FinancialBliss: My mortgage free journey…

financialbliss

pavlovs_dog wrote: »

FB what's next after the mortgage is cleared? MSE won't be the same without your spreadsheets. You can't abandon us

Not quite sure how I missed that post. Although I'm technically going to be mortgage free within a few weeks, I've still got a stack of debt, although it's at 0%

Primary goal is to clear this without interest charges, ie before te various 0% deals end.

Next on the list is to establish myself with some savings. This is potentially more difficult than the mortgage. I'll address this in another post as it also forms my third year challenge objective.

FB.

financialbliss

Part of my 2012 objective was to cycle 12 recreational routes of 12 miles or more.

I did two recently, one of which was around part of the cycle track around Keilder water. '7' was Keilder. Took the bikes there and my son, Mrs Bliss daughter and I all did a route around part of the track running along / near the waterline. Wasn't as easy / flat as I'd been led to believe. Daughter was on my bike, but son (8) was on his own and did very well under the circumstances. He also did cycle '8' with me a few days later.

4.10 Cycle 12 recreational routes...
7. 26/08/12 - 13.08 miles / 2h 08m / 6.1 mph (avg) / 28.6 mph (max)
8. 28/08/12 - 13.27 miles / 1h 32m / 8.5 mph (avg) / 22.1 mph max)

Took a couple of photos (on smartphone), which I've just uploaded to photobucket:

First is about 3/4 of a mile from the dam:


Second is on the dam, looking back up Kielder water. Weather was turning and started raining on our way back:



Not just a numbers geek :rotfl:

FB.

Mortgage_Reduction_Novice

Well done on your cycle rides (with passenger too!), Keilder is such a beautiful place - I remember holidaying there as a kid.

Good going on the mortgage too... a steady reduction each month this year.

financialbliss

I talked earlier in the week about being net positive - mortgage compared to mortgage savings and I can confirm that yes I am - £625 positive, but that includes a regular saver I've just opened with £500 in it and at 6% I won't be closing that until next year - 12 months on.

1st September mortgage payment has cleared today and the mortgage balance is 15,395.44 - the mortgage balance alone.

Taking off ring fenced mortgage savings gives a net balance of...

:j:j:j 2,174.94 :j:j:j

Will update signature and graphs later this evening - haven't updated graphs in ages - as I'm popping out after lunch.

FB.

Tilly_MFW_in_6_YRS

Hi FB, what a fantastic achievement and a lot of hard work behind the scenes. You have been a real inspiration and I look forward to being in the same position.

Best wishes Tilly

gallygirl

That is great news FB, well done :T. You've been a great inspiration and cheerleader, great to be congratulating you :kisses3:.

financialbliss

Copy of post to MFiT-T3 challenge...


Well I’m nearly 100% certain now that I’ll be leaving the second challenge being mortgage free. Have always aimed for 12/12/12 as this was a date I had in mind for 5+ years, and I will be mortgage free before that.

Still not going to cough to an exact date, but I expect to be transferring £14,500 or so of savings into the mortgage account sometime in October 2012 to become mortgage free.

Haven’t decided if I break the news here on MSE first or tell Mrs Bliss, but that’s perhaps one for my own diary.

So my third challenge is definitely a savings goal.

Three major issues:
1) The mortgage is required spending. Default and you risk loosing your home. Savings is entirely discretionary.
2) I’ve over £12,500 of credit card debt – ok at 0% - slow stoozing but needs repaying in 2013
3) I’m going to Florida in 2013 and this needs paying for.

My mortgage payment is £887.41 – 36 x £887.41 is £31,946.76, so theoretically I should be able to afford this over three years. Isn’t going to happen because of ‘2’ and ‘3’.

But I think I can afford to save £25,000 and as a bit of a stretch, I’m going to add a further £5k on to make £30,000 - a nice round £10,000 per year.

Expect to make practically no impact into the £30k in year one, but bounce back in years two and three.

Well that’s the plan for the moment at least.

Financial Bliss.

irishlassie

I have just finished reading your diary, all 94 pages!!
(I've been of work sick with the flu) First of all I would like to say congrats on reaching the finishing line of your MF journey and thank you. Because of you and people like you I have finally made the decision to a, write my first post and b, become mortgage free

Cant wait to find out how you broke the news to Mrs bliss!!

hope to start a MF diary soon:T

Mortgage_Reduction_Novice

financialbliss wrote: »

Haven’t decided if I break the news here on MSE first or tell Mrs Bliss, but that’s perhaps one for my own diary.

Tell Mrs Bliss first.

Mortgage_Reduction_Novice

I read this and thought of you... http://www.bbc.co.uk/news/magazine-10965608