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  • FIRST POST
    • Blibble
    • By Blibble 27th Dec 17, 7:37 PM
    • 408Posts
    • 710Thanks
    Blibble
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free
    • #1
    • 27th Dec 17, 7:37 PM
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free 27th Dec 17 at 7:37 PM
    Hi folks!

    I'm a fervent reader of the MFW board, and have been meaning to get cracking on my own diary for some time to keep me on the MFW straight and narrow. Unfortunately, the time's never quite been right to do so before now; me and my partner are in a new build house which always seems to throw something up which we hadn't planned for (it's not just older houses y'know!).

    Coming up to the new year, and reflecting on how much we've spent over Christmas (and how badly budgeted it was), I've been thinking a lot lately about seriously attacking the mortgage and now feels as good a time as any. Sooo, a little about us ...

    We're both 23, and moved in to our house in mid-December 2016 in the north west. We're not rich - both earning just above minimum wage - but thankfully have nobody dependant on us financially and are fairly minimal in what we want. We've £127,879.52 outstanding on the mortgage - we've only made minimum payments on the mortgage until now - and the rate sits @ 2.34% expiring August 2018.

    I'll post an SOA (a SOA?) below in a bit; mortgage OPs will initially be on the lower side as we're saving £1000 a month for a wedding too, but hoping we can scrabble together a couple of hundred more a month to put towartds OPs..

    Wish me luck - if nothing else it should be a craic

    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
Page 3
    • bugslet
    • By bugslet 8th Jan 18, 6:54 PM
    • 6,095 Posts
    • 29,438 Thanks
    bugslet
    I'm thinking if it gets any colder, I might put a cardi on.
    • Lauralou79
    • By Lauralou79 9th Jan 18, 9:29 AM
    • 184 Posts
    • 153 Thanks
    Lauralou79
    Interesting diary. Well done to both of you for being so sensible and financially savvy at a young age. Iíve only become wiser In the last 5 years or so. Better late than never!
    Iím only 6 months into a 5 year fix new mortgage and just startling to overpay. We do need savings too to help mould the house into what we want over the next few years.
    The pension point is interesting though, never thought of adding as both of us have been in pension schemes with NHS/council for over 12 years. at 38 I am keen to get the mortgage (and interest) paid off well before the 25 year term.
    • bugslet
    • By bugslet 9th Jan 18, 10:46 AM
    • 6,095 Posts
    • 29,438 Thanks
    bugslet
    Interesting diary. Well done to both of you for being so sensible and financially savvy at a young age. Iíve only become wiser In the last 5 years or so. Better late than never!
    Iím only 6 months into a 5 year fix new mortgage and just startling to overpay. We do need savings too to help mould the house into what we want over the next few years.
    The pension point is interesting though, never thought of adding as both of us have been in pension schemes with NHS/council for over 12 years. at 38 I am keen to get the mortgage (and interest) paid off well before the 25 year term.
    Originally posted by Lauralou79
    You could ask on the pensions board for their thoughts, some very knowledgeable people over there.

    Of course they prioritise pension over mortgage repayments, but they explain why. It will probably make for interesting reading even if you decide that you prefer to overpay the mortgage.

    Being a complete ditherer, I've done a bit of both.
    • Lauralou79
    • By Lauralou79 9th Jan 18, 11:19 AM
    • 184 Posts
    • 153 Thanks
    Lauralou79
    Thanks bugslet. It!!!8217;s all about balance for me. I want to enjoy my life now ( I!!!8217;m
    not extravagant) with one eye on the future. I don!!!8217;t want to be working full time in a physical job like now to pay off a mortgage while In my 60s.
    • Blibble
    • By Blibble 9th Jan 18, 7:21 PM
    • 408 Posts
    • 710 Thanks
    Blibble
    The posts earlier on in the diary did get me thinking about pensions - it's worth noting that the rate I'd get back on the pension would far outstrip that of paying off the mortgage early. It does depend on your circumstances though; job security, savings, career prospects etc. Certainly worth considering though!

    Evening up the pub didn't happen last night as friend's partner was unwell, but that's fine because tonight's another evening up the pub! Starting to feel like I'm spending too much time there. I've managed to roll the social budget over another week though, so £10 more to the OP fund this evening. 17 days til payday
    Last edited by Blibble; 09-01-2018 at 7:24 PM.
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • BlibbleOH
    • By BlibbleOH 9th Jan 18, 10:06 PM
    • 1 Posts
    • 13 Thanks
    BlibbleOH
    Hello, I'm Blibble's OH!
    Hello all,

    Firstly I just want to say how lovely everyone here is! I use reddit usually so it's refreshing to see a community where people seem so kind and interested in each other's welfare.

    While I'm unlikely to post here again, but I feel Blibble's mention of the in-wash scent boosters can't go unanswered:

    Blibble, my dear, maybe I'd have noticed the lack of lenor if you actually did the washing with any kind of regularity. On balance, I think I can cope with one load in ten being unfragranced

    I shall now ensure I use twice the usual amount of them every time I do a wash. That'll scupper you. (insert evil laugh here).

    Thanks again for your kind advice everyone. It's been a pleasure to read. Happy New year to you all!
    • daisy 1571
    • By daisy 1571 10th Jan 18, 3:34 PM
    • 266 Posts
    • 3,278 Thanks
    daisy 1571
    Hello all,

    Firstly I just want to say how lovely everyone here is! I use reddit usually so it's refreshing to see a community where people seem so kind and interested in each other's welfare.

    While I'm unlikely to post here again, but I feel Blibble's mention of the in-wash scent boosters can't go unanswered:

    Blibble, my dear, maybe I'd have noticed the lack of lenor if you actually did the washing with any kind of regularity. On balance, I think I can cope with one load in ten being unfragranced

    I shall now ensure I use twice the usual amount of them every time I do a wash. That'll scupper you. (insert evil laugh here).

    Thanks again for your kind advice everyone. It's been a pleasure to read. Happy New year to you all!
    Originally posted by BlibbleOH

    . Hello blibbleoh
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • Blibble
    • By Blibble 12th Jan 18, 7:00 AM
    • 408 Posts
    • 710 Thanks
    Blibble
    Quick update - overtime forms are due in today for payment at the end of the month. It's always a good sign when you need more than one form to be signed off as you've done so much Looking at about 16 hours since Christmas pay-day, which as I've had 2 days holiday and there's been bank holidays too is quite good - should work out around £145 come pay day on the 26th.

    Shopping is due tomorrow so new week's budget will come in - clinging on to this week's with £5 remaining which will get overpaid. Not much other income this week though; very dry on the survey front. I found some old university textbooks when clearing out the car though, and have a few other bits and bobs to list at the weekend for some dolla.

    We've got a friend coming over tomorrow evening, so will need to buy some drinks in the weekly shop tomorrow. Still, cheaper than going for a night out in town so I suppose that's vaguely positive (maybe if I keep telling myself that I'll believe it?!)

    And yes, that was my OH above. S'pose that's what I get for not putting scent boosters in the laundry.
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 12th Jan 18, 7:11 AM
    • 1,215 Posts
    • 5,567 Thanks
    wishingthemortgaheaway
    My old uni textbooks did well on Ziffit and, as I graduated in 2003, from a technology based subject, I was really pleased and surprised.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1400ish/£2,500
    • michelle09
    • By michelle09 13th Jan 18, 10:35 AM
    • 773 Posts
    • 4,219 Thanks
    michelle09
    Haha, nice. (My OH does 90% of our laundry so I'm not complaining either).

    I tend to try old books/DVDs on WeBuyBooks and MusicMagpie. Some go really well, some don't, but you don't have to pay for the shipping!
    • Blibble
    • By Blibble 13th Jan 18, 12:40 PM
    • 408 Posts
    • 710 Thanks
    Blibble
    How does the shipping work on these, as I was tempted to Facebook them and drop them off to anybody local if I'm out that way. Do they send you a box / do they reimburse you the postage etc.?

    I've also got a cat bed to flog (fluffer refuses to use it - sod's law) and some old sports gear. I'm not keen on eBaying that though, due to the postage. Is FB buy & sell the way to go folks?
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • greent
    • By greent 13th Jan 18, 3:47 PM
    • 6,902 Posts
    • 70,662 Thanks
    greent
    For Ziff1t and Mus1cMagp1e you get a label to print off when you've completed the transaction (can get one sent to you if you don't have a printer, I believe) - stick this to your box of books/ cds etc and take to relevant place (I think it's C0llect+ points, but I haven't sent any off for around 6months, so can't fully remember) Use any old box youo have hanging around/ can get from supermarket
    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. 2018 OPs (#18) £577.06/£4000
    Net sales 2018 £362.51/£1000 PAYDOX18 (#15) £12808.40/£18694.38
    • greent
    • By greent 13th Jan 18, 3:48 PM
    • 6,902 Posts
    • 70,662 Thanks
    greent
    OOh - and don't forget to go through tcb or quidc0 first for a bit extra!
    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. 2018 OPs (#18) £577.06/£4000
    Net sales 2018 £362.51/£1000 PAYDOX18 (#15) £12808.40/£18694.38
    • Blibble
    • By Blibble 14th Jan 18, 11:35 AM
    • 408 Posts
    • 710 Thanks
    Blibble
    Cool beans, thank greent. I'll make a point of having a gander at that later.

    Me and OH were naughty last night - we had a friend over and I had to run off at 7:30 for a friend's birthday up the road. What I didn't realise was that it was also his stag night, so include taxis and drinks we spent around £30 which was unbudgeted for. First time that's happened in 3 weeks though, so can't complain too much

    Tasks today are to tidy the garage, do the lawn, list some old textbooks etc., and have a Sunday walk (trying to get some exercise, have massively fallen off that wagon since Christmas).

    Happy Sunday everyone
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • Blibble
    • By Blibble 16th Jan 18, 7:38 PM
    • 408 Posts
    • 710 Thanks
    Blibble
    Nightmare of a day today - pants day at work and it turns out the TV license people have taken their payment unexpectedly meaning that's £147 not quite budgeted for. Thought it had come out last month, but there we are.

    On the plus side, there' an earlier-than-planned promotion opportunity at work which I'll be applying for. It's not a guaranteed one, and I'll be probably be up against the lad I trained up, but is something to aim for. And I haven't given in to temptation of a takeaway or alcohol yet - being very responsible over here
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • Tjh1412
    • By Tjh1412 16th Jan 18, 7:40 PM
    • 155 Posts
    • 353 Thanks
    Tjh1412
    Well done on resisting the takeaway and alcohol; I know the temptation all too well after a rubbish day. Good news re possible promotion though, wishing you good luck
    • themadvix
    • By themadvix 17th Jan 18, 9:26 AM
    • 1,548 Posts
    • 9,140 Thanks
    themadvix
    Well done on resisting temptation - especially when you've thought about it - that's when I find the takeaway cravings take over!

    I take it you know you can pay TV licence by DD? They don't charge extra - it's £12.12 (or something similar) per month. Might make budgeting easier (next year, anyway!).
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 17th Jan 18, 9:34 PM
    • 408 Posts
    • 710 Thanks
    Blibble
    It is set up by DD themadvix - the issue was that we changed bank accounts a wee while back and forgot to update the lovely people at TV licensing. We notified them of the correct details in November, but they've only taken the payment yesterday.

    Very much feeling the post-Christmas pinch right now - had to do a top-up shop this evening. I forget every year how hard it is making 4 weeks worth of budget last 6. But this was before getting serious about the mortgage - will do better next year
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
    • themadvix
    • By themadvix 18th Jan 18, 9:31 AM
    • 1,548 Posts
    • 9,140 Thanks
    themadvix
    That's really annoying about the TV licence - at least you can rest happy in the knowledge that it wasn't your fault.

    January is such a long month, isn't it?! But it does have the advantage that we're all super motivated to save at this point in the year.
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 21st Jan 18, 6:16 PM
    • 408 Posts
    • 710 Thanks
    Blibble
    So-so week over here - not much MFW'ing apart from another 6 hours overtime.

    We're feeling that the budget we've got is a bit too stringent at the minute, and it's starting to get us down, so come next week we're going to up the grocery budget so we can have some more pleasurable stuff (rather than subsisting on the cheapest meals per portion we can ). As I always seem to, I've gone into this very gung-ho which is fine for 2 weeks, but then becomes very demotivating after that! It's always a question of balance though, and I'm determined to get that right so we can stay motivated in the long run, which is where I've fallen down with previous attempts at getting serious with our finances.

    We've had a fairly busy week over here - finally got back into the regime of swimming on a Wednesday (so shoddy at that since Christmas) - feel like I've regressed to the level of fitness I had we started swimming 3 months ago but hopefully it'll come back soon. We had tea round OH's sister's on Thursday and our friends' on Friday, so all we had to bring were some drinks for 2 very pleasant nights out . And today we had lunch out on the remainder of my social budget (well, sausage roll and a scotch egg :from the farm shop deli ), and a free pint each at the local brewery with a loyalty card we got a few months ago.

    Onwards and upwards - 5 days 'til payday
    Wedding fund - £2090.92 (£1135.00)
    OP fund - £1288.56 (£207.00)
    Emergency fund - £135.00
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