Mortgage free in 10 years

NorthernMonkey1

Been an odd day.

Mrs NM just had her hours cut quite a lot at work today she currently pays almost 1/2 of the main mortgage payment, but she probably can't do that anymore. So, from the end of this month, I'll be paying £425, and she'll be paying £200.

The flip side is I just got a little pay rise. Its £60 after tax, so it almost balances out.

I sold something else on ebay, so made a little £40 overpayment. I've also asked ScottishPower for a refund of my outstanding balance. Even though it's christmas month, I'd like to be able to overpay by at least a month this month (main payment - interest). I think I'll easily manage this with the SP cash.

Should squeeze under £92000 this month, ready for a mega push next year

Current Balance is £76959.99 + £15253.50 credit card = £92213.49
Wall fund £1700 / £3800

NorthernMonkey1

Mrs NMs hours cut might be more than we thought. This week she only has 8 hours We think this is only temporary, but won't be sure til after Christmas, so there is going to by some hardcore MSEing over the next few weeks.

The first part of this was the decision to replace Asda with Aldi for the main shop. £38 for quite a bit of stuff seemed like really good value for the week's shop.

The wall fund is going to double up as the Emergency fund account for a while. I don't have any easily accessible money, and while I have a few zero credit cards I use (and pay off in full), I've decided that this is probably a really good idea.

With this in mind,and following a successful ebayathon (plus the £200 from scottish power) I've transferred £500 into the wall/ef account, and a £200 OP. I feel like with all the effort of the ebayathon, I should at least have some OP.

Current Balance is £76759.99 + £15253.50 credit card = £92013.49
Wall fund £2200 / £3800

NorthernMonkey1

Decided to run a quick SOA, and I'm paying BT £47 a month. Holy Cow. Just got off the phone to plusnet and I'm moving to their £27.50 a month package.

NorthernMonkey1

My pay came though yesterday, including an extra £600 Christmas bonus, and a wedge of overtime from working 2 weekends solid.

This allwoed me to transfer the remaining £1600 needed for the wall fund into the account. It's not left much free for OPs, but I feel better knowing I can pay for the building work once the weather warms up. It's still really stressing me. I've had a second person come look, and he even removed a failed wall tie (there wasn't much of it left) and gave a very similar quote.

I've managed a small £300 OP. It's getting me down slightly when I'm working so many hours to see the mortgage go down so slowly. I know this is because I'm shoveling all my cash into the wall fund.

Other than that, I've been on the Ryanair website, and booked a trip to Poland for 4 days at the end of January. £65 return for both of us from Newcastle Hotels are only £30 a night, but I'll pay for these out of my January pay. It's something to look forward to as January is normally a bit of a grim month

obay

NorthernMonkey1 wrote: »

My pay came though yesterday, including an extra £600 Christmas bonus, and a wedge of overtime from working 2 weekends solid.

This allwoed me to transfer the remaining £1600 needed for the wall fund into the account. It's not left much free for OPs, but I feel better knowing I can pay for the building work once the weather warms up. It's still really stressing me. I've had a second person come look, and he even removed a failed wall tie (there wasn't much of it left) and gave a very similar quote.

I've managed a small £300 OP. It's getting me down slightly when I'm working so many hours to see the mortgage go down so slowly. I know this is because I'm shoveling all my cash into the wall fund.

Other than that, I've been on the Ryanair website, and booked a trip to Poland for 4 days at the end of January. £65 return for both of us from Newcastle Hotels are only £30 a night, but I'll pay for these out of my January pay. It's something to look forward to as January is normally a bit of a grim month

How much have you got left to go on your mortgage?

NorthernMonkey1

Oh, forgot to update that bit

Current Balance is £76459.99 + £15253.50 credit card = £91713.49
Wall fund £3800 / £3800 (builders booked for April)

NorthernMonkey1

The Monkey house has managed a fairly frugal Christmas, with a £100 for my 3 nephews being the major expense.

George the Sausage Dog was over the moon with a tennis ball on a piece of rope, and turkey dinners on Christmas day and Boxing Day.

I had a few ebay items which finished on boxing day, taking advantage of bored ebay browsing, which has become a £150 op. (I need to go and post these out today), and the first payment to the giant CC Bill has come out, as well as my £250 standing order OP.

This means today has become a monster OP day, with £400 of the mortgage and £152 off the 0% card. With this years final payment on the 31st, I'm going to smash through the £91000 mark, ready to push ever further downwards next year.

Since jumping on the OP bandwagon in August, I'm about £3000 better off than I would have been, had I not started

Happy mortgage killing 2016 everyone

Current Balance is £75922.99 + £15100.96 credit card = £91023.95
Wall fund £3800 / £3800 (builders booked for April)

NorthernMonkey1

Welcome to 2017 A year when I'm going to give the mortgage a bloody good kicking

I managed a last ebay sale of 2016, enough to squeeze in a £60 OP in 2016, and to bring last years total to less than £91,000. I was hoping to get into the 80s this year, but the need to save for the wall-ties has scuppered that idea. I've signed up for the £25000 for the mortgage challenge for this year, a big chunk of which is going to be from my work sharesave scheme, which will pay out in August. Currently that's tracking to pay out £14500, but that depends on the share price next July. Fingers crossed. All I have to do, is to work out how to pay off an additional £10500 a year, or £875 a month.

My regular payment is £625, but with £230 a month in interest, (thanks in part to the £15000 on a 0% card) I pay off £395 a month. That means I need to find £480 a month to overpay, and hit my target. It's not impossible, but it's not exactly easy either. It's going to depend heavily on their being enough overtime through the year.

My payment date for the mortgage is normally the 31st, but as this was a Saturday, it hasn't come out my account yet, and won't until Tuesday. This means it doesn't quite make the 2016 totals

End of 2016 balance
£75862.99 + £15100.96 credit card = £90963.95
Wall fund £3800 / £3800 (builders booked for April)

NorthernMonkey1

I decided to crunch a few end of year numbers, to see how much closer to retirement 2016 has taken me.

I can count the numbers either pessimistically or optimistically, so I'll start with the pessimistic absolute saved values for 2016

Amount paid off mortgage principal £7112
Amount saved into share save £6000
Amount saved into pension £12614 (this includes my employers contribution)
Grand total £25726


I can also count them a lot more optimistically, by going into full count your chickens before they hatch mode

Assuming I continue to work for my company for the next 3 1/2 years, so that both my share saves mature, then using the option price, and the current share price, they have increased in value by £10130

The stockmarket seems to have done quite well this year, and I've managed some monster gains in my pension value. Value now compared to value at the beginning of last year increase of £31141. Holy Cow

Mortgage remains the same, there is no optimistic way of counting it £7112

Grand total £48383.

Wow. Fingers crossed that 2017 can come anywhere close

NorthernMonkey1

My Decemer mortgage payment has just been DDed from my the joint account, £625, but... The interest payment was only £223.37!

The interest when just before I kicked my MFWself back into life in August was £291.17, so in only 4 months of effort, I've managed to chop £67 off my monthly interest.

My schedule for January is looking insane, with 2 trips to London, and a big change to some systems on the 14th and 15th, which will probably mean 12 hours each day in the office. I'm not looking forward to that, but I'd quite like 24hrs of overtime in my February pay packet.

Onwards and upwards MFWs

£75460.91 + £15100.96 credit card = £90562.87
Wall fund £3800 / £3800 (builders booked for April)