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    • The frugal fairy
    • By The frugal fairy 2nd May 18, 4:37 PM
    • 54Posts
    • 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 4
    • The frugal fairy
    • By The frugal fairy 2nd Dec 19, 11:25 PM
    • 54 Posts
    • 85 Thanks
    The frugal fairy
    December 2019 update
    So as of the 2nd of December the balance of the mortgage is 20,114.96. Low twenties, almost teens.

    Milestone reward of under 20,000 – renovation of utility and shower room, in process of looking for ideas ��

    Offset calculation
    So as the end is in sight I have got all creative and calculated the offset amount. I have cobbled my shares (value as at today), solar generation to date, eBay money not paid to mortgage yet, savings and my regular overpayment.

    6,895.42 offset
    13,219.54 outstanding after offset

    Mortgage statistics
    • A capital reduction of 2,815.57. At this rate we would be mortgage free in 6 months.

    • One brick coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 12.92% of the mortgage, so this month 87.08% of the house is ours.
    • Aiming for 85% for October, achieved November.
    • Aiming for 10% in January.

    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.
    • 6 bay sales this month - 95.75, less than last month ��. I do find sales get me motivated and this is a good month. Will give myself a goal of 400 for December, 2% of balance. Spending time improving listings and adding more.
    • Forward projections done to try and achieve the balance starting with 1 in December 2019.
    • Planning the things I want to fix in the house. Looking on line for ideas but not spending money. Have found a carpenter so some things are being fixed ��
    • Christmas shopping, 85% of it is done, need to find Christmas planner.
    Last edited by The frugal fairy; 02-12-2019 at 11:31 PM. Reason: Text size, figures
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