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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 15th Sep 15, 9:51 AM
    • 2,479Posts
    • 11,344Thanks
    hiddenshadow
    Mortgage free by 2021?!
    • #1
    • 15th Sep 15, 9:51 AM
    Mortgage free by 2021?! 15th Sep 15 at 9:51 AM
    DH and I bought our house Christmas 2013 and have been overpaying automatically ever since. Original mortgage of 197,100, have managed to knock out 30k since then. We're both well-employed (computer programmers), no kids, though we do have a pair of dogs and a pair of cats.

    Our mortgage fix is up in December, so we've refinanced for 5 years and managed to shave almost 2% off the interest as well. By agreeing to up our agreed payment to the amount we've been overpaying so far (1,350 rather than 778) we'll reduce our remaining term from 23 years to 11.75.

    I was playing around with the budget this week, as we ought to be able to live off one salary and save the rest. With that number (2,750) as a monthly payment, we should be able to pay off the loan in 6 years. Would be really nice to get that down to 5 so that we don't have to refinance again, but paying off almost 200k in 8 years is still pretty exciting.

    Current Goal - June 2018 - Balance below 100,000

    Past Goals
    * December 2017 - Balance below 105,000 (104,645.69 December 2017)
    * November 2017 - Daily interest below 7 (6.98 November 2017)
    * April 2017 - Balance below 110,000 (108,597.74 April 2017)
    * March 2017 - Daily interest below 8 (7.86 March 2017)
    * February 2017 - Balance below 115,000 (113,932.35 February 2017)
    * February 2017 - Monthly interest below 250 (248.27 February 2017)
    * December 2016 - Balance below 120,000 (119,900 December 2016)
    * November 2016 - Daily interest below 9 (8.52 November 2016)
    * October 2016 - Balance below 125,000 (124,999.99 October 2016)
    * September 2016 - Balance below 135,000 (132,991.85 September 2016)
    * August 2016 - Balance below 140,000 (139,700.00 July 2016)
    * June 2016 - Balance below 145,000 (142,927.47 June 2016)
    * April 2016 - Monthly interest below 300 (293.59 April 2016)
    * April 2016 - Balance below 150,000 (149,847.03 March 2016)
    * April 2016 - Daily interest below 10 (9.99 March 2016)
    * March 2016 - Balance below 155,000 (152,953.85 February 2016)
    * January 2016 - Balance below 159,500 (158,711.69 January 2016)
    * December 2015 - Balance below 161,800 (161,771.90 December 2015)
    * December 2015 - Balance at/below 164,280 (162,636.18 November 2015)
    * December 2015 - Balance below 165,000 (164,907.08 November 2015)
    Last edited by hiddenshadow; 31-12-2017 at 10:16 AM.
Page 43
    • lippy1923
    • By lippy1923 8th Oct 16, 11:33 AM
    • 1,242 Posts
    • 3,463 Thanks
    lippy1923
    As always, well done
    Thanks for mentioning the n@tionwide 5%. It prompted me to look at mine and I discovered mine also finish in November!
    What a blow, my 5% current account and my 123 account all slashing rates! grrrrrr
    Total Mortgage OP 17,500
    House Value 275,000 Mortgage 89,788
    Emergency Fund 29,500

    • hiddenshadow
    • By hiddenshadow 8th Oct 16, 12:11 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    What a blow, my 5% current account and my 123 account all slashing rates! grrrrrr
    Originally posted by lippy1923
    I know, such a shame. Compared to other country's banking options though (mainly looking at the US as that's what I'm most aware of), we've been pretty spoiled. I think a "good" rate in the US on savings is just around 1%.

    I suppose the silver lining is that it makes paying off the 2.4% mortgage a lot more attractive.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • hiddenshadow
    • By hiddenshadow 13th Oct 16, 1:39 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    2.99 OPed..2 from surveys and 99p from not buying a book that's at the library.

    Also resisted buying more yarn. Sale prices would have meant a sweater's quantity would "only" be 35ish, which is quite good, but I don't need another sweater's quantity of yarn at the moment (much as I'd like to be able to start all the projects at once), and I'm not familiar with the yarn on sale so don't want to gamble on something that might not work.

    Speaking of...MB pot is up to 207.97 so far, with more money to shift over. Hoping to finish that by the end of the month and make an OP before the MFiT deadline.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • hiddenshadow
    • By hiddenshadow 13th Oct 16, 1:40 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Almost forgot the best bit - DH chatted with his boss yesterday and he's fully supportive of him working remotely from Ireland. Still need to confirm with the other company co-owner, but can't really see an issue there. Very relieved at that, as DH has never really job-hunted before so that was quite a daunting prospect for him (plus he loves his job/coworkers/etc so would rather not leave). DH told him we'd plan to move in April, so plans are starting to solidify...
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • shangaijimmy
    • By shangaijimmy 14th Oct 16, 7:58 AM
    • 2,719 Posts
    • 13,386 Thanks
    shangaijimmy
    Very exciting!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • A Frayed Knot
    • By A Frayed Knot 14th Oct 16, 8:35 AM
    • 2,368 Posts
    • 10,554 Thanks
    A Frayed Knot
    You don't have long to wait, then. April will be here in a flash !
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • hiddenshadow
    • By hiddenshadow 14th Oct 16, 8:52 AM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    You don't have long to wait, then. April will be here in a flash !
    Originally posted by A Frayed Knot
    I know, it feels both very far away (when I suffer through the commute every day and dream of commuting 10 feet to the lounge ) and very close (when I remember how many projects we have to finish on the house, and how much stuff we'll need to pack.

    Baby steps...
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • shangaijimmy
    • By shangaijimmy 14th Oct 16, 11:57 AM
    • 2,719 Posts
    • 13,386 Thanks
    shangaijimmy
    I don't envy packing up! Think i'd have to walk out, lock the old door and start again rather than face packing for a move!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • hiddenshadow
    • By hiddenshadow 14th Oct 16, 12:03 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    I don't envy packing up! Think i'd have to walk out, lock the old door and start again rather than face packing for a move!!
    Originally posted by shangaijimmy
    Ugh, me too. I think most of the stuff is DH's, but I've probably acquired quite a bit more than I realise in the last 3 years as well. The one plus side is that I think we'll do it in 2 stages - pack non-essential stuff to store for a year (or so) and pack the rest for immediate moving.

    Just need to clear out the garage first so we have room to store boxes...which means decluttering and finishing off house projects as well...
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • BookWorm
    • By BookWorm 14th Oct 16, 6:30 PM
    • 2,284 Posts
    • 13,968 Thanks
    BookWorm
    Awesome news Hidden - exciting times ahead for you
    • lippy1923
    • By lippy1923 14th Oct 16, 8:32 PM
    • 1,242 Posts
    • 3,463 Thanks
    lippy1923
    I'm very excited for you. Wishing you good time ahead
    Total Mortgage OP 17,500
    House Value 275,000 Mortgage 89,788
    Emergency Fund 29,500

    • EatingTheElephant
    • By EatingTheElephant 15th Oct 16, 6:27 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    Fantastic news
    • Watty1
    • By Watty1 16th Oct 16, 10:13 AM
    • 2,990 Posts
    • 21,289 Thanks
    Watty1
    Such exciting times. And what a great opportunity to declutter
    Mortgage at start of diary Sept 2013: 132,995 Aug 2015 0
    Overpaid next mortgage. 79,491 down to 27152
    Changing focus for now
    • hiddenshadow
    • By hiddenshadow 17th Oct 16, 1:52 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    6.20 interest from T3sc0, bringing the mortgage balance to 125,307.27.

    Declutter sort of begun, sorted through most of my clothes over the weekend. Found a few for charity and packed away a bag of warm weather clothes that won't be needed for the next 6 months.

    Hoping this weekend 1) the weather cooperates 2) DH and I are both not plagued with colds. Then we can organise/clear out the garage and use our pre-paid HippoBag to get rid of lots of stuff in the house/garage. Once that's done there should be room in the garage for storing packed boxes and items to give away, so that should speed up the decluttering.

    Looks like both our mums will be visiting in the next couple of months so that's some incentive to get the house tidied. Three years seems a bit long for a completely chaotic/unfinished house...
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • hiddenshadow
    • By hiddenshadow 24th Oct 16, 7:42 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Few other misc bits coming in from sh0pitize, cash back, etc, bringing the mortgage to 125,282.30. Edges us just over 38% on the MFit-T4 progress.

    Waiting on withdrawals from MB to come through, then should be able to make an OP that takes us out of the 125s! Tomorrow is also pay day for me (think Thurs will be DH), so that's nice.

    Pension stuff is almost sorted out - need to get one contribution tweaked so that I get tax relief on it, and then inform HMRC about my contributions so they adjust my tax code for the rest of the year. That should bump my pay up a bit, so more room for OPs.

    Made a bit of progress on the house at the weekend, though it's left me ill/sore today. Filled the HippoBag, so the garage looks a lot roomier now. Also ran various errands in town, including donating more things to the charity shop. Finished up with a nice lunch courtesy of SB/T3sc0 vouchers.

    Tentatively beginning to job hunt. Not desperate to change jobs (though two coworkers have left in the last few weeks), but I don't think mine will be amenable (or workable, even if open to it) to working from home (especially if "home" is hundreds of miles from the rest of the office). I've got 6+ months to look, so may as well see what's out there that looks interesting, rather than just going for whatever's available in desperation next spring. (Don't think it would actually come to that, as we could manage off DH's salary for quite some time, but I've learned I don't like to be idle.)

    Not much else to report. The cold weather is much preferable to the heat, but it does make me just want to curl up on the couch 24/7 with books/knitting.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • debtfreeoneday
    • By debtfreeoneday 24th Oct 16, 7:58 PM
    • 2,822 Posts
    • 9,723 Thanks
    debtfreeoneday
    All exciting stuff in here Hidden, good luck with the job hunt
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • hiddenshadow
    • By hiddenshadow 24th Oct 16, 8:12 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Thanks DFOD.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • hiddenshadow
    • By hiddenshadow 26th Oct 16, 12:56 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    271.61 OPed to the mortgage from MB amounts, bringing the balance to...drumroll please...124,999.99

    DH and I have both been paid and his included quarterly bonus. Will likely split that across OPs and savings pots, but should make a decent amount for November OPs.

    Have started spending for our next holiday...going to California and Hawaii next spring for my dad's wedding. Not really looking forward to the Hawaii/wedding bit (not a fan of heat/sun or forced sociaising ) but he did help pay for our wedding, so there you go. At least the California side will mean we can visit with friends, and hopefully go see Galway Downs International Horse Trials while we're there. Purchased the UK set of airfare, still need to do the Hawaii one but hoping to use some miles for that as well to help with the cost. UK side was surprisingly cheap (620.96), though it does involve a stop in Reykjavik.

    Also getting quotes this week for landscaping the garden (it's trying to turn back into a jungle) and finishing off carpentry bits in the house. Would be good to get both of those projects taken care of before it gets too cold.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • debtfreeoneday
    • By debtfreeoneday 30th Oct 16, 4:38 AM
    • 2,822 Posts
    • 9,723 Thanks
    debtfreeoneday
    Rather you than me for the wedding abroad!!! I'd look like monica out of friends - hair wise with the humidity!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • hiddenshadow
    • By hiddenshadow 30th Oct 16, 5:47 AM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    I know, I don't really understand why they're doing a "destination" wedding. They already live in a picturesque place (with loads of other nice places close-ish by so even if they wanted to get out of their neighbourhood they could. I suppose they figure if most of their small guestlist is already paying to fly some distance, they may as well pay double (or more) to fly double the distance to a touristy-only type of place (so airfare is never really on sale). Sigh. They're also honeymooning in Hawaii, but on a different island, so they still have to fly there, so I really don't understand the point - they could have just flown from the mainland.

    For added fun, Dad's fiancee is buying me clothes. The only other thing she's bought me is lingerie as a wedding gift (a few sizes too large - thanks! - and when she'd been dating my dad for about 6 weeks. Creepy...). I was just going to pack a sundress and a lace shawl, but she's buying me a bridesmaid-style dress (though I don't know that they're really doing a wedding party, nor has being in one been mentioned to me), as well as two Indian-style dresses for the day before the wedding (because the one I already own is apparently insufficient). I suppose as long as she's paying for all of it (I'm certainly not!), fine, but it still seems wasteful.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
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