Rose's mortgage-free journey!!!

poppyoscar_3 · 19 August 2010 at 11:22AM

I would definitely get some savings back up - I have about 8 months worth of 'essential spending' money in ISA's. It's just a buffer in the case that the worst happens ever job/health wise. I know in your position I wouldn't be able to resist starting to OP but I think I'd save some too - do half and half until you have a bit of a back up.
Good luck with your adventure!
PO xx

SmlSave · 19 August 2010 at 2:02PM

Do all you peeps who OP your mortgage have the recommended 3-6 months emergency savings.

Not really

We're currently paying my dad back for a loan he gave us, paying it back into my ISA where I'm allowed to 'keep' the interest earnt. I class this loosely as our emerg fund although should he ever want the money back it has to be available.

Baby_steps_2 · 19 August 2010 at 9:53PM

Welcome Rosie, if it makes you feel any better my mortgage is much bigger and I'm about to take it on by myself:eek::eek:

Long story short we are in negative equity so keeping mortgage in joint names till it goes up in value and I will buy the house off him. As such we are on interest only for the time being and my "mortgage overpayments" will actually be me building it up in my own name so he has no access to the money.

I think from reading on here the general rule is if you can earn more interest with he money in a saving account than your paying on the mortgage then that's the bet option. There are threads on here which will tell you the best option based on your mortgage interest rate and if you are a higher rate tax payer or not.

Also we had no savings. So when I was in your position I was going to save half my op and pay te other half. That way it at least feels u are making a start which motivates me:rotfl::rotfl:

Good luck with everything, you can get loads of advice on here as all the posts above show.

IHateDida · 19 August 2010 at 10:28PM

Hi Rose - your posting sounds like my circumstances - I now owe £122k after buying a larger house and owe my Dad some cash - which I am paying back into an account under my name also (in case of emergencies - we don't have an emergency fund apart from this - which really doesn't in theory belong to us but....!). However...my mortgage was £142k three years ago and through overpaying around £4k a year (its all we can afford at the mo!) we have managed to decrease it by £20k and have halved our repayment period. So I can understand where you are coming from.

The most useful advice I have received on here is to get a mortgage pig - ours is called Porcha (!) and happily gobbles any of our spare change. This month on top of our regular OP, we counted an extra £50 from Porcha and paid it off the mortgage! We've even been known to pay an extra £5 in loose change into the bank....after all its not saving us interest sitting in Porcha! Good luck and keep us updated!

rose_tinted · 21 November 2012 at 3:10PM

Hi
Time to get my mortgage free journey up and running again.
Since moving house and having another baby, things have gone a little crazy.
I want to use my diary to document my successes and failures in making extra cash to pay to my mortgage. Im filling up my mortgage pig, trying to overpay as we have come off our fixed rate.

I have joined TCB with the hope of making a few quid from Christmas shopping. At 20 p at mo......WOW!!
Here we go....:-)

rose_tinted · 21 November 2012 at 5:41PM

Im feeling very overwealmed at the moment, dont really know where to start.
Might start on my paper mountain and throw some stuff out. Also need to get OH on board. Although he has a habit of just agreeing with me:(
This will be my plan:
Bit of a paperwork sort.
Put important stuff in my binder.
Look at Open Office (info from a rather lovely person on here) so I can sort out my spreadsheet.
Order some xmas presents using TCB.
Quick look at paypal as have about £80 in there. Earmarked for a play kitchen for LO.

Thats enough for now.

Back to work tomorrow,
M x

rose_tinted · 23 November 2012 at 11:53AM

Hi
Ive been to work yesterday and back today so I havent got much done moneysaving wise.
Tomorrow heading to town to set up the standing order for overpayment of the mortgage. Excited!!!
I have found a spreadsheet that I dont have to pay for. On google

Have made £1.77 on TCB, every little helps. So I will put that to overpayments.
Also my piggy has yielded £4.50 in small coins. £5 to overpayment. So this week, overpayment comes to £6.77+£100= £106.77. Im really impressed both with the amount and my ability to add up :rotfl:
Back soon xx

rose_tinted · 13 March 2018 at 7:38PM

Hello everyone.
I!!!8217;m going to resurrect this diary from 2012 in the hope that I can start on my money saving journey again.
The mortgage is now at 105,000 give or take a few pennies. We borrowed a little more to do an extension.
Hubby and I have budgeted last month. We spent £670 on food, this included several trips to the Co-op in the month.
I go in with the intention of buying a loaf of bread and come out spending £15. Any one else do that?

I have really enjoyed everyone!!!8217;s diaries. I!!!8217;m on a mission.

rose_tinted · 13 March 2018 at 7:40PM

Does anyone know how to correct the random numbers in my post above?

Merchandiser2367 · 13 March 2018 at 8:38PM

Love this diary! You're still determined 8 years down the line! Amazing stuff

Proves that it is an up and down journey to be MF but determination is key.......especially as it is a long old slog!!

Rose's mortgage-free journey!!!

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