, it's definitely a marathon. There's no point in everything going to the mortgage and having no fun in the interim. As MMM mentions on his blog, debt should be seen as an emergency and should be gotten out of asap - but having that mindset while not being able to work is very stressful, so I've had to adjust. I just have to accept that the bank is charging about £2400 a year for the privilege of having a mortgage and that overall it's much cheaper than renting.

    A bit about how I get extra dosh at the mo:
    Thanks to Martin's email for Swagbucks bonus of £10, I've started with that again. I did have another account a few years ago, but gave up fairly quickly with no pay out! Currently on 661sb and on my 5th day.
    I've also started with Bubblews in the hope that it will payout when I reach the threshold of $50 - read some bad stories about it, but the website has recently been redone and lots of people seem to put payouts and pending payouts on the profile - so fingers crossed!

    I've been using Ipsos (or iSay) and YouGov for a few years now. The site I've probably had the most success with is Ipsos and cash out Amazon vouchers from there - as sweetdaisy mentioned for Birthdays and Christmas presents.

    ETA: Oh, I also do Nectar Adpoints, but have found that there's been a real lull in the amount of ads since the new website. Hoping this will pick up soon!

    I'll have another look over 'Boost your income' section on the forum and will probably find lots of things I haven't thought of!

    I've used Amazon trade in and Market place for a few years and managed to sell a lot of books that way. I used to use We Buy Books, but recently Amazon Trade in seems to be more competitive. I'm running out of things to sell! But pretty much everything I own will be up for grabs as I want to make sure there's enough money for the baby come next April!

    I've now made a signature too!
    Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]

    New Mortgage: 2016: £92795 Current: £87999.99
  • "waves Hi"


    I too am not so good at keeping diarys up to date but hope the driving force of doing one will keep me focused and shave years from my mortgage :cool:

    For me part of the journey will be remembering that this is a marathon not a sprint - just like Sweetdaisy says too :D

    There are going to be ups and downs for all our journeys - congratulations on your baby news - now there is a major factor to keep you focused xXx
    Mortgage Owed: Sept 14 - £107398.20
  • sweetdaisysweetdaisy Forumite
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    TimmySaver wrote: »
    I've been using Ipsos (or iSay) and YouGov for a few years now. The site I've probably had the most success with is Ipsos and cash out Amazon vouchers from there - as sweetdaisy mentioned for Birthdays and Christmas presents.

    Other survey sites which also pay well are: OnePoll, MySurvey, Global Test Market, InstaGC.com (for Amazon vouchers), Vivatic.com, YourSayPays.co.uk - to name a few ;).
  • tylersbabe wrote: »
    "waves Hi"


    I too am not so good at keeping diarys up to date but hope the driving force of doing one will keep me focused and shave years from my mortgage :cool:

    For me part of the journey will be remembering that this is a marathon not a sprint - just like Sweetdaisy says too :D

    There are going to be ups and downs for all our journeys - congratulations on your baby news - now there is a major factor to keep you focused xXx

    Hi tylersbabe,

    Thanks for stopping by.
    I have to say that in November we'll have had our mortgage for 5 years. We initially got a 25 year mortgage and we currently have 17 year remaining. While in the first couple of years I was working and was able to put around £100 in as an overpayment each month, a lot of it has been £50s here and there for the past 3 years. I find it really exciting to watch it go down - even just by pennies!

    Thanks for your kind words about the baby news :)

    Will stop by your diary in a mo!
    Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]

    New Mortgage: 2016: £92795 Current: £87999.99
  • sweetdaisy wrote: »
    Other survey sites which also pay well are: OnePoll, MySurvey, Global Test Market, InstaGC.com (for Amazon vouchers), Vivatic.com, YourSayPays.co.uk - to name a few ;).

    Sweetdaisy, you're brilliant. Thank you for this list. As tomorrow marks 100 days until 2015 (if my maths is right :rotfl:), I've sort of challenged myself to make £50 online during that time.

    I'm not sure if it's doable, but in the last week I've started paying attention to surveys a lot more, so it's worth a try. Not sure if I'll count payouts only or if I'll accept money in the various website accounts!

    Do you think it's achievable?
    Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]

    New Mortgage: 2016: £92795 Current: £87999.99
  • Our current fixed mortgage comes to an end in November. Which is good because Halifax offer cheaper rates than we're on, but babd because we're stuck with Halifax.

    Even though out LTV is approx 48%, because I can't work yet (so frustrating), my wife's salary alone can't get us a mortgage elsewhere.

    So we're currently deciding on:
    2 years 2.49%
    4 years 3.44%

    I'm hoping that my wife has a bit of a better day today (I'm not sure if I mentioned but for the past 3 weeks she's had severe morning sickness - including an overnight stay in the hospital last week for fluids and medication). If she is, we should be able to cobble together a spreadsheet to work out if the 2 years is worth the risk. With the 2 year fix, we'd be able to overpay a lot, but the potential interest rate rises after that mortgage product is over may not make it worthwhile.

    I've not been able for find something online that will help with what we want so far. Does anyone have any ideas?

    Hope you're all having a good day.
    Old Mortgage: [STRIKE]2009:£78500 2010:£76951.71 2011:£74414.49 2012:£71961.35 2013:£67813.54 2014:£64375.16 Current: £55,480.27[/STRIKE]

    New Mortgage: 2016: £92795 Current: £87999.99
  • ShortieShortie Forumite
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    Hi TimmySaver just spotted your diary and will subscribe now. Have only ready your first post as I want to quickly sort my lunch bowl out and pop the kettle on before I sit down and read the rest

    Sorry to hear that you suffered (or still suffering?) with depression. I would never say I can relate to someone else as I think I was taken quite mildly with work related stress, but I was struck when you said one day the world just stopped. About 4 years ago (oh wow, I'm starting to shake a little now - how bonkers is that..??!) the team I worked in (in IT too) was going rapidly downhill due to the boss and a job I once had loved became something to dread. I just got on with it, and I had applied for another role internally which I had been offered, but I vividly remember one day doing my train and tube journey in to work, and suddenly literally freezing some 100 yards from my work building. It was like I was glued to the spot. And I just burst into tears and had to phone my husband. He was in work but he clearly twigged I wasn't putting it on and told me he'd leave work and make the journey over to come and get me home. Knowing that was stupid, I managed to get home and he got me to the docs and I was signed off for 6 weeks. Thankfully I went back to work straight to my new role and hardly ever saw my old boss again. It just struck me when you said that - many people don't really believe it when they hear people say that they just froze / the world stopped. But it does, it really does.

    Well done for getting past it and it sounds like you have quite a lot of exciting stuff soming up - including a baby - congratulations!
    April 2021 Grocery Challenge 34.29 / 250
  • sweetdaisysweetdaisy Forumite
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    TimmySaver wrote: »
    Sweetdaisy, you're brilliant. Thank you for this list. As tomorrow marks 100 days until 2015 (if my maths is right :rotfl:), I've sort of challenged myself to make £50 online during that time.

    I'm not sure if it's doable, but in the last week I've started paying attention to surveys a lot more, so it's worth a try. Not sure if I'll count payouts only or if I'll accept money in the various website accounts!

    Do you think it's achievable?

    It's definitely do-able! I tend to pick and choose which surveys I complete, as I don't have the time to do them all. But I love Onepoll as they are really easy and quick to do - they don't send emails so you need to log in to get the surveys.
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