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  • FIRST POST
    • NorthernMonkey1
    • By NorthernMonkey1 10th Apr 15, 2:09 PM
    • 241Posts
    • 970Thanks
    NorthernMonkey1
    Mortgage free in 10 years
    • #1
    • 10th Apr 15, 2:09 PM
    Mortgage free in 10 years 10th Apr 15 at 2:09 PM
    I guess it's an odd time to start aiming to be mortgage free, as I'm currently mortgage free, but I've just signed on the dotted line for a £102,000 mortgage.

    Following much saving, and raiding of piggy banks, I've managed to get a cheeky £120,000 offer agreed on a £130,000 house, and just scraped together a 15% deposit instead of the 10% we originally thought we could manage.

    Although the mortgage is nominally 18 years, I want to be mortgage free in 2025. I thought I'd start a diary before I even started.
Page 5
    • NorthernMonkey1
    • By NorthernMonkey1 1st Aug 17, 5:09 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    The Mortgage doesn't bother me, but the credit card does.

    There is no logic behind this, as the CC is at 0% and the mortgage at 2.69%.

    I've just got my share save statement tho. £7200 of options (all of the eligible options) have sold for £15400

    That pushes my net worth up by £8200

    I'm more tempted to pay off the CC, but I know its not a sensible idea. Got a few days to brew on it while the money transfers into my current account
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 1st Aug 17, 5:53 PM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    Up £8200, that's fantastic!

    I'm no stranger to logic being short circuited, I'll sometimes follow a suboptimal path just because it feels good

    You could pay off the mortgage and drop the CC below 5k, or you could wipe out the CC and drop the mortgage below 5k. The first option makes the most objective sense, but the second option ain't too shabby

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • NorthernMonkey1
    • By NorthernMonkey1 2nd Aug 17, 9:09 AM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    While the CC is at 0%, and the mortgage is so low, leaving everything as is, and putting all the money in a S&S isa seems to make most sense. It also gives me the biggest security blanket in case of this job not actually working out.

    Unfortunately, it also means £14000 credit card bills dropping through the letterbox each month.

    I think I might stop overpaying the mortgage for a while (standard payment is now just £84 a month) and start paying off the CC. It might stress me a little less if I can see the numbers start to go down a bit quicker
    • erin_transport
    • By erin_transport 2nd Aug 17, 9:21 AM
    • 549 Posts
    • 2,458 Thanks
    erin_transport
    Amazing numbers! You're very astute! Well done
    On a mission!

    2018 MFW #138
    • NorthernMonkey1
    • By NorthernMonkey1 2nd Aug 17, 2:55 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Thank you.

    It's an odd journey, which has changed me a bit. I went to the local huge out of town shopping centre yesterday, thinking that I might buy myself something, and after a year of not buying 'stuff' I no longer want any of the stuff they have.

    There was lots of shiny apple and samsung toys, but nothing that made me want to be £500 poorer in order to have in my pocket.

    I started paying off my mortgage so that I could have more cash to buy stuff, but in the process, I now have all of the stuff I could ever want, that is, I don't want any more of it.

    Sure a like a better car than my 12 year old fiat panda would be nice, or a newer iphone might be better for angry birds, but I don't want any of it as much as the security of knowing that I could loose my job tomorrow, and things will be OK. I think I'll stick with my old car 'til the wheels fall off, and I'll stick with the phone I have until it dies completely.
    • obay
    • By obay 2nd Nov 17, 9:32 PM
    • 459 Posts
    • 383 Thanks
    obay
    Hey man, been a little while you updated, are you OK? Whats the new stats?
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£1400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 22nd Dec 17, 7:50 AM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    How's life treating you these days NM?

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • NorthernMonkey1
    • By NorthernMonkey1 24th Dec 17, 10:17 AM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Hello all

    It's a very long time since I posted here, but Ive still been working on the debt.

    My sharesave matured in August, for £15500. The majority of this went against my credit card (about 11k) and the rest went to boost my isa over the £20k mark

    I then spent the rest of the year, paying it off, so it now stands at £4 (just got the bill for this month) and I like to use all my cards just a tiny bit so they stay active.

    I got an unexpected christmas bonus from work of £3600, and realised that I could make the final payment before christmas, but it would leave me pretty skint for all of January.

    After pondering for a while, I thought sod it, and did it anyway



    I might be a bit skint til January payday. But IVE DONE IT!!!!!!!
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Dec 17, 3:00 PM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    Bam!
    YEEEEEEEEEEEEAH!

    Nice one NM, well done you!

    Bet that will help you have a very merry christmas!


    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • erin_transport
    • By erin_transport 25th Dec 17, 9:16 PM
    • 549 Posts
    • 2,458 Thanks
    erin_transport
    Fantastic achievement
    Well done!
    On a mission!

    2018 MFW #138
    • NorthernMonkey1
    • By NorthernMonkey1 25th Dec 17, 9:18 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Thanks SSS.

    It was slightly anti-climatic. I made the overpayment for the remaining amount, then....... Nothing Happened.

    Maybe something will happen after Christmas, but so far, other than balance reading zero, its exactly the same as before. It was a slightly odd feeling, knowing that I've been working towards it for so long, then all of a sudden, nothing.

    Maybe they'll post me a balloon and some streamers, but it's pretty unlikely.
    • Kittenkirst
    • By Kittenkirst 26th Dec 17, 12:20 AM
    • 1,897 Posts
    • 10,186 Thanks
    Kittenkirst
    Congratulations NM, what a fantastic achievement!
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • badmemory
    • By badmemory 26th Dec 17, 5:27 AM
    • 1,706 Posts
    • 2,302 Thanks
    badmemory
    I was trying to figure out how to send you the balloon and streamers but I guess that was a major fail so congrats & balloon and streamers in bold is the best I can do.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 26th Dec 17, 7:24 AM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    It's a shame there were no fireworks and a fanfare when you paid it off, but maybe the instant of settling the balance wasn't ever going to be some earth shattering thing for you, maybe the joy is going to be a slow burn

    You have mentioned the need to feel secure in the past, and there's no arguing that paying off all debt including mortgage serves up a fat helping of the good stuff. Angels didn't sing when we hit mortgage neutral, but in the couple of years since I have felt so wonderfully relaxed and laid back. Feeling in control makes me happy, I think you may be the same.

    You're pragmatic enough to see that in big picture terms you're not really any better off than you were a few days ago, withdrawn savings, paid off mortgage, zero sum game. However I really hope that a few months of zero mortgage payment sparks a little bit of joy. Maybe what you were paying off the mortgage should wing it's way to a savings account over the next few months, I bet you'll have an immense smile on your face when you blow the lot on your epic motorcycle road trip. Achieving that will be a direct result of your hard MFW work

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • NorthernMonkey1
    • By NorthernMonkey1 26th Dec 17, 2:19 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Thanks SSS, and thanks for the streamers BM A lot of the driver was around security.

    My job is secure at the moment, but I have a nagging feeling in the back of my mind that anything could happen. I guess saving is a positive way of trying to direct that nervousness. The effects of losing my job are a lot less dramatic now that there is no debt on it, but its felt that way for a little while. When I owed £5k, it didn't feel like a huge weight over me like it did when it was much bigger. Every time the interest rates changed, the bank re-calculated the payments based on 18 years, so towards the end they were £30 a month,

    A little earlier in the year I booked a taster motorbike trip to see how I like it. I fly out to Ulaanbaatar in early July to ride round Mongolia for 2 weeks on an organised trip. Hopefully it should be interesting. The furthest east I've been before is Poland. I've never been outside of anywhere that didn't feel westernish (USA and most of europe)
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 26th Dec 17, 8:16 PM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    A little earlier in the year I booked a taster motorbike trip to see how I like it. I fly out to Ulaanbaatar in early July to ride round Mongolia for 2 weeks on an organised trip. Hopefully it should be interesting. The furthest east I've been before is Poland. I've never been outside of anywhere that didn't feel westernish (USA and most of europe)
    Originally posted by NorthernMonkey1
    Awesome, I hope you have a huge amount of fun!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • NorthernMonkey1
    • By NorthernMonkey1 1st Jan 18, 12:53 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Continuing to follow up.

    HSBC have added interest to my account on the day after I made the full payment, to the tune of £7.83

    So I'm no longer mortgage free, it's still there. My normal mortgage payment comes out on the 31st, or the first working day after the 31st, which means tomorrow.

    I'm guessing that they'll take a payment of £7.83 tomorrow, and then close the account. Who Knows?
    • NorthernMonkey1
    • By NorthernMonkey1 5th Jan 18, 1:02 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    Well, on the 2nd, the first working day after the 31st, the bank took the full amount, so the mortgage was in credit.

    This was then refunded on the 3rd, and the mortgage account has disappeared from my list of accounts in online banking.

    Still no letter or similar from the bank confirming anything. I'll keep you in the loop.
    • NorthernMonkey1
    • By NorthernMonkey1 5th Jan 18, 1:06 PM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    In other news, I've decided I need a 'cash under the mattress' stash.

    I've managed to sell a few bits and bobs to people with Christmas money burning a hole in their pocket, including a film camera I'd mostly forgotten about, that was sold thanks to a chance conversation by my dad, for £800!!!!. This was promptly put into the 'under the mattress' fund. (its not actually under the mattress)

    Does anyone else keep a cash stash? I'm not sure why I feel I need one, but I think it's something I should have.

    I'm not sure what to do next now. Other than be on a be on a bit of a budget for the rest of the month, as the monster mortgage payment has mostly cleared out the current account.
    • NorthernMonkey1
    • By NorthernMonkey1 17th Jan 18, 10:46 AM
    • 241 Posts
    • 970 Thanks
    NorthernMonkey1
    We have the letter from the bank confirming everything is ours, and that any notes in the land registry have been removed.

    It's official, the house is all ours.

    Unfortunately, my little car has died this week. It's a bit unfortunate, as I was trying not to spend much this month, following the big OP. At least I've got the £800 that I recieved last week, so no need to dip into any savings or emergency funds.

    My dad has found me a 2003 citroen c3 for £650, so I'm going to look at that tomorrow, and hopefully resolve my car issues.

    I've not spent more than 2 weeks wages on a car for nearly 15 years now, and I don't plan on changing that any time soon,
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