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  • FIRST POST
    • ajmoney
    • By ajmoney 5th Aug 16, 10:50 AM
    • 5,018Posts
    • 56,235Thanks
    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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
Page 17
    • ajmoney
    • By ajmoney 12th Jan 19, 11:09 AM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
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    • A Frayed Knot
    • By A Frayed Knot 12th Jan 19, 11:32 AM
    • 2,709 Posts
    • 11,998 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
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • juliejim
    • By juliejim 12th Jan 19, 12:08 PM
    • 7,591 Posts
    • 151,684 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
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • ajmoney
    • By ajmoney 12th Jan 19, 4:49 PM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • ajmoney
    • By ajmoney 13th Jan 19, 5:16 PM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • ajmoney
    • By ajmoney 14th Jan 19, 6:08 AM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • ajmoney
    • By ajmoney 15th Jan 19, 9:05 PM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
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    • ajmoney
    • By ajmoney 17th Jan 19, 5:37 PM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • shangaijimmy
    • By shangaijimmy 17th Jan 19, 9:01 PM
    • 2,924 Posts
    • 14,708 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...
    48 out of 120 Payments - Total Reduction: 51,500.83
    Current Balance: 84,499.28
    MFiT-T5 #8 - 0% of 41,000
    • ajmoney
    • By ajmoney 17th Jan 19, 9:03 PM
    • 5,018 Posts
    • 56,235 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 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
    • ajmoney
    • By ajmoney 18th Jan 19, 4:28 PM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    First time on a bike in about 10 years, I got into the swing of it and kind of enjoyed it, next time I will wear some padded shorts though!!!


    Meter reading submitted today. We are coming to the end of our contract so I need to get us into another one. I'm sure it doesn't matter if we move part way through.
    2019 MFW No. 70 2134.74/3000
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    • CathT
    • By CathT 19th Jan 19, 7:23 AM
    • 5,960 Posts
    • 41,601 Thanks
    CathT
    You seem to be in such a positive place despite everything ajmoney. You've reminded to me to check on my ISA too, I may even increase my monthly standing order!
    March 2019 - part 1 - 70,912 part 2 - 44,104
    Total - 115,016 105 months to go!
    • ajmoney
    • By ajmoney 19th Jan 19, 7:36 AM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    You seem to be in such a positive place despite everything ajmoney. You've reminded to me to check on my ISA too, I may even increase my monthly standing order!
    Originally posted by CathT
    Thanks. I have low moments but at that point I put my shoes on and head out for a walk.

    Quite a restless night until I realised I was cold, slept better after I put more clothes on.

    Off out to run parkrun this morning. I twinged my ankle out for a run on Tuesday so will be taking it fairly steady. Looking for some advice from my running network there so I need to head along, even though it is sooooo cold
    2019 MFW No. 70 2134.74/3000
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    • ajmoney
    • By ajmoney 20th Jan 19, 11:59 AM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    I know this is very much an "it depends" kind of question but...

    Once we have a buyer for our house do I give it some time before I buy again and live at work in the meantime (which I will hate) or go straight into looking for another house. Originally I had thought about not rushing and making sure I get a place I actually want whilst saving the monthly house payments so I don't get used to the money and some people have suggested giving myself some time. While I am the one walking away from the marriage I am still finding it quite hard to come to terms with and I know it will be really tough the day we move out of here.

    I am thinking of looking into self storage which has prompted this thought process. Do I get something to store my furniture etc while I live at work or something a little more short term to declutter our house slightly for selling?
    Last edited by ajmoney; 20-01-2019 at 12:05 PM.
    2019 MFW No. 70 2134.74/3000
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    • juliejim
    • By juliejim 20th Jan 19, 4:35 PM
    • 7,591 Posts
    • 151,684 Thanks
    juliejim
    How long a contract would you have to take out for self storage? I would probably start looking straight away but not just settle for what I can find, wait until I find something I want if that makes sense.

    Jue
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
    MBNA 5500
    • ajmoney
    • By ajmoney 20th Jan 19, 8:46 PM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    Just been doing some research into my possible outgoings once I go it alone. I think I should be left with around 600 a month for food, fuel and anything for myself which is more than enough. I have already accounted for household bills, savings and a holiday fund and this is based on taking a mortgage over 20 years instead of 25. When the time comes I will need to look and see how I think the term will work best for me. I don't want to stretch myself too much every month, I would rather take the mortgage over a longer time frame and OP a lot to bring the term down. I plan to put at least 1000 a month away until I get my next place which will help me save up for the white goods etc that I will need if I or Mr AJM don't move into a place that already has them.


    I am lucky my favourite pasttime only costs me in fuel and I am looking forward to taking my lunch in a backpack admiring the views. I am determined to live my best life, no matter how tough it seems at times.
    2019 MFW No. 70 2134.74/3000
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    • ajmoney
    • By ajmoney 26th Jan 19, 7:19 AM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    We have 3 estate agents booked to come out next week and give us some quotes so the ball is now well and truly rolling. Short of doing actual decoration I think we have done all the touching up we can.

    I had to stop my account tidying as I was starting to leave myself a little short, I will be a little bit more sensible next month! Mr AJM is happy for me to OP our 2 council tax free months as it will be helping us both in the long run.

    I had a minor op yesterday on my toe so had to take things very easy, I know I need to be sensible this weekend but I am hopeful I can get out for a short walk later. I am hoping sensible will mean my recovery time is quicker!
    2019 MFW No. 70 2134.74/3000
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    • ajmoney
    • By ajmoney 29th Jan 19, 5:58 PM
    • 5,018 Posts
    • 56,235 Thanks
    ajmoney
    The first of 3 estate agents has been today, we are hoping for 240k and they have suggested 250-260. I will still with what we would like, anything else is a bonus. It seems like it could possibly be on the market at the end of next week depending on how quickly we move. Just waiting for the other 2 to come out this week.
    2019 MFW No. 70 2134.74/3000
    MFiT-T5 No. 70 1591.94/20213.71
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