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  • FIRST POST
    • rasputin_thorpedo
    • By rasputin_thorpedo 1st Mar 16, 7:18 PM
    • 402Posts
    • 2,803Thanks
    rasputin_thorpedo
    Man vs Mortgage
    • #1
    • 1st Mar 16, 7:18 PM
    Man vs Mortgage 1st Mar 16 at 7:18 PM
    Come on in and put your feet up!

    The aim is to be Mortgage Free by May23 - the same month I turn 40!

    I purchased a lovely flat in Brighton in May15, and after setting up and settling in, am ready to take on the big kahuna.

    I'm really fortunate that I am healthy, single (I'm 32), have a great job I enjoy close to where I live and can spend a lot of my time training for triathlon.

    I'm an analyst by trade, so I've crunched the numbers and here is what I found most interesting;
    1) I can take my mortgage from 30 years to 8 by overpaying and be Mortgage Free by 40!
    2) Using that plan (carved out in detail by month in Excel), every extra 1 I can save this year will save me 1.30 over the mortgages life.

    I have to say I'm being quite thrifty here and giving myself 10 a day to live off and 200 a month for fun money. I keep an Emergency Fund of 2k in my spare account so I can cover breaking my mac/iphone/bike etc.

    I've been through all my monthly and annual expenses and optimised them to within an inch of their lives!

    Finally, I'm buying the freehold of my flat with the other leaseholders (update - completed Apr16).

    My hopes are that I can achieve this and then spoil myself and my parents afterwards.

    My fears are that I spent my 20's scrimping to pay off my student loan and then saving for my own flat deposit - that I will end up doing the same in my 30's and never living!!!

    All thoughts/experiences/advice welcome

    Archive:
    Original Targets
    May15 Mortgage - 185k | Dec16 - 162k | Dec17 - 142k | Dec18 - 120k | Dec19 - 97k | Dec20 - 73k | Dec21 - 46k | Dec22 - 18k | May23 - 0 Mortgage Free at 40 in May23!
    Last edited by rasputin_thorpedo; 17-12-2016 at 12:09 PM.
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
Page 27
    • Numbercruncher_mfw
    • By Numbercruncher_mfw 14th May 17, 8:50 AM
    • 11 Posts
    • 58 Thanks
    Numbercruncher_mfw
    Yes the excel replies were al very interesting, can't wait to start my spreadsheet

    Hope you enjoyed Eurovision MvM, I think Lucie Jones is a fantastic performer, I saw her in Legally Blonde last year and her voice is incredible.

    I hate buying food at my work, mainly because my work canteen seems overpriced so before you know it 5 has disappeared.
    • Moneyfordreams
    • By Moneyfordreams 14th May 17, 9:29 AM
    • 950 Posts
    • 4,676 Thanks
    Moneyfordreams
    My husband was in a bowls comp, We decided not to go for the beer and band after, and went home for a bottle of wine and chips and gravy. less than a tenner instead of 60 odd. small win missed Eurovision though, and OH fell asleep pdq
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • cookie9
    • By cookie9 14th May 17, 5:26 PM
    • 743 Posts
    • 3,698 Thanks
    cookie9
    Hope you had fun with Eurovision in the bar. Thank you for giving me inspiration to get back on my making lunches and avoiding takeaways!
    MFW 91 op 2014 410/1000
    MFW 91 op 2015 4051/4000
    MFW 91 op 2016 4040/4000
    MFW 91 op 2017 812/4500
    • rasputin_thorpedo
    • By rasputin_thorpedo 15th May 17, 2:02 PM
    • 402 Posts
    • 2,803 Thanks
    rasputin_thorpedo
    Judge me:


    Argos Reading Lamp: 5.25
    Asda Lightbulb: 4.00
    Extension Lead: 2.99
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • ch4rly2002
    • By ch4rly2002 15th May 17, 2:17 PM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    That's not a bad shopping trip in my opinion - sub 15 spend, and on something practical
    Savings: Aim 13.5k. Dec 2016 1,700 / Feb 2018 12,350
    Mortgage: Dec 2014 -216,000 / Mar 2018 -191,390
    BTL Mortgage: Dec 2014 -136,000/ Feb 2018 -123,400
    CC 0%: Nov 2016 -4,500 / Feb 2018 -3,368.27
    Loan to In-Laws: Sep 2010 -48,185.82 / Mar 2018 -30,065.49
    Student Loan: March 2011 -18,275.04 / April 2017 -14,003.85
    • NSC-68
    • By NSC-68 16th May 17, 11:54 PM
    • 9 Posts
    • 26 Thanks
    NSC-68
    I just wanted to stop by and say hello. I want you to know how much I enjoyed reading your blog during the long nights last winter when my newborn was completely nocturnal. I read it from start to finish up until about January this year. I admire the way you make every penny count. Its great you can make your money work hard and yet you still know how to have fun.

    Earlier in your blog you talked about opening various current accounts to take advantage of the rewards. It motivated me to make my money work harder. In February my husband and I opened three nationwide accounts (1 joint, 2 individual) taking advantage of the 5% reward. We also got 100 each for recommending a friend. It was a good move.

    I like the spreadsheet template you posted a few days ago. Getting my finances in order is something I need to do. I have been overpaying our mortgage by 500 per month for 37 months now. I'm frustrated it isn't a bigger allowance per month.

    We renegotiate our mortgage in a few weeks so I'm looking forward to paying a lump sum off. If we stay in this house there is a real possibility of being mortgage free by 35 (in 3 years time). However, As my family hopefully grows I can see us moving house and thus getting a larger mortgage.

    Good luck with your mortgage free journey and thanks for sharing all your experiences and advice.
    Last edited by NSC-68; 16-05-2017 at 11:58 PM.
    • Teacher2
    • By Teacher2 17th May 17, 10:55 AM
    • 331 Posts
    • 2,571 Thanks
    Teacher2
    Judge me:


    Argos Reading Lamp: 5.25
    Asda Lightbulb: 4.00
    Extension Lead: 2.99
    Originally posted by rasputin_thorpedo
    I don't think anyone needs to judge you but someone needs judging. In the 'old days' the lamp would cost about 95% more than the lightbulb which would have been as cheap as chips and is now nearly the same price. We are now forced to buy eco bulbs on the grounds that they will last a very long time. Do they heck? They often don't last much longer than the old bulbs. Someone's making a fortune on the back of this.
    • rasputin_thorpedo
    • By rasputin_thorpedo 18th May 17, 1:45 PM
    • 402 Posts
    • 2,803 Thanks
    rasputin_thorpedo
    40 OnePoll cash in my account this morning


    Also phoned up SouthernWater to find out when they want a meter reading - 1st March and 1st September. Not MFW stuff, but organisation is a timesaver


    Keep trucking everyone, the mid-month money slump is here and I have zero ideas for what to do about it this month. Hmph.


    Payday in 9 days.


    MvM x
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • rasputin_thorpedo
    • By rasputin_thorpedo 21st May 17, 9:41 AM
    • 402 Posts
    • 2,803 Thanks
    rasputin_thorpedo
    A MILESTONE REACHED

    Just a quicky - I have just been fiddling in my spreadsheet, and accidentally discovered that if (IF!!!) I stopped overpayments for the remaining life of my mortgage, then it would reach zero in May 2035 - the original zero date was Mat 2045, so all of the repayment I have made so far have knocked TEN YEARS off my mortgages life. That's banked, and can't change. Amazing.

    Of course, I fully intend to continue to overpay. It's just that realising that fact has made me feel like I've reached a milestone

    Time for the Brighton train station tour (yes really!)

    KEEP GOING EVERYONE!

    MvM x
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • gallygirl
    • By gallygirl 21st May 17, 10:20 AM
    • 16,589 Posts
    • 109,552 Thanks
    gallygirl
    That's fantastic progress, well done .

    Enjoy the station tour, it may be a nice station but it's not St Pancras which in my opinion is the Mother of all Stations .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • GilmoreGirl
    • By GilmoreGirl 21st May 17, 11:14 AM
    • 23 Posts
    • 78 Thanks
    GilmoreGirl
    Congrats! In only two years, you managed to knock 10 years off the mortgage!
    • Tilly MFW in 6 YRS
    • By Tilly MFW in 6 YRS 21st May 17, 12:59 PM
    • 7,639 Posts
    • 86,901 Thanks
    Tilly MFW in 6 YRS
    Love these milestones

    Tilly x
    2004 387k 29 years - MF March 2033
    2011 309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15
    • newgirly
    • By newgirly 21st May 17, 3:57 PM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Ten years off already is amazing, congratulations
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • EatingTheElephant
    • By EatingTheElephant 21st May 17, 7:06 PM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant
    Congratulations, what an amazing milestone
    • erin_transport
    • By erin_transport 21st May 17, 7:50 PM
    • 525 Posts
    • 2,340 Thanks
    erin_transport
    Well done!
    No going back now. Full steam ahead
    On a mission!

    2018 MFW #138
    • rasputin_thorpedo
    • By rasputin_thorpedo 23rd May 17, 12:33 PM
    • 402 Posts
    • 2,803 Thanks
    rasputin_thorpedo
    Two and a half days until Payday - I wake up with salary in the account on Friday morning - and I have 10 pocket money left and a little bit of food in the fridge.


    Should scrape through okay


    I looked at how I spent my pocket money this month, and it looks like beer has been the second biggest spend (after food) which genuinely surprised me!


    Theatre tonight (paid for) so a pint of soda water with that I reckon


    Hope everyone else is making it to the end of the month okay


    MvM x
    Baby Step 1 - 1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - 9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - 4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • chumpy45
    • By chumpy45 23rd May 17, 3:46 PM
    • 312 Posts
    • 1,374 Thanks
    chumpy45
    Great achievement, amazing progress, well done
    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;
    • tattycath
    • By tattycath 23rd May 17, 4:57 PM
    • 6,820 Posts
    • 35,978 Thanks
    tattycath
    That's brilliant progress. well done!
    GE 36 *MFD
    MFIT-T4 No 83
    Mortgage overpayments:

    Emergency savings 100/2000
    Savercard Christmas savings 10
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb - 12/9/17 160lb - 29/12/17 155lb
    • Yaz_2016
    • By Yaz_2016 23rd May 17, 11:13 PM
    • 23 Posts
    • 113 Thanks
    Yaz_2016
    Amazing as always MVM trully blessed x
    • Teacher2
    • By Teacher2 24th May 17, 5:31 PM
    • 331 Posts
    • 2,571 Thanks
    Teacher2
    Congratulations, ten years off your mortgage is a great achievement. Keep on with the saving!
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