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    • shala_moo
    • By shala_moo 9th Oct 11, 2:38 PM
    • 3,251Posts
    • 27,225Thanks
    shala_moo
    Mortgage freedom..Shala_moo's attempt at a diary..
    • #1
    • 9th Oct 11, 2:38 PM
    Mortgage freedom..Shala_moo's attempt at a diary.. 9th Oct 11 at 2:38 PM
    Hi everyone..

    I love to read everyone's diaries but i don't get to post much as I get easily distracted by links to other diaries/websites/adverts and lose myself in the weird world of the interweb..

    I've decided I need to keep myself on track as we are about to take on a larger mortgage, moving to our dream house, and that scares me somewhat.. I also don't want to be still paying a mortgage when i'm 65 and relaxing on a cruise ship somewhere sipping Pina Colada's (here's hoping )

    So a little bit about me (us? hubby doesn't actually know i'm doing this )

    I love spreadsheets, i love numbers, i'm a geek and now because of Pammyj74 i have an excel version of my house that I am colouring in when i've paid off a certain amount... thanks Pammy!!

    I'm 35, have only ever owned one house and extended the mortgage over certain periods of time so i now, after 10 years, STILL owe the bank what I paid for the house back in 2001 have had my LBM a few years back and i'm determined not to be left with mortgages when i'm retiring...

    Between myself and OH we have 3 mortgages..

    Mortgage 1 - my house - waiting to be sold or rented

    Mortgage 72,818.25 @ 3.49%
    Home loan 16,499.02 @ 3.49% (taken out to help my dad buy a house whilst he sold his old house, now sold and i have the money sitting in the bank)

    Can only overpay this mortgage by 90 a month

    Equity - 40,000

    Mortgage 2 - new joint house (moving in 4-5 weeks when building work is completed)

    Mortgage 166,050 @3.99% fixed for 3 years
    Family loan - 60,000 @ 0% - will pay this off once house 1 is sold

    Can overpay by 10% a year.. i'm not sure that will happen but stranger things have happened

    Mortgage 3 - OH's parents house

    This was taken out as OH's parents couldn't get a mortgage, at the time OH didn't have a mortgage so we helped them out by putting his name down on the deeds and the mortgage paperwork. Obviously at some point this could fall to us to pay but it's only 200 a month.. fingers crossed we'll never need to step in..

    Savings

    27,000 - part of this is the money to pay back the home loan and also money to pay back the family loan once house 1 is sold so i'm not to touch it for pretty new things for my new house!!

    I also have a savings account which has 1000 in it and i'm part of the share save scheme at work so i also have savings stashed there. If i'm desparate for money i can close either one of them to get access to it.

    Ohh that was a lot of rambling weren't it.. as i read it back it seems very complicated but the upshot of it is that, at the moment, i owe over 300K *gulp* and my assets are about 350K...

    Jeez guess who might not be sleeping very soundly tonight... i'm very risk adverse!

    Anyway if you're still with me then thanks for reading...
    Last edited by shala_moo; 31-10-2011 at 12:34 PM.
Page 50
    • Lumanous
    • By Lumanous 19th Oct 17, 9:38 PM
    • 127 Posts
    • 333 Thanks
    Lumanous
    Hope all is going well with you

    No, my username is not a typo
    • shala_moo
    • By shala_moo 22nd Oct 17, 11:38 AM
    • 3,251 Posts
    • 27,225 Thanks
    shala_moo
    Hi Lumanous

    Everything is fine thank you for checking up, the last few months have been a bit manic at home and work so haven't had much time to focus on being MSE or paying down the mortgage. Luckily most things just tick along nicely so we've still been making great headway into the debt.

    Oct Monthly figures should look like this
    Outstanding Mortgage = 118,172.76
    Mortgage Offset % = 32.56%
    Approx. Monthly interest saved and OP'd 47.33
    Mortgage Neutral Date = Mar 2026

    Total Debt as present moment 79,690.40 under 80k

    However, i'm about to apply for a re-mortgage to another 5 year fixed rate of 1.85% which will incur an early repayment fee so figures may change slightly. It'll save us 6k in the long run, reduce our monthly pymts to 550 from 740, reduce daily interest from 11.56 to 6.04 and knock 12 months off the mortgage

    It's kind of renewed my interest in sorting finances out again, so I've just updated the MFIT-4 challenge (in front by 2k) and I've started to catch up on diaries again to get myself back in the spirit.

    Known spends coming up
    • dentist visit 70
    • book cruise for our 10 yr anniversary (June 18)
    • desperately need new glasses
    • annual hedge/garden maintenance - 12 ft hedges need trimming - 200
    • new hair - much money but this is a need for me rather than a want as the effects on confidence is immeasurable

    Work stuff has been a big issue the last few months, however, we have a new boss and another couple of employees starting so we're hopeful now this will settle down. I feel more optimistic than I have done in a while, but there is still a lot of drama being played out which doesn't make for a good atmosphere.

    My promotion meant that I have some staff to manage which is a massive learning curve, fingers crossed that all is going well. Not heard any complaints so..

    I'm not sure much active money saving has been done in the last few months but there were a few things
    • OH's friend came and took down a large tree for us - he wouldn't take any money for the work
    • 0% credit card for 24 months got for all the massive purchases listed above
    • given up on slimming world, it doesn't work for me as I can't be *rsed to follow it so 20-25 per month saved. Been watching my eats and trying to be more active instead which is working, for free
    • OH has given up smoking and changed gyms saving himself 130 a month and some long term health issues

    Well that turned into a bit of a long post.. i'll leave you all now in peace and go and sort this blooming re-mortgage out xx
    Actual Mortgage = 166,050106,955.58
    Mortgage Offset % = 39.23%
    Mortgage Neutral Date = Dec 2036May 2025
    Mortgage Neutral position = 64,993.26 outstanding
    • beanielou
    • By beanielou 22nd Oct 17, 10:08 PM
    • 57,332 Posts
    • 234,591 Thanks
    beanielou
    Hope the remortgage goes well.
    Good to hear from you.
    Miss your posts xxx
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • shala_moo
    • By shala_moo 22nd Jul 18, 1:20 PM
    • 3,251 Posts
    • 27,225 Thanks
    shala_moo
    Hello all.. so I haven't updated for 9 months current figures are below.

    Jun Monthly Figures
    Outstanding Mortgage = 111,078.57
    Mortgage Offset % = 36.70%
    Approx. Monthly interest saved and OP'd 73.80
    Mortgage Neutral Date = Aug 2025

    Total Debt as present moment 70,312.05

    All money savings things are ticking along nicely and we've reduced debt by approx. 1k a month since last Oct, that also includes adding on a lot of debt for our cruise we took in May, to Alaska, to celebrate our 10th wedding anniversary. It was amazing though and I've currently got the cost sitting on a 0% credit card until Oct 19 and stoozing the cash in our offset account.

    I had a little read back through my diary yesterday and the overwhelming theme was how bad work was, I moaned a lot sorry! Well finally they pushed a bit too far and i'm currently signed off sick and on meds for mental health issues with counselling to follow shortly.

    So focus needs to be on money saving again, as with a lot of people when things are busy-busy we tend to go for convenience rather than value for money so lots of costs are starting to spiral!

    So things that have happened since last year financially :

    OH had another pay rise - quite substantial
    didn't bother changing the mortgage, the early repayment charge was extortionate so this is to be reviewed Oct 18
    I was involved in a big car crash - other persons fault - no cost to me but car less for a while
    had a leaking pipe in the kitchen - currently on our 8th month of waiting for the insurance to sort it - just the excess to pay
    S&S ISA is finally showing some profit, I was worried for a while, obviously this can fall just as quickly but currently at 2k profit - still hopeful to make the millions

    Anyway that's all that's been happening, going to start posting again regularly so there's a record of our debt busting when we finally get that last 1p paid off!!

    xx
    Actual Mortgage = 166,050106,955.58
    Mortgage Offset % = 39.23%
    Mortgage Neutral Date = Dec 2036May 2025
    Mortgage Neutral position = 64,993.26 outstanding
    • shala_moo
    • By shala_moo 27th Jul 18, 2:54 PM
    • 3,251 Posts
    • 27,225 Thanks
    shala_moo
    Well, now i'm getting my focus back, I can't wait for the end of the month to check the figures!

    My update to the MFIT thread shows that 91.5% of my target to becoming mortgage neutral has been reached so well on track for meeting that when it ends in Dec 18. Can't believe it's been nearly 3 years already.

    My next three year goal will be to be completely mortgage neutral currently that's 64k to find, but hopefully nearer 60k by the end of the year.

    There's been a fair few OP's done this month - I desperately wanted to get the mortgage under 111k so there have been lots of tilly-tidies and I accidently paid my credit card bill of 145 to the mortgage account instead luckily realised just as I pressed the button so paid the CC off too so there were no late fees etc.

    There hasn't been any money spending going on really which is brilliant, we got a free N0w TV subscription to try but it's not for us, so that's needs cancelling. We have 'free to us' Netfl1x which is much better so we'll stick to that.

    xx
    Actual Mortgage = 166,050106,955.58
    Mortgage Offset % = 39.23%
    Mortgage Neutral Date = Dec 2036May 2025
    Mortgage Neutral position = 64,993.26 outstanding
    • beanielou
    • By beanielou 27th Jul 18, 2:58 PM
    • 57,332 Posts
    • 234,591 Thanks
    beanielou
    All sounding good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • shala_moo
    • By shala_moo 30th Jul 18, 6:19 PM
    • 3,251 Posts
    • 27,225 Thanks
    shala_moo
    Jul Monthly Figures
    Outstanding Mortgage = 109,993.05
    Mortgage Offset % = 37.51%
    Approx. Monthly interest saved and OP'd 79.60
    Mortgage Neutral Date = Aug 2025

    Total Debt as present moment 68,730.41 (-1,581.64 )

    Mortgage is under 110k and total net debt is under 70k so excited about these milestones! If we continue at this rate then the mortgage will be sub 100k by this time next year..

    A couple of spends today : we are doing up the house slowly and trying to get stuff a bit more organised so a shoe rack was purchased (30) from Eb*y and a new pair of shoes (50) - I think it's bad luck to buy a shoe rack and not put a new pair of shoes in it, isn't it?

    OH has put his back out this weekend so that was another spend at the chiropractor - currently trying to talk him into going once a month to keep his health in check as his back gets painful quite a lot.

    Also popped into the co-op and bought some bits for tea - this is where we are falling down quite a bit in the money saving stakes, the top up shops are becoming quite frequent and really are unnecessary.


    xx
    Actual Mortgage = 166,050106,955.58
    Mortgage Offset % = 39.23%
    Mortgage Neutral Date = Dec 2036May 2025
    Mortgage Neutral position = 64,993.26 outstanding
    • beanielou
    • By beanielou 30th Jul 18, 7:47 PM
    • 57,332 Posts
    • 234,591 Thanks
    beanielou
    YOur figures are looking just fab
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • shala_moo
    • By shala_moo 6th Aug 18, 4:20 PM
    • 3,251 Posts
    • 27,225 Thanks
    shala_moo
    Thanks for popping Beanie

    Couple of OP's made this week :
    - 23.89 made from a survey site
    - 2.86 interest from my T$B account

    Need to find another 120 this month to hit the the 108k's - some of it will come from saving money on petrol as i'm still not back at work, and some of it will hopefully come from grocery savings!

    Today is a use it up day
    - aged carrots, frozen onions and frozen pastry used to make a pie for tea - no idea when the frozen onions and pastry were bought - all other ingredients have also come from the stock cupboard.
    - aged apples stewed down a little to use in breakfasts
    - aged radishes have been pickled using some old vinegar (using this recipe)

    Menu plan is done for the week and hopefully shouldn't need to go to the shops for any top ups.

    I started a bullet journal this weekend to try and organise myself - it consists of a 'menu plan' page and 'grocery list' page to try and get on top of the grocery spends and a habit tracker page to make sure i'm not forgetting to do things everyday. Love a bit of stationery and this way it's useful as well as pretty and keeps me entertained colouring! Fingers crossed it works successfully.

    xx
    Actual Mortgage = 166,050106,955.58
    Mortgage Offset % = 39.23%
    Mortgage Neutral Date = Dec 2036May 2025
    Mortgage Neutral position = 64,993.26 outstanding
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