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  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,320Posts
    • 10,395Thanks
    A Frayed Knot
    Was Mortgage Free until 52!!!
    • #1
    • 8th Jun 15, 11:34 PM
    Was Mortgage Free until 52!!! 8th Jun 15 at 11:34 PM
    I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage.

    A bit about me, took the plunge and bought a house age 50 plus by myself, everyone asked "Are you mad?" But thought - I can do this.

    Bought at auction, so got a bit of a bargain (the only way I could afford a mortgage) and had what I would call (in my terms) a nice deposit. Took out an 80% mortgage, and lenders would only give me an 18 year term, 2 years fixed at 4.5%, so in my eyes I have already knocked 7 years off my mortgage - how's that for positive thinking?

    I'm now 3 years down the line and have already made the classic mistake, did not renew my fixed term after the 2 years (and still haven't) as it reverted to 3.99% which was lower than I was paying and on making my first large overpayment, they reduced my monthly payments Little did I know what I know now. So its time to get my mortgage in order.

    I have about a years mortgage savings - and about 3 years mortgage payments out on loan at the moment.

    I pay a minimal 45.00 into an isa every month, but was thinking of adding this to my monthly mortgage payments when I remortgage thus reducing the years even further. What do you think?

    I work full time and overtime is available for the moment although I never accept, as I go in early and stay late - could class that as overtime,

    As you can tell, I'm a bit obsessed with overpayments, but well - you can see my point - at my age, want to be "mortgage free" asap.

    My Motivation Madness;
    I have a simple method to keep me motivated, only thing is to explain I make it sound complicated and only works if you have a sub account as well, but you could adjust to suit yourself.
    • "Always have 0.00 at the end of your mortgage"
    • This way the least/most you will pay is 9p or 9.99
    • On flush days you could go for 00.00 at the end or even 000.00
    I know, I know, I need to get out more Good Luck whatever you decide.
    Last edited by A Frayed Knot; 20-02-2017 at 12:01 PM.
Page 73
    • bexster1975
    • By bexster1975 21st Mar 18, 8:43 AM
    • 1,154 Posts
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    bexster1975
    Easter is major revision courses so I will be running about 7 days over two weeks. I have already begun crafting as I've started making the soft furnishings for the lounge. Just a couple of cushions to go.

    I also have a small dark wood chest of drawers I acquired a while ago that I plan to refurbish and either use or sell depending

    Over the next ten days I need to write the revision courses ( best to do that or 90 minute sessions can drag in front of 40 year 11s )

    Am having a slow start, but a few bits to do before going out for lunch. Have a good morning. Leave the ( hic) medicine cupboard alone!

    Bexster
    • bexster1975
    • By bexster1975 21st Mar 18, 8:46 AM
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    bexster1975
    And I've always loved the longer days. When I left work at 4.30 in mid summer I had nearly 8 hours of sunlight left to enjoy in the day. Just feels completely different from winter.

    Have started planning the planting. Bought new pots etc a couple of weeks back so just got to get some seeds planted under glass over Easter.

    Bexster
    • bexster1975
    • By bexster1975 21st Mar 18, 4:48 PM
    • 1,154 Posts
    • 5,514 Thanks
    bexster1975
    Think I might just have sounded like I was chucking my toys out of the pram on that other thread re: pensions!

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 21st Mar 18, 6:29 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Think I might just have sounded like I was chucking my toys out of the pram on that other thread re: pensions!

    Bexster
    Originally posted by bexster1975

    Not at all, you said what I was thinking


    Going back to comment
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 21st Mar 18, 6:51 PM
    • 1,154 Posts
    • 5,514 Thanks
    bexster1975
    Thank you!

    I hope you had a productive day. I've been busy, but only in a good way. Visiting people, doing a bit of admin, little bit of supermarket shopping ( very little). Home is clean which is nice as it means no weekend cleaning. Bit of work to do tomorrow morning, but then the day is free for whatever I fancy!

    Have a lovely evening

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 21st Mar 18, 7:56 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Not as much as I would have liked, need to keep away from MFW's Diaries

    Getting my 2nd wind though and need to hoover bedroom before it gets too late.

    L/R all neat and tidy - stuffed my cushions today !!! and changed my bed, washing done, uniform washed - not need that for a while

    After hoovering it's onto ironing then decided to put up wardrobe freestanding rail and move any unwanted items out of wardrobe and onto rail in readiness for CS or ebay if they still have tags on them
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • A Frayed Knot
    • By A Frayed Knot 4th Apr 18, 11:37 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Well I've been back for about a week now, and list is just as long as it started. However have managed listings on the bay, so hopefully by the end of the month I will see the profit of all my good efforts.

    Had a fab mini break and would certainly think about doing that again sometime in the winter months, however focus is on the Mortgage now as got a little carried away there for a couple of months.

    Nearly all bank accounts have been emptied as very large bill was due, so now paid and skint.

    Having said that, hadn't touched my salary, so overpaid 107.41 to take my balance to . . . 11,000.00 at the end, and during this month, I'm hoping there will be another 0 onto that balance
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • SuperSecretSquirrel
    • By SuperSecretSquirrel 5th Apr 18, 7:45 AM
    • 677 Posts
    • 3,036 Thanks
    SuperSecretSquirrel
    Having said that, hadn't touched my salary, so overpaid 107.41 to take my balance to . . . 11,000.00 at the end, and during this month, I'm hoping there will be another 0 onto that balance
    Originally posted by A Frayed Knot
    Well done That imminent extra zero is very exciting! Almost as exciting is the fact that you'll drop that zero again soon after!

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +53,278.53 (MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 268,597.74 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 28.8% (exc SP)
    • bexster1975
    • By bexster1975 5th Apr 18, 8:06 AM
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    bexster1975
    Awesome work AFK! Glad you had a great time. I like a short break to blow away the cobwebs

    Beautiful couple of days here forecast, so a couple of day trips planned (National Trust membership for one, so no cost besides petrol). Look forward to hearing about 9,999 owing

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 9th Apr 18, 9:41 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Well done That imminent extra zero is very exciting! Almost as exciting is the fact that you'll drop that zero again soon after!
    Originally posted by SuperSecretSquirrel
    Thanks for that

    Awesome work AFK! Glad you had a great time. I like a short break to blow away the cobwebs

    Beautiful couple of days here forecast, so a couple of day trips planned (National Trust membership for one, so no cost besides petrol). Look forward to hearing about 9,999 owing

    Bexster
    Originally posted by bexster1975
    Thanks Bexster - would certainly do that again - 4 nights away to sunnier climes - loved it. Hope you had an enjoyable couple of days, weather here turned out lovely today.

    Slowly reaching the 4 figure mark and thought I had hatched a little plan to save some 's but having 2nd thoughts as don't know enough of what I'm doing

    That 9,999 might never be you know me . . . that'll be 9,990.00

    Be back once I find out which is the best solution.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • A Frayed Knot
    • By A Frayed Knot 9th Apr 18, 9:44 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Oooops, forgot to say another knotty o/p made of 500 so still have 5 noughts - just in a different order
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 9th Apr 18, 10:03 PM
    • 1,154 Posts
    • 5,514 Thanks
    bexster1975
    Good luck with the plan AFK. I await details.....

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 10th Apr 18, 6:48 AM
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    • 10,395 Thanks
    A Frayed Knot
    Seems my idea may not the best after all

    Had hoped to use the money lying in wait for my c/c bill once its due (Dec this year) for my mortgage, then replace it with my o/p's to the c/c bill instead of o/p my mortgage, but since its only a couple of hundred or more away from limit, then seems it's not a good idea some how.

    No point it just sitting there, so either I use it, or pay it now.Further thought and advice needed.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • shangaijimmy
    • By shangaijimmy 10th Apr 18, 7:26 AM
    • 2,595 Posts
    • 12,583 Thanks
    shangaijimmy
    Not sure advice is needed. You've already got the answers and probably worked out how best to do it. You just haven't convinced yourself to "press the button" yet! My only thing to consider is if you pay cc now, then think about what options it throws up (24 month stooze maybe, or a decluttered financial situation)?
    MFW: Turning June 2036 into March 2023... 37//120 Payments Challenge, Diary Reduction 39,897.62
    Aug 2009: 163,051 // Current: 96,102.38 // Avg Daily Interest 4.32
    MFiT-T4 #8 - 64.95% of 41,000
    • bexster1975
    • By bexster1975 10th Apr 18, 7:39 AM
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    bexster1975
    Hello

    Since it's only a couple of hundred away or more from limit, then seems it's not a good idea some how.

    I think it's too early for me. No idea what this means! Could put in regular saver at 3-5% interest, but then it won't be free to pay off CC in Dec. Can you OP CC monthly, then stooze anything left ( assuming you use thus cash pot for mortgage OP - which I'm assuming is what you want to do ).

    I agree with Jimmy, I don't think you need advice, think you know what you want to do. Go on, " push the button"!

    Bexster
    Last edited by bexster1975; 10-04-2018 at 9:57 AM.
    • A Frayed Knot
    • By A Frayed Knot 10th Apr 18, 7:03 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Not sure advice is needed. You've already got the answers and probably worked out how best to do it. You just haven't convinced yourself to "press the button" yet! My only thing to consider is if you pay cc now, then think about what options it throws up (24 month stooze maybe, or a decluttered financial situation)?
    Originally posted by shangaijimmy
    You have made a very good point I hadn't thought of - (a 24month stooze or empty bank account) Need to think about that one, as well.

    You are right in saying I know what I want to do, (o/p mortgage) after all it was your post o/paying your large sum that brought the idea to me I have always said I'm a dither and indecisive person, and this now shows, my problem in reading the stoozing thread is they are saying it's not good to have a c/c almost to the max even on 0% so this is where my doubt set in.

    I'm still unsure when you say "press the button" whether you mean pay the mortgage or c/c bill and the options it throws up - Do you maybe mean another card? start afresh

    Hello

    Since it's only a couple of hundred away or more from limit, then seems it's not a good idea some how.

    I think it's too early for me. No idea what this means! Could put in regular saver at 3-5% interest, but then it won't be free to pay off CC in Dec. Can you OP CC monthly, then stooze anything left ( assuming you use thus cash pot for mortgage OP - which I'm assuming is what you want to do ).

    I agree with Jimmy, I don't think you need advice, think you know what you want to do. Go on, " push the button"!

    Bexster
    Originally posted by bexster1975

    You hit an option I hadn't thought of, so o/p mortgage with stooze pot, then instead of putting o/p into bank account in wait for Dec, to just reduce it monthly, which means will be paid off by Dec. Not sure if this defeats the purpose of a 0% c/c.

    Simple fact is, I don't know whether I need to reduce my c/c balance any more than the minimum payment each month, or just keep paying the minimum - would harm my credit rating (?).

    I don't seem to see "I think it's too early for me. No idea what this means! in my post.

    Surely if you pay by due date, then no harm done - no interest added and no credit rating harmed.

    Don't know why I keep going on about c/rating (probably because I don't know enough anything about them, as this is the 1st c/c I have ever had, and the only debt has been my mortgage
    Last edited by A Frayed Knot; 10-04-2018 at 7:06 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 10th Apr 18, 8:58 PM
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    bexster1975
    Hello

    The bit about it being too early for me referred to your bit I quoted. I had no idea what you were on about!!

    In terms of credit rating, I'm no expert but don't see why you paying minimum amount off each month should affect it. I believe how much of your available credit you are using has some effect. Unless you are planning on any applications for credit in the next six months, I wouldn't over worry your credit score honestly.

    I just thought you were considering an OP with the CC pot of cash. Are you considering a first class ticket one way to Acapulco instead perchance

    Hope you are otherwise doing well. I've had a busy ten days but will be able to relax after tomorrow

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 10th Apr 18, 9:51 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Hello

    The bit about it being too early for me referred to your bit I quoted. I had no idea what you were on about!!

    That makes two of us ?? Can't see it anywhere, however moving on . . .

    In terms of credit rating, I'm no expert but don't see why you paying minimum amount off each month should affect it. I believe how much of your available credit you are using has some effect. Unless you are planning on any applications for credit in the next six months, I wouldn't over worry your credit score honestly.

    Ok, that seems to make sense now . . .

    I just thought you were considering an OP with the CC pot of cash. Are you considering a first class ticket one way to Acapulco instead perchance

    Nothing as exciting (don't tempt me) . . . just o/p the mortgage - would save me a few 's in interest

    Hope you are otherwise doing well. I've had a busy ten days but will be able to relax after tomorrow

    Bexster
    Originally posted by bexster1975
    I'm well, well, a bit well, thanks, think BP is up again as having symptoms that and working morning, noon and night - hope it's all worth it.

    Almost there with the decision, I'm on half/half atm, so getting there, just a cautious kind of person where finances are concerned

    Hope you enjoy your relaxing days to come.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 11th Apr 18, 6:41 AM
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    bexster1975
    Take care of yourself. Raised BP is not good. Sounds like you need the few days relaxing.

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 22nd Apr 18, 10:30 PM
    • 2,320 Posts
    • 10,395 Thanks
    A Frayed Knot
    Just updated the MFiT and down in the dumps as didn't reach my target of 4 figures however there is always next month.

    Not a lot happening here, have been busy batch cooking and baking as there has been 2 retirals at work - lucky people , so no baking stashed away - all eaten in record time.

    E-baying silly - could make that another full time job - and might be finished by the end of the year

    Food spends excellent this month and freezer full so hopefully not a lot to buy for next month.

    I the only sad person who doesn't look forward to payday but actually Mortgage pay away day, I'm more interested in seeing my mortgage reduce than my bank account rise

    Beautiful day Saturday, so all bedding done, mattress turned and bedroom sprung clean. Also the small part of the garden at the front door, looking lovely now, had 2 azaela's blooming in the bath so now potted in larger tubs at the front door, every part of them in full bloom.

    Need new ideas to reach the end of year target. Maybe just putting a bit too much pressure on myself. Suggestions on a postcard . . . .

    Ask and you will receive - left typing this message to play LP at 10pm - then checked the draws - just won 10.00 - yipee !!!
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

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