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  • FIRST POST
    • originalmiscellany
    • By originalmiscellany 10th Aug 10, 4:23 PM
    • 1,608Posts
    • 3,883Thanks
    originalmiscellany
    Originalmiscellany's MF dreams
    • #1
    • 10th Aug 10, 4:23 PM
    Originalmiscellany's MF dreams 10th Aug 10 at 4:23 PM
    So I have read all these forums avidly, and have never really contributed something like 10 posts in 2 years!

    However Im going to take the plunge and start a MFW thread.
    So, I bought our house (co-bought with a friend) in 2002 127,500 with us each paying half the mortgage. At the end of the five year fixed deal (total of 25 year mortgage), I got married and bought the friend out, where the house was valued at 160k, and with the mortgage having to be extended to 120k (I think). This was in August 2008. We moved to a fixed rate deal with Halifax which expires at the end of November 2010 where we will hopefully switch to a First Direct Offset, interest only mortgage for the remaining term (18 years). The mortgage will be around 80k left.

    We are in a fortunate position where we have been able to overpay the mortgage since getting married and have some savings, so the actual mortgage will be around 50k with 30k sitting in the offset section of our account (mainly ISAs accrued over the past few years), especially in light of the measly interest rates we currently gain on them. Interest only means we pay a minimum and can then save/offset our savings every month which I estimate to be a good thousand a month as the situation currently stands.

    The chief driver in documenting this is to hold myself accountable to people in trying to get this mortgage cleared as fast as possible, and also being a nerd (I work in education in ICT), I like being able to track our mortgage/outgoings etc, so logging it here will be quite cathartic!
    Realistically, we could clear this if nothing changes to our financial situations in 5 years relatively easily, we could hammer the mortgage and clear it in 2 years at a real stretch, or can take it easier and see what happens.
    Life is further complicated by the fact that my wife owns a house which has been rented out for several years, and currently generates a small profit every month, but is on an interest only mortgage thatll be cleared once our main abode is cleared, or the housing marked picks up (but were looking at it being a 10 year project to get it back to a good situation).

    In terms of clearing the mortgage, Ive been selling stuff on ebay, will continue to do so, and am tempted to have a go at online betting where you take the money for setting up an account with a variety of websites and then bet on both outcomes of a 2 horse race It looks like it would be fun, and could generate several hundred pounds with no risk of me losing money + Im not that addictive a person in my nature - matched betting I think it's called?

    Anyway, I look forward to any comments/feedback on our journey - my plan is to update monthly with current figures, to encourage myself on living frugally to clear the mortgage.

    Thanks
    Originalmiscellany
Page 25
    • originalmiscellany
    • By originalmiscellany 2nd Nov 17, 9:37 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    Another 500 over payment made - have continued to pay the "Base" mortgage as if it's at 0.5% even when it dropped to 0.25%. Hopefully it won't feel too painful to me with the rate increase, although i am certainly thinking about fixing the mortgage long term soon (it's still floating around on a tracker for another year at a low rate +1.34%).
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 8th Nov 17, 10:01 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    But i have to say, listening to Martin on Radio 5 was hugely beneficial in terms of my outlook and consideration to risk - e.g. if I'm happy to take a gamble, hold off, if not, fix!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 27th Nov 17, 1:31 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    And the next month is assigned - ready for the final overpayment of the year - 500 by 12 = 6k off the mortgage on top of normal payments.

    Final payment to go out on 1/12/2017.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 2nd Dec 17, 11:29 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    Objectives met - payment through. Had some extra expenses (broken dishwasher, vacuum,kettle) in the space of a few weeks - all very useful and needed! (although we could potentially get by without a dishwasher for a bit). Off to the tip today to get rid of old dishwasher, as new one (a hand me down) has been installed - and I need to cancel the order for the new one we ordered. Money saved
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 1st Jan 18, 12:38 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    A new 2018, another 500 overpaid on top of the mortgage. As mentioned previously, I will have to remortgage at some point this year, will realistically have to stop overpaying with the same enthusiasm but will aim to make even small overpayments every month.

    Let's see how it works out in reality
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 4th Jan 18, 9:45 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    Oddly enough, does anyone else really enjoy getting letters from the bank telling you what your overpayment has done to the overall balance/length of the mortgage? Always encourages me to see it drop down, no matter how little/small the steps are.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 5th Feb 18, 9:13 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    Another 500 overpayment, but I've made the step to get a mortgage agreed in principle, to get a fix as I'm starting to get itchy feet. The benefit is that I have 6 months of it being valid so can see what happens for a few months before making a move one way or another. But there is movement.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 15th Feb 18, 9:17 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    So my plan...
    is afoot! Have a mortgage in principle (valid for 6 months) and a "last date" I need to contact the bank to get the mortgage through before the offer expires.
    That gives me 5 months (March - July) to continue to overpay as previously, but with the benefit of meaning that when I do activate the mortgage I'll be able to have reduced the captial further.

    Plus they have said that if a better deal comes along I can re-negotiate, ie I have plenty of time to consider my options. I am sure they are hoping I'll take the mortgage as it has taken 2 conversations taking up 2 hours so there's clearly commitment from both parties!

    Benefits:
    a) I can continue on my mortgage "as is" for the next few (5) months - which will take a further 3.5k plus off the outstanding amount
    b) I have a decent long term mortgage offer out there, which is valid for 6 months
    c) I can adjust finances to over pay for the next 5 then when I go fixed, the drawbridge will be pulled up on overpayment for a bit
    d) Thanks to overpaying, the rate is only a bit more than (50 a month) than i pay currently - which if not overpaying is managable
    e) I am allowed infinite overpayments and in fact the length of the mortgage is reducing as I took out a super long mortgage last time as it was free to join, leave and infinite overpayments were allowed.
    f) In some ways we are the "tightest" we have ever been financially, and if we can manage, when MOM returns to work we can get cracking on paying this down double fast.


    Concerns:
    a) 10 years - a long time!
    b) We're not going to move, but what if something happens?
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 28th Feb 18, 11:03 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    March 2018
    Another 500 overpaid on top of the normal mortgage payments for March 2018. Mortgage booked to transfer end of July 2018 - so a few more over payments to go. Then financial lock down will commence
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 4th Apr 18, 8:58 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    See month above for March 2018 - 500 overpayment - Still not returned the paperwork to our mortgage company as we've been super busy. Still aware financial lockdown will commence by the end of June at the latest, probably sooner. Not a lot to report, just plodding on trying to be sensible where possible.
    Last edited by originalmiscellany; 04-04-2018 at 8:59 AM. Reason: added minor info updates
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • originalmiscellany
    • By originalmiscellany 1st May 18, 12:47 PM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    No overpayment from me this month - and mortgage paperwork all here ready to send off - I just need to post it.
    This month looks expensive, car needs a belt replacing, have paid for 2 ferry crossings for our summer holiday etc. So lock down has commenced
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
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