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    • Tahlullah
    • By Tahlullah 19th Aug 13, 10:39 PM
    • 1,046Posts
    • 5,297Thanks
    Tahlullah
    The impossible dream
    • #1
    • 19th Aug 13, 10:39 PM
    The impossible dream 19th Aug 13 at 10:39 PM
    Hello everyone. I am new to the forum, but have been reading for several years. It has been a help and inspiration, but I have never felt the need to get involved until today.


    I have been financially aware for many years and now have set a goal which I know I cannot achieve. My aim is to be mortgage free within 2 years. It is impossible to do, I have read everything, looked at spread sheets, calculated within an inch of my sanity, but I cannot do this without becoming a hermit and stopping Ďlivingí. The one thing the diaries have taught me is that people have great intentions, but after a while, the frugality can become grating and somewhat depressing and so the aim becomes a chore.


    As I still want to live my life to the full, I am not prepared to give up all luxuries; I do not have any debt and I do not overspend. I regularly have no spend days, sometimes going a whole week without letting the moths out of my purse for air! I donít smoke, drink in excess, have a gym membership, shop frivolously for food; Iím not into handbags, makeup, shoes or clothes. In fact, I am the most boring person I know. But I do like holidays!


    I bank with F.Direct, in my opinion a great bank. The mortgage is an offset. I already overpay, but I cannot seem to find any other substantial spare cash to over overpay with.


    I already save bits of change, xbay, Tilly Tidy, use the sweep function to put extra bits into the mortgage, whilst maintaining a small amount of savings. I decided I preferred to pay off the mortgage than save as I feel better about watching the capital reduce.


    I made my decision to do the impossible and this weekend, conjured £200 out of nowhere to overpay on top of what I normally pay - cashed in my £2 coins. Now, I have come to a dead stop and hit a brick wall. No more conjuring until payday!
    So, I am going to keep this diary to help me to focus, and see what progress I can make out of nothing at all. I am going to aim at reducing my capital by £500 by the end of the financial year, in addition to my normal mortgage payments, without having a substantial negative effect on my way of life.


    I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him. I will continue with my sweep every month. I will continue with my no spend days. I will continue to collect change in the hope of knocking small amounts of the amount owed, so I can see a difference being made.


    The spread sheets say I could be mortgage free in 4.5 years. I would like to be free in 2, by my 50th birthday. I could stretch it to 3 years as I am still technically 50 until I am 51! I am committing to posting once a week, even if to say, I have made no progress. Hopefully, someone will be able to inspire me to great heights.


    Thank you for your help so far. Let the games begin.
Page 20
    • StripeyTightsSpottySocks
    • By StripeyTightsSpottySocks 6th Dec 19, 9:57 PM
    • 215 Posts
    • 989 Thanks
    StripeyTightsSpottySocks
    Hi Tahlullah

    How are things now? Are you working - same job / new job?

    I hope you're well and things are working out for you.

    I am in the same job and have been rather outspoken about the things i'm unhappy with I continue to look for a new job too.

    Well done on the start for xmas gifts and mortgage balance.

    For those family members who are hard to buy for would an experience gift / gift of time be better? Such as an afternoon tea out together or a drive to the seaside for fish and chips? Doing something you think they'll like but within a budget?

    Good luck with the car ponderings too x
    14/07/2019 Mortgage Balance £52,995.15 £50,150
    16/07/2019 T Credit Card Balance £1728.50 £870
    £1,500 bill paid in full oct 19
    16/07/2019 Mortgage Savings £9,650.00
    EF£100/£1,000
    p9
    • Tahlullah.H
    • By Tahlullah.H 8th Dec 19, 2:55 PM
    • 66 Posts
    • 207 Thanks
    Tahlullah.H
    Hi Stripey. Got a bit of a reprieve until the New Year on the job, bud considering how outspoken I have been I am surprised they are keeping me until then. It all helps. An income over the Christmas period and then starting to look after the festivities are over.

    Christmas gift buying has stalled as I have no money and it would be easy to borrow, so I am looking at my accounts to see if there is any way of finding some down the back of a sofa !

    Managed to make the monthly mortgage payment, so this currently stands at £70, 900. I won't be able to make any payments in the new year once I become unemployed, but years of overpaying allows you this luxury, so I am fortunate I guess.

    Still considering what to do about the car. I really dislike this repayment vehicle thing I am in, where you have a balloon payment at the end. I am now considering taking out a loan to repay and then having just a bog standard loan to cover the car, but I will have to look at how much the repayments would be and if the car will be worth it. I do think it is the way to go. Its this or give the car back, take a big hit as I will still owe them (gone over the agreed miles) and then I have to go out and buy another car.

    Something more to ponder when I have no job!
    Where there's a will, there's a way!

    Mortgage outstanding - 31/8/19 - £76,000. 31/10/19 - £73,100. 30/11/19 - £71,900.
    31/12/19 - £70,700
    • StripeyTightsSpottySocks
    • By StripeyTightsSpottySocks 8th Dec 19, 3:51 PM
    • 215 Posts
    • 989 Thanks
    StripeyTightsSpottySocks
    That is good you have income into the new year

    I am the same with gifts - i will now run out of money before I've finished buying because i was landed with an unexpected bill which i've had to pay (Mr Socks usually pays it and i tag on for free but now this time he is getting this through a loyalty thing and I can't be included). I didn't know this was going to happen so i couldn't plan for it. Shopped around as well as going through cashback.

    I can't help with the car i'm sorry. Whilst ill i read some of nicnak's diary on the Debt Free Diaries and i think she was in a similar position with the car she had.

    Hope you've had a good weekend and I hope the upcoming week is good too x
    14/07/2019 Mortgage Balance £52,995.15 £50,150
    16/07/2019 T Credit Card Balance £1728.50 £870
    £1,500 bill paid in full oct 19
    16/07/2019 Mortgage Savings £9,650.00
    EF£100/£1,000
    p9
    • Tahlullah.H
    • By Tahlullah.H 24th Dec 19, 10:58 AM
    • 66 Posts
    • 207 Thanks
    Tahlullah.H
    Cheers for the support Stripey, much appreciated.

    Well, I made the decision about the car. Really love the car and as much as I looked, couldn't find one that I liked to replace it, so I took out the loan with my bank and paid off the fiance. It was like a weight lifted off my shoulders. My car and they cannot dictate how many miles I do or the condition it is returned in etc. The re-financing also saves me £100 per month and I can sell or not sell at my leisure.

    I did read Nicnacks diary, thanks for the recommendation. I am now a subscriber!

    So, the end of the month is nearly here and I can confirm I am going into the New Year owing £70, 700 on the mortgage. I have, however, taken out a stonking great big loan for the car, but this is not a concern at the moment. This diary for me has always been about repaying the mortgage. Everything else is life.

    So, my prediction for the year 2020, is that I will begin with £70, 700 and end the year at £56,000 or there about. My only sadness is that at this rate, I will still be paying a mortgage as I approach the age of 60 and this is what I was trying to avoid the whole time. Never mind. I have had fun along the way, with very few regrets. Perhaps if I win the lottery, I will be fortunate enough to pay it off early. If not, I will have a very nice house in which to live, before I consider downsizing!!

    Have a good Christmas and Happy New Year!
    Where there's a will, there's a way!

    Mortgage outstanding - 31/8/19 - £76,000. 31/10/19 - £73,100. 30/11/19 - £71,900.
    31/12/19 - £70,700
    • BVic28
    • By BVic28 25th Dec 19, 2:37 AM
    • 94 Posts
    • 172 Thanks
    BVic28
    Merry Christmas!
    • StripeyTightsSpottySocks
    • By StripeyTightsSpottySocks 27th Dec 19, 11:52 AM
    • 215 Posts
    • 989 Thanks
    StripeyTightsSpottySocks
    I hope you've had a lovely Christmas Tahlullah
    14/07/2019 Mortgage Balance £52,995.15 £50,150
    16/07/2019 T Credit Card Balance £1728.50 £870
    £1,500 bill paid in full oct 19
    16/07/2019 Mortgage Savings £9,650.00
    EF£100/£1,000
    p9
    • savingholmes
    • By savingholmes 29th Dec 19, 5:23 PM
    • 10,238 Posts
    • 21,374 Thanks
    savingholmes
    Happy New Year Tahlullah.

    Hope you find a job that makes you are happy with soon.
    During 2020: Target 1) £25,121 to be repaid in 2020 (0%) Now down to £24,703 Target 2) repay £1450 off (OP £102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
    • Tahlullah.H
    • By Tahlullah.H 15th Jan 20, 8:46 PM
    • 66 Posts
    • 207 Thanks
    Tahlullah.H
    Happy New Year! New year, new me. Lets see how long I can last with my new positive attitude!

    Mid point in the first month of the year and I am doing ok. Current debt to mortgage stands at £69,500 so it will be good to see where I am at the end of the month. May not be able to afford to make another payment.

    Considering my ongoing precarious employment situation, I have made the decision to take off and travel around the UK and Europe in my campervan. But, to do that, I have to prepare. So, I am giving myself 1 year to get organised. Unfortunately, organised always involves money, vast sums of it. Not sure how I will get lots of the stuff, especially if I am not earning. But where there is a will, there is a way. Who dares wins and all that.

    I am starting on the right foot, and have so far counted 5 NSP's. As said previously, this is the best month for it because money is always tight just after Christmas.

    I am somewhat concerned as to the lack of savings I have. Whenever I need to cover something, I have savings to pay - (not the car, if I had that amount of savings, I wouldn't have a mortgage!) - but when I need large sums, I don't have it. So, now I need large sums to pay to get ready for my next big adventure and I don't have it. So, small steps. Every little will help towards the big goal. Surprisingly, the lack of a job is not featuring high on my list of concerns. I guess i have just reached that age where I really am ready to give up the wok and whatever I have to do to live, I will do. A career is no longer important to me so anything I get will be good.

    So, 1 year to put my house in order and and get it ready to rent out in my absence, whilst sorting out everything else so I can get a regular income whilst travelling and not working. I need to plan the year to ensure that all tasks are completed to allow this to happen. The first thing is to find out how the mortgage company feel about my renting out my home. Luckily I am at about 35% loan to value, so only owing 1/3 will hopefully make them see that it isn't a great risk. If I had to sell, they would easily get back what is owed, even if they gave the property away at auction.

    Other positives, I have £200 in Top Cashback so thinking about what to do with it. I may begin using it for the grand plan. I might save it as I have 3 holidays already planned up until April and this would help as spending. Or I could use it to pay down a bit more of the mortgage. Or I could use it to pay a months payment on the car loan, bring the repayment date a bit earlier. Or I could just leave it where it is until something comes up, putting it into my savings pot. This doesn't sit well with me. I would rather do something specific with it than just save it and then use it for something small.

    I will ponder and ruminate a bit more on that one. Otherwise, everything going well overall. It wont last, so I will enjoy the feeling whilst I can. It is always fleeting.
    Where there's a will, there's a way!

    Mortgage outstanding - 31/8/19 - £76,000. 31/10/19 - £73,100. 30/11/19 - £71,900.
    31/12/19 - £70,700
    • StripeyTightsSpottySocks
    • By StripeyTightsSpottySocks 15th Jan 20, 9:54 PM
    • 215 Posts
    • 989 Thanks
    StripeyTightsSpottySocks
    Wow Tahlullah what a fab post and so much in there Did i say i had previously (following a redundancy) suggested to Mr socks we rent the house out get a campervan and travel the world? Unfortunately, I don't think Mr Socks loves campervans like i do and he also wanted to stay put as he had a job (which he didn't like and was then also made redundant from). And maybe he just doesn't have that freedom of spirit. I ended up going into debt to pay the mortgage which the rental income would've covered... - i wonder where that me who would see opportunities and have the will and joy to seize them has gotten to?

    Anyways this is your post and not for me thinking of the if onlys... Are you still in your job at the moment? I thought you were but your post made me think you aren't?

    Do you still have your other rental home?

    Crikey! i'm all questions! Sorry Tahullah

    1 year is a good length of time and you have your plan of what your goal is by that time. I'd suggest (and I'm sorry if you've already done this) Break the end goal down into mini goals to get there 12 or 6 or whatever it takes. List everything that needs to be done to get you travel ready and your home rent ready - so maybe £x in a savings pot before travel so dedicate an account for that and work out how you'll get there. I'd perhaps have a master spreadsheet listing all the jobs that need doing home (perhaps after enquiring with estate agents? i'm sure you've done this before and know what you're doing) and Campervan and personal (what will you need that you don't already have when you set off?) List the job, what equipment / cost will be needed and length of time of job and then pop it into a logical order. So sorry if i'm suggesting something you either have already done or hate the sound of If i was nearer i'd help though

    Have you read the wonderful Suffolk Lass thread on DFW? Following retirement her and her husband bought a campervan and they've done lots of work on it to make sure it's leakproof etc and i can't remember the persons name but someone has posted useful tips and said she should message any queries (i think the other person is an upholsterer?)

    Suffolk lass is really helpful and is one of the people who inspired me to join the grocery challenge and she has been very supportive on there. The buying of the van was nearer the end of the thread than the beginning i think.

    I think i'm waffling so i'll go now. I wasn't going to post. i'm a bit low after Christmas and lots going on which is on my mind - serious family illnesses, my (not serious) illnesses, family, work, and general life obstacles. i intend to get back to regular posting soon - just gotta pick myself up a bit first x
    14/07/2019 Mortgage Balance £52,995.15 £50,150
    16/07/2019 T Credit Card Balance £1728.50 £870
    £1,500 bill paid in full oct 19
    16/07/2019 Mortgage Savings £9,650.00
    EF£100/£1,000
    p9
    • Tahlullah.H
    • By Tahlullah.H 15th Jan 20, 11:14 PM
    • 66 Posts
    • 207 Thanks
    Tahlullah.H
    Hi Stripey. Great to hear from you and sorry that life and it trials and tribulations have laid you low, but this will pass. Nothing lasts forever, and that includes bad news.

    No, you didn't mention that you wanted to take off in a campervan (that I can recall!). What a shame Mr Stripey wasn't in the right frame of mind. We spend a lot of our life thinking 'what if'. I hope you get the chance to set some other goals that fill you with that sense of adventure, once you are feeling better and on top of the challenges currently coming your way.

    And I am always happy to answer your questions, so I hope I do them in order.

    My job - I am still there but only until the end of the month. Unless something miraculous happens. But even if it did, I would have to think long and hard about if I really want to be there or not. My instincts say 'get out' but if I get the chance to stay, then perhaps I should take it to help with my long term plan of escape? Anyway, currently the 25th of the month is D-day - they keep moving it.

    I do still have the other rental home, which would provide the income whilst I was happy camping, so alleviating my need to work for a living. Currently that money is swallowed up in general living costs, but if I do go camping, it would be a blessing and the one thing that would allow this plan to work. That and getting the 'Consent to Let' from the Bank. They wont give me much information about it because the rules may be different in a years time, but on the face of it, they may be willing to give this so renting out my home would be great, allowing the rent to continue to pay the mortgage. However, First Direct say I can stay on my fixed rate, but once it ends, it would revert to the standard variable rate. So, as my fixed term is due to end in March 2021, it looks like I would be better off re-mortgaging on another fixed rate, and then getting consent to let, thus locking the interest rate for the following 2 years. Small things but it makes sense to prepare. It does mean that I have over a year to prepare before I go, in April 2021. Financially, the delay of a couple of months would be worth it in the long run.

    Tomorrow, I will do what you suggest and set a series of goals for each month for preparation for the big event. This sounds like it will be a big job, so I will give myself until the end of January to complete it, and then start in earnest in February. The biggie will be starting to save for all the jobs that need to be done to allow this to happen, but anything is possible when you have a goal. Saving for the jobs whilst continuing to pay down the mortgage will be the big test, but it should be doable. I already have £200!

    Thanks for the recommendation on Suffolk Lass's diary, I will locate and read. No doubt it will give me sleepless nights when I see what is involved, but I do believe I have to give it a go. A life of regret does not sit well with me at the moment.

    Thank you for taking the time to post. I do understand what you mean when you say you are not ready to be back on the site. I know everyone goes through phases of walking away. I hope you feel better soon. I will keep posting about my plans and failures, and hopefully, you will join in occasionally.

    Onward and upwards!
    Where there's a will, there's a way!

    Mortgage outstanding - 31/8/19 - £76,000. 31/10/19 - £73,100. 30/11/19 - £71,900.
    31/12/19 - £70,700
    • savingholmes
    • By savingholmes 16th Jan 20, 10:19 PM
    • 10,238 Posts
    • 21,374 Thanks
    savingholmes
    Hi Tahlullah and Stripey - Waves!

    T - I hope you manage to get a more inspiring job soon. Would blogging about your planned camper van trip and then while doing it bring in any income?

    I know over paying the mortgage is a very worthwhile goal - however if your dream is this camper van trip - is it worth pausing the first to save for the second?

    Good luck whatever you decide
    During 2020: Target 1) £25,121 to be repaid in 2020 (0%) Now down to £24,703 Target 2) repay £1450 off (OP £102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
    • Tahlullah.H
    • By Tahlullah.H 18th Jan 20, 12:02 PM
    • 66 Posts
    • 207 Thanks
    Tahlullah.H
    Thanks for the consideration Savings. I agree that forgoing the mortgage would be the sensible thing to do to plan for the trip, but I feel that the lower the mortgage, the easier it will be to get the permission for the Consent to Let. They usually only give it if you are working elsewhere, and I would not be working. Additionally, my plan is not to return to work after the maximum permitted period of 2 years, so if I can get the mortgage to a point where it is paid off whilst it is being rented out, this would be the ultimate. I can only do that if the mortgage is low enough when I start to rent it out. I am aware it is a pipe dream, but every step towards this aim I believe should be pursued.

    Anyway, where have I got to so far? I have written the list of things that need to be done in each property so that I can walk away and know there will be no issues for the year I am travelling. The list is immense but one property at a time I think.

    I love the idea of vlogging the plans but I cannot think of anyone who would be interested, or even getting any money for it!
    Last edited by Tahlullah.H; 18-01-2020 at 12:05 PM.
    Where there's a will, there's a way!

    Mortgage outstanding - 31/8/19 - £76,000. 31/10/19 - £73,100. 30/11/19 - £71,900.
    31/12/19 - £70,700
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