Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • The frugal fairy
    • By The frugal fairy 2nd May 18, 4:37 PM
    • 55Posts
    • 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 3
    • The frugal fairy
    • By The frugal fairy 10th Jul 19, 5:20 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Hello 20's
    Mid month update. Just made the best overpayment, as we are no longer in the 30's. Today's balance is 29,212.99. A few sales on ebug and we will
    be at 28k
    • The frugal fairy
    • By The frugal fairy 1st Aug 19, 10:52 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    August 2019
    So as of the 1st of August the balance of the mortgage is 28,662.95.

    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.

    7,862.72 offset
    20,800.23 outstanding after offset




    Mortgage statistics
    A capital reduction of 1,678.89 - 320.53 less than last month. At this rate we would be mortgage free in 9 months.

    Two bricks coloured in.

    I get impatient and forget that good progress is being made so checked we owe 18.42% of the mortgage, so this month 81.58% of the house is ours. Aiming for 85% for September.

    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.
    Five bay sales this month - 79.75, I do find sales get me motivated and this is a good month. Will give myself a goal of 200 for August. 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 1 in November 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; 01-08-2019 at 10:55 PM. Reason: Text size
    • zcrat41
    • By zcrat41 2nd Aug 19, 5:57 AM
    • 1,617 Posts
    • 4,374 Thanks
    zcrat41
    Wow. You are doing amazingly. What sort of things are you selling on eBay to make such good money?
    • The frugal fairy
    • By The frugal fairy 2nd Aug 19, 10:05 AM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Wow. You are doing amazingly. What sort of things are you selling on eBay to make such good money?
    Originally posted by zcrat41

    Hello, full disclosure I am presently working my way through all the episodes of Shark Pond on Nutflix for inspiration.

    Last month it was children's things we no longer need, my unwanted jewellery and a collectible. I use a combination of F#ylady and MK to declutter. Give lots of things away and sell some. It's amazing what you have in cupboards and your loft.
    Last edited by The frugal fairy; 02-08-2019 at 10:06 AM. Reason: spelling
    • savingholmes
    • By savingholmes 4th Aug 19, 10:28 PM
    • 9,950 Posts
    • 20,330 Thanks
    savingholmes
    Well done on getting so close to mortgage free.
    Target DFD Mar 21 Nov 20 38840 @ 13/7/19 25,369@0%
    Target MFD July 2031 March 28 owe 145551 @13/7/19 145,078 @1.7%
    • The frugal fairy
    • By The frugal fairy 3rd Sep 19, 10:11 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    September 2019
    So as of the 2nd of September the balance of the mortgage is 26,919.84.


    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.

    7,006.92 offset
    19,912.92 outstanding after offset



    Mortgage statistics
    A capital reduction of 1,743.11 - 64.22 more than last month. At this rate we would be mortgage free in 8 months.

    Two bricks coloured in.

    I get impatient and forget that good progress is being made so checked we owe 17.3% of the mortgage, so this month 82.3% of the house is ours. Aiming for 85% for September.

    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.
    7 bay sales this month - 139.70, 60 more than last month 😊 I do find sales get me motivated and this is a good month. Will give myself a goal of 200 for September. Spending time reducing and improving listings.

    Forward projections done to try and achieve the balance starting with 1 in December 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.
    Started the Christmas shopping 😊
    Last edited by The frugal fairy; 03-09-2019 at 10:13 PM. Reason: Text size
    • savingholmes
    • By savingholmes 4th Sep 19, 5:39 PM
    • 9,950 Posts
    • 20,330 Thanks
    savingholmes
    Great progress.
    Target DFD Mar 21 Nov 20 38840 @ 13/7/19 25,369@0%
    Target MFD July 2031 March 28 owe 145551 @13/7/19 145,078 @1.7%
    • The frugal fairy
    • By The frugal fairy 1st Oct 19, 2:55 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    October 2019 update
    So as of the 1st of October the balance of the mortgage is 24,933.82 . Mid twenties, so exciting.


    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.

    7,156.53 offset
    17,777.29 outstanding after offset



    Mortgage statistics
    A capital reduction of 1,986.02 - 242.91 more than last month. At this rate we would be mortgage free in 7 months.

    Two bricks coloured in.

    I get impatient and forget that good progress is being made so checked we owe 16.02% of the mortgage, so this month 83.98% of the house is ours. Aiming for 85% for October.

    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.
    3 bay sales this month - 56.00. I do find sales get me motivated and this is a good month. Will give myself a goal of 300 for October. Spending time improving listings and adding more.

    Forward projections done to try and achieve the balance starting with 1 in December 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.
    Started the Christmas shopping, 50% of it is done.
    • The frugal fairy
    • By The frugal fairy 18th Oct 19, 12:50 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay update.
    Up to 104, will I make my target ?

    Have a poorly little one so have spent lots of time on P interest.Found lovely things for utility and shower room
    Last edited by The frugal fairy; 18-10-2019 at 1:04 PM. Reason: title
    • The frugal fairy
    • By The frugal fairy 20th Oct 19, 7:09 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay update 11 days to go to reach 300 target
    As the end is in sight of the mortgage no cupboard is being spared in our house to find things to list. Another positive is cupboards are looking neater

    191.50, an increase of 87.50
    Last edited by The frugal fairy; 20-10-2019 at 7:12 PM. Reason: Text size
    • The frugal fairy
    • By The frugal fairy 27th Oct 19, 10:16 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    4 days to go to reach monthly target
    Still cupboard raiding .....................

    265.40, an increase of 73.90, also over 1% of mortgage balance

    4 days to reach target, 35 to go
    • The frugal fairy
    • By The frugal fairy 1st Nov 19, 11:07 AM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    November 2019
    So as of the 1st of November the balance of the mortgage is 22,960.53. Low twenties, so exciting.


    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.

    7,769.31 offset
    15,191.22 outstanding after offset


    Mortgage statistics
    • A capital reduction of 1,973.29. At this rate we would be mortgage free in 7 months.

    • Two bricks coloured in.

    • I get impatient and forget that good progress is being made so checked we owe 14.75% of the mortgage, so this month 85.25% 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.
    • 10 bay sales this month - 265.40, much better than last month ��. I do find sales get me motivated and this is a good month. Will give myself a goal of 350 for November. 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 that need fixing will be done and some of the work will make things look nicer. Also money saving as doing the jobs now is cheaper than leaving and having to replace.
    • Christmas shopping, 75% of it is done.
    Last edited by The frugal fairy; 02-11-2019 at 11:54 PM. Reason: clarity
    • The frugal fairy
    • By The frugal fairy 2nd Nov 19, 11:57 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    First bay sale of month
    10.90, good but need 11.67 per day to reach target .
    1 max selling fees so more things to be listed tomorrow
    • The frugal fairy
    • By The frugal fairy 3rd Nov 19, 11:16 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay sale number 2
    25, month to date.so just 10.01 behind target.

    Listed 4 things to replace the 2 sold
    Last edited by The frugal fairy; 03-11-2019 at 11:17 PM. Reason: title
    • Kittenkirst
    • By Kittenkirst 4th Nov 19, 8:25 AM
    • 2,158 Posts
    • 12,064 Thanks
    Kittenkirst
    Mortgage free in 7 months- totally inspiring!!
    2019 MFW #201172.70/ 4500 26%

    Mort- Oct16 170.995 (end Nov 2041) Dec18 152,838

    Overpayments 2016 255.50 2017 2600.40 2018 4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • The frugal fairy
    • By The frugal fairy 4th Nov 19, 11:21 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay sale number 3
    55, month to date.so ahead of target.

    Listed 3 more things as 1 max fee weekend.

    Planning trip to RL auction in morning with some items
    • glass_half_full
    • By glass_half_full 5th Nov 19, 7:55 AM
    • 389 Posts
    • 956 Thanks
    glass_half_full
    Great progress congratulations!
    Love the marbles idea, I think I will pinch that.
    • The frugal fairy
    • By The frugal fairy 5th Nov 19, 2:09 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Great progress congratulations!
    Love the marbles idea, I think I will pinch that.
    Originally posted by glass_half_full
    Yes the marbles are a great visual reminder. Will re purpose for saving goals once mortgage is gone
    • The frugal fairy
    • By The frugal fairy 12th Nov 19, 12:44 PM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay sale 4, need 140 to stay on target
    67.90, month to date.so behind target.

    Listed a couple more things.
    • The frugal fairy
    • By The frugal fairy 15th Nov 19, 12:13 AM
    • 55 Posts
    • 85 Thanks
    The frugal fairy
    Bay sale number 4, 89.98 behind target :(
    73.40, month to date.so behind target.

    Reduced items.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,521Posts Today

6,525Users online

Martin's Twitter