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  • FIRST POST
    • The frugal fairy
    • By The frugal fairy 2nd May 18, 4:37 PM
    • 57Posts
    • 85Thanks
    The frugal fairy
    Our quest for mortgage neutrality
    • #1
    • 2nd May 18, 4:37 PM
    Our quest for mortgage neutrality 2nd May 18 at 4:37 PM
    I wanted to start a monthly diary to focus and push us on our quest to be mortgage free.

    I have been reading lots of diaries and looking at our paperwork.
    • Our fixed rates end next year (on main mortgage and further advance) so I am planning to fix for another two years as the rate is so much better than the standard variable.
    • As we have already overpaid the mortgage the repayments should decrease substantially, we can overpay 10% of each original balance which we are able to do at present, so the extra saved on the monthly payments will be put in a savings account. I think a regular saver looks a good option.
    • So for us I will look at the mortgage balance when we re-fix next year and the amount saved to give us the outstanding balance, like an informal offset.

    Ways to focus on the mission are listed below, happy to have more suggestions
    • Colour in the cell in the spreadsheet every time we drop to the next thousand.
    • Spreadsheet set up to monitor daily interest and each month end balance.
    • Sell things we no longer need.
    • Declutter, makes you realise what you have and buy less.
    • Set budgets for monthly spending.
    • Start MSE diary.
    • When we pay off each £10k have a treat !!!128522;

    So as of the 1st of May 2018 the balance of both mortgages is £56,443.85
    Last edited by The frugal fairy; 02-12-2019 at 11:39 PM. Reason: Dae
Page 2
    • The frugal fairy
    • By The frugal fairy 1st Nov 18, 10:53 AM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    So as of the 1st of November the balance of both mortgages is £ 45,679.26 with this months overpayment will achieve a balance of less than £44,500.
    Reward for reaching this milestone to be sorted last month tried and failed, new stools for breakfast bar, present ones 12 years old and broken. Kind of given up on this being so frugal determined to find ones that are right for us. Any suggestions for shops to try ?
    At least holiday for the next milestone is booked.

    A capital reduction of £ 2,018.13 £60 more than last month, very happy with this. At this rate we would be mortgage free in 24 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 29.35% of the mortgage, at new year this was 41.76%, so 12.41% will have been paid this year So this month 70.65% of the house is ours. Aiming for 75% by February 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 20% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 down to £4.05, £1.52 a day less in interest each day. Very happy with this, can’t wait to get under £4 per day.
    Money saving activities
    • 2 bay sales, more things found to list too and reductions been made to starting prices. Really need to start putting more time to this, I do find sales get me motivated. Will give my self a goal of £100 for November.
    • Decorating and decluttering being done. Trying to decorate with supplies we already have.
    • Forward projections done to try and achieve the balance starting with 3 in January. Determined to do this and aleady considering where to book holiday to celebrate the milestone, holiday booked. Found it so deposit paid and TCB used.
    • Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
    • Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Plusnet would this be a good money saving move ?
    • Planning autumn birthday presents and Christmas presents, I already have some will be great to tick those recipients off my list. Then I can plan budget and gifts to be bought/made. Birthday presents bought and half of the Christmas presents. Have wrapping and cards from last year so this is to be used before I buy more.
    • The frugal fairy
    • By The frugal fairy 1st Nov 18, 11:01 AM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    November update

    Just realised £10,000 less than May this year, feeling motivated.
    • The frugal fairy
    • By The frugal fairy 3rd Dec 18, 1:30 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    December update, yearly capital reduction of £22,405.
    So as of the 3rd of December the balance of both mortgages is £ 43,909.85 with this months overpayment will achieve a balance of less than £43,000.
    Reward for reaching this milestone to be sorted last month tried and failed, new stools for breakfast bar, present ones 12 years old and broken. Kind of given up on this being so frugal determined to find ones that are right for us. Any suggestions for shops to try ? Still looking.

    Need new bread machine and microwave, maybe we should get these instead of the stools.
    At least holiday for the next milestone is booked.

    A capital reduction of £ 1,769.41 £249 less than last month, due to Christmas reducing overpayment. At this rate we would be mortgage free in 22 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 28.21% of the mortgage, at new year this was 41.76%, so 13.55% will have been paid this year So this month 71.79% of the house is ours. Aiming for 75% by February 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 20% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 down to £3.99, £1.58 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.
    Money saving activities
    • No bay sales frustrating as I have had unpaid item this month and someone showing lots of interest then not buying, more things found to list too and reductions been made to starting prices. Really need to start putting more time to this, I do find sales get me motivated. Will give my self a goal of £150 for December.
    • Decorating and decluttering being done. Trying to decorate with supplies we already have.
    • Forward projections done to try and achieve the balance starting with 3 in February 2019. Determined to do this and aleady considering where to book holiday to celebrate the milestone, holiday booked. Found it so deposit paid and TCB used.
    • Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
    • Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Plusnet would this be a good money saving move ?
    • Planning autumn birthday presents and Christmas presents, I already have some will be great to tick those recipients off my list. Then I can plan budget and gifts to be bought/made. Birthday presents bought and half of the Christmas presents. Have wrapping and cards from last year so this is to be used before I buy more.
    • The frugal fairy
    • By The frugal fairy 2nd Jan 19, 12:58 AM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    January 2019 update
    So as of the 2nd of January the balance of both mortgages is £42,283.36 with this months over payment will achieve a balance of less than £41,000.

    Under £50,000 – holiday booked.
    Under £40,000 – milestone needed.

    A capital reduction of £1,626.49 £143 less than last month, due to Christmas reducing overpayment. At this rate we would be mortgage free in 21 months.
    • One brick coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 27.17% of the mortgage, at new year 2018 this was 41.76%, so 14.59% will have been paid this year so this month 72.83% of the house is ours. Aiming for 75% by February 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 17% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 down to £3.76, £1.81 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • Two bay sales this month, I do find sales get me motivated. Will give my self a goal of £150 for January.
    • Decorating and decluttering being done. Trying to decorate with supplies we already have.
    • Forward projections done to try and achieve the balance starting with 3 in February 2019.
    • Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
    • Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?
    Last edited by The frugal fairy; 02-01-2019 at 12:59 AM. Reason: Spelling
    • The frugal fairy
    • By The frugal fairy 5th Feb 19, 9:36 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    February 2019 update
    So as of the 1st of February the balance of both mortgages is £ 40,488.03 with this month’s overpayment will achieve a balance of less than £40,000.

    Under £50,000 – holiday booked.
    Under £40,000 – milestone needed.

    A capital reduction of £1,795.33 - £168.84 more than last month. At this rate we would be mortgage free in 20 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 26.02% of the mortgage, at new year 2018 this was 41.76%, so 15.74% will have been paid since then so this month 73.98% of the house is ours. Aiming for 75% by end of February 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 16.2% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 ( Jan 2018) down to £3.58, £1.99 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • One bay sales this month, I do find sales get me motivated. Will give my self a goal of £150 for February.
    • Decorating and decluttering being done. Trying to decorate with supplies we already have.
    • Forward projections done to try and achieve the balance starting with 3 in February 2019.
    • Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
    • Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?
    • The frugal fairy
    • By The frugal fairy 1st Mar 19, 10:24 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    March 2019

    So as of the 1st of March the balance of both mortgages is £ 38,955.53 with this month’s overpayment will achieve a balance of less than £38,000. We have left the 40’s behind.
    I have also signed up for a new fixed deal today for two years. Five months before the existing deal is up we can fix and the new deal starts on the 1st of May. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
    Milestone reward of under £40,000 – bar stools found in Next 😊.

    A capital reduction of £1,532.50 - £262.83 less than last month, due to a cashflow issue. At this rate we would be mortgage free in 18 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 25.03% of the mortgage, at new year 2018 this was 41.76%, so 16.73% will have been paid since then so this month 74.97% of the house is ours. Aiming for 75% by end of February 2019, only 0.03% away.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15.6% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 ( Jan 2018) down to £3.57, £2.00 a day less in interest each day. Very happy with this, can’t wait to get under £3.50 per day.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • Two bay sales this month - £78, I do find sales get me motivated. Will give my self a goal of £150 for March.
    • Forward projections done to try and achieve the balance starting with 2 in August 2019.
    • Trying to make the food budget easier and working on the basis of £10 a day instead of the £300 per month. Makes it easier to see where you are mid month.
    • Looked at bills again we are with Virgin for telephone and broadband, price is going up again. Considering moving to EE or Psnet would this be a good money saving move ?
    Last edited by The frugal fairy; 26-04-2019 at 4:30 PM. Reason: Text size
    • The frugal fairy
    • By The frugal fairy 7th Apr 19, 6:42 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    April 2019 update.
    So as of the 1st of April the balance of both mortgages is £ 36,963.84 with this month’s overpayment will achieve a balance of less than £36,000. We have left the 40’s behind and will hit the mid 30’s next month.
    I have also signed up for a new fixed deal for two years. Five months before the existing deal is up we can fix and the new deal starts on the 1st of May, only 24 days away. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
    Milestone reward of under £30,000 – time to look at holidays.

    A capital reduction of £1,991.69 - £459.19 more than last month. At this rate we would be mortgage free in 17 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 23.76% of the mortgage, at new year 2018 this was 41.76%, so 18% will have been paid since then so this month 76.24% of the house is ours. Aiming for 80% by end of July 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 ( January 2018) down to £3.27, £2.30 a day less in interest each day. Very happy with this and are now under £3.50 per day. In May with rate change will be under £2 a day which is amazing. When it hits £1.85 it will be a third of the January 2018 figure.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • One bay sales this month - £28, I do find sales get me motivated. Will give myself a goal of £200 for April. Spending time reducing and improving listings.
    • Forward projections done to try and achieve the balance starting with 2 in August 2019.
    • Doing really well shopping with these questions ;-
    o does it spark joy?
    o do I need this item?
    o where will it go in my house ?

    • Only spent £8 in the new CK outlet in York, feeling proud. Will be returning to buy presents.
    Last edited by The frugal fairy; 26-04-2019 at 4:32 PM. Reason: Text size
    • The frugal fairy
    • By The frugal fairy 1st May 19, 3:15 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    May 2019 new lower interest rate :)
    So as of the 1st of May the balance of both mortgages is £ 34,179.33 with this month’s overpayment will achieve a balance of less than £33,000. We have left the 40’s behind and have hit the mid 30’s this month.
    I have also signed up for a new fixed deal for two years which started today. Five months before the existing deal is up we can fix. For the large mortgage changing from 3.29% to 1.99% will make a real difference.
    Milestone reward of under £30,000 – time to look at holidays.

    A capital reduction of £2,784.51- £792.82 more than last month, really happy with this. At this rate we would be mortgage free in 15 months.
    • Two bricks coloured in.
    • I get impatient and forget that good progress is being made so checked we owe 21.96% of the mortgage, at new year 2018 this was 41.76%, so 19.8% will have been paid since then so this month 78.04% of the house is ours. Aiming for 80% by end of June 2019.
    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 15% of value is mortgaged. So the house is ours just paying for garden and garage now !
    • Also interest £5.57 ( January 2018) down to £1.90, £3.67 a day less in interest each day. Very happy with this and are now under £2 per day. When it hits £1.85 it will be a third of the January 2018 figure.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • One bay sales this month - £8.50, I do find sales get me motivated. Will give myself a goal of £200 for May. Spending time reducing and improving listings.

    • Forward projections done to try and achieve the balance starting with 2 in July 2019.
    • Doing really well shopping with these questions ;-
    o does it spark joy?
    o do I need this item?
    o where will it go in my house ?

    • Planning the things I want to fix in the house. Looking on line for ideas but not spending money. So it should be cheaper and easier when we do the work in the future.
    Last edited by The frugal fairy; 01-05-2019 at 3:16 PM. Reason: Text size
    • jodles16
    • By jodles16 1st May 19, 7:55 PM
    • 1,472 Posts
    • 4,448 Thanks
    jodles16
    Hi Frugal Fairy,



    What amazing progress you are making! I love the countdowns and the bullet points!


    Jodles
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
    • The frugal fairy
    • By The frugal fairy 2nd May 19, 9:02 AM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    Thanks, I find it really good each time we make the mortgage payment to see where we are and how long to go to it is repaid Have you got a diary ?
    • The frugal fairy
    • By The frugal fairy 2nd May 19, 2:39 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    One year update
    Just realised I started this diary one year ago. A reduction of £22,264.52 feels like a real achievement. Hopefully in 2020 we will have a tiny mortgage balance
    Last edited by The frugal fairy; 02-05-2019 at 2:40 PM. Reason: Grammar
    • The frugal fairy
    • By The frugal fairy 3rd Jun 19, 11:22 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    June update
    So as of the 3rd of June the balance of the mortgage is £32,341.36 with this month’s overpayment will achieve a balance of less than £31,000. The further advance has been paid off so we only have one mortgage now. We have left the 40’s behind and have hit the low 30’s this month.

    Milestone reward of under £30,000 – time to look at holidays.

    Mortgage statistics
    • A capital reduction of £1,837.97 £946.54 less than last month. At this rate we would be mortgage free in 10 months.

    • Two bricks coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 20.78% of the mortgage, at new year 2018 this was 41.76%, so 20.98% will have been paid since then so this month 79.22% of the house is ours. Aiming for 80% by end of June 2019.

    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £250,000, 13% of value is mortgaged. So the house is ours just paying for garden and garage now !

    • Also interest £5.57 ( January 2018) down to £1.77, £3.80 a day less in interest each day (£117.80 less a month in interest). Very happy with this and are now under £2 per day. Looking forward to £1.50 per day in a few months.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • Four bay sales this month - £143.37, I do find sales get me motivated and this is the best month I have had in ages. Will give myself a goal of £200 for June. Spending time reducing and improving listings. Plus finding more items, hubby has sold a few things too.

    • Forward projections done to try and achieve the balance starting with 2 in July 2019.
    • Doing really well shopping with these questions ;-
    o does it spark joy?
    o do I need this item?
    o where will it go in my house ?

    • Planning the things I want to fix in the house. Looking on line for ideas but not spending money. So it should be cheaper and easier when we do the work in the future.
    Last edited by The frugal fairy; 03-06-2019 at 11:24 PM. Reason: Text size
    • The frugal fairy
    • By The frugal fairy 4th Jun 19, 9:16 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    Important milestone missed
    Just checked and on 31.12.17 balance £64,998.00. 18 months later it is below £32,499.00, we have halved the mortgage. Possibly by November we will be 50% less again to £16,249.50. Setting really ambitious goals really pushes me to overpay.
    • LadyGnome
    • By LadyGnome 4th Jun 19, 11:18 PM
    • 480 Posts
    • 1,741 Thanks
    LadyGnome
    Amazing progress
    Mortgage
    Start Nov 2012 £310,000
    June 2019 £215,842.73
    Reduction £94,157.27

    End Oct Sept 2034 but I have a cunning plan...
    • Hettyhound
    • By Hettyhound 5th Jun 19, 6:40 AM
    • 367 Posts
    • 2,144 Thanks
    Hettyhound
    Hi Frugal Fairy,

    Fantastic progress! Off to buy some marbles today, love that idea. I can see how far I’ve come every time I wash up!
    Jan 2020 Grocery challenge £144.55/£150
    SPC #120 SPC 12: £125.86
    MFW #90 Mortgage start Dec 2015 £79,950; January 2020 £57,992.91; 2020 OP £50/£3000
    • The frugal fairy
    • By The frugal fairy 6th Jun 19, 6:17 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    Marbles
    Fantastic, have you got your marbles ?
    • Hettyhound
    • By Hettyhound 6th Jun 19, 9:54 PM
    • 367 Posts
    • 2,144 Thanks
    Hettyhound
    Yep. Used a Smyths voucher my son got for Christmas so cost me nothing, did spend the rest on the boy though. Explained to him what it was for in the hope he doesn’t pinch the marbles for himself!
    Jan 2020 Grocery challenge £144.55/£150
    SPC #120 SPC 12: £125.86
    MFW #90 Mortgage start Dec 2015 £79,950; January 2020 £57,992.91; 2020 OP £50/£3000
    • The frugal fairy
    • By The frugal fairy 6th Jun 19, 11:49 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    Free marbles are the best sort Must sort mine out tomorrow,
    • The frugal fairy
    • By The frugal fairy 1st Jul 19, 3:05 PM
    • 57 Posts
    • 85 Thanks
    The frugal fairy
    So as of the 1st of July the balance of the mortgage is £30,341.84 with this month’s overpayment will achieve a balance of less than £30,000, so excited about this. The further advance has been paid off so we only have one mortgage now. We have left the 40’s behind and have hit the ultralow 30’s this month.

    Milestone reward of under £30,000 – time to look at holidays, in process of looking 😊

    Mortgage statistics
    • A capital reduction of £ 1,999.52 - £161.55 more than last month. At this rate we would be mortgage free in 10 months.

    • Two bricks coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 19.49% of the mortgage, at new year 2018 this was 41.76%, so 22.27% will have been paid since then so this month 80.51% of the house is ours. Aiming for 80% by end of June 2019, goal met July 2019. Aiming for 85% for September.

    • Also need to consider the mortgage lending is less than the value of house so I reckon value is at least £260,000, 11.5% of value is mortgaged. So the house is ours just paying for garden and garage now !

    • Also interest £5.57 ( January 2018) down to £1.65, £3.92 a day less in interest each day. Very happy with this and are now under £2 per day. Looking forward to £1.50 per day in a few months.

    Money saving activities
    • Have bought marbles and found two jars. I put a marble for each thousand pounds owed as at 1/01/2018 in one jar. I have then moved a marble for each thousand pounds paid off to the other jar. Loving the visual reminder on my kitchen window sill.
    • Three bay sales this month - £74.64, I do find sales get me motivated and this is a good month. Will give myself a goal of £200 for July. Spending time reducing and improving listings. Plus finding more items, hubby has sold a few things too.

    • Forward projections done to try and achieve the balance starting with 2 in July 2019.
    • Doing really well shopping with these questions ;-
    o does it spark joy?
    o do I need this item?
    o where will it go in my house ?

    • Planning the things I want to fix in the house. Looking on line for ideas but not spending money. So it should be cheaper and easier when we do the work in the future.
    Last edited by The frugal fairy; 01-07-2019 at 3:12 PM. Reason: Text size
    • kaycastle
    • By kaycastle 1st Jul 19, 5:23 PM
    • 129 Posts
    • 300 Thanks
    kaycastle
    This is amazing. I like the way you do your updates.
    You are so close. Brilliant work! Well done!
    Oct 2017: £228,041.09
    June 2019: £209,941.93
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