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  • FIRST POST
    • wantabetterlife
    • By wantabetterlife 27th Dec 09, 10:49 PM
    • 1,230Posts
    • 5,552Thanks
    wantabetterlife
    £161,044.25 reasons to be mortgage free
    • #1
    • 27th Dec 09, 10:49 PM
    £161,044.25 reasons to be mortgage free 27th Dec 09 at 10:49 PM
    Hello everyone
    As the title suggests out mortgage is a staggering £161,044.25. More worrying is the fact that we are almost certainly in negative equity. I am ashamed to say that we were part of the " lets release some equity in our house and go on a great holiday, buy nice clothes..etc" club, because we " deserve it". This resulted in us borrowing an extra £57,000 . OMG when i write it down it seems even worse!!! However £25,000 of this was on a property investment that went disasterously wrong.
    Oh how times have changed and with the recession came an almighty dose of reality. I cannot believe we were so stupid. .....but..... since finding MSE things have certainly changed.
    I can remember stumbling along the MSE forums and into the MFW board one evening and Earthgirls diary was the first one i read....what can i say i was hooked.
    The real driving force behind being Mortgage free is so that i would be able to work part time (have two young children) without having to struggle too much, hence my username.
    I have joined the MFW 2010 and the MFi3-T2 challenge to help keep me motivated..so watch this space

    wantabetterlife
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
Page 28
    • wantabetterlife
    • By wantabetterlife 14th Jan 16, 4:44 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Hi LGP, thanks for posting. No it's not me..we lived in our last house for ten years.
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • abba1772
    • By abba1772 15th Jan 16, 2:45 PM
    • 4,808 Posts
    • 16,689 Thanks
    abba1772
    Happy new home xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £983.26
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £4422.29
    • Muser1
    • By Muser1 16th Jan 16, 5:36 PM
    • 756 Posts
    • 4,102 Thanks
    Muser1
    Congratulations on the new house
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • CathT
    • By CathT 16th Jan 16, 7:21 PM
    • 5,586 Posts
    • 38,884 Thanks
    CathT
    Good to see you back WABL.
    June 2018 -
    part 1 - £77,571
    part 2 - £45,272
    Total - £122,843
    • wantabetterlife
    • By wantabetterlife 18th Jan 16, 9:31 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Thanks abba, muser and cath for your lovely messages. I am finally online with the Halifax and have just updated my signature . We owe a massive £176358. I have just overpaid £20 to make myself feel better.
    I really need to come up with a plan because this is way too much money to owe and we had to extend our term and it's now 28years and 9 months! I am hoping that writing it down will give me the kickstart I need to start making a dent in this.
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 25th Jan 16, 10:09 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    £4 something received from quidco...rounded it up to £5 and made an overpayment
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 11th Mar 16, 9:32 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    We have scraped into the 175's this month!!!....this is a really big elephant
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 8th Jul 16, 11:35 AM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Just managed to get into the 173s this month, with the balance at £173996 . It's going to be a tight few months with summer holiday and new uniforms to buy. I have increased our regular monthly payment by £100 so that is the least we will be overpaying. Just love the Tilly tidies and am convincing myself that it will all add up
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 6th Aug 17, 10:24 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    13 months since my last update ...really must do better. We are still plodding away and are now in the 168s. Managed to get 60k of our mortgage on a better interest rate from 4.29% to 2.19% and that kicks in this month. Roughly works out at £80 per month saving that we are ploughing back into overpayments. That will take monthly overpayment to £180 and our daily: interest will fall into the £16.00 something per day bracket.
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 6th Sep 17, 10:54 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    With the new deal our daily interest has dropped by over £3 per day and is now at £15.43!! Hopefully we will start to see the snowball effect take pace a bit now
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • wantabetterlife
    • By wantabetterlife 5th Jan 18, 9:27 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Staring 2018 in the £166's. I can change 90k of the mortgage on the 1st of February from 4.39% to hopefully 2.29%. This should mean a good reduction in interest paid . I have joined the 2018 MFW challenge to keep me motivated...aiming for £5k between our home and BTL
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • abba1772
    • By abba1772 5th Jan 18, 10:38 PM
    • 4,808 Posts
    • 16,689 Thanks
    abba1772
    Staring 2018 in the £166's. I can change 90k of the mortgage on the 1st of February from 4.39% to hopefully 2.29%. This should mean a good reduction in interest paid . I have joined the 2018 MFW challenge to keep me motivated...aiming for £5k between our home and BTL
    Originally posted by wantabetterlife
    That would be a huge saving

    We remortgage end of April our Apr is 5.99% hoping to get a decent rate and we will just overpay using the savings xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £983.26
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £4422.29
    • wantabetterlife
    • By wantabetterlife 3rd Mar 18, 10:04 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    The new deal has went through and our daily interest has dropped from £15.28 per day to £10.08..unbelievably happy about this and we are only £9.00 away from the £164's. I eventually feel like we are making headway with this elephant!!
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • Kittenkirst
    • By Kittenkirst 3rd Mar 18, 10:53 PM
    • 1,897 Posts
    • 10,186 Thanks
    Kittenkirst
    Thats an awesome interest rate drop there
    Last edited by Kittenkirst; 04-03-2018 at 7:52 PM.
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Lifes Grand Plan
    • By Lifes Grand Plan 4th Mar 18, 7:55 AM
    • 1,010 Posts
    • 978 Thanks
    Lifes Grand Plan
    Great news, well done. Just remind be if you would please, how do you calculate daily interest? Or do your back provide that for you? Thanks
    A big believer in karma, you get what you give

    If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
    • wantabetterlife
    • By wantabetterlife 4th Mar 18, 7:42 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Hi LGP I'm with the Halifax and every month the interest you have been charged shows up on the online banking. This month the interest for Feb was £282.39 so you just divide that by the number of days in the month, so I divided by 28 and daily that is £10.08.
    Next goal is to get daily interest below £10. Tilly tidy just completed for £1.16...the 164s are sooo close
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • selloptape
    • By selloptape 4th Mar 18, 9:04 PM
    • 457 Posts
    • 1,889 Thanks
    selloptape
    Congrats on the new rate!
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • wantabetterlife
    • By wantabetterlife 20th Mar 18, 9:55 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Finally we have scraped into the 164's . .
    Balance is now £164999.25
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
    • CathT
    • By CathT 21st Mar 18, 7:04 AM
    • 5,586 Posts
    • 38,884 Thanks
    CathT
    You should start to see a huge difference with that big interest drop now.
    June 2018 -
    part 1 - £77,571
    part 2 - £45,272
    Total - £122,843
    • wantabetterlife
    • By wantabetterlife 21st Mar 18, 8:45 PM
    • 1,230 Posts
    • 5,552 Thanks
    wantabetterlife
    Hi Cath...yes we have kept our payments the same, meaning that we are actually overpaying the mortgage by £285 per month
    Mortgage £177,750£162948.74
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £2527.21
    Daily interest £19.91 £15.28 £9.95
    BUY TO LET MORTGAGE £111408 £109975 £104101
    6.01% paid
    Saving £2520
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