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  • FIRST POST
    • chumpy45
    • By chumpy45 25th Sep 15, 4:02 PM
    • 348Posts
    • 1,515Thanks
    chumpy45
    Excited to try and be mortgage free
    • #1
    • 25th Sep 15, 4:02 PM
    Excited to try and be mortgage free 25th Sep 15 at 4:02 PM
    Hi all, have been really inspired reading all the posts on this mortgage free forum. Have got DH on board and we really want to try and clear the mortgage in two years. We currently have a property worth abouth £325,000 and an outstanding mortgage balance of £54,780.04 with 7yrs & 6 months left to go. Things are complicated at the moment as DH has been self-employed for the last 6 months which means we are struggling to remortgage. It seems we may have to wait another 6 months before we can reduce our current rate of 2.5% which is a shame and will impact on the overpayments. However, we are busily taking on board advice gained from many of the threads/posts on this forum. Really looking forward to getting stuck into money saving and overpaying and sharing our journey with all you inspirational people.
Page 16
    • chumpy45
    • By chumpy45 8th Aug 18, 4:22 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Thank you Hidden, and thanks for popping in. Yes, 2 years would be fab and in theory should be achievable but we all know life tends to get in the way

    TT of 23p this morning. Seems to be spending horrendous amounts of money on food atm. Four DS, plus we now have 2 girlfriends on the scene, and also have to cater for one veggie and one vegan. It seems as if every piece of food and every utensil we possess is used every meal time! I am very happy though to have them all back home, it's lovely having them all here, even if somewhat chaotic.

    Still waiting to hear from FD for our remortgage to a fixed rate deal for two years. We have completed the application and been "approved" but apparently can't book the rate we want until we have spoken with one of their mortgage advisers. Their earliest date is 19th August! I will be really annoyed if we lose the rate we are looking at. Want to get it sorted so that we can lose another 8 months off the end date and start the new OPs.

    Copying other MFWs, I have created my own Excel house today and am looking forward to colouring in some squares. Must be running out of ink on the printer thought as my nice red bricks look a rather dodgy pink. Looks like the house has a "ombre" effect

    Right need to finish my cuppa and start to think about preparing dinner for the hungry hordes who will be back from work soon.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • chumpy45
    • By chumpy45 10th Aug 18, 2:16 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Watching the rain pour down whilst having a quick cuppa. Just back from the weekly shop and managed to stay in budget as armed with my list and tried very hard not to pick up any "extras". Still think I could make some savings there, and things will definitely reduce in September as one son returns to uni and another leaves home to take up his graduate position. My chicks are leaving the nest. Nothing to TT this morning which was a little disappointing but I guess it means I haven't been spending. Haven't had a summer holiday this year, but thinking about the October half-term. I have been looking at the Canary Islands which I believe should still be nice and warm in October. Need to get some prices together and see if the budget can run to it. Need to try and balance the frugality/savings/mortgagereduction/life Made it to the weekend, hopefully the sunshine will return.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • chumpy45
    • By chumpy45 12th Aug 18, 10:35 AM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    A Sunday morning TT of 35 p which brings the balance to a nice round £29.50. Surprising how these little bits add up. Have just paid the CC which was a bit due to some kitchen works we have been having done (long story, the original kitchen fitter just disappeared without finishing the job and with some of our money!). Luckily he left most of the materials but we have had to pay out again for someone else to finish off and for a few extra bits and pieces ) On a separate note, I always seem to get in a muddle with my CC. I consider myself to be averagely intelligent but I never seem to understand my CC statement I know all the items are listed in date order and the balance is shown but it never seems to match up with what I am thinking ! Anyway, all done now for another month. Still have to wait another week until our telephone call with FD about the new mortgage fix. This is frustrating as I would like to sorting out new figures on my spreadsheet as DH has also had a pay increase so it would be good to know where we will stand. Nothing beats time spent on a spreadsheet shuffle. Better go and get sorted as have to pick up DS4 from a sleepover. Happy Sunday everyone.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • greent
    • By greent 13th Aug 18, 7:49 PM
    • 7,430 Posts
    • 75,312 Thanks
    greent
    Great to see you back here, chumpy! Two years would be great - but if it ends up being 2.5 (or whatever) you're still attacking the mtge - which is more than a lot of people are doing - and you're also saving at the same time, so you're also taking a look at the bigger picture
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6484.71/£7500
    Net sales 2018 £713.44/£1000 PAYDOX18 (#15) Done £18918.90
    • chumpy45
    • By chumpy45 21st Aug 18, 8:47 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Thanks GreenT for popping in, great to "see" you. I am so glad to be back and you are right, we are certainly tackling the mortgage, and taking on board the messages read about FIRE. Had a very expensive family wedding to attend at the weekend (i.e. it was not in the UK!). This was further complicated by DH getting dates confused and then being unable to come after flight and hotel had been booked! I then decided to take DS4 (as we are not having a family holiday this year and though he would enjoy it), but it cost more than the original cost of the flight to sort out a name change Never mind, lesson learned - next time don't invite DH in the first place We finally had our mortgage telephone appointment with FD and that is all going ahead (could be November before it is in place as they have a big back log atm). We have reduced the term to 4 years which has knocked another few months off the mortgage A 26 p TT today, which just about rounds up all my news nicely. Happy Monday.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • chumpy45
    • By chumpy45 26th Aug 18, 10:09 AM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Having a lazy morning and a catch up on diaries. Have made a 56p TT. Current account is looking a little but OH is paid this week so we should squeak through. Food budget is way over due to the DSs and their various girl friends/mates/others who make their way through the food supplies like vultures CC is also higher than I would like although most spends are accounted for so it shouldn't be too painful. A little bit of jiggling/juggling will be required to pay off the balance but that's not until mid September so have time still to work it all out ! Nothing really planned for today, just a chilled day as I face the prospect of returning to work on Tuesday after the long summer break
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • chumpy45
    • By chumpy45 9th Sep 18, 6:59 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Aaargh returned to work last week and it was a nightmare week. Horrendous timetable up to Christmas including an evening teaching from 6-9 p.m. which I have never had to do before. Not looking forward to the subject either. Neglected my diary due to the traumas of it all Took my lunch in every day last week, so pleased I have least started as I mean to go on. TTs stand at £42 and am planning to keep saving this in my very low interest everyday saver until the remortgage has gone through and then OP. Need to fill in some forms for the remortgage tonight also. 2 of the DSs who are over 18 are having to sign forms as well, something to do with having an interest in the property, I think. Never heard of this before. Am still struggling to control food spends, but two of the DSs leave next weekend, one back to Uni and one to the real world and hopefully things will calm down a little after a mad summer. Need to clear 0% CC next month which we took out for cars. I have saved the money separately in my Sandy a/c but there is a difference in the balance as we added some bedroom furniture for DS4. Might be able to do a bit of juggling to clear it all or possibly transfer remainder to another 0% interest card. Will have to do some pondering over the coming week. Have just received a quote for a new family bathroom which was but will be beautiful. This all started with the boys (or should I say grown men !) having a mess about and breaking the bath panel. The panel could not be replaced, so we have had no panel for almost 18 months. Then the shower unit broke down, then the shower panel door decided not to close any more and we thought maybe the time had come. We have the money in the business a/c but need to see how much can be withdrawn without incurring tax penalties. Right, off to sort things for the morning then need to collect DS4 from the "girlfriend". After that, I will have a little sit down!
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • greent
    • By greent 11th Sep 18, 12:11 PM
    • 7,430 Posts
    • 75,312 Thanks
    greent
    Urgh! to the evening teaching!!

    Standard practice (or should be) for mortgage lenders to get adult children to sign waivers - I had to sign one waaaay back when my mum moved when I was 20


    Well done on taking lunches in and continuing TTs
    xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6484.71/£7500
    Net sales 2018 £713.44/£1000 PAYDOX18 (#15) Done £18918.90
    • chumpy45
    • By chumpy45 15th Sep 18, 2:56 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Hi GreenT, thanks for the info re. mortgage waivers. Thinking about it more, it has been quite a while since we remortgaged so probably all the DSs were under 18 at that time. First evening class done and dusted. Just 12 more to go before the module finishes at Christmas - nearly there

    Having an emotional weekend. Took DS1 up to London to his new home yesterday. It's a really nice place and I think he will be very happy there, but it's still a wrench when they leave. DS3 is back to Uni today. He is just finishing packing (only had all week to do this and still had the washing machine on this morning ). I have retired to my lap top and decided not to intervene while he crashes about. Will be down to 2 at home which will be strange at first. (However from a MFW point of view, think of the savings in food, gas, elec, water etc )

    3 x TT this week so total almost up to £50. About £5 of TCB accrued so will hopefully be able to pay this over soon. All adds up. Really everything is waiting for the remortgage to be done and dusted so that we can adjust all the numbers again and hopefully increase the standard OP and blast away this mortgage.

    Sun is shining so might try and get in the garden tomorrow. Will have to start tidying up the garden ready for the winter soon. Have a lovely weekend everyone.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • jodles16
    • By jodles16 16th Sep 18, 9:51 AM
    • 1,369 Posts
    • 4,139 Thanks
    jodles16
    Good to 'see' you back Chumpy, looks like you have still been making good headway with everything! Amazing looking mortgage! I think it is good to be looking at all aspects of finance, the FIRE is definiately something to be considered!


    Bathroom will be a well worth it expense, I love a good bathroom!


    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • chumpy45
    • By chumpy45 16th Sep 18, 9:17 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Thank for your kind comments Jodles, lovely to "see" you. Yes, am excited for the new bathroom. Should hopefully all be done before Christmas. TTd 46p today. SJ is right,TTs so help with motivation. Both DS1 and DS3 have been delivered to their new places, and seem settled. A few tears were shed (mainly by me it has to be said ) Am planning a full revamp of our finances very shortly. Just need to find time to do it this week as teaching already back to manic mode. Will report back with some scores on the doors soon. We have let a few little bad habits creep in, particularly regarding food costs over the summer. I am sure we can make some cut backs if I can just get a little more organised and hit the batch cooking. The usual dilemma of trying to find time to organise the things that will save time Have a good week all.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • chumpy45
    • By chumpy45 30th Sep 18, 11:07 AM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Ooops where did that time go? I blame it on the new term and evenings taken up with ferrying DS4 to multiple activities. Both DH and DS4 have already had horrible cold/virus type infections, so fingers crossed I don't succumb. Well, we are still awaiting the remortgage to go through, but have also done lots of number crunching sorting out payment of our new bathroom (due to be installed in October), DH's new car (), and my plans for FIRE. DH has an existing CC with T*sco, and after a discussion with them this morning, it transpires the interest free on purchases lasts for another 14 months. This is a great result (and nothing like the information that DH gave me initially ), as it means we can carry on saving the little bit of remaining balance we need and then pay it all off from savings next December

    From reading these wonderful forums about FIRE, many people seem to plump for S&S ISAs. I have about 10 years before retirement which I think is probably sufficient time to hopefully achieve some gains from a S&S ISA, and have been investigating the Cavendish website which gives some useful "suggested models" (useful as I am very much a novice and wouldn't really know what funds to choose). However, I am wondering if it is better to increase my existing TPA AVC instead or to have the same amount split between the AVC and the S&S ISA in order to diversify investment? Any thoughts gratefully received.

    A beautiful sunny day here, so might try and do some garden tidying whilst cooking roast dinner. (I will try and achieve this whilst also ignoring the ironing pile in the corner which is doing a very good impression of the Leaning Tower of Pisa )
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • greent
    • By greent 30th Sep 18, 1:18 PM
    • 7,430 Posts
    • 75,312 Thanks
    greent
    I've recently taken out a S&S ISA with V*nguard - there's a reasonable bit of info on their site about funds. I also went on Hargreave5 Lan5down and downloaded/ sent off for their advice leaflets/ brochures too. I have absolutely no advice to offer with regards to AVC/ ISA possible split or not, though!


    Down to 2 at home here - will be interesting to see what difference it makes to the bills (am expecting much less water usage, for a start - DD has 30 min showers and DS1 showers twice a day)

    Good news re the 0% period on Tesc0!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6484.71/£7500
    Net sales 2018 £713.44/£1000 PAYDOX18 (#15) Done £18918.90
    • chumpy45
    • By chumpy45 5th Oct 18, 4:01 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Scores on the doors
    So just rang the mortgage company to find the latest balance (unfortunately am unable to see my mortgage on line) and scores on the doors as of today stand at:

    Mortgage balance - £23,914.45
    Daily interest - £1.84


    In Feb 2017 (when I first started recording balances) the mortgage was £36,584.00 with daily interest of 2.35 so pleased with today's figures. it's going down slowly. Don't really understand the daily interest as on 06.08.18 it was given as £1.73 so not sure how it can have gone up!

    Hopefully new FD remortgage will be finalised soon, seems to be going on for ever. I can't wait to be able to see the balance online. I am sure it will be even more motivating to pay off when you can actually see it. Have been TTing ready to pay over a lump sum once new mortgage showing. Just off to walk the dog in beautiful sunshine. Have to make the most of the sunny weather at this time of the year. Happy Friday everyone.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • abba1772
    • By abba1772 5th Oct 18, 10:10 PM
    • 5,269 Posts
    • 18,903 Thanks
    abba1772
    just spent tonight reading your diary

    Can I just say WOW

    I can't wait to tackle our mortgage once we get our debts paid off xx

    **subscribed**
    NEXT TARGET HALIFAX CC WAS July 18 £5493.20 NOW £688.70
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £10848.08
    • chumpy45
    • By chumpy45 10th Oct 18, 8:01 AM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Thank you for your kind words Abba, and well done on persevering through my ramblings. Do you have a diary yet? will try and find you. It really does keep you motivated even if I don't manage to post every day (or week!). It was my silver wedding anniversary yesterday !!!! How did that many years pass? It has been a rocky journey but we made it and decided to splurge last night on an expensive meal for the two of us. It was so delicious and we were really decadent having taxis there and back and a really lush bottle of champagne (on a school night as well ). What's more, I am not even going to feel guilty as life is for living after all However, back to it today. About to rush off to work, but just made a TT of 10p. Seems slightly pointless after last night's excesses but hey, every little helps. Have a good day everyone.
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • abba1772
    • By abba1772 10th Oct 18, 10:13 AM
    • 5,269 Posts
    • 18,903 Thanks
    abba1772
    Yes I have a diary try and get on it everyday to keep me accountable

    Congrats on your silver anniversary that's quite an achievement xx
    NEXT TARGET HALIFAX CC WAS July 18 £5493.20 NOW £688.70
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £10848.08
    • chumpy45
    • By chumpy45 13th Oct 18, 5:47 PM
    • 348 Posts
    • 1,515 Thanks
    chumpy45
    Thanks Abba1772 - I will check out your diary too. Today we have paid the bathroom deposit (ouch) and collected DH's new car (double ouch). Spends were planned but are taking advantage of a 0% CC to keep the money earning interest for as long as possible. Have heard from FD that the remortgage should complete on Wednesday so interest rate will reduce from 2.5% to 1.89% and term will reduce to 4 years Have set ourselves a mini target of reducing to £20K by the end of the year. Won £15 in the postcode lottery this week, so have tranferred that to the TT/bits and bobs account ready to OP. House currently looks as if we have been burgled, so need to motivate myself to do some tidying/laundry/cooking etc ready for the week ahead. May be a little cup of tea first .......
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
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