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  • FIRST POST
    • Tjh1412
    • By Tjh1412 9th Jan 18, 11:10 AM
    • 155Posts
    • 353Thanks
    Tjh1412
    Mortgage free asap
    • #1
    • 9th Jan 18, 11:10 AM
    Mortgage free asap 9th Jan 18 at 11:10 AM
    Have been lurking on this board for over a year whilst we saved and house hunted, now we have a mortgage of our own thought I would delurk. The intro may be long, I'll try not to ramble too much.

    So we bought our house 3 months ago, and took out a mortgage for 121,500 on a 10 year fix at 2.94%. 75% LTV when we bought due to savings etc,but I don't want to be paying this til I'm 40. First few months were very spendy as we had to buy washing machine etc, though thanks to OH's pathological hatred of shopping we were without any laundry devices for 6 weeks

    Would like to try and pay off in 10 years, then use the equity to find our forever home/ save up and extend here as we do like the area. Am hoping this will keep me on track, even if I just end up talking to myself
Page 2
    • jenni_fer
    • By jenni_fer 13th Jan 18, 7:50 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Welcome and Good Luck!
    We were aiming for 45 but realistically we want to move and increase again instead, still a nice aim though!
    • Tjh1412
    • By Tjh1412 13th Jan 18, 8:25 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Wow Merch thats a heck of a target best of luck to you? Shall have a hunt for your diary and get OH to teach me some basics when he's next off.
    Waiting on my new card reader to arrive so I can make another small overpayment for this month, coffee really isn't good for them apparently Ironing mountain is tackled, so a few jobs ticked off; going to grab a coffee, enjoy the fire and catch up on diaries and surveys now. Hope everyone is having a good weekend
    • shangaijimmy
    • By shangaijimmy 14th Jan 18, 8:04 AM
    • 2,594 Posts
    • 12,581 Thanks
    shangaijimmy
    Found you diary and welcome aboard. The debt, current living, retirement dilemma is a tough one isnt it! We started with a split of 33% towards debt, 33% towards savings (including retirement in this) and 33% towards day to day life. As any pay rises have come in we've placed them in the retirement pot, so our percentages are a little skewed now but it was a good starting point for us.
    MFW: Turning June 2036 into March 2023... 37//120 Payments Challenge, Diary Reduction 39,897.62
    Aug 2009: 163,051 // Current: 96,102.38 // Avg Daily Interest 4.32
    MFiT-T4 #8 - 64.95% of 41,000
    • pennystretcher
    • By pennystretcher 14th Jan 18, 2:08 PM
    • 384 Posts
    • 1,445 Thanks
    pennystretcher
    Thanks pennystretcher, I'm not sure if my excel skills would be up to that but it sounds great; do you know of any to download?
    Originally posted by Tjh1412
    There is a great spreadsheet here - although for me it was too big, I wanted to have something simple.
    http://spreadsheet.locostfireblade.co.uk

    If you are happy to PM me with an email address I can send you the template I used.
    Mortgage free
    • Tjh1412
    • By Tjh1412 14th Jan 18, 7:21 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Thanks SJ and pennystretcher for the replies nice to know I'm not just rambling on to myself. Thats a really good point about %s, just calculated ours and currently am at 31% to mortgage, 24% to pensions, 22% to savings and the rest to day to day expenses, so probably a reshuffle required to let us OP more there.

    Off to have a play with spreadsheets now not much money news to report other than that BG emailed me a new bill from our meter readings and now instead of owing them money they owe us, and more than I thought. Their estimation must be based on some crazy baseline figures, and I'd already bargained them down from our previous estimated monthly usage too.

    My OH is happy with the 21 a month saving, but he doesn't know I've already got my eye on it for a sneaky OP Hope everyone has had a good weekend
    • Tjh1412
    • By Tjh1412 15th Jan 18, 7:39 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    So not a NSD today as we needed milk but otherwise no purchases. Was very hard to get out of my nice warm bed and go to work in this downpour, so I'm now having a coffee with the fire on in recompense

    Thanks again SJ, you have definitely created another spreadsheet addict so now I'm going to have a play with some more numbers and then time for dinner
    • Tjh1412
    • By Tjh1412 16th Jan 18, 7:16 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    New card reader showed up in the post today so was able to send a 15 payment across from my survey and shopmium profits this month so far.
    Off to ads@ shortly for the weekly food shop, hoping for a few ys bargains to help us come in under budget. Currently horribly wet and cold here, so looking forward to getting in later and lighting the fire whilst I sort our meal plan for the week, and then I have a new book to get stuck into
    • Tjh1412
    • By Tjh1412 18th Jan 18, 7:53 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Missed posting yesterday, new books are fatal to productivity
    So in money news, I got a payrise at work, and they are backdating it to the start of the month. Also a couple extra pounds due from Shopium and survey sites, so shall sweep that across as an OP when it hits the bank.

    Dinner is in the slow cooker, so the plan for tonight is to ponder where the extra money shall go each month, the mortgage is very tempting but there are a couple of jobs we need to do around the house etc, still only have curtains on the front half of the house for example Anyone got any suggestions?
    • Tjh1412
    • By Tjh1412 22nd Jan 18, 10:03 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Nothing really going on, still waiting for payday. 10 chucked at mortgage but that won't really make a difference...roll on the 31st
    • Tjh1412
    • By Tjh1412 29th Jan 18, 7:34 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Only 2 days til payday, so 100 will be going off the mortgage then, and after we've decided what we cant live without anymore for this month I will see what else I can sneak over. HM chicken ham and leek pie currently in the oven, overtime today for a few extra pennies so off to Netflix with a coffee for me now
    • Blibble
    • By Blibble 29th Jan 18, 8:42 PM
    • 413 Posts
    • 721 Thanks
    Blibble
    You get paid late Tjh1412! But it does mean that the next month will be a 4-weeker for you, rather than 5.

    Loving the sound of homemade chicken ham & leek pie! Do you use ready-made pastry or make it yourself, as that's the bit that always puts me off!
    Wedding fund - 2090.92 (1135.00)
    OP fund - 1288.56 (207.00)
    Emergency fund - 135.00
    • beanielou
    • By beanielou 5th Feb 18, 8:05 PM
    • 52,792 Posts
    • 207,492 Thanks
    beanielou
    Great news on the extra payment
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 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.
    • Tjh1412
    • By Tjh1412 19th Feb 18, 5:44 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    So lots of overtime at work means I've been shamefully neglecting this diary, but week off now so time to get extra whizzy with spreadsheets

    Blibble, I make the pastry myself but I do a big batch and freeze so it cuts downon the fiddly bits.

    In money news, this is a council tax free month, so I've sneakily OP'd that to the mortgage, and I'm only 7 off a populus payout so that will be another 50

    Got a bit of a cold atm, while OH has manflu so tonight will be slow cooker pork and apple cassserole; log burner is blazing away nicely and I have a dvd boxset with my name on it
    • Tropically
    • By Tropically 19th Feb 18, 6:22 PM
    • 240 Posts
    • 703 Thanks
    Tropically
    Oh man, can you link your pastry recipe? I have always thought it is daunting.
    Mortgage started at 318,000 in June 2016. Original MF - 2041
    2017 OPs: 7000/7000
    Mortgage in Nov 2017 - 297,808
    • Blibble
    • By Blibble 19th Feb 18, 7:57 PM
    • 413 Posts
    • 721 Thanks
    Blibble
    Totally agree with Tropically - so many lovely reduced veggies I'd love to throw in a pie apart from the fact I can't do pastry!
    Wedding fund - 2090.92 (1135.00)
    OP fund - 1288.56 (207.00)
    Emergency fund - 135.00
    • Tjh1412
    • By Tjh1412 11th Mar 18, 9:48 AM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Ive been really bad at logging on again, but the overtime is helping make a nice dent in the mortgage; current overpayments of 212.68 but there is another 400 sat in the account waiting for dentist bill owing to my unexpectedly introducing my face to our banister ; then the rest I will OP.

    Pastry recipe I use is https://www.bbc.co.uk/food/recipes/shortcrustpastry_1278 which I've always found pretty easy, OH is a chef and will eat it without complaint so that passes the test in my books

    Planning an MSE day of listing a few bits on the bay of e then making up blinds for the back bedroom, as after much decluttering I can reach the windows
    • Tjh1412
    • By Tjh1412 18th Mar 18, 8:52 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Very cold here today with snow, but at least it has forced me to confront the housework; my ironing pile was starting to rival Kilimanjaro So 3 loads of washing, radiator foils fitted, 2 fuses changed, bedding wapped for brushed cotton for maximum cosiness later, dinner in the slow cooker and fire going nicely in the log burner so we dont need to turn on the heating.
    Cashed out 50 with populus, so that will be OP'd once the cheque arrives. Had a few other MSE wins this week, water bill has been reduced from 36 a month to 11.50 and I got a refund from them of 83 so a win there for being frugal eco-warriors plus our gas and electric is being reduced by 15.
    Been a nice yet frugal weekend, reduced veg from the market and YS bargain chickens and mince have been converted to a whole weeks worth of meals for the freezer, so this will help us avoid the takeaway for a few weeks. No none food spends except tea-towels, with an OH who is a chef my top tip is if you have any you're fond of and he offers to cook hide them first

    Going to put my feet up now with a cup of tea and a boxset, hope everyone has had a good weekend
    • Tjh1412
    • By Tjh1412 20th Mar 18, 8:57 AM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Popping on quickly before I head off to work, as yesterday evening saw me fall asleep on the sofa by 9. Been applying for weekend jobs for some extra pennies to chuck at the mortgage, counting down to the end of the month when I can do the 6 monthly review, I know how to party

    Snow seems to be on the way out, so fingers crossed for sunshine next week while I'm on holiday. Casserole in the slow cooker for later, washing out on line so aiming for NSD all the rest of the week
    • Tjh1412
    • By Tjh1412 24th Mar 18, 7:46 AM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    So we're now 6 months into the mortgage (as of tomorrow) so going to post a couple of review things. Any comment/ advice would be muchly appreciated. First up is our SOA which I have updated

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1200
    Partners monthly income after tax....... 1600
    Benefits................................ 0
    Other income............................ 5
    Total monthly income.................... 2805


    Monthly Expense Details

    Mortgage................................ 853
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 105
    Electricity............................. 30
    Gas..................................... 10
    Oil..................................... 0
    Water rates............................. 11.5
    Telephone (land line)................... 14
    Mobile phone............................ 34
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 200
    Clothing................................ 20
    Petrol/diesel........................... 100
    Road tax................................ 0
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 21
    Contents insurance...................... 13
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 0
    Entertainment........................... 30
    Holiday................................. 20
    Emergency fund.......................... 50
    Total monthly expenses.................. 1663.62



    Assets

    Cash.................................... 6000
    House value (Gross)..................... 162500
    Shares and bonds........................ 4000
    Car(s).................................. 8000
    Other assets............................ 0
    Total Assets............................ 180500



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 117825...(853)......2.94
    Total secured & HP debts...... 117825....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,805
    Expenses (including HP & secured debts). 1,663.62
    Available for debt repayments........... 1,141.38
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,141.38


    Personal Balance Sheet Summary
    Total assets (things you own)........... 180,500
    Total HP & Secured debt................. -117,825
    Total Unsecured debt.................... -0
    Net Assets.............................. 62,675


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    • bexster1975
    • By bexster1975 24th Mar 18, 8:28 AM
    • 1,154 Posts
    • 5,514 Thanks
    bexster1975
    Hello!

    How are you getting on?

    Do you really have 1100 left after all bills etc? If so, might I suggest a small increase in entertainment budget?

    A tip I used this week. I bought a 1 night travel insurance policy for UK this week for 1.17 -so far, so not very MSE! But did it on compare the market and now have 2 4 1 cinema tickets tues or weds every week for a year. Round here that can mean 8.40 for the two of you! I'm a film fan, so this is a great save and a nice evening out ( stuff your pockets if you need food and drink in the two hours of the film!

    I'm very impressed overall with your SOA. I'm particularly envious of your water bill. I thought 17 was good!

    Have a great weekend

    Bexster
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