Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • mrsp1987
    • By mrsp1987 4th Feb 16, 8:28 PM
    • 793Posts
    • 3,921Thanks
    mrsp1987
    Mortgage Free Mini-Goals
    • #1
    • 4th Feb 16, 8:28 PM
    Mortgage Free Mini-Goals 4th Feb 16 at 8:28 PM
    So, I've decided that I want to make a concerted effort to reducing our mortgage so that we finish our term well before the initial end date of April 2041. Unfortunately, I haven't quite set a fixed date in mind I just know that I want to pay it off early.

    A bit of backstory for you all. My husband and I bought our first home together in April 2011. We initially had a mortgage for 108K. 2 years later when our fixed term came to an end we wanted to free up some money so that we could do some renovations on the house - extend the bathroom and convert the garage. We had the house revalued as 155K which allowed us to remortgage for 116K, giving us 10K for the renovations.

    Life tootled on and I fixed out mortgage again at the end of the 2 year fixed period in April 2015 for 5 years. Annoyingly, we were just over the 75% LTV ratio when I remortgaged and within a few months we had dropped below it and could have got a cheaper rate and saved ourselves about 100 a month. But, I didn't know this at the time and hindsight is 20/20.

    After our wedding last year DH's dad came along one day out of the blue and said he wanted to give DH an advance on his inheritance. Well, not just an advance but his actual inheritance early. To the tune of 100K!! This actually rendered me speechless. Not something that happens very often.
    As our mortgage was over this amount we decided not to put it all down onto the mortgage. Whether this was the right or wrong thing to do...well, people will have their own opinions. We decided to pay off our debts and put 10K down as a lump sum on the mortgage and invest/save the rest.
    Oh and we both took 1000 each to do what we wish with. He spent his on a titanium frame and built a new road bike. I invested some of mine in Funding Circle, bought a new iPhone after buying myself out of my mobile contract and have the rest in a savings account. This is why I'm in charge of the household finances

    Anyway....we now have a mortgage below 100K and when the statement came through at the end of December I was so excited! This seemed to me like a massive milestone and it got me thinking.
    How much more could I do? How much money could I get out of my husband each month without him complaining too much? Where can I squeeze some money and put it towards the mortgage and bring it down? The fact that we shaved off nearly 5 years on the length of the term really excited me. How much more could I take off if we made regular over-payments?
    Unfortunately we can only make lump-sum over-payments of 500+ on our mortgage. So, my plan is to save the money up and make either one or two lump-sum payments each year. This year I want to pay a minimum of 1,000 extra.

    I've also just realised that this post is loooong and quite possibly very boring to you all. So, for now I will leave it at this and keep updating as I go along. Also, my cat has decided to sit on my arm as I'm typing and this isn't particularly conducive to typing.
    So, hopefully I'll get a few followers on this journey of mine. If not, at least I've got somewhere for me to put my random and not-so-random ramblings.
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
Page 17
    • giblet1979
    • By giblet1979 15th Oct 16, 11:52 PM
    • 846 Posts
    • 3,450 Thanks
    giblet1979
    VERY cute mrsp - they look like they are settling in well x
    Debt remaining:
    Mortgage - 117,759 (134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (19200)


    • EatingTheElephant
    • By EatingTheElephant 16th Oct 16, 8:20 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    What sweeties, looks like they are settling in well.
    • mrsp1987
    • By mrsp1987 17th Oct 16, 10:16 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Clio gets her stitches out on Wednesday, so not long to go now until she will be cone free! We're giving them semi-supervised access through the house now, mainly downstairs, still keeping some upstairs doors and the conservatory sliding doors closed. The other 2 cats, Darcy and Bubba, are...tolerating them. Darcy is pretty dominant and will let them know when she's not happy and puts them in their place. Bubba is a whingy little thing and seems a bit of a wet blanket. He's like "I don't like this. I'm not too happy but I'm just going to cry" instead of giving them a whack which would tell the, they've pushed it too far.
    I think this evening he was a bit better though and think he wanted to play with them but wasn't sure how to do it.
    I'm looking forward to them being friends. I think eventually Bubba will be close to the kittens
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • giblet1979
    • By giblet1979 17th Oct 16, 10:29 PM
    • 846 Posts
    • 3,450 Thanks
    giblet1979
    Aww....that sounds incredibly cute. I love having mine here (they were staying at the folks for a long time due to house being unsuitable). I never thought I would be a cat person (used to be very scared of them actually) but they are the cutest things x
    Debt remaining:
    Mortgage - 117,759 (134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (19200)


    • mrsp1987
    • By mrsp1987 19th Oct 16, 10:42 AM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    We never had pets going up, not that type of family and mum's allergic and dad doesn't like dogs too much. Oh and my grandma had the most evil cat in the world that I was terrified of! So it's only since I met hubby that I've become a cat person but I am a proper crazy cat lady now
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • mrsp1987
    • By mrsp1987 22nd Oct 16, 10:09 AM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Water is to be either fixed or replaced on 2nd November, so still getting free water for now well, I say free but we still have to pay daily standing charges, sewerage and blah blah but its almost free.

    Just popped out to @sda. I normally shop at @ldi but there were a few branded items I wanted to get so I thought I'd do it all in one go. Spent 55! But I did spend 8 on loo roll, which is a bulk purchase and I bought a 30 pack of diet coke at 7, which is a steal. Should have bought two really, but only had a little trolley. Also muller yogurts were 12 for 3 which is generally the best offer on the market whenever it appears so it would have been daft not to take advantage of it. And I splurged 1.50 x 2 on cat collars which they will probably never keep on or if they do will be so annoying with the tinkly bells that I shall take them off

    Something that I think I've completely forgotten to mention on here is that I've been given an extra 7 hours per week at work for the next 3 months, with it possibly being extended for a further three (I'm working on the assumption its 3 months not 6 months though). So, when I get paid next week I should have an extra 200ish in my bank! Then there's the money from my second job too.
    I have got some CC bills to pay, but one of them is 0% so I can spread that one out and I have my income tax bill to pay by the end of January and of course its nearly Santa time so I've got to spend on that too but it'll be very welcome and I'll see if I can top up some of my savings and pay off the mortgage. Hubby's rental property is currently unoccupied so we're not getting the income for that at the moment. Hopefully it should be filled soon, but seeing as I have nothing to do with it (it's hubby and his mum's deal) I can't chase it up with the letting agent and hubby doesn't seem to want to. Meh, whatever.

    So it's going to be a bit of a spendy time coming up, but I can usually navigate it quite well and there will be some extra income too. Not too shabby. About 150 away from my next mortgage O/P
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • giblet1979
    • By giblet1979 22nd Oct 16, 10:25 AM
    • 846 Posts
    • 3,450 Thanks
    giblet1979
    Excellent mrsp. Hard work but worth it x
    Debt remaining:
    Mortgage - 117,759 (134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (19200)


    • mrsp1987
    • By mrsp1987 31st Oct 16, 2:25 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Postie has just been and I've received my log-in details for my Scottish Widows pension. My old @sda pension has successfully transferred in and it currently stands at 5,235.59 and I've still got this month's payment to go in tomorrow so it'll be about 5,350-ish I imagine. It's nice to see a big lump of money now in one place and I'm looking forward to watching it grow and grow, especially now I can log on and check!
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • mrsp1987
    • By mrsp1987 2nd Nov 16, 7:09 AM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Just doing the rounds of the bank accounts what with it being the start of a new month and my mortgage has dipped below the 95K mark. It's now 94,880 or something very similar. I didn't realise how much difference those few hundred pounds would make but I feel great knowing I'm on the downward slope to 90K!!
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • SueP19
    • By SueP19 2nd Nov 16, 10:29 AM
    • 1,699 Posts
    • 14,484 Thanks
    SueP19
    way to go
    Mort Oct 15 70,353 66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 700/1,000 Debt May 09 30,217Oct 17 14,093[/B]
    • EatingTheElephant
    • By EatingTheElephant 10th Nov 16, 6:45 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    Onwards and downwards
    • mrsp1987
    • By mrsp1987 15th Nov 16, 8:59 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Downwards a bit more - sent another 500 OP the other day. Didn't phone up and pay my debit card but did a bank transfer so I'm hoping I did it right and the money will end up where it should be. I'll know in a couple more days.

    New boiler being installed tomorrow. We've only had it waiting in the utility for the last 2 years but better late than never I suppose.

    Hubby has terrible tootache at the moment and is going to the dentist tomorrow. Neither one of us is registered with a dentist. I'm absolutely terrified and I can't quite remember when I last went - might have been about 15 years ago, so with what's happened to hubby and the fact that I've got sensitive teeth right now it's got me thinking that maybe I should make some steps towards going too.
    So tomorrow I might open the door, walk in and talk to the receptionist. I'm committing to nothing though, and that might be more than I can quite cope with.
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • SueP19
    • By SueP19 16th Nov 16, 3:42 PM
    • 1,699 Posts
    • 14,484 Thanks
    SueP19
    I'm terrified of the dentist and hadn't been for years (anesthetic never worked on me), to make matters worse I grind/chomp my teeth in the night.

    It cost me about 1,000 in the end
    Mort Oct 15 70,353 66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 700/1,000 Debt May 09 30,217Oct 17 14,093[/B]
    • mrsp1987
    • By mrsp1987 16th Nov 16, 9:11 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Hubby went the dentist and has to have an extraction next week and 3 other appointments to see the hygienist as he has acid erosion.
    I popped into town earlier before his appointment and actually went in. It didn't smell like a dentist - you know that really medicinal, bleach smell? So that helped a bit with the anxiety although I was physically shaking. I spoke to the receptionist who from the website is also the practice manager and a dental nurse and explained that I was really scared. She explained how it would all work and what happens at the initial consultation appointment.
    Basically you have a 45 minute consultation where they spend a fair amount of it talking, he checks your teeth and you have dental x-rays done. Then he tells you what treatments you need and what your options are.
    So I don't know what the hell came over me but I booked an appointment for a consultation and it's on the 7th December. Paid a 20 deposit, so hopefully that will spur me on to actually keep the appointment. Actually, I'm hoping that my bravery will get me there.
    I suppose, I don't actually have to let him look in my mouth if I don't want to? From the website he works with a lot of anxious patients so I'm sure he'd understand if I just freaked out.
    Anyway, I do intend to go to the appointment and see what happens. Chances are I'll cry at some point but he's just going to have to deal with that.
    If I need treatment they offer IV sedation - it only costs 175!! but I genuinely think that I may (heck, will) have to go that route. But the prospect of that still freaks me the ***k out!

    So now I've got 3 weeks until my appointment and need to figure out how to not go insane in the meantime
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • EatingTheElephant
    • By EatingTheElephant 17th Nov 16, 6:31 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    Well done, that was very brave. It sounds like they are very geared up for working with anxious people so I'm sure they won't mind you freaking out. Hubby thinks I'm strange as my dentist is very expensive compared to his and I won't change, but after a bad experience with a previous one I'm happy to pay their fees!!
    • mrsp1987
    • By mrsp1987 17th Nov 16, 9:28 AM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Thanks ETE, I'm aware that I've made a huge step, I just hope I can follow through with it.
    I think if I'm happy with them, I will pay whatever it costs. As they're fully private they can afford to have all the up-to-date equipment and stuff, apparently they have silent drills! I'm just going to try and out it to the back of my mind for the next few weeks
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • mrsp1987
    • By mrsp1987 29th Jan 17, 8:09 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Hey everybody! (Hey, Dr Nick)....*ahem*

    Soooo, it's been a while, huh?
    So, I've been the dentist and I need 2 fillings, which I'm having done on the 14th February (how romantic). I've been to the hygienists 3 times now and I'm doing well, haven't freaked out once and my teeth are nice and clean! Still scared about the fillings but it's half an hour of my life and I'm sure I can do it.

    Mortgage-wise I overpaid 2,500 last year. I'm nearly at the next 500 amount but it's taken a while. We haven't had any tenants in my husband's property since September so we haven't had the 200 going into the joint account, so we've eaten about 500 of the capital in there and I've been leaving the interest and cashback in there too as damage limitation. I've also recently used the capital in my other S123 account to pay off the finance on my car, which has saved me over 2K in interest over 3 years but I'm still sad to say goodbye to 9K+.
    My TSB 5% interest on 2K comes to an end soon so I'm switching to First Direct for 125 (HSBC didn't accept me, or my parents for that matter, for their advance account for the 150 + 50) and I need to figure out where to put the 2K for a while. My Nationwide current account with 5% (or is it 3%) on 2,500 ends in March, so I'll have that to shufty about as well. I think I might wait until then to apply for another account, as according to Clearscore my credit score has gone down by 73 points, because I've made those 2 applications for current accounts. I think it's a bit of hooey, but I'm competitive enough to not like my scores going down, no matter what they might be about.

    A colleague at work has gone off on long-term sick so I've been given 7.5 hours extra to cover one of her days, so my income is increasing slightly. I had 2 extra days in January, that I've just been paid for and assuming she's off all month then I'll have a nice wodge of money again at the end of the month. I need to be sensible and move as much of it about as one of my credit cards is a bit high, but we have just booked our holiday for October, and this one is 0% for however many months.

    Training for my HM in Liverpool on the 2nd April is beginning to kick into high gear. Ran (not all in one go, granted) 7 miles this morning, which is my furthest distance ever. Next weekend is 8miles minimum, and I may get my Dad to drop me off a couple of villages away by the railway track and then I can just run home. Got no choice then, have I? 10 mile race in Rugely on the 19th Feb!! but if I can do 10 I can do 13.1 (and then I can get a new tattoo!)

    So, yeah that's me in a nutshell at the moment.
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • TwentySomethingGirl
    • By TwentySomethingGirl 31st Jan 17, 11:08 AM
    • 177 Posts
    • 398 Thanks
    TwentySomethingGirl
    Well done for going to the dentist! I'm not great with them myself, had to have gas & air to have some fillings done!

    Good luck with the running too!

    TSG
    Mortgage 126746 DEC14 122423.53 DEC15 115041.70 DEC16 Remortgaged Sep17 to pay off HtB loan 150000
    MFW2018 #85 0/500
    MFW2017 2633.7/2500
    MFW2016 3614.63/2500
    MFW2015 811.60/1200
    • mrsp1987
    • By mrsp1987 31st Jan 17, 8:13 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Well he said that if I wasn't phobic that he'd probably give the fillings a go without any local anaesthetic because they're quite shallow. I think he called them occlusal fillings? But because I'm a nervous Nellie he'd rather use the local so I dont feel any pain and it doesn't give me bad associations. He said he's confident in his own ability to mange me and my fears and to give me a relatively painless local anaesthetic, and the hygienist also said he was very good at giving locals. We shall see, but I think that's the scary thing for me
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • giblet1979
    • By giblet1979 1st Feb 17, 1:31 PM
    • 846 Posts
    • 3,450 Thanks
    giblet1979
    Hey mrsp - great update, and well done on the dentist! I'm getting sedated now each time I go (200 a pop ) but strangely enough, the injections I'm fine with; they're honestly not that bad at all
    Gib xx
    Debt remaining:
    Mortgage - 117,759 (134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (19200)


Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,455Posts Today

7,252Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin