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Mortgage free by my own merit

edited 5 January 2019 at 10:59PM in Mortgage-Free Wannabe
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  • GlendaSugarbeanGlendaSugarbean Forumite
    689 posts
    500 Posts First Anniversary Photogenic
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    Congratulations on your first OP! I'm in a similar situation - wanting to OP but not a great deal of spare income per month. But even the small amounts I've managed so far will knock a couple of years off the mortgage term if I keep them up.

    Have you tried playing around with some mortgage calculators to set some small and realistic goals?
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
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    Congratulations on your first OP! I'm in a similar situation - wanting to OP but not a great deal of spare income per month. But even the small amounts I've managed so far will knock a couple of years off the mortgage term if I keep them up.

    Have you tried playing around with some mortgage calculators to set some small and realistic goals?

    I could spend all day playing with mortgage calculators!!!
    My current plan is to pay any excess money (overtime and extra work I take on) straight into overpaying the mortgage. If I pay it in straight away it won't end up disappearing with nothing to show for it!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
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    Our yearly mortgage statement arrived in the post last week, which included the £100 overpayment I'd made last month. The interest added each month at the start of the year was £237.80 and this has now gone down to £229.58. I could literally spend all day playing with figures and working out the interest drop if I overpaid by so much!
    I'm working loads this month. I have a website redesign due for a client, and am in the middle of moderating for an exam board, as well as taking on two extra night shifts at the supermarket at the end of the month. Money from all three won't come through until July, but hopefully I'll be able to overpay a fair chunk then! Fingers crossed!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
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    Another overpayment of £100 made!
    I've been feeling very 'meh' this week. Perhaps it's the weather? I haven't been able to concentrate on my work all day and felt like I needed to get something productive done before the day was out at least!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
    ✭✭
    OK, new target for the remainder of the year...overpay each Friday (the day my son is in nursery so I actually have a day to get myself organised in the office!) - a minimum of £50 each week. Ideally somewhere between £100-£150 though.
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
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    Entirely free meal out tonight! In the past, my husband and I have always saved our Tesco vouchers for a few nights away each year, but we hadn't been away using them since Feb last year. We had nearly £300 of vouchers when converted! I suggested a trip to Pizza Express which went down very well with both husband and toddler. Free food always tastes nicer than food which has been paid for. Fact! 😂
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
    ✭✭
    After so many positives just lately something was bound to go wrong!
    Husband's car failed the MOT this morning. The garage wanted £800 to get it through on a retest. We only paid £750 for the car four years ago, so that's not an option.
    I think we're going to go back to being a one car family again for a while. We did this for about 7-8 months whilst I was pregnant as my husband and I both worked in the same general direction and could share lifts. Obviously from a money point of view, going down to one car is better in the short term. We don't have that £800 garage bill to pay, or the cost of buying another car and we won't need to renew the insurance in a couple of weeks and will also be able to claim some tax back.
    But, it will limit what we are able to do slightly. I work nights and my husband works days, so car sharing won't be a problem in that sense, but it will mean we will struggle to get my son to his swimming lessons during the week which he loves so much, I won't be so flexible to visit my Dad as much as I have done since my Mum died (he lives 100 miles away) and I'll need to walk the three miles each way to collect our son from nursery on the one day of each week that he attends. It is doable, but will require a fair bit of forward thinking!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
    ✭✭
    This week I've become addicted to reading the Mortgage Free Roll of Honour thread and it's left me feeling so inspired for the coming months. Through that I discovered the BBC programme 'Pay Off Your Mortgage in 2 Years' and I've been binge watching on YouTube.
    As we're down to one car now and my husband recently had a payrise and we reorganised the way we organised our finances I thought I should probably update my breakdown of monthly spending, if only for my own records.
    We no longer keep back £200 each in our own accounts as 'fun money'. All this meant was my husband used his on football and food and mine sat in the account until I needed it to top up the joint account for bills next. Now, everything goes into the joint account (apart from £35ish which is for my husband's mobile bill - his bank account requires him to have a direct debit from his account each month, so we've left this in his account. His student loan, childcare and pension figures aren't included in these figures either as all come straight from his wages at the end of each month.
    Updates as follows:

    Incoming:
    His wage: £2055
    My supermarket wage: £347
    Child support: £80.40
    My regular freelance social media contract: £200
    My paperround: £60
    My regular website updates contract: £15
    Total incoming: £2757.40 This doesn't include any overtime I take on at the supermarket, any leaflets added to my paperround (an extra £25 per month), any surveys I do during the week, anything we make from matched betting and any freelance social media work/graphic design work I add to my workload. It also doesn't include my coursework moderation from the exam board I take on each Summer (£1000-£2000 on average each year.)

    Outgoing:
    Mortgage: £685
    Council tax: £155
    Water: £52
    Gas/electric: £88
    Landline/internet: £50
    My mobile: £35
    House insurance: £30
    Car insurance: £21
    Car tax: £10.50
    MOT: £10
    Netflix: £8
    Cat: £15
    AA: £15
    Contacts: £10
    Child swimming lessons: £31
    One cafe meal out each per week (toddler group/work lunch): £35
    Kids accounts (We put £1 a week away for each of our blood nieces and nephews and £2 per week away for our son.): £31
    Food: £220
    Petrol £220
    Total outgoing: £1721.50

    I feel like we live on a fairly modest budget. We don't buy new clothes/toys/etc and very, very rarely go out. We don't have family nearby so childcare isn't an option. The outgoings obviously don't include things like Christmas presents/weddings/Christenings/etc that crop up randomly throughout the year. (We have one Christening and three weddings to go to this year for example, but it's unlikely we will have any to attend next year.) I'm working on the basis that the overtime and extra work I take on will cover these types of expenses though.

    So, £2757.40 - £1721.5 = £1035.90. Even putting aside £500 into an emergency fund/savings each month we should still be able to overpay by £500 per month. (Fingers crossed!)

    ...Now about to ring up and overpay another £100...
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    220 posts
    100 Posts First Anniversary
    ✭✭
    Just rang up and overpaid my weekly £100. Spoke to the online banking team and they have finally got my mortgage statement up and running online! The statements don't appear on the app on my phone. It just shows a total amount owed there, but I can at least log on and view the transactions and interest online now.
    I am feeling so motivated to overpay this month!!!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £119,116.12 Current mortgage end date: June 2038
    Total overpayments so far: £2975
    MFW 2020: £1460 / £5000
    Daily interest: £7.59 > £6.83
  • longway2golongway2go Forumite
    494 posts
    Part of the Furniture 100 Posts Name Dropper
    ✭✭
    Hi,

    Just read and really enjoyed your diary. You seem to be balancing lots. Keep going.... I will subscribe when I work out how.

    Do you still use the Money dashboard app? Do u still find useful.

    How time consuming is match betting and how do I set it up please?

    Thank you for your inspiration. I can't wait to actually op!
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500 woop!! Sep 2020 144380 :-)

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
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