Was Mortgage Free until 52!!!

Tilly_MFW_in_6_YRS · 11 June 2015 at 9:38AM

Morning, did someone mention my name? :rotfl:

Firstly starting a diary is great - it's made a massive difference to our focus and apart from a few months this year, due to dodgy health, I've posted daily. It really has been this constant reminder that's kept us so diligent.

We've done a variety of things to help the journey. Taken in lodgers, surveys, TCB/£co, Eb@y, car boot sales etc. BT line rental paid annually, not monthly. I'm mentioning these as it has been a hard journey. Every spare penny (hence Tilly Tidies) has gone towards the mortgage. Mr T was also made redundant and it took 6 months to find a me role - harsh.

I would have been 67 if we had let the mortgage run its natural course - I'll be almost 52 when we clear it now.

Whilst I completely appreciate we have been fortunate to have good jobs, we were extremely stupid in the past and we have had to learn big lessons.

Easy savings were found by meal planning and using our food stocks wisely, plus growing as much fruit and veg as possible.

I truly don't mean to be preaching, I just know how it feels to be having a mortgage until we are approaching late 60s and anything you can do, to reduce this calls for a :j

Good luck on your journey.

Best wishes Tilly x x

Radish72 · 11 June 2015 at 12:05PM

Another possible tip from me

If you pay your council tax over 10 months, in months 11 and 12 send the council tax money to your mortgage instead

A_Frayed_Knot · 11 June 2015 at 11:55PM

Hey Bex,:p no worries, sometimes maths is a science to me. No longer have my own business, but still like to dabble, was really a hobby turned business, but when hours overtook reward, was time to call it a day. Hence me working full time now.

Hi Tilly

- thanks for popping in. Look forward to reading your diary/hints and tips, can't wait even though I am small fry compared. Look after the pennies and the pounds look after themselves, as they say.

Hi also to Radish

- great tip, I do pay ove 10 months, but pay extra each month so I can have a free month around Christmas - which remiinds me = have to contact the authorities and claim my discount.

Had another great day at work, late again, and seems it was a scorcher today, not that I would know - missed it:( but looking forward to the weekend as have a lot to catch up on.

A_Frayed_Knot · 14 June 2015 at 3:43PM

Well yesterday was a bit of a spend day, as now summers here I found myself rummaging the wardrobe only to find I needed a few new things.
So new bag and a couple of pairs of trousers were bought. Couldn't find a pair of sandals I liked or a nice light jacket. I also needed to replace the chain on my hanging baskets and found the whole thing - basket and chain all for £ each - out the £ shop, of course!! Then treated myself to a packet of T Toffee out of there as well. Yumm.

This has been a heavy month as far as birthdays and presents go, so knew I would have no hope of saving anything this month - but it is unusual. A 21st, 50th and 60th all within 15 days and all really close relatives.

So after the housework today, can't wait to get to my wardrobe and throw a few things out, anybody ever wanted to get rid of all, and start again? Sometimes I'm in hoarder mode, sometimes I'm in clear out everything mode. But so much to do;

windows need done
change bed
clean out wardrobe
ironinghoovering
hang curtains in L/R
Cut hedge and grass
hang baskets
paint shed
hang solar lights

Oh, hold on, this is meant to be my day off!! I'm away to get a bit of my toffee.

pavlovs_dog · 14 June 2015 at 4:10PM

Re your decision to go for the 2 year fix.

That rate is reasonably competitive compared to what is on the market at the mo. We are in the process of remortgaging for the first time, and it is NOT cheap (It will cost in the region of £1.5-£2k between product arrangement fees, legal fees and exit fees. Whilst this is an eyewatering sum, it will save us a lot of money over the life of the mortgage).

You haven't mentioned how much free money you have to chuck at OPing the mortage. Could you pay more than the 10% OP cap? If you can, and are prepared to make the commitment, it could be worth shortening the term of your mortgage. This means your contractual payments will increase, but a larger percentage of what you pay will go towards reducing the capital. The downside to this is that you are commited to those higher payments. Keeping the term the save means you can elect to OP (or not) depending on your financial circumstances at the time.

A_Frayed_Knot · 14 June 2015 at 9:42PM

pavlovs_dog wrote: »

Re your decision to go for the 2 year fix.

That rate is reasonably competitive compared to what is on the market at the mo. We are in the process of remortgaging for the first time, and it is NOT cheap (It will cost in the region of £1.5-£2k between product arrangement fees, legal fees and exit fees. Whilst this is an eyewatering sum, it will save us a lot of money over the life of the mortgage).

You haven't mentioned how much free money you have to chuck at OPing the mortage. Could you pay more than the 10% OP cap? If you can, and are prepared to make the commitment, it could be worth shortening the term of your mortgage.

Hi Pavlovs_dog

I could chuck another 100.00 a month at it, (I never stretch myself to the point I leave myself short) that way I could still overpay the 10% as and when I find I have extra cash.

I would definetaly be reducing the term, just dithering to whether it will be 9 or 8 years, from just under 15 yrs, so not such a drastic drop, but managable for me.

Glad to hear you have worked out your sums and although eyewatering at the moment, in the long run would benefit you no end.

A_Frayed_Knot · 15 June 2015 at 8:29PM

Better day today, still got home a little later and summer has gone but managed a little spend day,

Having a look at ebay, have so much I don't want/need anymore, dvds, clothes with tags still on, (you know, the items that say I'll lose some weight so they fit me, and never do). Where do I start?how do I post, royal mail or courier? registered or not? so many ways so many decisions.

bexster1975 · 15 June 2015 at 8:53PM

Hi

I wouldn't use Royal Mail for postage. A total ripoff. Almost any courier would be cheaper. Could sell bigger things collection only and cash on collection. I wouldn't do registered post unless requested by the buyer, and they can pay the premium for it.

List something small and have a go. When you feel braver, list some more

Could also sell on facebook pages in your area. No fees!!

Bexster

A_Frayed_Knot · 16 June 2015 at 6:21PM

I take it, bex, that you have listed on ebay before, so will take your good advice and go with a courier then. Thought about registered if an expensive item just incase it got "lost".

Have got a few larger items, but feel a wee bit "funny" about some stranger coming to my door, will leave these items until I have a "think" about it.

Well, no time like the present, will list a few items tonight, after I have sorted out the 50th birthday pressie and card for tomorrow, as for once managed to get away early tonight.

bexster1975 · 16 June 2015 at 6:38PM

Hi

Yes I have and the last time I used Royal Mail it cost £8.50 SECOND CLASS to send a single duvet set which cost £10 new!!

Never again!

Again, if you are worried about expensive stuff, get a price for recorded delivery and charge the customer.

Go for it, you don't know till you try. It can be weird havi g people come to your place, but you could always have someone come over for when they are due to collect if you are worried at all.

Hope the selling goes well

Bexster

Was Mortgage Free until 52!!!

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