Slow and steady wins the race (we hope!)

Rach273
Rach273 Posts: 81
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edited 1 February 2021 at 10:11AM in Mortgage-free wannabe
An attempt to remain accountable to the mortgage free by 50 goal as I have now been a homeowner for a whole year!

A bit of background - bought a 75% shared ownership property in September 2017 . Mortgage of £135,000 fixed for 5 years at 3.19% (thanks to irresponsible ex ruining my credit score).

Outstanding balance as of today £130,410.02 I have managed to make modest overpayments totalling £1,306.61 and aiming for a similar amount to come off over the coming 12 months.

Medium term plans are to pay down as much as possible by spring 2020, before selling up and moving into a larger family sized home with partner.

We are still undecided as to whether we try and rent out his property - so potentially another concurrent target to save £12k for stamp duty.

Longer term plans include marriage and offspring whilst still keeping the end goal of mortgage free by 50 in mind.

I will try and update this monthly, wish me luck!

2017 Overpayment Capital balance
Sept £383.19 £134,888.27
Oct £255.54 £134,108.08
Nov £102.06 £133,748.04
Dec £1.47 £133,499.26

2018 Overpayment Capital balance

Jan £251.18 £133,000
Feb £15.96 £132,700
Mar £49.84 £132,400
Apr £37.56 £132,100
May £48.13 £131,800
Jun £35.86 £131,500
Jul £46.54 £131,200
Aug £45.67 £130,900
Sep £33.61 £130,600
Oct £44.05 £130,300
Nov £31.93 £130,000
Dec £42.53 £129,700

2019 Overpayment Capital balance

Jan £41.72 £129,400
Feb £106.89 £129,000
Mar £139.66 £128,600
Apr £27.51 £128,300
May £37.89 £128,000
Jun £125.79 £127,600
Jul £35.94 £127,300
Aug £35.13 £127,000
Sep £123.11 £126,600
Oct £33.24 £126,300
Nov £21.47 £126,000
Dec £131.42 £125,600

2020 Overpayment Capital balance

Jan £30.73 £125,300
Feb £8.11 £125,000
Mar £128.94 £124,600
Apr £17.02 £124,300
May £27.08 £124,000
Jun £115.24 £123,600
Jul £25.19 £123,300
Aug £24.43 £123,000
Sep £112.87 £122,600
Oct £22.48 £122,300
Nov £11.09 £122,000
Dec £20.85 £121,700

2021 Overpayment Capital balance

Jan £20.31 £121,400
"It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
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Comments

  • beanielou
    beanielou Posts: 89,247
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    Happy shiny new diary :)
    Good luck!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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  • julicorn
    julicorn Posts: 2,272
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    Happy new diary Rach! :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • Thanks both!


    So mortgage stats for year 1;


    Capital Balance was £135,000 now £130,600.
    Interest per day was £11.80 now £11.39.
    Overpayments of £1,306.61 made.
    Interest of £2,228.15 saved
    Term reduced by 3 months.
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Hello all, today my payslip arrived ahead of Friday's pay day, so I have been busy setting my budget for October and reassessing my goals.

    Dare I mention the C word? less than three months to Christmas now and already the panic is setting in. I do not want to end up panic buying expensive presents on Christmas Eve again this year. so I need to give that some thought.

    I have also been thinking about building up some savings funds as my car clicked over into 130,000 miles and I realised it's not actually going to last forever.

    Current savings stats;

    £1,000 in emergency fund
    £403.74 in House/DIY fund - I want to build this up to £2,000 so I have a decent buffer.
    £0 in replacement car fund - New aim is to put at least £150 a month into this and try and build up to £5k before my current vehicle dies.
    £193.96 in long term savings - this is ridiculous. long term aim is to have £10k in here. Must be more proactive as I have been very lax to date.


    October Goals;
    Stay within fuel budget of £150pcm (averaging £156.57 pcm this year to date).
    Grocery budget set at £130 for the month - I am really good at meal planning and shopping but then blow it all by going out for dinner and taking it from the grocery budget rather than my spending money - this will stop!!
    Buy at least 3 Christmas presents...


    This should leave me with enough spare to round down the mortgage to the nearest £100, taking me to £130,300 and a LTV of 82.47%
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Sorry, butting inn! Just come off your SP note on the energy bored! Your cost of utility at £150 is a bit high? Are you all electric? make sure you are no the best tariff!
  • Rach273
    Rach273 Posts: 81
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    Sorry, butting inn! Just come off your SP note on the energy bored! Your cost of utility at £150 is a bit high? Are you all electric? make sure you are no the best tariff!


    Hi Blackbeard, thank you! But the £150 fuel is for the car - I live rurally with no public transport provisions and despite my car averaging 65mpg i'm still filling up 3-4 times a month :(
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Rach273
    Rach273 Posts: 81
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    Hello all, November payslip in hand and budgets for November look tight but manageable.

    Savings have not increased as i had originally planned, as I have invested in a dehumidifier. Hopefully I will see a payoff in savings on heating, as despite the cold snap I haven't had to turn the heating on just yet, the dehumidifier is making the whole house feel noticeably warmer.

    Current savings stats heading into November;

    £1,000 in emergency fund
    £276.41 in House/DIY fund
    £17.56 in replacement car fund (every little helps!)
    £229.49 in long term savings


    In other savings news I have opened a stock and shares ISA and set up a direct debit for £25 per month. This is separate to all other savings targets and the sole purpose is to build up a fund to potentially plug the gap between early (or at least earlier) retirement and drawing my pension. I have a very good defined benefit pension, but the figures change quite significantly if you look to draw down before state pension age. This will have an effect on the amount available to overpay the mortgage, but hopefully I am doing the right thing for the future.


    November Goals;
    Stay within fuel budget of £150pcm - managed £141.22 in October!
    Grocery budget set at £130 for the month - £152.77 spent in October, but this is much improved from September so we are heading the right way.
    Buy at least 3 Christmas presents... - Didn't happen in October, but I have at least written a list.

    This should leave me with enough spare to round down the mortgage to the nearest £100, taking me to £130,000 and a LTV of 81.36%, daily interest £11.34.
    In fact my mortgage will drop below £130k as soon as my November mortgage payment is taken, so lovely to move down into the £120k bracket.
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Hello all, December payslip has arrived so time to update the blog.

    Savings have done well this month despite an expensive MOT, but won't increase next month as need to do my Christmas shopping.

    Current savings stats heading into December;

    £1,000 in emergency fund
    £723.33 in House/DIY fund
    (£159.52) in replacement car fund thanks to the annual MOT/Service
    £452.73 in long term savings
    £2016.54 Total

    Plus the £25 per month going into a S&S ISA

    December Goals;
    Stay within fuel budget of £150pcm - slight overspend of £5.33 in November
    Grocery budget set at £130 for the month - £151.33 spent in November, so I may have to review this budget upwards as I wonder if £130 is unachievable for me
    Stick to budget when Christmas shopping so that savings and overpayments remain on target.

    This should leave me with enough spare to round down the mortgage to the nearest £100, taking me to £129,700 and a LTV of 81.09%, daily interest £11.32.
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Rach273
    Rach273 Posts: 81
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    Happy New Year everyone!


    I'm trying to be positive about 2019, but I have a big birthday this year so I'm feeling a bit old and work isn't great at the moment... Oh well I have a lovely holiday to look forward to in February - must stop moping.

    Savings stats at the start of January;

    £1,000 in emergency fund
    £685.58 in House/DIY fund
    (£11.75) in replacement car fund thanks to the annual MOT/Service
    £617.43 in long term savings
    £2,291.26 Total

    Plus the £25 per month going into a S&S ISA.

    January Goals;
    Stay within fuel budget of £150pcm (spent £147.70 in December)
    Grocery budget set at £130 for the month - £114.68 spent in December thanks to not hosting Christmas this year
    I went over budget on Christmas presents by £88 so need to try and recoup this back over the next few months.
    Mortgage wise the plan is to round down to the nearest £100, taking me to £129,400 and a LTV of 81%, daily interest £11.29.
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
  • Rach273
    Rach273 Posts: 81
    First Anniversary First Post
    Forumite
    January payslip has arrived so time to update the blog...

    Reviewing my last post i was trying to be positive about 2019, but with news of an imminent restructure at work and potential redundancy I have to admit, I am feeling rather anxious about the future.
    I'm trying not to let it get to me, and I am off on an amazing 3 week holiday next week, so will hopefully avoid most of the doom and gloom that will inevitably occur during the consultation period.

    Savings stats at the start of Feb;

    £1,000 in emergency fund
    £688.21 in House/DIY fund
    £51.98 in replacement car fund (back in the black!)
    £644.32 in long term savings
    £2,364.51Total

    Plus the £25 per month going into a S&S ISA.

    February Goals;
    Fuel budget reduced to £50 this month as I will only be here for the first week.
    Grocery budget set at £30 for the month
    Stay within my holiday spending money budget and do not dip into any other accounts!
    Use the money saved on groceries and fuel to reduce the mortgage and increase my savings.
    I should be able to round the mortgage down to a nice round £129,000, giving me a LTV of 81%, daily interest £11.26.
    "It’s all about balance, do you see? Balance is the trick. Keep the balance and—” She stopped. “You’ve ridden on a seesaw? One end goes up, one end goes down. But the bit in the middle, right in the middle, that stays where it is. Upness and downness go right through it. Don’t matter how high or low the ends go, it keeps the balance.”
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