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Our quest for mortgage neutrality

edited 2 December 2019 at 11:39PM in Mortgage-Free Wannabe
101 replies 10.2K views
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Replies

  • edited 3 June 2019 at 10:24PM
    The_frugal_fairyThe_frugal_fairy Forumite
    87 posts
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 3 June 2019 at 10:24PM
    So as of the 3rd of June the balance of the mortgage is £32,341.36 with this month’s overpayment will achieve a balance of less than £31,000. The further advance has been paid off so we only have one mortgage now. We have left the 40’s behind and have hit the low 30’s this month.

    Milestone reward of under £30,000 – time to look at holidays.

    Mortgage statistics
    • A capital reduction of £1,837.97 £946.54 less than last month. At this rate we would be mortgage free in 10 months.

    • Two bricks coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 20.78% of the mortgage, at new year 2018 this was 41.76%, so 20.98% will have been paid since then so this month 79.22% 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, 13% of value is mortgaged. So the house is ours just paying for garden and garage now !

    • Also interest £5.57 ( January 2018) down to £1.77, £3.80 a day less in interest each day (£117.80 less a month in interest). Very happy with this and are now under £2 per day. Looking forward to £1.50 per day in a few months.

    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.
    • Four bay sales this month - £143.37, I do find sales get me motivated and this is the best month I have had in ages. Will give myself a goal of £200 for June. Spending time reducing and improving listings. Plus finding more items, hubby has sold a few things too.

    • 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.
  • The_frugal_fairyThe_frugal_fairy Forumite
    87 posts
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Just checked and on 31.12.17 balance £64,998.00. 18 months later it is below £32,499.00, we have halved the mortgage. Possibly by November we will be 50% less again to £16,249.50. Setting really ambitious goals really pushes me to overpay.
  • LadyGnomeLadyGnome Forumite
    557 posts
    Fifth Anniversary 500 Posts Combo Breaker
    ✭✭
    :TAmazing progress:T
    Mortgage
    Start Nov 2012 £310,000
    Dec 2020 £190,237.55
    Reduction £119,762.45

    End Sept 2034 (but I have a cunning plan...)
  • HettyhoundHettyhound Forumite
    621 posts
    500 Posts Second Anniversary
    ✭✭
    Hi Frugal Fairy,

    Fantastic progress! Off to buy some marbles today, love that idea. I can see how far I’ve come every time I wash up!
    Grocery challenge December £222.40/£220; January £153.09/£200
    SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98
    MFW #90 Mortgage start Dec 2015 £79,950; January 2021 £47,707.37 2021 OP £415/£4800
  • The_frugal_fairyThe_frugal_fairy Forumite
    87 posts
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Fantastic, have you got your marbles ?
  • HettyhoundHettyhound Forumite
    621 posts
    500 Posts Second Anniversary
    ✭✭
    Yep. Used a Smyths voucher my son got for Christmas so cost me nothing, did spend the rest on the boy though. Explained to him what it was for in the hope he doesn’t pinch the marbles for himself!
    Grocery challenge December £222.40/£220; January £153.09/£200
    SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98
    MFW #90 Mortgage start Dec 2015 £79,950; January 2021 £47,707.37 2021 OP £415/£4800
  • Free marbles are the best sort :) Must sort mine out tomorrow,
  • edited 1 July 2019 at 2:12PM
    The_frugal_fairyThe_frugal_fairy Forumite
    87 posts
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 1 July 2019 at 2:12PM
    So as of the 1st of July the balance of the mortgage is £30,341.84 with this month’s overpayment will achieve a balance of less than £30,000, so excited about this. The further advance has been paid off so we only have one mortgage now. We have left the 40’s behind and have hit the ultralow 30’s this month.

    Milestone reward of under £30,000 – time to look at holidays, in process of looking 😊

    Mortgage statistics
    • A capital reduction of £ 1,999.52 - £161.55 more than last month. At this rate we would be mortgage free in 10 months.

    • Two bricks coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 19.49% of the mortgage, at new year 2018 this was 41.76%, so 22.27% will have been paid since then so this month 80.51% of the house is ours. Aiming for 80% by end of June 2019, goal met July 2019. Aiming for 85% for September.

    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £260,000, 11.5% of value is mortgaged. So the house is ours just paying for garden and garage now !

    • Also interest £5.57 ( January 2018) down to £1.65, £3.92 a day less in interest each day. Very happy with this and are now under £2 per day. Looking forward to £1.50 per day in a few months.

    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.
    • Three bay sales this month - £74.64, I do find sales get me motivated and this is a good month. Will give myself a goal of £200 for July. Spending time reducing and improving listings. Plus finding more items, hubby has sold a few things too.

    • 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.
  • kaycastlekaycastle Forumite
    202 posts
    Third Anniversary 100 Posts Name Dropper Photogenic
    ✭✭
    This is amazing. I like the way you do your updates.
    You are so close. Brilliant work! Well done!
    Mortgage: Oct 2017:£228k, May 2020: £206k., November 2020: 198k
    Goals: £121k by 2024. Mortgage free in 10 years.
    Emergency fund goal: £4200
  • Mid month update. Just made the best overpayment, as we are no longer in the 30's. Today's balance is 29,212.99. A few sales on ebug and we will
    be at 28k:beer::beer:
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