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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 3:39 PM
    • 847Posts
    • 3,383Thanks
    try harder
    170000 in 10 years
    • #1
    • 27th Mar 16, 3:39 PM
    170000 in 10 years 27th Mar 16 at 3:39 PM
    hi first post on mortgage free wannabe site -i have a 170000 mortgage on a house valued at around 230000 we have an interest only mortgage on 155000 and repayments on the other 15000 paying 676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the 170000 in 10 years i am hoping to do this by overpaying 10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around 5000 a year off the mortgage then save the other 12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
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    • Busy Mee1
    • By Busy Mee1 8th Mar 19, 7:02 AM
    • 864 Posts
    • 4,408 Thanks
    Busy Mee1
    Morning Try Harder

    I am not sure that it true to say that you haven't made much progress with your mortgage over the last 3 years. By my calculations you have 16240.51 in savings + you have paid 6250 off the sub mortgage. A total of 22490.51

    Just looking at your original post, am I right in thinking your sub mortgage is your repayment mortgage and the main mortgage is IO?

    If so, you might be better changing your tactics to pay off the bigger IO mortgage rather than the smaller sub mortgage. This is because the smaller sub mortgage is repayment and so will be paid off by your repayments at the end of your term and will sort itself out by the end of the term. By overpaying this account you will just reduce your payments or your term. Unless you are disciplined and recycle these payment savings towards the bigger mortgage, you won't impact on the bigger mortgage.

    Although paying the smaller account might feel more achievable, it might actually better to overpay the bigger IO mortgage. Just a thought.....

    Anyway well done. It is great to see you back posting again x
    • try harder
    • By try harder 8th Mar 19, 7:30 AM
    • 847 Posts
    • 3,383 Thanks
    try harder
    Morning Busymee1.

    You are absolutely correct on both counts ..i was more thinking along the lines that if anything should happen and we were for some reason struggling to pay our mortgage that it would be more helpful to pay around 400 a month rather than 520 but you are absolutely right the temptation to keep the difference some months would definitely be there .I have two Sub Accounts for the remainder of the mortgage both IO ..I absolutely agree with you that starting with one of the IO mortgages would be the most sensible thing but i was thinking if i could get rid of the 8750 by the end of the year i would feel more motivated and then throw all the money into the interest only accounts obviously this would depend on my clearing this by January but i can always use savings for the rest .I just feel it will help me feel so much more positive and that i have accomplished something for once .

    Thank you for always being there
    • kev2009
    • By kev2009 8th Mar 19, 7:57 AM
    • 369 Posts
    • 538 Thanks
    kev2009
    Know what you mean try harder. I got my mortgage in 2015 and it doesn't seem to have come down that much since i started. Admittedly I've made over payments as was my first property so spent my money on deposit and been trying to build up a bit of savings incase anything happens that i need it. I made a small OP last yer but hasn't done too much but planning on overpaying this year and next as much as i can as my 5 year fixed runs out and hoping for some good rates if i can pay off what i can and hopefully interest rates remain good I have mortgage over 30 years.. seems long way off and I've barely paid anything of the mortgage so far, hoping to be able to knock some off in next couple of years for sure. I have my targets in mind but just remains to be seen if i can meet those targets..

    I'm sure the more you can overpay the more it will come down.. like you i'm looking for a lower monthly payment to the point where if mortgage costs me 100 a month, i may then not be too bothered about paying it off early as it would be soo low but be nice to be in that situation

    Kev
    • try harder
    • By try harder 16th Mar 19, 11:25 AM
    • 847 Posts
    • 3,383 Thanks
    try harder
    Thank you kev , i think as long as we can stay focused only good will come of all the hard work

    I have set out a new plan so this is now the total for end of week 1 with 353 weeks to go till mortgage repayment day

    End of week 1 ..353 weeks left
    A..All bills paid , food , diesel for both cars
    B..Money sent on house and all spending money paid for
    C...187.14 paid off sub account -amount now owing 8562.86
    D..Mortgage savings going into savings account 140.85
    E..Savings already got 16240.51
    Savings total = 16380.52
    Very pleased again with this total , feeling very positive again thankfully
    • Busy Mee1
    • By Busy Mee1 17th Mar 19, 6:46 AM
    • 864 Posts
    • 4,408 Thanks
    Busy Mee1
    That is a terrific amount for your first week Try Harder. It is great to see you so motivated again and if paying off the small repayment mortgage is the thing that keeps you motivated then that is great x
    • DireEmblem
    • By DireEmblem 17th Mar 19, 11:07 AM
    • 308 Posts
    • 214 Thanks
    DireEmblem
    Hey still reading through your thread - 10 a day sounds a great idea, I used to spend that on work lunches sometimes, just seems ridiculous now I think about how much it adds up to over the year!


    Our mortgages are roughly the same - I'm now on 165k remaining with 28 years to go, but would much like that to disappear, not sure if I can manage 10 years though, but doesn't mean not to try!


    I've been looking at ways to reduce my cost of living, without impacting lifestyle to much. Recently for example, I've cancelled my landline/broadband, and gone with the three unlimited deal for 24PCM. I dont really use broadband much at home anymore(well except for netflix), and can use my phone to share with the TV when I'm in. That should save me the 58 cable bill, and some power to boot, when I'm not using the virgin TiVo.


    Similarly - I try not to withdraw anymore from Quidco. I wait until I need to buy something, and then take the bonus top ups for say Argos or Amazon, much better that way. I look forward to reading the rest of your thread, hopefully gives me some more ideas!
    • shangaijimmy
    • By shangaijimmy 20th Mar 19, 6:54 AM
    • 2,941 Posts
    • 14,835 Thanks
    shangaijimmy
    It really is a slog this MFW quest isn't it!! I expect we all go through a motivational slump, sometimes it's just that period of the month where we are clinging on till payday, and at other times it may last a few months when we have house or car repairs to pay for!

    I have to keep finding small wins along the way as the big goals just seems so far away most of the time. In work i use a phrase lots of times with people when we are starting something new and I think it applies in MFW land as well - "Pick off the low hanging fruit".

    Keep slogging.
    MFW: Turning June 2036 into March 2025...
    49 out of 120 Payments - Total Reduction: 52,643.37
    Current Balance: 83,356.83
    MFiT-T5 #8 - 0% of 41,000
    • try harder
    • By try harder 21st Mar 19, 5:33 AM
    • 847 Posts
    • 3,383 Thanks
    try harder
    Thank you BM , so far so good .

    Hello DireEmblem , the 10 a day really adds up , i try to aim for that every day and often find i can make / find even more , i just have to stay focused and send it straight to the mortgage or savings otherwise it gets eaten up into everyday life

    Thats definitely true SJ , its the staying motivated part that is the hardest .I tend to get disheartened if things dont go according to plan and give up but im trying hard to not let things derail me and to stay focused

    This week has been good as far as income goes , sadly not every week is this good

    End of week 2...352 weeks left
    A..Al bills paid ,food ,diesel for both cars
    B..Money spent on house and all spending money paid for
    C..165.12 to SA..8397.74 now owing
    D..400 going into mortgage Savings
    E..Savings already got 16,380.52
    Savings total = 16,780.52

    I am really happy again with my results this week due again to my husbands hard work and the fact we sold an old piece of furniture ,same again next week please
    Last edited by try harder; 21-03-2019 at 5:35 AM. Reason: mistake
    • ch4rly2002
    • By ch4rly2002 21st Mar 19, 9:30 AM
    • 404 Posts
    • 1,592 Thanks
    ch4rly2002
    Sounds like you're doing well Try Harder and have a great plan that will work for you.It's great to read other people's diaries and get ideas, but the key thing is to find something that works for you, so I'm really pleased for you
    Savings: Aim 13.5k. Dec 2016 1,700 / Apr 2019 13,100
    Mortgage: Mar 2018 -300,000 / Apr 2019 -288,620
    CC 0%: Nov 2016 -4,500 / Apr 2019 -2,955.73
    Loan to In-Laws: Sep 2010 -48,185.82 / Apr 2019 -26,815.49
    Student Loan: March 2011 -18,275.04 / April 2018 -13,277.73
    • themadvix
    • By themadvix 22nd Mar 19, 11:23 AM
    • 2,299 Posts
    • 12,945 Thanks
    themadvix
    It sounds like you're back on a roll TH!
    • try harder
    • By try harder 29th Mar 19, 6:18 AM
    • 847 Posts
    • 3,383 Thanks
    try harder
    Thanks ch4rly and themadvix .


    End of week 3 ...351 weeks left

    A...All bills paid , food and diesel for both cars
    B..Money spent on house and all spending money paid for
    C..165.12 paid Sub Account =8232.62 now owing
    D..236.48 going into mortgage savings
    E..Savings already got 16780.52
    Savings total = 17017

    I have to say seeing that sub account reducing so quickly is really keeping me motivated .

    It has been a good week income wise again . Way overspent on the food budget yet again so this week i am going to go back to the old way of dividing by seven and putting each days money in an envelope

    The house is coming along well but slowly , it has been the turn of the roof this week . All work is being done with a view to sell in five years time , might just about all be finished by then
    • ch4rly2002
    • By ch4rly2002 29th Mar 19, 8:23 AM
    • 404 Posts
    • 1,592 Thanks
    ch4rly2002
    That's really good progress TH Well done on the savings too, they're climbing back up again, which is great.

    Just a thought, you mentioned that you spent quite a bit at Christmas and didn't really know where the money had gone, and also that you find it easier to split your money into 7 envelopes so money is assigned for each day. Have you considered keeping a separate account that's just for Christmas and maybe birthdays? e.g. where you have put 165.12 into savings, next time you could maybe put 100 into savings and 65.12 into Christmas/birthday savings so that you have your rainy day savings and your 'it's ok to spend this' savings? Just a thought
    Savings: Aim 13.5k. Dec 2016 1,700 / Apr 2019 13,100
    Mortgage: Mar 2018 -300,000 / Apr 2019 -288,620
    CC 0%: Nov 2016 -4,500 / Apr 2019 -2,955.73
    Loan to In-Laws: Sep 2010 -48,185.82 / Apr 2019 -26,815.49
    Student Loan: March 2011 -18,275.04 / April 2018 -13,277.73
    • Busy Mee1
    • By Busy Mee1 29th Mar 19, 2:59 PM
    • 864 Posts
    • 4,408 Thanks
    Busy Mee1
    Fantastic progress Try Harder you really are motivated x
    • try harder
    • By try harder 7th Apr 19, 7:20 AM
    • 847 Posts
    • 3,383 Thanks
    try harder
    Thank you ch4rly and Busy Mee1. Great idea ch4rly , i had thought of it before too , i will start this week thank you.

    350 weeks to go.

    A..All bills paid , food and diesel for both cars
    B..Money spent on house and all spending money paid for
    C..164.73 paid to Sub Account 7976.76 now owing
    D..207.29 going into mortgage savings
    E..Savings already got 17017
    Savings total = 17,224.29
    • jodles16
    • By jodles16 16th Apr 19, 10:28 AM
    • 1,433 Posts
    • 4,325 Thanks
    jodles16
    Oh try harder you are making great progress!


    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-

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