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  • FIRST POST
    • JimLad
    • By JimLad 18th Aug 15, 3:29 PM
    • 906Posts
    • 1,507Thanks
    JimLad
    Mortgage Free by April 2017
    • #1
    • 18th Aug 15, 3:29 PM
    Mortgage Free by April 2017 18th Aug 15 at 3:29 PM
    Hi everyone! Long time lurker on these forums! I have previously posted in my wifes diary, and whilst our OP’s have continued we have been a bit slack there. Our plan has changed a fair amount since she first posted so I have decided to kick off this new diary to chronicle the (hopefully) final 20 months of our mortgage.

    A little bit about us. I am 29 and the wife 27. We both have decent jobs and we have no kids (we want to pay off the mortgage first). We got married in January this year and in true MSE fashion we kept it bang on budget. We bought our 3 bed detached house for 200k in October 2011 with a 150k mortgage and have since overpaid it down to approx 86k.

    The plan…We have a 5 year fixed mortgage at 3.99% with Santander which currently limits us to 10% overpayment a year. We have already made the 10% for this year, so we currently are saving for next year’s 10% and then for a big overpayment in October 2016 when the mortgage drops onto a SVR and we can do unlimited. After this lump sum, we should be down to about 20k and then it’s just as much monthly as we can do until its gone (April 2017 is the target). Im a nerd for a good spreadsheet and have it all planned out month by month.

    Other than our salaries, we have a few different things that we do to boost the overpayment coffers which I call our side hussle. We rent out our spare bedroom on a short term basis on Airbnb, we have solar panels on the roof which provide a small quarterly income, and I run a technology youtube channel which brings in a few quid each month from adverts and affiliate sales. I plan on posting monthly updates on the amounts these generate.

    That’s it for now as I have rambled on a bit! If you see MissWillow on here, that’s the wife!
    Mortgage Free 22/03/17
    MissWillow is my OH!
Page 16
    • clearmydebts
    • By clearmydebts 23rd Mar 17, 6:18 PM
    • 6,093 Posts
    • 17,563 Thanks
    clearmydebts
    Aw congrats! Wonderful news!!!!
    Total debt (starting September 2016): €19,500/€27,000
    BOI credit card: €4,700/€7,000
    Loan:€14,800/
    Savings: €0
    • atypicalblonde
    • By atypicalblonde 25th Mar 17, 11:30 AM
    • 2,842 Posts
    • 19,894 Thanks
    atypicalblonde
    Soooooo pleased for you on all fronts! Huge congratulations xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.4.18 - £103,870
    Aiming to be MF 1.10.2020
    • JimLad
    • By JimLad 27th Mar 17, 8:49 AM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    Aw congrats! Wonderful news!!!!
    Originally posted by clearmydebts
    Soooooo pleased for you on all fronts! Huge congratulations xx
    Originally posted by atypicalblonde
    Thankyou so much guys. Still waiting on the paperwork from the bank to make it "official".

    Would you believe that they gave us the option of finding our own solicitor to do the amends to the house deeds to remove their name, or they could do it for free.....erm....You can guess what i chose.
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • JimLad
    • By JimLad 28th Mar 17, 12:10 PM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    No paperwork yet, but its showing as £0.00 on our online banking!
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • edinburgher
    • By edinburgher 28th Mar 17, 12:16 PM
    • 11,100 Posts
    • 59,530 Thanks
    edinburgher
    Wonderful, more power to you
    • JimLad
    • By JimLad 7th Apr 17, 2:55 PM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    Finally got something in the post! "Thankyou for paying your Santander mortgage back blah blah blah".

    One part made me laugh...

    "If you completed your final payment after october 2003 then your deeds are held electronically at the land registry"

    How often do they update their template letters!!?? Crikey
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • MinnieCooper
    • By MinnieCooper 7th Apr 17, 4:05 PM
    • 40 Posts
    • 31 Thanks
    MinnieCooper
    Hi,

    Oh wow! I have just come across your diary. Congratulations on paying off your mortgage and your baby news! How wonderful to be entering parenthood without a mortgage! I am so jealous! Enjoy every second and well done.
    • JimLad
    • By JimLad 7th Apr 17, 7:02 PM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    Hi,

    Oh wow! I have just come across your diary. Congratulations on paying off your mortgage and your baby news! How wonderful to be entering parenthood without a mortgage! I am so jealous! Enjoy every second and well done.
    Originally posted by MinnieCooper
    Thank you so much
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • Watty1
    • By Watty1 9th Apr 17, 9:53 AM
    • 2,975 Posts
    • 21,191 Thanks
    Watty1
    Just catching up. Wonderful news all round. Many congratulations
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Changing focus for now
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 23rd May 17, 7:09 AM
    • 677 Posts
    • 3,037 Thanks
    SuperSecretSquirrel
    I subscribed to your old diary JimLad, but missed this one... A lot has happened in four years!

    Congratulations on becoming mortgage free, and on soon becoming parents!

    I hope you keep posting - I enjoy reading about life after mortgage

    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)
    • MortgageFreeMimi
    • By MortgageFreeMimi 26th May 17, 11:35 PM
    • 49 Posts
    • 215 Thanks
    MortgageFreeMimi
    Love this - congratulations!!!
    Mortgage £225k May 2017 - aim to pay off by Christmas 2026 - MFW 2017 #118
    Outstanding mortgage: £218,478
    2017 target £5,800 / £11k
    Cash reserve target £2,506.62 / £10k
    S&S ISA £6,664/ £20k
    MF1 August 2016. approx (£152k start Jan 2009)
    • JimLad
    • By JimLad 12th Jun 17, 11:28 AM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    Thank you for all the congratulations guys, its such an amazing feeling going to work knowing they could make me redundant and i wouldn't really care!

    Just 2 months to go now until Baby arrives. We have got most of our gear and baby furniture. In true money saving fashion though im going to upcycle a pine chest of drawers and bed side cabinet in order to match our new white cot and changing table.

    On the money front, being mortgage free has meant we have been able to keep on saving despite the baby costs. We should be up to about 10k in the pot before baby comes. We are going to start a s&s ISA for baby savings with the £80 a month child benefit from the government.

    With my political head on, i think its crazy we can still get the £80 a month even though we really dont "need" it. Should definitely be a lower earnings limit on it. I wont complain though!
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • A Frayed Knot
    • By A Frayed Knot 9th Jan 18, 9:46 PM
    • 2,326 Posts
    • 10,407 Thanks
    A Frayed Knot
    Hi

    Not posted in a while - now your MF
    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

    • JimLad
    • By JimLad 30th Jan 18, 12:02 PM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    Hi

    Not posted in a while - now your MF
    Originally posted by A Frayed Knot
    New baby is now 5 months old. She is keeping us busy!

    Potential developments though...we possibly might be offering on a bigger house soon so will possibly be starting the journey again at 100-150k. It pains me to think about taking on a mortgage though after nearly a year of zero outgoings!
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • A Frayed Knot
    • By A Frayed Knot 30th Jan 18, 7:39 PM
    • 2,326 Posts
    • 10,407 Thanks
    A Frayed Knot
    Congratulations to you both


    A bigger house - wow - well you done it once, you can do it again


    Nice to hear your news.
    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

    • JimLad
    • By JimLad 6th Feb 18, 10:03 AM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    maybe not! second offer rejected but "in the right ball park". Its like they dont want me to get a mortgage!
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • JimLad
    • By JimLad 9th Feb 18, 2:28 PM
    • 906 Posts
    • 1,507 Thanks
    JimLad
    They had another offer from someone living with their parents with money in the bank.

    Oh well, we will just have to stay mortgage free a while longer :-)
    Mortgage Free 22/03/17
    MissWillow is my OH!
    • A Frayed Knot
    • By A Frayed Knot 9th Feb 18, 10:32 PM
    • 2,326 Posts
    • 10,407 Thanks
    A Frayed Knot
    Never mind, I think that won't stop you looking . . . .
    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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