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  • FIRST POST
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 16th Oct 18, 10:30 AM
    • 61Posts
    • 102Thanks
    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 3
    • LeighofMar
    • By LeighofMar 9th Apr 19, 7:12 PM
    • 90 Posts
    • 208 Thanks
    LeighofMar
    You're doing great. Oftentimes, some have to make a choice between doing up a house or paying it off. You're managing both. That's something to be proud of.
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 10th Apr 19, 6:17 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    You're doing great. Oftentimes, some have to make a choice between doing up a house or paying it off. You're managing both. That's something to be proud of.
    Originally posted by LeighofMar
    Ah thank you! We bought our first house very cheaply at 84,000. It was a repossession that needed a lot of work but we turned it around in a couple of years and sold for 125,000 so we're no strangers to a bit of hard work, budgeting well and living through the mess! It would be nice to live in a complete house one day though!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 10th Apr 19, 6:25 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Some of my lovely Mum friends have realised how stressed out and meh I've been feeling lately and have organised a meal out for everybody. The thought of having to pay for a meal out at the moment when I'm trying my hardest to save every penny is actually quite stressful but I know they mean well. I'll try and take on some extra work that week perhaps to balance the cost out.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • kaycastle
    • By kaycastle 10th Apr 19, 7:34 AM
    • 95 Posts
    • 209 Thanks
    kaycastle
    I super enjoyed reading your diary you are doing amazing.
    I'm sorry to hear you are feeling stressed. It does sound like you balance so much, it's truly amazing. I dont know of course but It doesn't sound like you would get much me time amongst all of that! Is there anyway you can introduce something special and peaceful just for you that is free. Even if it's just once a week. Like just going on a walk or having a long bath.
    Also wih my friends I've steered us to having wine and cheese nights about once a month. Everyone brings a cheese. It works out super cheap, fun and there is always tons left. And no prep for whoever is hosting really
    Oct 2017: 228,041.09
    Feb 2019: 215,765.98
    March 2019: 214,209.62
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Apr 19, 6:46 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I super enjoyed reading your diary you are doing amazing.
    I'm sorry to hear you are feeling stressed. It does sound like you balance so much, it's truly amazing. I dont know of course but It doesn't sound like you would get much me time amongst all of that! Is there anyway you can introduce something special and peaceful just for you that is free. Even if it's just once a week. Like just going on a walk or having a long bath.
    Also wih my friends I've steered us to having wine and cheese nights about once a month. Everyone brings a cheese. It works out super cheap, fun and there is always tons left. And no prep for whoever is hosting really
    Originally posted by kaycastle
    Yep, very very little Me time in the week! Running is usually my Me time but as I'm marathon training at the moment it's more prescribed what and when I need to run and I'm finding it much less relaxing.
    I like the idea of a wine and cheese night! It might be a little harder to organise as the majority of my friends have 1-2 year olds at the moment, myself included. But that's definitely something to add into the month in the future!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Apr 19, 7:10 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    My husband and I sat down for a few hours last night and worked out our current finances. He really wants to keep his football season ticket for another year but the price has gone up to 500. Not only has the price gone up but the football ground is 100 miles away so this adds to our petrol bill as well. I don't want to be the type of wife who tells him he can't do things so we worked out a new plan going forward.
    At present, I would like to be putting away a minimum of 500 per month into savings. This is so that we are prepared for the point we inevitably need a new car, or get hit with an unexpected bill, or have to pay lots for an MOT, etc...
    After paying our monthly 'basic' outgoings (this doesn't include things that are paid yearly like TV licence, car and house insurance, AA cover, etc) we are left with about 950. 500 for the emergency savings pot and 450 to spend. It's doable. But again, my husband doesn't realise quite how much still needs to come out of the 450 each month. Birthday presents, Christmas presents, ANYTHING that we do! We've been living on such a tight budget the last few months that the numbers only include the real basics. No biscuits for the biscuit tin and absolutely no days out! Anything that's left from the 450 pot will go into overpayments. I've said that he can use the emergency savings pot to pay for his season ticket next month but it does leave us tight. We'll make it work though!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 13th Apr 19, 11:43 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    My husband and I had a further money-related chat this morning and we've decided to turn any earnings we make from matched betting into overpayments on the mortgage. We've only casually been working through offers so far but have still been making an average of 100+ each month. With a little more time and thought spent working through the offers we could easily double that figure for sure.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 23rd Apr 19, 8:55 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    We've just hit the 300 mark through Matched Betting earnings having placed 1-2 bets each night for the last few days. I'm looking forward to working towards overpaying this month!!!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 17th May 19, 9:26 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    First actual overpayment made! I've been talking and talking about it for so long, - it was really great to pick up the phone and make an overpayment of 100! Starting small, as we're still re-building our savings after converting the garage. But, the overpayment calculator tells me that not only have I paid off 100 more of my mortgage early, but I've saved us an extra 81 in interest! Buzzing! Now to find another 100 by next week...
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • beanielou
    • By beanielou 17th May 19, 6:31 PM
    • 63,664 Posts
    • 282,143 Thanks
    beanielou
    Well done
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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.***
    • LeighofMar
    • By LeighofMar 17th May 19, 11:22 PM
    • 90 Posts
    • 208 Thanks
    LeighofMar
    Terrific! It gets addictive quickly. Every little bit helps.
    • GlendaSugarbean
    • By GlendaSugarbean 18th May 19, 6:44 AM
    • 588 Posts
    • 4,342 Thanks
    GlendaSugarbean
    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?
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Jun 19, 7:59 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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?
    Originally posted by GlendaSugarbean
    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!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Jun 19, 8:04 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 14th Jun 19, 2:25 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 14th Jun 19, 2:39 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 15th Jun 19, 7:02 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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! 😂
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 17th Jun 19, 6:00 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    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!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
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