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  • FIRST POST
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 16th Oct 18, 10:30 AM
    • 102Posts
    • 273Thanks
    OhtobeMortgageFree
    Mortgage free by my own merit
    • #1
    • 16th Oct 18, 10:30 AM
    Mortgage free by my own merit 16th Oct 18 at 10:30 AM
    I've finally plucked up the courage to start a Mortgage Free thread here after being inspired by so many. I'm hoping that the accountability will help keep me focused and on the straight and narrow to hopefully see my Husband and I mortgage free before I turn 40. (It's my 34th birthday at the end of this month.)
    Our current mortgage is 132,829.12 and we have 20.5 years left with our current provider. We're in a 5 year fixed deal with four years remaining, paying 685.64 per month at the moment. So far we haven't overpaid our mortgage but this is something I want to start looking into.
    My husband works full-time and I was a full-time teacher before leaving school to start a family. I now work a variety of part time jobs (night work in a supermarket, exam marking, resource writing, a newspaper round and website design) around my two year old son who I have at home with me six days a week. (He's in nursery on the other day.)
    My husband and I put together a large safety net of savings before I finished my teaching job but my Mum got really sick last year and so along with my son I traveled to visit her three-four days each week for several months before she died. She lived 100 miles away so our savings quickly turned into petrol money and soon disappeared.
    Every time I mention wanting to be mortgage free to my Dad he comments that it's not something I should think about as he intends on leaving me property when he dies but being mortgage free is something I want to achieve by my own merit, not just because I inherit something further down the road. I want my son to grow up knowing the true value of money as well and seeing that hard work does pay off.

    Husband salary: 1895
    Supermarket wage: 400
    Child allowance: 80.40
    Other income (minimum): 100
    Total income: 2475.40

    My husband and I each keep back 200 of our wages (not added in above) to pay for personal things such as our mobile phone bill, clothes and hobbies.

    Monthly outgoings:
    Mortgage - 685
    Council tax - 155
    Water - 52
    Gas/Electric - 88
    Phone/internet bill - 50
    Food/household shopping - 200
    Car expenses (2 cars) - 500
    Gifts - 50 (this includes money we put away each week for all our nieces/nephews
    Cat - 15
    Swimming lessons - 40
    Nursery - 188 (although we use Childcare vouchers so don't pay tax on this)
    Home Insurance - 30
    Netflix - 8
    Savings/Emergency fund - 500

    Total outgoings: 2422
    Last edited by OhtobeMortgageFree; 05-01-2019 at 8:59 PM.
Page 1
    • bexster1975
    • By bexster1975 16th Oct 18, 10:52 AM
    • 1,419 Posts
    • 6,803 Thanks
    bexster1975
    • #2
    • 16th Oct 18, 10:52 AM
    • #2
    • 16th Oct 18, 10:52 AM
    Hello and welcome

    I am also a former teacher who now works for themselves in a range of capacities, some very like yours.

    You will never regret paying off your mortgage, it will free you up in ways you never imagined. Do you have a plan for OPing? Us your emergency fund now non-existent?

    If you don't have an EF I'd be tempted to start there. Once you have however much you want as your safety net, start MF planning.

    I can't comment much on your SOA as it doesn't have lots. I'd say you might want to look at your phone and Internet cost once you are out of contract, two cars at 500 a month seems steep, but depends on what cost includes ( I.e is that the HP charge?) beg you could reduce home insurance too if that's monthly.

    Otherwise, I wish you the very best of luck.

    Bexster
    • Hazelnutty
    • By Hazelnutty 16th Oct 18, 11:25 AM
    • 211 Posts
    • 1,108 Thanks
    Hazelnutty
    • #3
    • 16th Oct 18, 11:25 AM
    • #3
    • 16th Oct 18, 11:25 AM
    Welcome!

    I'd agree about the EF and maybe including pots for other annual expenses like insurance and holidays? I'm also trying to build up a small pot as back-up for pet costs as well as less regular costs like school uniform and haircuts. Although these can usually be absorbed when they arrive I find it a relief to know there's a pot for it and I'm not trying to 'find' the money at the time. Then OPs can be made without worry (if that makes sense)

    Anyway, looking forward to keeping up with your diary
    • Saving Glut
    • By Saving Glut 16th Oct 18, 11:27 AM
    • 205 Posts
    • 1,514 Thanks
    Saving Glut
    • #4
    • 16th Oct 18, 11:27 AM
    • #4
    • 16th Oct 18, 11:27 AM
    Welcome and good luck! You won’t regret it!
    IO BTL1 Mortgage was 97,693.54 on 09/08/18; 86,230 on 08/05/19.
    Sealed Pot Challenge 12: #078: 150.36
    Make 2019 in 2019: 1,351.53 / 2019
    • Kittenkirst
    • By Kittenkirst 16th Oct 18, 12:26 PM
    • 2,132 Posts
    • 11,870 Thanks
    Kittenkirst
    • #5
    • 16th Oct 18, 12:26 PM
    • #5
    • 16th Oct 18, 12:26 PM
    Happy new diary

    I'd second having an emergency fund stashed somewhere for peace of mind and then just start OP'g.

    I do Tilly tidies (TT's) where I sweep my accounts regularly for the loose change e.g. if the joint account is at 61.45 I'll OP 1.45. We don't notice such small amounts but they add up over time
    2019 MFW #201172.70/ 4500 26%

    Mort- Oct16 170.995 (end Nov 2041) Dec18 152,838

    Overpayments 2016 255.50 2017 2600.40 2018 4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • beanielou
    • By beanielou 16th Oct 18, 7:05 PM
    • 65,661 Posts
    • 295,691 Thanks
    beanielou
    • #6
    • 16th Oct 18, 7:05 PM
    • #6
    • 16th Oct 18, 7:05 PM
    Hello

    So no debts then?
    500 on two cars seems a bit steep.
    Can that be cut down at all?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 16th Oct 18, 10:08 PM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    • #7
    • 16th Oct 18, 10:08 PM
    • #7
    • 16th Oct 18, 10:08 PM
    Hi all! Thanks for responding to my post! Nice to see another ex-teacher on here too! ��

    Our emergency fund currently stands at about 6000. We've been putting aside 500 of our monthly income for the past year to try and build this up and this is a level I feel comfortable with so am now happy to start putting money aside for overpayments.
    In the short term the plan for overpaying is as follows...
    I am contracted to work one night at the supermarket each week (at just over 100 per night) so any overtime I take on in the build up to Christmas will go into our overpayments pot, along with any other odd bits of extra work I pick up. (I have a couple of design projects on the cards currently.) My brother used to be manager of a cinema chain and gifted me 1000 cinema movie release posters and full size cutouts, some of them collectables. Any money I can get from the sale of these will also go into paying the mortgage. I also want to try and cut back on our food expenditure as I am pretty sure I can cut it back further. ��

    We own both our cars, but chose to live halfway between both sets of families (100 miles in each direction). My husband still travels to the football for home games near his family and with my Mum now gone, I have been visiting my Dad fortnightly, although intend to slide this back to 3-4 weekly visits. Most of our income after the mortgage itself seems to get turned into petrol still!

    While my son is still so young we don't really intend on booking any extravagant holidays. For the past 6-7 years we've gone away for free for several nights each year on our Tesco clubcard points and will continue to do the same.

    I like the TT idea! Definitely going to use that one!

    No, no debts feom either of us other than our student loans but these are a lower % than the mortgage so I will push onto the back burner for the time being. I've never bought anything on credit before other than my house! ��
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 19th Oct 18, 9:28 AM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    • #8
    • 19th Oct 18, 9:28 AM
    • #8
    • 19th Oct 18, 9:28 AM
    Super pleased with my top-up shop savings today...
    The bill should have come to 37.77. This included heavily reduced meat and toiletries from discontinued lines. I got a further 2.42 off the bill by bulk buying wrapping paper as I NEVER seem to have any in the house.
    I bought cat food that is currently on the Shopimum app as half price so will get a further 2 back when I scan the receipt in and it's also double staff discount week so another 6.82 was taken off the total when I paid!
    37.77 > 26.53...Bargain!
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 25th Oct 18, 8:36 PM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    • #9
    • 25th Oct 18, 8:36 PM
    • #9
    • 25th Oct 18, 8:36 PM
    Lots of extra money going into the pot this week.
    1. I've just started a paper round for 750 houses in my town. 50 for one monthly magazine delivery, and the opportunity to double my round (and money!) will come my way after Christmas.

    2. I've also been given the heads up about a forum where I can sell the movie posters I was given by my brother. I have interest in around 50 of the posters at the moment, to be sold at 5 each. I've already had payments for 61.

    All money for the pot!
    • beanielou
    • By beanielou 25th Oct 18, 8:46 PM
    • 65,661 Posts
    • 295,691 Thanks
    beanielou
    All good then
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • twinklie
    • By twinklie 26th Oct 18, 9:21 AM
    • 4,221 Posts
    • 11,090 Thanks
    twinklie
    Hiya,


    I'm an ex teacher too (so is my DH). Seems to be so many of us about.


    I'm just getting back on the property ladder and have just started up my MFWB thread (new one for a new journey). Hopefully we can go on the journey together!


    My EF currently stands at about 1.5K so we are working on that and paying down debts I think before worrying about OPing mortgage. BUT, I've started the thread now to keep me focused whilst I get going with it all.
    • Sea Shell
    • By Sea Shell 26th Oct 18, 9:47 AM
    • 2,248 Posts
    • 3,898 Thanks
    Sea Shell
    You refer to "petrol", so is it not an option to change to diesel car? It sounds like your mileage warrants one.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 27th Oct 18, 8:09 AM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    Hiya,


    I'm an ex teacher too (so is my DH). Seems to be so many of us about.


    I'm just getting back on the property ladder and have just started up my MFWB thread (new one for a new journey). Hopefully we can go on the journey together!


    My EF currently stands at about 1.5K so we are working on that and paying down debts I think before worrying about OPing mortgage. BUT, I've started the thread now to keep me focused whilst I get going with it all.
    Originally posted by twinklie
    I shall pop across and check out your thread too. I'm loving reading other people's journeys to try and inspire my own at the moment. 😊
    I know we have a couple of bits coming up that will need to come out of our emergency fund. We're looking to have our garage converted in the New Year, so this will slow down overpayments as we build our EF savings pot back up again. Like you though, I want a thread to help keep me focused and motivate me to keep going!
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 27th Oct 18, 8:10 AM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    You refer to "petrol", so is it not an option to change to diesel car? It sounds like your mileage warrants one.
    Originally posted by Sea Shell
    I think the cost of changing cars at the moment would outweigh the benefits of switching to diesel, but it's definitely something to consider when we do look to purchase our next car.
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 15th Nov 18, 8:18 PM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    It's been a couple of weeks since my last post but I've remained on track.
    I went away with friends at the weekend. Three nights away for 60. Did a food shop for 10 before I left which gave me enough food for the weekend along with one pub meal out. Since returning home on Monday I've managed to get away without a food shop this week, living off of store cupboard and freezer items. I'm hoping to make what we have left last until Monday. (Fingers crossed!)
    I've also cashed out 40 of surveys on Prolific which will go towards Christmas presents I still need to get.
    We're having some work done to convert our garage in the New Year and I'm worried about scraping together enough extra money in time without wrecking our savings completely but should hopefully scrape by with a few extra night-time overtime shifts in December. I just won't sleep!
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 20th Nov 18, 7:23 PM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    A mixed bag today...
    I made it to the bank to pay in a cheque I received for my birthday and also a small royalty cheque for some teaching resources I wrote years ago, BUT I met with some friends and their children at a local visitor centre for a walk and we ended up staying there for lunch, so I actually spent more than I had put aside for the week on top-up food in one hit.
    BUT I also had an email today from somebody I regularly do part-time work for asking me if I'm available to work on a new project with him, which will hopefully mean a bit more money coming my way again.
    I feel like it's all such a juggling act right now! I'm desperate for some new running trainers at the moment (I run 50 miles a week so go through pairs fairly quickly) but can't justify the cost until after Christmas. My husband normally buys me a new pair as my my Christmas present each year but we've set ourselves a 20 limit this year to keep costs down so I'll have to see if I get given any money or vouchers at Christmas time instead.
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 21st Nov 18, 7:09 AM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    Plan for the day: to drive into town to go see TSB about overpaying our mortgage. I had loads of hassle speaking to somebody on the phone as to how to set up the app on my phone. They assured me it would mean I could overpay via the app but if this is the case, I can't work out how to do it! Five different people couldn't get the app to let me log in as I don't have a TSB bank account, just the mortgage. It took a very nice man in branch to sit down with me and click through on his computer to approve various things before we got it to work.
    My husband and I are waiting until after Christmas to start actual repayments as we have a garage conversion happening in the new year so need to be sure of having enough put aside for that first.
    I spent several hours last night reading through other people's MF diaries though and it's left me feeling rather inspired again today!
    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: 126,953.22 Current mortgage end date: June 2038
    Total overpayments so far: 1280
    MFW 2019: 1180 / 3000
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 21st Nov 18, 12:03 PM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    So it appears that I cannot view details of my mortgage online without a bank account from TSB as well. Very frustrating, but I have booked an appointment for the start of December to set up a bank account with them. Does anybody know of any deals that I can get with certain accounts with TSB?
    It won't be for savings, as I currently have a 1.1% savings account with Nationwide. Therefore I'm not interested in the interest, but any money incentives I can get for signing up.
    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: 126,953.22 Current mortgage end date: June 2038
    Total overpayments so far: 1280
    MFW 2019: 1180 / 3000
    • beanielou
    • By beanielou 21st Nov 18, 5:10 PM
    • 65,661 Posts
    • 295,691 Thanks
    beanielou
    Dont know of any money incentives to sign up but one of their accounts pays 5% on blances up to a certain amount.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 23rd Nov 18, 9:03 AM
    • 102 Posts
    • 273 Thanks
    OhtobeMortgageFree
    Dont know of any money incentives to sign up but one of their accounts pays 5% on blances up to a certain amount.
    Originally posted by beanielou
    Thanks. Somebody else mentioned this on another post as well. Sounds like it's definitely worth stashing 1500 savings in that account purely for the access to the mortgage. 5% is a lot higher than my current savings interest!
    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: 126,953.22 Current mortgage end date: June 2038
    Total overpayments so far: 1280
    MFW 2019: 1180 / 3000
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