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  • FIRST POST
    • ajmoney
    • By ajmoney 5th Aug 16, 10:50 AM
    • 4,957Posts
    • 55,956Thanks
    ajmoney
    Project Mortgage Neutral Begins
    • #1
    • 5th Aug 16, 10:50 AM
    Project Mortgage Neutral Begins 5th Aug 16 at 10:50 AM
    Hi. We have just remortgaged on our larger product and while mortgage freedom is still the ultimate goal I am working on the smaller challenge of mortgage neutral first.

    We have a smaller mortgage that we transferred when we moved 5 years ago and a larger mortgage that topped it up.

    Mortgage 1

    Total 32097.21
    Interest 2.68%
    Redemption Date Februray 2030
    This is a tracker mortgage, we are not tied into anything but the deal is so good that unless things change substantially I don't intend to change this.

    Mortgage 2

    Total 103615.51
    Interest 1.74%
    Redemption Date February 2030
    This a tracker mortgage too with the current deal ending in August 2018.

    First and foremost I want to get rid of the larger mortgage even though it has the lower interest rate as it is the biggest debt and is the one product we have that could be a struggle if we ever got stupid interest rates.

    We are due to hit mortgage neutral in July 2021. This is worked out with all our mortgage rates staying the same and not receiving any interest on our savings. I am hoping the fluctuations in these will even each other out.

    While Mr AJM is happy to reach mortgage neutral, mortgage free and therefore retire early this a solo journey with it all being my effort. We haven't changed our lifestyle at all so there are always other things we can do but this is not so important to us at the moment.

    I will add more as the next few days go by. Recently I have been guilty of ignoring my thread but I am hoping starting a new thread will get me on here a little bit more.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
Page 17
    • ajmoney
    • By ajmoney 12th Jan 19, 11:09 AM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    Hope the weather stays dry for you.

    Re: your o/p the mortgage, you could always put the o/p rounding down for the mortgage into your isa, that way you would have an amount to round down the next day. (If you know what I mean).
    Originally posted by A Frayed Knot
    Erm...my brain must be foggy as I can't work out what you mean. I blame getting ready to run!

    All this walking and a bit of running. I have set myself a little weight loss challenge by exercise alone and I think I may have blown this week's target out of the water. I don't believe the scales are correct so will see what they say tomorrow.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • A Frayed Knot
    • By A Frayed Knot 12th Jan 19, 11:32 AM
    • 2,648 Posts
    • 11,718 Thanks
    A Frayed Knot
    Erm...my brain must be foggy as I can't work out what you mean. I blame getting ready to run!

    All this walking and a bit of running. I have set myself a little weight loss challenge by exercise alone and I think I may have blown this week's target out of the water. I don't believe the scales are correct so will see what they say tomorrow.
    Originally posted by ajmoney

    I know what I mean, I just don't explain it very well so here goes;

    Instead of lowering your mortgage, your saving it in your isa.


    In other words, just use your mortgage balance as a target figure but pay into your isa and not your mortgage.


    I think my brain is starting to get foggy now and the light rain has just started here Hope your run goes well.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • ajmoney
    • By ajmoney 12th Jan 19, 11:35 AM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    I wondered if that was what you meant but wasn't sure. This may be a better idea as the money is still mine and "we" will still be oping to the mortgage. I am quite excited about seeing my ISA total increase each month, I don't normally pay into it that regularly.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • juliejim
    • By juliejim 12th Jan 19, 12:08 PM
    • 7,580 Posts
    • 151,628 Thanks
    juliejim
    Sounds like you had a good holiday in the end AJ and are getting yourself sorted. Is your house on the market now?

    Jue
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
    MBNA 5500
    • ajmoney
    • By ajmoney 12th Jan 19, 4:47 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    Sounds like you had a good holiday in the end AJ and are getting yourself sorted. Is your house on the market now?

    Jue
    Originally posted by juliejim
    Not yet, to be honest we have been slow to get the house in order. The plan is to paint the wall that needs doing tomorrow and then we should be about ready to get the house valued and decide who we want to use. I think I might be the one who needs to drive this, Mr AJM doesn't have much get up and go at the best of times.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • ajmoney
    • By ajmoney 12th Jan 19, 4:49 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    That is the toughest running event I have done. I haven't done much training so it was never going to be easy and wasn't helped by a very tight shin early on but I adopted a run/walk approach and finished it and don't seem to be as sore now.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • ajmoney
    • By ajmoney 13th Jan 19, 5:16 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    7.48 tidied to my ISA.


    We have done a lot of touch up painting, the kitchen walls and the railing outside today. Hopefully by the end of next weekend we will be in a position to call some estate agents.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • ajmoney
    • By ajmoney 14th Jan 19, 6:08 AM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    7.95 tidied to my ISA.

    A long day today, day 1 of a first aid course that I have organised so will be glad when everyone is sitting in the classroom. Swim training at 6 and the taking our HQ out for a late dinner at 8.30. I think I have just enough time to get to work after swimming and head into town.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • ajmoney
    • By ajmoney 15th Jan 19, 9:05 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    3.37 tidied to my ISA.


    It has been a very long day of powerpoint I didn't have much enthusiasm by the end of the day. Went out for a run with the triathlon club but that didn't help my mood much so think an early night is in order.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • ajmoney
    • By ajmoney 17th Jan 19, 5:37 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    I had nothing to tidy yesterday and my life was so hectic I didn't really think about it. Nothing to tidy either so I might transfer 10 to my ISA.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
    • shangaijimmy
    • By shangaijimmy 17th Jan 19, 9:01 PM
    • 2,879 Posts
    • 14,442 Thanks
    shangaijimmy
    I like your mindset...If you have nothing to tidy, then find something to tidy... If our account is "tidy" I always "tidy" 1 as a reward for tidiness...!
    MFW: Turning June 2036 into March 2025...
    46 out of 120 Payments - Total Reduction: 49,398.48
    Current Balance: 86,601.52
    MFiT-T4 #8 - 80.74% of 41,000
    • ajmoney
    • By ajmoney 17th Jan 19, 9:03 PM
    • 4,957 Posts
    • 55,956 Thanks
    ajmoney
    I like your mindset...If you have nothing to tidy, then find something to tidy... If our account is "tidy" I always "tidy" 1 as a reward for tidiness...!
    Originally posted by shangaijimmy
    But then I would need to tidy 9...
    I think I may need the money in my current account through the rest of the month so may have to leave it where it is for now as I don't want to have to take it out again.
    2019 MFW No. 70 514.74/3000
    MFiT-T4 No. 70 34470.62/29544 35544.16
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