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    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,485Posts
    • 11,141Thanks
    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 1p 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; 10-05-2018 at 8:28 PM.
Page 80
    • A Frayed Knot
    • By A Frayed Knot 29th Jul 18, 2:23 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Ah, you and your colleagues must work in the same place as me, as huge issues with the water supply atm (has been for some time) all hush hush So have been taking in my drink (soft) that is,for breaks and lunch to work every day. Never got my sandals either, as thunder storm hit Friday night and a lot of showers yesterday, so still have my rise to spend
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 2nd Aug 18, 9:32 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Well finally, my new mortgage payment figure has been taken off my mortgage and at this rate, will reduce at a snails pace

    I now need to re-adjust all my workings out, but basically for every 100 extra I pay takes a month off my mortgage term (which was 5 years plus some months left)

    I do think I'm getting a bit lazy with it all (keeping tally of o/p's) as feel I'm so close yet, so far

    Going to try and get right up to date with it all at the weekend or during next week

    Still rounding down which is making a huge difference to me
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 11th Aug 18, 12:11 AM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Had a good laugh today, after opening my mail.

    There it was - letter asking me if I wanted to sell my shares, tempting as it is, I think I'll leave them there for now. Strange how I look at figures amounts and think - Oh, that would be 6 months of my mortgage and so on.

    2nd Letter opened, and that's where the fun starts, (after reading my interest rate is going up ) they then tell me my new monthly mortgage amount . . . is 10 less than the amount I had just paid 8 days ago, so in 8 days it looks like I have taken 10 off my monthly payments for 5 years ,

    oh it's too late for maths, (Bexster, where are you - oh, that's right your not a maths teacher ) anyway doesn't like/sound right to me, but can not believe my mortgage is now under 90 (thud !!! just fell off me chair - again) a month, however you all know, that is not what I will be paying, but nice to have a chuckle, in fact very soon I think the interest will end up more than the mortgage or (Sorry, to rub it in )
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 Aug 18, 7:26 AM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    Hello

    Where was I? Fast asleep you night owl you!!

    Put some details up, and I will give it a scientist look

    It is likely to be because they have restructured your payments over a longer term? I'm afraid I wouldn't make my own head hurt too much about it on a beautiful Saturday morning. As you say, headline payment is pretty irrelevant. On the plus side, nice to only have to pay 90 per month mortgage if you ever needed to

    Bexster
    • shangaijimmy
    • By shangaijimmy 11th Aug 18, 7:58 AM
    • 2,782 Posts
    • 13,923 Thanks
    shangaijimmy
    What a fabulous position to be in. I think we are about 5 years and 7 months behind you...
    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
    • julicorn
    • By julicorn 11th Aug 18, 9:59 AM
    • 356 Posts
    • 1,277 Thanks
    julicorn
    Under 90 a month, that's amazing! And that must have been quite a funny letter, 'the interest rates are going up, so here is your new monthly payment of 10 less than before'. Reminds me of the time I got a letter from Southern Water saying I needed to urgently pay the 0 I owed them, complete with a pre-completed 0 bank payment slip attached.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • A Frayed Knot
    • By A Frayed Knot 12th Aug 18, 7:53 AM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Thanks all - no idea how this has happened.

    Bexster - surely I've not o/p that much in 10 days - and surely they do not keep re-calculating the mortgage payment, I can imagine receiving letter eventually stating - your new monthly payment is 1.97 for the next 3 years

    SJ - believe it or not, that is the exact time I have left to pay when I re-mortgaged just over 2 years ago , so with your o/p's could be in much less time


    julicorn - Great letter re the 0.00 you owe them, would be nice to receive a letter from the mortgage lender saying the same . . . one day, one day
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • julicorn
    • By julicorn 12th Aug 18, 9:08 AM
    • 356 Posts
    • 1,277 Thanks
    julicorn
    julicorn - Great letter re the 0.00 you owe them, would be nice to receive a letter from the mortgage lender saying the same . . . one day, one day
    Originally posted by A Frayed Knot
    Now THAT is the dream!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • A Frayed Knot
    • By A Frayed Knot 12th Aug 18, 2:24 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Under 90 a month, that's amazing! And that must have been quite a funny letter, 'the interest rates are going up, so here is your new monthly payment of 10 less than before'. Reminds me of the time I got a letter from Southern Water saying I needed to urgently pay the 0 I owed them, complete with a pre-completed 0 bank payment slip attached.
    Originally posted by julicorn

    Wonder how much it would have been, had the interest not went up
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 13th Aug 18, 8:11 AM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    No clue AFK!

    These things ( alongside energy calculations and pension predictions) are clearly calculated using voodoo magic. A skill I never perfected

    I wouldn't worry as I mentioned before. 22.50 a week mortgage. Yes please!

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 29th Aug 18, 9:21 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    It's been a while since posting on here, but as such - been holding me breath till my next payday, which as it happens is tomorrow
    Not a lot to report - money wise - overspent, done a mid weekly shop, so should keep me going into the middle of next week and freezer has breathing space again, not as much as last night though - I would go buy these 10 ice lollies, even if I think summer has now left the building.

    So need the final push in the next 4 months - watch this space I'm going for it !!! with all my might.

    Oh, yes, eventually got that back money - waited that long that it doesn't even feel like a bonus now - all a bit of a deflated bonus as such, and as going for it - will o/p and if I need the cash later, will hold back some of my o/p in the next couple of months.

    Just bought mini fillets for 2 and reckon I can get 6 meals out of it by adding this and that, so pleased with myself at the very thought of saving even more.

    Just referred a workmate for tcb, another 10 coming my way, should be 15 but promised them all a donut if I got the referral bonus they'll do anything for a donut !!!

    Side line hotting up after my set back, so got thinking cap on and changed tactics

    Eagerly waiting to see what they take off for my mortgage payment this month - could end up paying as much as 4-5 times more as o/p's. Going to make a chart with the amount of months they are telling me I have left - then score off the months as I make o/p's - another incentive for me, to see the months drop off

    That's all for now, hope everyone is well - have been trying to keep up with all the diaries, but not always possible, as side line takes every spare moment just now.

    Oh, and I still have 00.00 at the end of my mortgage - along with 2 x 4's in it
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 30th Aug 18, 6:24 AM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    Be flexible about your methods, and stubborn about your goals.

    Fingers crossed for December 2018! AFK



    Bexster
    • A Frayed Knot
    • By A Frayed Knot 30th Aug 18, 8:23 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Well, at least no one can say - I didn't try, even if I think its beyond my capabilities and income
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 30th Aug 18, 9:25 PM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    Ah, don't quit yet. You are too close!

    Get that side hustle sorted.

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 1st Sep 18, 10:32 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Have to be realistic - however we can all dream . . .

    That said - got my eye on end of March - at the very latest, lets see what real life throws at me meantime, and seems to be throwing aplenty atm.

    Had booked time off (long weekend) last month - then got sick and had a whole week off, this month have had another long weekend booked off mid Sept - this time relatives from Canada have just phoned to say they will be here that weekend - will be lovely to see them and have a week from Sept weekend off - however some of these days may get moved to Oct.

    And planning early I have just said I would love a 3-4 nights City break (for my Christmas pressie) as I really don't want/need anything shows how MFW works in the long run


    It is so so weird seeing my 87.11 mortgage payment coming off and my 15.07 interest charge going on so I have just taken off 4 months with my o/p this month so far
    Last edited by A Frayed Knot; 01-09-2018 at 11:05 PM.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 2nd Sep 18, 7:17 AM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    I agree, re: not wanting/needing anything. Christmas gifts last year included National Trust membership, Amazon prime membership and wildlife trust membership. I wanted to be able to do things, not have things. All have been well used this year.

    Great news re OP The difference between December and March is small in real terms. Lovely that your total mortgage payment is about 100

    Hopefully life won't get in the way.

    Bexster
    • bexster1975
    • By bexster1975 4th Sep 18, 11:15 AM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    How is your week so far AFK?

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 4th Sep 18, 7:09 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    How is your week so far AFK?
    Bexster
    Originally posted by bexster1975

    Week so far - so far, so good


    here comes the "but"


    have eaten far too much over the last week,
    bought too much, over the last week, and so,
    not enough hours in the day, for everything
    I want to do. Mundane jobs are piling up - again !!!


    How has your's been? and you never did tell, what you got up to over summer?
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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 4th Sep 18, 8:12 PM
    • 1,274 Posts
    • 6,056 Thanks
    bexster1975
    There is always tomorrow to start the diet!

    The end is in sight so you are allowed to be a bit spendy sometimes.

    There will never be enough hours in the day. Mundane jobs will always be there tomorrow.

    Ive had a very interesting summer. I am now officially fully self employed! I have several income streams up and running/under development so am hoping to get some passive income sorted this academic year.

    The week is going ok so far, have developed a cold in the last day or so which is a pain. Less so when I'm mostly working from home however! I started a pottery class last night and threw my first pot ( very small. Pics will follow once it's fired/glazed etc.

    Mundane chores day tomorrow, if cold allows.

    Good to hear week is generally being kind to you

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 6th Sep 18, 7:47 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Great news - working for yourself on your own terms and time - nothing to beat it .

    Having a moment at work (which I believe may have something to do with MF looming) that I am looking for other avenues. Have just decided of late - that I no longer enjoy my job - another is retiring and do wish it was me, however keep thinking - not long for me now

    Hope your cold goes quickly, and good news - you've gone to pot !!! Well, I always knew that
    look forward to the pics later.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    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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