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  • FIRST POST
    • ourcornercottage
    • By ourcornercottage 3rd Dec 14, 1:31 AM
    • 1,512Posts
    • 7,504Thanks
    ourcornercottage
    I really really want to be........mortgage free!
    • #1
    • 3rd Dec 14, 1:31 AM
    I really really want to be........mortgage free! 3rd Dec 14 at 1:31 AM
    Just starting an official diary of the countdown to getting mortgage free.

    It will, I warn be a very long countdown! Currently standing at 140k and hoping to be mortgage free by 31.12.2020. That might be a little optimistic I know but that's what I'm hoping for.

    You might say, that's okay, pull your belt in but I've got a house too in need of lots of repair (I brought it like this, on purpose, it was the only way I could afford a house in the village I wanted!) doing it up ourselves as much as possible a bit at a time.

    Okay then, ideas and advise please......!

    Updated goals and Running totals added so I can keep a track on the long term plan.

    Updated and Realistic MF goal Christmas 2024, aim Christmas 2022.
    Kw annual estimate 3309
    OP annual goal 5000 rising to 6600
    Capital reduction annual goal. 10000 rising to 12000/13000/14000
    MFiT-T4 reduce mortgage to 87000 by 1-1-19

    (Realistic) Targets set 2015 - possible but harder to achievetargets in green and revised hard targets in red!
    1-1-16 128000 126000
    1-1-17 116000 113000 111000
    1-1-18 104000. 100000 96000
    1-1-19 91000. 87000 81000
    1-1-20 78000. 74000 66000
    1-1-21 65000 60000 51000
    1-1-22 52000 46000 36000
    1-1-23 39000. 31000 21000
    1-1-24 26000. 15000 6000
    1-1-25 13000 GONE GONE
    Christmas 2025 GONE.

    2015 targets
    Savings 2015 - 2567.56/5000 (51%)
    MFW15 5462.58/5000 (109%)
    Capital reduction 2015 12011/10000 (120%)

    2016 targets
    Save 12k in 2016 target 0000/3000
    Capital reduction 2016 target 00000/12000
    MFW16 ????/6000

    actual figures

    Mortgage 1-1-15 - 138775.

    OP during 2015 - Jan-448.06 Feb-111.33 Mar-167.10 Apr-159.81 May-175.26 Jun-435.94 July-402.99 Aug-457.74 Sep-716.20 Oct-446.73 Nov-1199.63 Dec-741.79

    KW generated 2105- mar-312.2 April-472 may- 463 jun- 463 July - 438 August - 413 Sep-321 Oct-199 Nov-100 Dec-94

    Mortgage 1-1-16 - 126764.00

    OP during 2016 - Jan-536.60 Feb-610.39 Mar-1006.22 Apr-549.92 May-739.57 Jun- 504.79 Jul- 504.79 Aug- 506.81

    KW generated 2016 - Jan-132 Feb-236 Mar-224 Apr-419 May-438 Jun-377 Jul-487 Aug-474

    Mortgage 1-1-17 - ??????.??
    Last edited by ourcornercottage; 02-09-2016 at 4:46 AM.
Page 75
    • ourcornercottage
    • By ourcornercottage 10th Aug 17, 11:02 AM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Mortgage currently 107980.

    Aim, in 5 figures by my birthday in march

    Very doable.
    target under 89k by end of 2018
    • shangaijimmy
    • By shangaijimmy 10th Aug 17, 7:26 PM
    • 2,782 Posts
    • 13,893 Thanks
    shangaijimmy
    My 2 bet would be you achieve it by the end of Feb to prove a point!
    MFW: Turning June 2036 into March 2025... 41//120 Payments Challenge, Diary Reduction 44,136.86
    Aug 2009: 163,051 // Current: 91,863.15 // Avg Daily Interest 4.13
    MFiT-T4 #8 - 80.74% of 41,000
    • AlexLK
    • By AlexLK 10th Aug 17, 10:23 PM
    • 6,105 Posts
    • 32,364 Thanks
    AlexLK
    Glad to see you back, OOC. Sounds like you're doing really well re. mortgage / savings / pensions.
    2018 totals:
    Savings 11,200
    Mortgage Overpayments 5,500
    • ourcornercottage
    • By ourcornercottage 17th Aug 17, 10:04 AM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Mini OCC has been away (back today woohoo) so a bit spendy as taking opportunity to go out. Not good for the diet either.

    The BF has started digging out the rainwater soakaways and one goes straight under the tree stump he's been trying to dig out for a few weeks now so it's a good job he has been being careful now it's imperative the tree stump is removed rather than cutting down and killing off. Will just make this more tricky /time consuming.

    Want to start on the spongy flat roofs but might wait just in case we need to get builders in for the soakaways after all (don't think we will though)

    Few put accross to the mortgage.

    Not bad at all.
    target under 89k by end of 2018
    • Cream Tea
    • By Cream Tea 17th Aug 17, 8:06 PM
    • 426 Posts
    • 1,985 Thanks
    Cream Tea
    Hi OCC, I'm slowly catching up. Sounds exciting and achievable to be five figures early next year. Good luck xx
    Mortgage 269,000 258,987 / MF date June'49 June'49
    Debt 24,990 / Debt Free Est. May'21

    Updated 06/05/18
    • ourcornercottage
    • By ourcornercottage 3rd Sep 17, 7:06 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    I managed to get over 300 in OP's in August despite the unreasonably spendy month!

    Highlights of August

    302.54 OP to be precise.
    Reduction of 908.54
    Mortgage currently 107091.44

    Savings

    Long Term Savings/pensions increased by 1604.41
    Short Term Savings increased by 515.30
    Annual bills savings increased by 126.59

    This month has been seriously spendy with mini OCC needing his new Irlens specs (295) and the school holidays which we have really made the most of.

    To add to the September spends MiniOCC showed some promised at Goalkeeping soccer school and has been asked to join the Youth Development Programme for our local team (Norwich City) to see if he has what it takes to progress to their player development section. The costs are minimal for what you get at 5 per weekly session which includes 1.5 hours coaching, physio, discounted tickets etc. It is a real bargain even if he doesnt progress further so cant turn it down but wasnt expecting the extra expense as you have to pay for the whole season up front.

    Mini OCC also completed in his first ever Golf tournament and not to start on an easy level he went in a high standard junior event. he did the full 9 holes in 65 which was about 20 over par but did best of the beginners his age. Another expensive day as Golf and golf courses are not cheap (5 hot drinks, 18!)

    Basically miniOCC has been rinsing out my bank account all holidays!
    target under 89k by end of 2018
    • Cream Tea
    • By Cream Tea 4th Sep 17, 1:47 PM
    • 426 Posts
    • 1,985 Thanks
    Cream Tea
    Congrats mini occ on the football and reduced tickets will be useful for you

    CT
    Mortgage 269,000 258,987 / MF date June'49 June'49
    Debt 24,990 / Debt Free Est. May'21

    Updated 06/05/18
    • ourcornercottage
    • By ourcornercottage 13th Sep 17, 12:47 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    I have made a couple of OPs this month just over 20 so that's a start. I should hopefully get my summer FIT payments before the end of the month so that'll be a couple of hundred into the pot.

    Purchased a new tumble dryer as the other has packed up and a new hedge trimmer but all accounted for as we have been saving up for them just need to pay the cash into the CC account !

    Little bit spendy on the personal spends this month, lots of birthdays. The little mini has a birthday next month too and we usually spoil him!

    I am slowly taking the money out of funding circle to put into the mortgage as they have changed the way they work and its no longer fun. I had this for a fun money investment, its no longer fun so the money goes to the mortgage as it becomes available!

    Hoping for a 300 OP plus the FIT payment this month. fingers crossed.
    target under 89k by end of 2018
    • ourcornercottage
    • By ourcornercottage 23rd Feb 18, 10:09 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Mortgage is now under going under with my February payment Monday 100k a whole month earlier than planned

    Currently doing some very costly renovations to the house and have 5-7000 earmarked for spends all of this is set aside.

    Every other spare penny going up the mortgage apart from that.

    Will check back in when I can
    target under 89k by end of 2018
    • hiddenshadow
    • By hiddenshadow 24th Feb 18, 12:51 AM
    • 2,488 Posts
    • 11,430 Thanks
    hiddenshadow
    Congratulations on sub-100k! Hope the renovations go smoothly.
    MFW: 197,100 (2013) to 98,229 (Aug '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • shangaijimmy
    • By shangaijimmy 24th Feb 18, 7:48 AM
    • 2,782 Posts
    • 13,893 Thanks
    shangaijimmy
    Sub 100k...what a wonderul achievement and feeling, Congrats.
    MFW: Turning June 2036 into March 2025... 41//120 Payments Challenge, Diary Reduction 44,136.86
    Aug 2009: 163,051 // Current: 91,863.15 // Avg Daily Interest 4.13
    MFiT-T4 #8 - 80.74% of 41,000
    • CathT
    • By CathT 24th Feb 18, 12:51 PM
    • 5,713 Posts
    • 39,915 Thanks
    CathT
    Good to see you OCC and congratulations on that huge sub 100k milestone. Were you still planning to build an !!!8216;outdoor!!!8217; office in the garden?
    Sept 2018 -
    part 1 - 75,557
    part 2 - 44,913
    Total - 120,470
    • ourcornercottage
    • By ourcornercottage 25th Feb 18, 6:40 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Thanks guys, it certainly feels good. I was hoping it would happen a few months earlier when I first started but life has got in the way!
    I will be doing a garden office st some point, will probably be in the next year or two as we!!!8217;ve prioritised other things over the last year which has set us back a bit.
    I!!!8217;m thinking I might set the goal to be under 89k by the end of the year. Might be a bit of a push with the renovations but worth a try! I only have about 30 months left on one part of my mortgage (the bigger part!) so need to get that down as much as possible.
    Will try to update more often!
    target under 89k by end of 2018
    • ourcornercottage
    • By ourcornercottage 1st Jun 18, 10:14 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Hi All MFW'ers We have been working like crazy on our house with (lots of) plastering and garden work being the main jobs and 2 small flat roofs completed. Managed to pay some out of the regular bills account and have had to extract about 2k from the savings so I am quite chuffed with that. Were trying to get as much done taking as little as possible form the savings to stretch it as far as possible.

    Have been OP'ing something every month too so the balance is down to about 96,500 which I am quite chuffed with too. Have still been adding to pension every month at 760 per month between us. This level of pension payments will need to be reduced in a year or so but we are trying whilst we can.

    I am having a go at matched betting, I have made an investment of 27.50 to create my trigger bets which will happen tomorrow whereby I should get 50 of free bets. The loss on my trigger bets will be very small (cant remember exact amount but less than a pound) I am going to be keeping it really simple to ensure that I do everything correctly and hope to make a few quid to add to the mortgage fund every month.

    I have also been doing the job spotter app and have had about 10 in amazon vouchers so far. Its not much but it takes seconds and I do it on my walk to work. I say I have spent about 10 minutes in total so far on it.

    Not a great deal else to report at the moment, I am plodding on and still have an aim for 89k by end of year although that's probably a little bit hopeful
    target under 89k by end of 2018
    • ourcornercottage
    • By ourcornercottage 13th Jun 18, 3:08 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    In order to achieve my under 89k by end of the year I have decided to give matched betting a go, I am hoping to profit by 200 per month although for the first month I will have to keep it in as a stake. I started on 1st June and will try to update end of month figures. I hope to make the most of the world cup promo's. Only one tiny mistake so far and that was only that I didn't get as much out of the sign up offer as I could have as I mixed 2 different ones up. Annoying but no loss of my money just loss of potential profit.

    Trying to save this month is impossible with about a million birthdays before the end of the month! not a MSE month at all
    target under 89k by end of 2018
    • ourcornercottage
    • By ourcornercottage 6th Jul 18, 11:13 PM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Total 94,565 almost 2k gone in a month.

    Match betting resulted in 200 for June. Will start to OP profits after World Cup!
    target under 89k by end of 2018
    • Debsnewbudget
    • By Debsnewbudget 7th Jul 18, 9:23 AM
    • 268 Posts
    • 2,499 Thanks
    Debsnewbudget
    Well done x
    • julicorn
    • By julicorn 7th Jul 18, 11:33 AM
    • 293 Posts
    • 1,163 Thanks
    julicorn
    That's awesome, both the balance reduction and matched betting result!
    • ourcornercottage
    • By ourcornercottage 3rd Aug 18, 6:53 AM
    • 1,512 Posts
    • 7,504 Thanks
    ourcornercottage
    Quick update, balance currently 93,700 not quite up to my target in terms of monthly reduction this month but not bad. Hopefully August will be a little more fruitful.

    Matched betting is going well with a well over 300 profit for July, as there have been lots of offers available I still haven't withdrawn any money but I am up over 500 in 2 months.
    target under 89k by end of 2018
    • EagerLearner
    • By EagerLearner 23rd Aug 18, 6:55 PM
    • 4,923 Posts
    • 7,775 Thanks
    EagerLearner
    Hi OCC have loved your diary so far, very inspiring. I've set up my shiny new diary, please come and visit! I'm at just over 89k so we're almost balance twins!
    MFW #185
    Mortgage slowly being offset! 89,004 /64,804 virtual balance
    Original mortgage free date 2037/ Now 2032 and counting
    YNAB lover
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