Our quest for mortgage neutrality

The_frugal_fairy

:)November update

Just realised £10,000 less than May this year, feeling motivated.:rotfl::rotfl::rotfl:

The_frugal_fairy

So as of the 3rd of December the balance of both mortgages is £ 43,909.85 with this months overpayment will achieve a balance of less than £43,000.:beer::beer::beer::T
Reward for reaching this milestone to be sorted last month tried and failed, new stools for breakfast bar, present ones 12 years old and broken. Kind of given up on this being so frugal determined to find ones that are right for us. Any suggestions for shops to try ? Still looking.

Need new bread machine and microwave, maybe we should get these instead of the stools.
At least holiday for the next milestone is booked.

A capital reduction of £ 1,769.41 £249 less than last month, due to Christmas reducing overpayment. At this rate we would be mortgage free in 22 months.
• Two bricks coloured in.
• I get impatient and forget that good progress is being made so checked we owe 28.21% of the mortgage, at new year this was 41.76%, so 13.55% will have been paid this year So this month 71.79% of the house is ours. Aiming for 75% by February 2019.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 20% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 down to £3.99, £1.58 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.
Money saving activities
• No bay sales frustrating as I have had unpaid item this month and someone showing lots of interest then not buying, more things found to list too and reductions been made to starting prices. Really need to start putting more time to this, I do find sales get me motivated. Will give my self a goal of £150 for December.
• Decorating and decluttering being done. Trying to decorate with supplies we already have.
• Forward projections done to try and achieve the balance starting with 3 in February 2019. Determined to do this and aleady considering where to book holiday to celebrate the milestone, holiday booked. Found it so deposit paid and TCB used.
• Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
• Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Plusnet would this be a good money saving move ?
• Planning autumn birthday presents and Christmas presents, I already have some will be great to tick those recipients off my list. Then I can plan budget and gifts to be bought/made. Birthday presents bought and half of the Christmas presents. Have wrapping and cards from last year so this is to be used before I buy more.
:j:j:j

The_frugal_fairy

So as of the 2nd of January the balance of both mortgages is £42,283.36 with this months over payment will achieve a balance of less than £41,000. :T:T:T:T

Under £50,000 – holiday booked.
Under £40,000 – milestone needed.

A capital reduction of £1,626.49 £143 less than last month, due to Christmas reducing overpayment. At this rate we would be mortgage free in 21 months.
• One brick coloured in.
• I get impatient and forget that good progress is being made so checked we owe 27.17% of the mortgage, at new year 2018 this was 41.76%, so 14.59% will have been paid this year so this month 72.83% of the house is ours. Aiming for 75% by February 2019.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 17% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 down to £3.76, £1.81 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

Money saving activities
• Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
• Two bay sales this month, I do find sales get me motivated. Will give my self a goal of £150 for January.
• Decorating and decluttering being done. Trying to decorate with supplies we already have.
• Forward projections done to try and achieve the balance starting with 3 in February 2019.
• Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
• Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?

The_frugal_fairy

So as of the 1st of February the balance of both mortgages is £ 40,488.03 with this month’s overpayment will achieve a balance of less than £40,000.

Under £50,000 – holiday booked.
Under £40,000 – milestone needed.

A capital reduction of £1,795.33 - £168.84 more than last month. At this rate we would be mortgage free in 20 months.
• Two bricks coloured in.
• I get impatient and forget that good progress is being made so checked we owe 26.02% of the mortgage, at new year 2018 this was 41.76%, so 15.74% will have been paid since then so this month 73.98% of the house is ours. Aiming for 75% by end of February 2019.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 16.2% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 ( Jan 2018) down to £3.58, £1.99 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

Money saving activities
• Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
• One bay sales this month, I do find sales get me motivated. Will give my self a goal of £150 for February.
• Decorating and decluttering being done. Trying to decorate with supplies we already have.
• Forward projections done to try and achieve the balance starting with 3 in February 2019.
• Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
• Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?

The_frugal_fairy

March 2019

So as of the 1st of March the balance of both mortgages is £ 38,955.53 with this month’s overpayment will achieve a balance of less than £38,000. We have left the 40’s behind. :money:
I have also signed up for a new fixed deal today for two years. Five months before the existing deal is up we can fix and the new deal starts on the 1st of May. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
Milestone reward of under £40,000 – bar stools found in Next 😊.

A capital reduction of £1,532.50 - £262.83 less than last month, due to a cashflow issue. At this rate we would be mortgage free in 18 months.
• Two bricks coloured in.
• I get impatient and forget that good progress is being made so checked we owe 25.03% of the mortgage, at new year 2018 this was 41.76%, so 16.73% will have been paid since then so this month 74.97% of the house is ours. Aiming for 75% by end of February 2019, only 0.03% away.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15.6% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 ( Jan 2018) down to £3.57, £2.00 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

Money saving activities
• Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
• Two bay sales this month - £78, I do find sales get me motivated. Will give my self a goal of £150 for March.
• Forward projections done to try and achieve the balance starting with 2 in August 2019.
• Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
• Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?

The_frugal_fairy

So as of the 1st of April the balance of both mortgages is £ 36,963.84 with this month’s overpayment will achieve a balance of less than £36,000. We have left the 40’s behind and will hit the mid 30’s next month.
I have also signed up for a new fixed deal for two years. Five months before the existing deal is up we can fix and the new deal starts on the 1st of May, only 24 days away. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
Milestone reward of under £30,000 – time to look at holidays.:j:j:j:j:j:j:j

A capital reduction of £1,991.69 - £459.19 more than last month. At this rate we would be mortgage free in 17 months.
• Two bricks coloured in.
• I get impatient and forget that good progress is being made so checked we owe 23.76% of the mortgage, at new year 2018 this was 41.76%, so 18% will have been paid since then so this month 76.24% of the house is ours. Aiming for 80% by end of July 2019.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 ( January 2018) down to £3.27, £2.30 a day less in interest each day. Very happy with this and are now under £3.50 per day. In May with rate change will be under £2 a day which is amazing. When it hits £1.85 it will be a third of the January 2018 figure.

Money saving activities
• Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
• One bay sales this month - £28, I do find sales get me motivated. Will give myself a goal of £200 for April. Spending time reducing and improving listings.
• Forward projections done to try and achieve the balance starting with 2 in August 2019.
• Doing really well shopping with these questions ;-
o does it spark joy?
o do I need this item?
o where will it go in my house ?

• Only spent £8 in the new CK outlet in York, feeling proud. Will be returning to buy presents.

The_frugal_fairy

So as of the 1st of May the balance of both mortgages is £ 34,179.33 with this month’s overpayment will achieve a balance of less than £33,000. We have left the 40’s behind and have hit the mid 30’s this month.
I have also signed up for a new fixed deal for two years which started today. Five months before the existing deal is up we can fix. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
Milestone reward of under £30,000 – time to look at holidays.

A capital reduction of £2,784.51- £792.82 more than last month, really happy with this. At this rate we would be mortgage free in 15 months.
• Two bricks coloured in.
• I get impatient and forget that good progress is being made so checked we owe 21.96% of the mortgage, at new year 2018 this was 41.76%, so 19.8% will have been paid since then so this month 78.04% of the house is ours. Aiming for 80% by end of June 2019.
• Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15% of value is mortgaged. So the house is ours just paying for garden and garage now !
• Also interest £5.57 ( January 2018) down to £1.90, £3.67 a day less in interest each day. Very happy with this and are now under £2 per day. When it hits £1.85 it will be a third of the January 2018 figure.

Money saving activities
• Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
• One bay sales this month - £8.50, I do find sales get me motivated. Will give myself a goal of £200 for May. Spending time reducing and improving listings.

• Forward projections done to try and achieve the balance starting with 2 in July 2019.
• Doing really well shopping with these questions ;-
o does it spark joy?
o do I need this item?
o where will it go in my house ?

• Planning the things I want to fix in the house. Looking on line for ideas but not spending money. So it should be cheaper and easier when we do the work in the future.

jodles16

Hi Frugal Fairy,



What amazing progress you are making! I love the countdowns and the bullet points!


Jodles

The_frugal_fairy

Thanks, I find it really good each time we make the mortgage payment to see where we are and how long to go to it is repaid Have you got a diary ?

The_frugal_fairy

Just realised I started this diary one year ago. A reduction of £22,264.52 feels like a real achievement. Hopefully in 2020 we will have a tiny mortgage balance :j:j:j:j:j:j:j