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  • FIRST POST
    • chumpy45
    • By chumpy45 25th Sep 15, 3:02 PM
    • 453Posts
    • 1,984Thanks
    chumpy45
    Excited to try and be mortgage free
    • #1
    • 25th Sep 15, 3:02 PM
    Excited to try and be mortgage free 25th Sep 15 at 3:02 PM
    Hi all, have been really inspired reading all the posts on this mortgage free forum. Have got DH on board and we really want to try and clear the mortgage in two years. We currently have a property worth abouth £325,000 and an outstanding mortgage balance of £54,780.04 with 7yrs & 6 months left to go. Things are complicated at the moment as DH has been self-employed for the last 6 months which means we are struggling to remortgage. It seems we may have to wait another 6 months before we can reduce our current rate of 2.5% which is a shame and will impact on the overpayments. However, we are busily taking on board advice gained from many of the threads/posts on this forum. Really looking forward to getting stuck into money saving and overpaying and sharing our journey with all you inspirational people.
Page 3
    • hiddenshadow
    • By hiddenshadow 6th Nov 15, 6:24 PM
    • 2,521 Posts
    • 11,539 Thanks
    hiddenshadow
    Nice! Congrats on getting to such a big milestone.
    Mortgage Free! 09/04/2019
    • sweetdaisy
    • By sweetdaisy 8th Nov 15, 6:26 AM
    • 1,243 Posts
    • 5,257 Thanks
    sweetdaisy
    Congratulations on reducing the mortgage balance into the £40,000's. Your overpayments are impressive and you'll be mortgage free before you know it.
    25 year Mortgage started February 2001 (end date January 2026)
    Offset Mortgage Balance December 2016 £30,950
    On target to repay 5 years and 5 months early (August 2020)
    • chumpy45
    • By chumpy45 6th Dec 15, 7:44 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Reporting back after being a very bad MFW contributor!! Not enough hours in the day at the moment. November was an average month moneywise. An unexpected spend at the end of the month as DS3 who has just started driving, yanked really hard at the window handle in his first car on the first day of frost, and managed to completely break the mechanism. The garage managed to fix it with a little TLC and glue, but it still cost £57. However, as DS3 has also started his first job, he was also able to pay for it lol. Lesson learned by him - if you are late for work and the window is frosted up, try defrosting it before opening However, to redeem himself, his temporary Christmas job is with a very well known store and he has let me share his 20% staff discount as an 'appointed person' so I can't be too upset. Christmas pressies almost all sorted now, with a combination of vouchers, TCB, 3for2, and any other deal I can find, I am feeling quietly smug. I always save each month for Christmas, but even though the money is there, it doesn't seem right spending after trying so hard not to spend. About to make our third overpayment, staying on track so far, but our whole plan relies on DH, who is self-employed, remaining employed. Will just keep going for as long as we can. Have a nice TCB balance building up, so will hang on to it as long as possible to make just one claim. Only just found out you pay a fee when you claim the money. Have had another trawl through the account to see if any more money can be saved anywhere. My gym membership is looking questionable - mainly because I am not managing to go !!!! I think I may cancel it in the New Year, and maybe bike to work instead. I know it makes sense as I would save petrol and keep fit, but the thought of getting on a bike on those dark, cold, rainy mornings laden down with books and marking does not fill me with glee lol. Anyway, off to Sunday football with DS4, then roast dinner, ironing, lecture preparation and the list goes on ................ Enjoy Sunday everyone
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • hiddenshadow
    • By hiddenshadow 6th Dec 15, 8:00 AM
    • 2,521 Posts
    • 11,539 Thanks
    hiddenshadow
    Hm, I've never had to pay a fee when claiming from TCB, but I think it depends on what payment method you choose (some give bonuses). Some methods aren't available, but all the methods are fee-free from what I can tell.

    Good luck with the cycling - I used to cycle when I lived closer to work and once I got into the routine the weather/dark didn't bother me so much, but getting over the initial "I don't wanna!" was a challenge.
    Mortgage Free! 09/04/2019
    • chumpy45
    • By chumpy45 22nd Dec 15, 9:39 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Haven't updated for a while - never seems to be enough hours in the day. Made planned overpayment last month, such a satisfying feeling Have managed to stay in budget for all Christmas shopping using every voucher combination trick I can think of. My friends all laugh at me and my voucher fixation, but I have a sneaky suspicion I will be laughing the hardest in a couple of years when this MFW dream comes true!! Need to get DH under control in the New Year though. Although he is as desperate as me to get rid of the mortgage but he is not sufficiently on board and prone to very weird and expensive purchases. Makes life a little frustrating. Need to make it his New Year's Resolution!! Well nearly there, all pressies wrapped, cards and parcels delivered, just the food shop to do planned for very early tomorrow morning. Merry Christmas one and all. Let's raise a glass to more MFW success next year xx
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • diamondsonly
    • By diamondsonly 22nd Dec 15, 3:35 PM
    • 240 Posts
    • 733 Thanks
    diamondsonly
    Hi Chumpy, Just read your diary, wow you seem to be doing so well. And OP of £2000 a month is fab. I will be following your journey and cheering you on.

    Merry christmas

    Diamonds xx
    1.7.15: £157,469.64, 10.02.16: £93,434.74
    FIT-4 #34, MFW 2016 #89 (£7350/24000)
    Target MFW Dec 2018
    • chumpy45
    • By chumpy45 27th Dec 15, 8:06 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Thanks Diamondsonly - lovely to hear from you and deffo need some cheering on !! Have caught up with your diary too and subscribed - you have done so well with your OPs. There is something very contagious about this MFW site. Am off to revisit spreadsheets yet again, to see if I can shuffle things about any more and find a few more pounds of savings Onwards and upwards!!
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • chumpy45
    • By chumpy45 14th Jan 16, 9:12 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    A dull and dismal day with a few flakes of snow whirling around outside. Have been playing with spreadsheets and numbers (think I might add this to my CV under hobbies ). Have realised that when I opened a FD regular saver I ommitted to change the amount that was transfer to my Sandy123 account so am accounting for the same amount twice. If only I was better at maths, this journey would be a little easier This gave me approx £700 to access but unfortunately just opened a bill from the electrician for £650 However, it does mean I can pay the electrician's bill without touching the 'household maintenance' pot, so that one can stay healthy for a little longer. Have just joined YouGov survey scheme after reading about it on various posts. Quite a lot of surveys to get through to earn £50 but I have managed to invite quite a lot of friends via the referral scheme to double up my points on a January special offer. Will see how it goes. Some of the questions are a little random!! Hope to open a P.O. ISA this weekend online as the rate is better than what I am currently earning. I think one of the best things about MFW (apart from the obvious of paying off the mortgage) is the feeling of being in control of your finances. It's Thursday and the weekend beckons - can't be bad
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • hiddenshadow
    • By hiddenshadow 14th Jan 16, 9:36 AM
    • 2,521 Posts
    • 11,539 Thanks
    hiddenshadow
    Love your entire post. I should definitely add personal finance fiddling/obsession to my CV! "Spreadsheet fiddling" might require some awkward explanations, though.
    Mortgage Free! 09/04/2019
    • chumpy45
    • By chumpy45 18th Feb 16, 7:16 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Remotivating
    Well, it has been a while since I posted and a bit of a journey Haven't managed to keep to targets with OPs due to variability of DHs self-employment. However, have put some money aside in savings pot which is designated for OPs once the work situation settles down. So disappointing, but not a complete disaster Have become a little demotivated as DH not really on board with this journey. Despite claiming to be desperate to be MF, he continues to be a spendthrift. It does seem a little pointless for me to be seeking out bestbuys, bargains and vouchers in the supermarket when he is buying game sausages from an expensive specialist stall on our local market. Not to mention the new road bike that was purchased without any joint discussion. I know I am not his keeper and if he wants a bike, obviously he has every right to buy a bike (he certainly works hard enough), but this was supposed to be a joint plan we were working at together. Anyway, rant over. I will just keep plugging away and transfer bits and pieces to OP pot. I have been reading through MFW posts for inspiration again this morning, and have found plenty I have added a new "Tilly Tidy" column to my spreadsheet and started it off with 37p Mighty oaks and little acorns and all that. I am really looking forward to seeing that figure grow. Have potentially picked up some more hours at work, will know for sure next week. This will help the finances and also involve some more happy hours with my spreadsheets jiggling figures. Have a TCB amount of £37 to claim, so that is also good news Just writing this, am beginning to feel the motivation flooding back. Will just keep plugging away and at least it will be an achievement for myself if some of that mortgage balance disappears. Another new target (well an old target which I am remaking) is to keep up with my diary
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • hiddenshadow
    • By hiddenshadow 18th Feb 16, 7:28 AM
    • 2,521 Posts
    • 11,539 Thanks
    hiddenshadow
    Does DH have a "fun money" amount? My DH is much more spendy than me but we each get an allowance every month that we can spend, no questions asked. (I usually don't spend all of mine so OP some but it makes me happy so why not?) I don't know how much DH was spending prior to the allowance going into place, but my guess is it was a lot more (he didn't have a budget and was only paying the minimum on a large CC balance, sigh). Anyway, we settled on a number that fits our budget (and allows for regular OPs) and still seems reasonable (not too stingy).

    If your DH is as on board as he claims, that might help rein in his spending a bit. You're so close to MF, too - only 22 months of needing to bother with an allowance, and then you can spend as much as you please (or so you can tell DH )
    Mortgage Free! 09/04/2019
    • ourcornercottage
    • By ourcornercottage 18th Feb 16, 7:46 AM
    • 1,516 Posts
    • 7,510 Thanks
    ourcornercottage
    We each have a personal spends budget as the BF is terrible. Our personal spends budget is quite generous but he gets no more if he spends it.

    I save some of mine every month
    target under 89k by end of 2018 & under 75k by end of 2019
    • SueP19
    • By SueP19 18th Feb 16, 9:09 AM
    • 1,706 Posts
    • 14,488 Thanks
    SueP19
    Well, it has been a while since I posted and a bit of a journey Haven't managed to keep to targets with OPs due to variability of DHs self-employment. However, have put some money aside in savings pot which is designated for OPs once the work situation settles down. So disappointing, but not a complete disaster Have become a little demotivated as DH not really on board with this journey. Despite claiming to be desperate to be MF, he continues to be a spendthrift. It does seem a little pointless for me to be seeking out bestbuys, bargains and vouchers in the supermarket when he is buying game sausages from an expensive specialist stall on our local market. Not to mention the new road bike that was purchased without any joint discussion. I know I am not his keeper and if he wants a bike, obviously he has every right to buy a bike (he certainly works hard enough), but this was supposed to be a joint plan we were working at together. Anyway, rant over. I will just keep plugging away and transfer bits and pieces to OP pot. I have been reading through MFW posts for inspiration again this morning, and have found plenty I have added a new "Tilly Tidy" column to my spreadsheet and started it off with 37p Mighty oaks and little acorns and all that. I am really looking forward to seeing that figure grow. Have potentially picked up some more hours at work, will know for sure next week. This will help the finances and also involve some more happy hours with my spreadsheets jiggling figures. Have a TCB amount of £37 to claim, so that is also good news Just writing this, am beginning to feel the motivation flooding back. Will just keep plugging away and at least it will be an achievement for myself if some of that mortgage balance disappears. Another new target (well an old target which I am remaking) is to keep up with my diary
    Originally posted by chumpy45
    My OH is not onboard, says he is but when it comes to self sacrifice, he can't do it .............like you I scrimp, sacrifice for him to say we "need" this.
    After 27 years of it I have finally come to the point where I just do, makes it tough at times but I figure as long as I have a little pool of slush money that can be accessed when he has one of his moments I will be fine

    Am so glad your motivation has returned, visiting here, reading and just putting something on your diary everyday is the key to keeping going. I got my first £12.63 cashback today and OP'd mortgage straight away, before I would have sat on it and like you if things pan out I will pay it, they never pan out in my book

    My OH is employed but half the year his hours are 2.5 times that of now so his wages can range from £300 to £700 a week. This is really really hard to deal with. I have tried many way to deal with it and am currently trying to add to my pots (christmas/holiday/car/pets etc funds) at the beginning of the month, having worked out how much I need to add per month I fill those with my spare cash first. Then I am finding that about halfway in the month they are up to date so the rest is surplus (op'ing etc) seem to work so far hope it helps

    ............off to subscribe
    Mort Oct 15 £70,353 £66,422 £58,804 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Oct 17 £14,093Nov 18 £6,336.12[/B]
    • greent
    • By greent 18th Feb 16, 9:36 AM
    • 8,193 Posts
    • 83,241 Thanks
    greent
    My OH is a contractor, so work can be variable. He spent almost 11 months out of work the other year (and we were only entitled to contribution based JSA for 6 months and nothing else - total about £1800) - was a bit hairy!


    We also have 4 children - DD off to Uni in Sept and then we have 3 boys (almost 16, 10 and 6)


    My OH wasn't ever massively on board - he spent out on goodness knows what (and kept taking cash advances on credit cards!!) However, if YOU are plodding away then progress is still being made. I think the idea of an 'allowance' to spend however you want is a good one


    xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £3757/£5K
    Net sales 2019 £518.64/£500
    • SueP19
    • By SueP19 18th Feb 16, 11:12 AM
    • 1,706 Posts
    • 14,488 Thanks
    SueP19
    Look ladies there is only one way to deal with an errant OH


    Don't let him have any cards

    Mort Oct 15 £70,353 £66,422 £58,804 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Oct 17 £14,093Nov 18 £6,336.12[/B]
    • chumpy45
    • By chumpy45 21st Feb 16, 9:36 AM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Thank you so much everyone for all your support - it's very reassuring to learn I don't have the only errant DH in the world! It's ironic really as his biggest bugbear is the mortgage and yet he still does crazy things with money. I think the personal spends idea is a good one and will take a big breath and approach this idea later today. It will certainly work for me although I will probably save this too! Will find out tomorrow whether or not I have some extra hours teaching. In some ways the extra money will be great but in others I am wondering where I will find the time . Did a big clean out of the kitchen cupboards yesterday which was very cathartic. I didn't quite go the whole Kondo journey, but after reading some of her web pages did become quite inspired. Well, onwards and upwards - am remotivated and ready to go. Thank you everyone
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • chumpy45
    • By chumpy45 22nd Feb 16, 4:50 PM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Well extra hours at work have been on/off/on/off all day. They are currently off but should be on again in September at the start of the new academic year. However, who knows, by the time I get back to work again tomorrow they might be on again Oh the suspense ....... I will continue the saga tomorrow.
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • chumpy45
    • By chumpy45 23rd Feb 16, 4:50 PM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Ok so it seems that the extra hours are off so won't be getting that little bit extra for the OP pot. Never mind, it should definitely run from September, so hopefully can pick up the hours then. Although as I left there were still emails pinging around about the new course, so who knows it may have changed again in the morning Did a quick TT before I went to work this morning, and put another 76p in the pot. Would have been a NSD but I treated myself to a cheeky £1 mocha at work to cheer myself up after not getting the hours. There's some logic there somewhere - if I could just find it
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • chumpy45
    • By chumpy45 24th Feb 16, 3:59 PM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Final update on extra hours - they are off However, it means a lot less stress for me, so I can now prepare for them at my leisure ready for September. On a much more exciting note, I received a £75 gift voucher from a recent insurance policy I took out 3 months ago. Also, some TCB proceeds are also on their way courtesy of the same policy. I thought I had already received this so it's a win/win situation Into the OP pot you go ...
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • chumpy45
    • By chumpy45 25th Feb 16, 1:50 PM
    • 453 Posts
    • 1,984 Thanks
    chumpy45
    Can anyone help with this query (don't have the most mathematical of brains!). My current cash isa pays 1.29%. I only have a small balance of £642.78 to which I am not currently adding anything. I also have a Sandy 123 account paying 3%. Would I be better off transferring the money to the 123? I am not sure of the tax free implications? Thank you in advance.
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
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