Moil at a mountainous mortgage

Elinore

Hi all,

So I am starting as I mean to go on. We exchanged last week and are looking to complete on the 27th.

We are rather late to the mortgage party (FTB) and are starting this journey in our mid-forties. So we have a bit of a mountain to climb. Right from the get go I am looking to start off our mortgage journey with the mind-set of chipping away at both the term and the interest payable.

London sized Mortgage - 308500

We will be paying back £1.60 for every pound that was leant us.
I have a two year aim to plough as much into the mortgage as we can for when our fixed rate ends so we can get a better deal, and then take on the mortgage as a whole.

My goal is to clear £8501 as soon as humanly possible. To do this in the two year margin its £355PCM

I am excited to see if we fail, meet or exceed this challenge. (I am determined too exceed, obviously!)

First Task – Food budget/meal planning /work lunches - there are saving to be made here to be done this week for next.

Moneyfordreams

Good luck

evansc1

Howdy Elinore :wave:

Congrats on the impending completion and well done on wanting to get straight in to minimising the mortgage!

Making lunches can be a very big straight up saver (especially if you have an Aldi or Lidl close by!). I know people that will spend near £10 a day on coffee, breakfast and lunch in the week! £200 a month :eek:

My current lunch option is pesto pasta and sausage with peppers and mushrooms (plus spices/seasoning and garlic). Doesn't have to be cheese sandwiches everyday Also, I cook mine up in one batch so then put it in the fridge or freezer for the rest of the week. Lot less fuss then.
Pasta 500g (good quality stuff) - £1.50
Sausages (good quality stuff) - £3
Pesto - £0.90
2 Peppers - £0.60
Half a tub of mushrooms - £0.40
Seasoning - £0.20 (at most)

£6.60 for the main source of your food for the working week. £26.40 a month (excludes snacks of course)!

McTaggus

Welcome to your journey from another South East sized MFW

Elinore

Hello all,

thank you for popping by

This week didn't get off to the best start. I paid off my car, which was great shes now owned by me..... she then went on to fail her MOT for the first ever time, typical.

As we have just started on this MFW road we dont have contingency savings yet for this type of thing (we normally have savings but the gaping hole that buying a house takes up in your finances has sucked every penny away)

so that was a blow.

This being said we have now saved enough that the removals, end of tenancy clean have now been paid for rather than being put on the credit card post completion.

We should arrive at the doorstep of the house just in credit (by a hairs breadth)

Luckily the house doesn't need any work we just have to change the flooring in one room, paint one room and put two kitchen cabinets and some worktop in.

This being said we also need to put a contingency fund in place for the boiler (its 10 year old, never serviced)

I had a full no spend week, so did the OH. Which as we both had time to kill in city centres while waiting for things to be done (me MOT/OH a meeting) was a minor miracle. We have also got a food plan set up to run down the freezers for the move.

So all in all week one wasn't too bad.

Elinore

Ugh just realised this mortage will be paid off in 2053 (I'll be 69!)

:eek:

A_Frayed_Knot

Welcome, and I know that feeling, my mortgage was due to finish when I was 70

However after joining this forum, I have managed to learn a lot off the MF ers, and have since reduced my mortgage to finish when I am 63. Target is Feb 2020 when I will be 60 although I have been egged on by MFW ers to reduce that to Dec 2019. All this after just having a mortgage for 4 and a half years.

You can do it ! ! ! Good Luck, but just remember it takes time to settle in a new house, and o/p's will be slow to start. Had good feedback today re my mortgage reducing mantra, so hope you don't mind me posting it below.

A_Frayed_Knot

Here it is,

“[FONT=&quot]I have a simple method to keep me motivated, only thing is to explain I make it sound complicated :eek: and only works if you have a sub account as well, but you could adjust to suit yourself.

• "Always have 0.00 at the end of your mortgage"
• This way the least/most you will pay is 9p or 9.99
• On flush days you could go for 00.00 at the end or even 000.00 :eek:

Today I o/p £20.39 as my mortgage plus sub account ended xx,720.39, next I will look at mortgage figure only which will be xx,279.61.

so I have the option of o/p 1p (don't laugh, a pennys, a penny), 61p, £9.61 or if very flush £79.61
next time I look at my mortgage plus sub account, and so it goes on. At the end of the month I usually aim for a nice round figure, maybe aiming for the xx,500.00 or xx,000.00 This has certainly kept me "interested" :Dshall we say:rotfl::D[/FONT]

A_Frayed_Knot

Elinore wrote: »

Ugh just realised this mortage will be paid off in 2053 (I'll be 69!)

:eek:

No, it will NOT, it will be paid off in 2044 (When you'll be 60 ) if not before

Elinore

Hi Frayed knot,

i LOVE your positivity.

Yup it will be paid off earlier as i just cant bear the thought.

Today is completion (fingers crossed) so by sometime this afternoon i should be saddled with a massive mortgage.....

and then the work to chip away at the beast starts, in earnest!

Elinore

Ps - the '00' tip is great and one i will be taking on