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  • FIRST POST
    • rose_tinted
    • By rose_tinted 18th Aug 10, 10:01 AM
    • 65Posts
    • 363Thanks
    rose_tinted
    Rose's mortgage-free journey!!!
    • #1
    • 18th Aug 10, 10:01 AM
    Rose's mortgage-free journey!!! 18th Aug 10 at 10:01 AM
    Hi
    I have been lurking for a while and have decided to do my very own diary. The reason being we have bought a bigger house therefore a much bigger mortgage.
    I am quite frightened really as we are used to having a tiny mortgage. My plan is to do ebay and sell all my clutter (not that we have much as me and DH are not big spenders). Need some other ideas too please folks.
    My mortgage is 120,000, there I have written it down. Arghhhhh!!!
    Have been in touch with mortgage company to do internet banking,waiting for my passwords.
    Thats it for now. Please be gentle with me
    M xx
Page 1
    • golfiematt
    • By golfiematt 18th Aug 10, 10:53 AM
    • 275 Posts
    • 856 Thanks
    golfiematt
    • #2
    • 18th Aug 10, 10:53 AM
    • #2
    • 18th Aug 10, 10:53 AM
    use cashback sites and have a look at the 'matchedbetting' thread.write down all your payments each month and ask yourself if you really need to be paying them all.When purchasing something ask yourself Do i need it? Can i afford it? will i use it?
    Good luck with your plan.
    Mortgage free

    [/COLOR]
    • greent
    • By greent 18th Aug 10, 12:07 PM
    • 7,077 Posts
    • 72,123 Thanks
    greent
    • #3
    • 18th Aug 10, 12:07 PM
    • #3
    • 18th Aug 10, 12:07 PM
    Hello and welcome

    We went from a £34k mtge to a £130K mortgage - so I can understand where you are coming from!

    As Matt says, cashback sites for everything. I don't do matched betting - can't get my head around it, but there's lots of help on the boards. Ebay/ amazon anything not nailed down. Surveys/ daily clicks (use any vouchers for presents and put equivalent money as an OP) Go on the freebies/ grabbit boards and get things that you can use in presents - saving money. Watch grocery spends (consider joining the grocery challenge - we're now spending £300/ mth less AND have an extra mouth to feed ) BUT allow yourself to live a little - all work and no fun will make being a MFW a chore...

    Look at the cashback sites for offers where you get more than you spend - eg I had £15 cashback from depositing £10 with jackpotjoy - and also won some money. I now only do the daily free game and win little bits on there - but it all adds up!

    Good luck with your quest!
    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) £1068.37/£4000
    Net sales 2018 £522.39/£1000 PAYDOX18 (#15) £18564.38/£18918.90
    • gerbiljo
    • By gerbiljo 18th Aug 10, 12:37 PM
    • 843 Posts
    • 3,323 Thanks
    gerbiljo
    • #4
    • 18th Aug 10, 12:37 PM
    • #4
    • 18th Aug 10, 12:37 PM
    good luck!
    Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 17
    • SmlSave
    • By SmlSave 18th Aug 10, 2:04 PM
    • 4,699 Posts
    • 16,523 Thanks
    SmlSave
    • #5
    • 18th Aug 10, 2:04 PM
    • #5
    • 18th Aug 10, 2:04 PM
    Welcome to MFW Rose-t
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off £20,000
    £350 per month challenge
    • alwaystryyourbest
    • By alwaystryyourbest 18th Aug 10, 2:31 PM
    • 283 Posts
    • 384 Thanks
    alwaystryyourbest
    • #6
    • 18th Aug 10, 2:31 PM
    • #6
    • 18th Aug 10, 2:31 PM
    good luck on your journey,
    i joined yesterday so hopefully there is always some friendly people waiting to help,,us..
    • gallygirl
    • By gallygirl 18th Aug 10, 9:33 PM
    • 16,605 Posts
    • 109,650 Thanks
    gallygirl
    • #7
    • 18th Aug 10, 9:33 PM
    • #7
    • 18th Aug 10, 9:33 PM
    Hello and welcome

    The most important thing to do is what you have already done - i.e. decide to tackle it! People go about it in a variety of different ways, some chuck every penny at it but most find a balance which suits them. For example, today I spent £2 on a latte, and because it is rare for me it was a real treat. Others wouldn't dream of doing it, others do it every day as that is their treat. It's up to you really.

    Are you working? Could you do mystery shopping? Any books you could sell on Amazon? Anything to ebay?

    Good luck!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
  • Day Dreamer Girl
    • #8
    • 18th Aug 10, 10:12 PM
    • #8
    • 18th Aug 10, 10:12 PM
    Good luck Rose-T. I am new here too and everyone here is really lovely!!
    Mortgage Balance at start July 2010 - £170,000.00
    Current Balance - £169,305.15
    Savings toward overpaying - £269.98

    Weight to lose by 6th Nov 2010 - 12lb
    Weight lost - -3lb
  • liuhut
    • #9
    • 18th Aug 10, 11:15 PM
    • #9
    • 18th Aug 10, 11:15 PM
    Good luck with your journey. I'm trying to watch what I spend but also increase my income, I'm doing extra hours at work and OH has just got a new job with a payrise..planning on saving the extra income.
    Also have a look on the competition threads, there is loads of stuff to win that you can use for b'day presents & xmas...
    L x
    WIN £2008 in 2008 £1836.31 2009 wins - £91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from £63,500 to £48,000. now at 54,000...
    • newgirly
    • By newgirly 19th Aug 10, 7:58 AM
    • 6,326 Posts
    • 43,771 Thanks
    newgirly
    Just wanted to pop in and say Hello and welcome, You seem very sensible wanting to OP your new mortgage straight away, I wish I had been that switched on all those years ago, Good luck!
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • rose_tinted
    • By rose_tinted 19th Aug 10, 10:51 AM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Thanks for all the welcomes everyone. Matched betting was mentioned but I have admit this scares me a bit. I am not a gambling woman
    Can I ask a quick question? Do all you peeps who OP your mortgage have the recommended 3-6 months emergency savings. I don't at the moment. But the rates are so low at the mo and I don't know whether to or not. Any thoughts????
    • poppyoscar
    • By poppyoscar 19th Aug 10, 11:22 AM
    • 1,561 Posts
    • 7,957 Thanks
    poppyoscar
    I would definitely get some savings back up - I have about 8 months worth of 'essential spending' money in ISA's. It's just a buffer in the case that the worst happens ever job/health wise. I know in your position I wouldn't be able to resist starting to OP but I think I'd save some too - do half and half until you have a bit of a back up.
    Good luck with your adventure!
    PO xx
    2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
    But now I'm not - (Joint) Mortgage £104704.
    New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%
    SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%
    No 17 Lewis Lane
    • SmlSave
    • By SmlSave 19th Aug 10, 2:02 PM
    • 4,699 Posts
    • 16,523 Thanks
    SmlSave
    Do all you peeps who OP your mortgage have the recommended 3-6 months emergency savings.
    Not really We're currently paying my dad back for a loan he gave us, paying it back into my ISA where I'm allowed to 'keep' the interest earnt. I class this loosely as our emerg fund although should he ever want the money back it has to be available.
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off £20,000
    £350 per month challenge
  • Baby steps
    Welcome Rosie, if it makes you feel any better my mortgage is much bigger and I'm about to take it on by myself

    Long story short we are in negative equity so keeping mortgage in joint names till it goes up in value and I will buy the house off him. As such we are on interest only for the time being and my "mortgage overpayments" will actually be me building it up in my own name so he has no access to the money.

    I think from reading on here the general rule is if you can earn more interest with he money in a saving account than your paying on the mortgage then that's the bet option. There are threads on here which will tell you the best option based on your mortgage interest rate and if you are a higher rate tax payer or not.

    Also we had no savings. So when I was in your position I was going to save half my op and pay te other half. That way it at least feels u are making a start which motivates me

    Good luck with everything, you can get loads of advice on here as all the posts above show.
    Mortgage @ 01.06.10 £165,999
    Mortgage @ 31.10.13 £14,664
    • IHateDida
    • By IHateDida 19th Aug 10, 10:28 PM
    • 1,645 Posts
    • 3,606 Thanks
    IHateDida
    Hi Rose - your posting sounds like my circumstances - I now owe £122k after buying a larger house and owe my Dad some cash - which I am paying back into an account under my name also (in case of emergencies - we don't have an emergency fund apart from this - which really doesn't in theory belong to us but....!). However...my mortgage was £142k three years ago and through overpaying around £4k a year (its all we can afford at the mo!) we have managed to decrease it by £20k and have halved our repayment period. So I can understand where you are coming from.

    The most useful advice I have received on here is to get a mortgage pig - ours is called Porcha (!) and happily gobbles any of our spare change. This month on top of our regular OP, we counted an extra £50 from Porcha and paid it off the mortgage! We've even been known to pay an extra £5 in loose change into the bank....after all its not saving us interest sitting in Porcha! Good luck and keep us updated!
    Last edited by IHateDida; 19-08-2010 at 10:33 PM.
    • rose_tinted
    • By rose_tinted 21st Nov 12, 2:10 PM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Hi
    Time to get my mortgage free journey up and running again.
    Since moving house and having another baby, things have gone a little crazy.
    I want to use my diary to document my successes and failures in making extra cash to pay to my mortgage. Im filling up my mortgage pig, trying to overpay as we have come off our fixed rate.

    I have joined TCB with the hope of making a few quid from Christmas shopping. At 20 p at mo......WOW!!
    Here we go....:-)
    • rose_tinted
    • By rose_tinted 21st Nov 12, 4:41 PM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Im feeling very overwealmed at the moment, dont really know where to start.
    Might start on my paper mountain and throw some stuff out. Also need to get OH on board. Although he has a habit of just agreeing with me
    This will be my plan:
    Bit of a paperwork sort.
    Put important stuff in my binder.
    Look at Open Office (info from a rather lovely person on here) so I can sort out my spreadsheet.
    Order some xmas presents using TCB.
    Quick look at paypal as have about £80 in there. Earmarked for a play kitchen for LO.

    Thats enough for now.

    Back to work tomorrow,
    M x
    • rose_tinted
    • By rose_tinted 23rd Nov 12, 10:53 AM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Hi
    Ive been to work yesterday and back today so I havent got much done moneysaving wise.
    Tomorrow heading to town to set up the standing order for overpayment of the mortgage. Excited!!!
    I have found a spreadsheet that I dont have to pay for. On google

    Have made £1.77 on TCB, every little helps. So I will put that to overpayments.
    Also my piggy has yielded £4.50 in small coins. £5 to overpayment. So this week, overpayment comes to £6.77+£100= £106.77. Im really impressed both with the amount and my ability to add up
    Back soon xx
    • rose_tinted
    • By rose_tinted 13th Mar 18, 6:38 PM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Hello everyone.
    I!!!8217;m going to resurrect this diary from 2012 in the hope that I can start on my money saving journey again.
    The mortgage is now at 105,000 give or take a few pennies. We borrowed a little more to do an extension.
    Hubby and I have budgeted last month. We spent £670 on food, this included several trips to the Co-op in the month.
    I go in with the intention of buying a loaf of bread and come out spending £15. Any one else do that?

    I have really enjoyed everyone!!!8217;s diaries. I!!!8217;m on a mission.
    • rose_tinted
    • By rose_tinted 13th Mar 18, 6:40 PM
    • 65 Posts
    • 363 Thanks
    rose_tinted
    Does anyone know how to correct the random numbers in my post above?
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