Meandering to mortgage free

sweetdaisy

TimmySaver wrote: »

Really happy with how things are going so far. I may even put these figures up in a spreadsheet to track how well they are doing over time.

A good start TimmySaver :T. I keep a spreadsheet showing each site I am registered with - along with total earnings from individual sites and a spreadsheet showing how much I have earned each month. So far this year I have earned £915 in a combination of cash/vouchers.

TimmySaver

sweetdaisy wrote: »

A good start TimmySaver :T. I keep a spreadsheet showing each site I am registered with - along with total earnings from individual sites and a spreadsheet showing how much I have earned each month. So far this year I have earned £915 in a combination of cash/vouchers.

That's a brilliant amount, sweetdaisy. I'd be happy with even half that! Just shows I need to be more productive with the time I spend online

TimmySaver

Howdy, fellow MFWs,

Information about our new mortgage product came through a few days ago.

While the interest rate has only dropped from 3.49% to 3.44%, we're now locked in for 4 years.
This means that our payments go from £430.15 down to £417.66. However, we've always paid £433.10 each month since we had our first mortgage product. It meant that we were overpaying £2.95 each month for the past 2 years - which is around £70 - not an amazing amount, but little and often wins the race!

We're going to keep the level of payments the same for this new fixed period too. This means that we'll be overpaying £15.44 each month for the next 4 years. This totals at around £741.12 in overpayments over the next 4 years.

Hopefully we'll be adding lots of other overpayments over this period too, but we're not going to pressure ourselves too much with the arrival of the baby next April.

Saying that, however, we'd like to get as much paid off while our little on is little. Then as they get older I'm sure we'll level off the overpayments to make sure we have lots of fun as they get older - apparently they don't play with empty boxes forever (darn it)!

The mortgage paperwork says that for every £1 we borrow we pay back £1.35. So am I right in thinking that for every £1 overpaid removes .35 pence? So if we overpay £100 we get rid of £35 in interest? Brain's a bit foggy today - so if I'm wrong please correct me!

Hope you're all having a fab day!

TimmySaver

DW is starting feel better now and hasn't been sick for about 5 days! Hopefully that's the worst of the morning sickness over. She's finally stopped losing weight and put on a pound by Friday.
We've been having a new balustrade installed on our stairs because the old one was just a couple of planks of wood with massive holes in between. So we're having spindles put in, so that we feel safer when the baby comes along! It's been quite noisy and really tiring. A really nice carpenter though. He should be finished on Monday and then I can start pacing again and get back to my normal level of tiredness!

Weekly earnings comparison:
Last week:
Online earnings (Total/Current):
Swagbucks:6357/6357
Bubblews:$13.69/$13.69
YouGov:12599/2700
iSay:10100/925
OpinionOutpost: 50/0
OnePoll: £3.45/£3.45

This week:
Online earnings (Total/Current):
Swagbucks:8078/8078
Bubblews:$21.56/$21.56
YouGov:12899/2800
iSay:11265/1605
OpinionOutpost: 116/16
OnePoll: £7.25/£7.25
Vivatic: £9.84/£9.84
InstaGC: 248.20/248.20

This week's payouts:
Amazon Marketplace: £6.41
Opinion Outpost: £2.50

100 Day Challenge to earn £50 online: £11.41

So, another good week. However... Swagbucks has really gone down hill this week. Not many surveys, the SBTV has been playing up for me and the radio disappeared for a couple of days before reappearing at 1sb for 40 minutes compared to 6sb for 30 minutes. Luckily I'd signed up to InstaGC the day before the radio disapeared and have been listening via InstaGC for 3 points for 30 minutes.
OpinionOutpost is probably my favorite so far. While there aren't many surveys, they pay well and don't last an age!

Monthly Mortgage Memorandum
In mortgage related news - here's the summary for the last month:
September 2014 £64,492.79
Interest £184.42
Standard Payment £430.15
Overpayments £12.95
October 2014 £64,234.11

Overpayments = £12.95 (£2.95 as part of standard payment and £10 from current account reqards).


I hope you all had a successful week and an enjoyable weekend. Onwards and upwards :beer:

sweetdaisy

Glad to hear your DW's sickness is getting better, lets hope that it doesn't return.

Do you have a rough date of when you would like to be Mortgage Free?

TimmySaver

sweetdaisy wrote: »

Glad to hear your DW's sickness is getting better, lets hope that it doesn't return.

Do you have a rough date of when you would like to be Mortgage Free?

Thanks for your lovely comment, Sweetdaisy

I haven't thought about a mortgage free date for years. When I was working I wanted it to be by the time I was 40. That would be 2024. I'll have a play with the calculators and see what's feasible. Thanks for bringing it up! How about you, do you have a mortgage free date in mind?

TimmySaver

Having played around with the calculator, it looks like sensibly-speaking the mortgage will be paid off in 2030 with modest overpayments.

However, to make it a bit of a challenge, I'm going to say that we'll be mortgage free by 2027!

Still a long time away, but not so far away that it's not worth the effort! Hopefully by then the ME will have taken a hike and I'll be able to work again - in which case it will be gone MUCH sooner than 2027!

So, 13 years to go. As my mum would say 'It'll be gone before you know it'! :j

sweetdaisy

TimmySaver wrote: »

How about you, do you have a mortgage free date in mind?

When I started my MFW journey in October 2011, my original aim was to pay off the mortgage by January 2022 (4 years earlier than original mortgage end date). Without any further mortgage overpayments I have reached that target, so have set myself a new one.

It's a little ambitious but I would love to be MF for my 40th Birthday - July 2019. I am not sure if it will be paid by then, but I am going to see if I can get close to it at least.

Balance is the key though, and even though I want the mortgage paid asap, I am not willing to compromise on doing fun things as a family . So I am saving as much money as I can and know how to make my money go further.

TimmySaver

Well done on making your original aim. I bet it feels great!

I really hope that things go your way and you're able to say bye bye to your mortgage by July 2019.

I often wonder if in the last few years of our mortgages, if we'll calm down because it's so close, or increase the overpayments to get rid even sooner!

I completely agree with your outlook, there's no point in overpaying to an extent that there's no fun in life. Especially now we have a baby on the way, I want to get some overpayments as a priority in the next year or so and then make sure we have plenty of fun with our little one. Do you mind me asking how many kids you have sweetdaisy?

sweetdaisy

TimmySaver wrote: »

Do you mind me asking how many kids you have sweetdaisy?

Two boys (6 and 3 years old) .