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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,928Posts
    • 44,228Thanks
    Pooky
    Mortgage free by 53
    • #1
    • 10th Aug 16, 7:59 AM
    Mortgage free by 53 10th Aug 16 at 7:59 AM
    Incredibly optimistic of me but not entirely undoable.

    I want to be mortgage free by the age of 53. Not sure it's possible to pay off our mortgage in that time with our limited income but we have the downsize option which we're holding onto for now as our "trump card".

    So I'm currently 43 and married to a rather nice man (he's 45), we've got 2 grown ups (how did that happen) one still at home, the other away at Uni (although she'll be moving home next June once she's finished her degree).

    We purchased this house 5 years ago when the money gods all came together at the same place and the same time and we had a momentary fluke of just the right income to actually get on the property ladder.

    DH is just in the midst of taking early medical retirement, a few small pension pots that don't amount to much but we've been watching them dip down over the past couple of years and decided now is the time to put the money into the mortgage instead. A car accident 9 years ago and subsequent medical conditions mean he won't be able to work again so retirement is the way to go. Not what we had planned but we're making the most of it.

    Income wise - there's very little to talk about - DH gets the contributions based bits and bobs he's entitled to and I run a small business from home around being his carer. We're debt free and make sure the credit card (used only for points) is paid off as soon as we've used it.

    Ok, so where are we at right now.

    Mortgage is currently £108300 (house was valued at £285k in Feb 2016) We put it on the market for a couple of months as we were toying with downsizing, moving to a cheaper area and being MF but then we decided to stay a bit longer and try and throw everything at the mortgage instead.

    Savings - currently £6200 sitting in the bank, I need to do something with this to generate a bit more interest. I need a decent rate, instant access account where I'm not having to cycle money through (as I lose track very easily) We do need to use a chunk of this in the next few weeks as youngest should be passing her driving test, we'd already saved for a car (which is sitting on the drive ready for her) but we need to tax and insure it and it's going to need new brakes. We did this for our eldest too - we're not into lavish gifts but we decided when they were little that this is one gift we'd like to give them.

    Pension lump sum due in the next few weeks £11500. Our plan is to put this straight into the mortgage but keeping our payments the same.

    We currently OP by around £50 per month when we can but as our income is so limited it really does depend on how good we've been or how much work I've had in. Ideally I'd like to up that to at least £100 per month. We have no limits to over payments so just keep chucking what we can at it.



    So diary wise, I need to create a few goals to work towards as we're always better if we've got an idea of what we're doing.

    1 - OP £100 per month
    2 - Grocery spends - take out cash for the month and stop the top up shops.
    3 - Petrol - plan our week better to make use of being in town (we live in a small village so need to drive to get to any shops/post office/bank etc)
    4 - Build the slush fund up to £500 (emergencies/christmas etc) Currently £224
    5 - Sell unwanted stuff - we regularly do but there's a few things built up again in the box.
    6 - New bathroom - we've had hideous quotes and we're not prepared to spend that much so a friend has offered to do the plumbing bits so it looks like I need to dig out my tiled cutter - need to decide what we're going buy and get that money put aside (ideally from selling other stuff) Ideally I'd like to do the work next April so it gives us time to save.
    7 - Sort out savings account with decent rate.
    8 - Stop buying fabric and wool (I've got enough - yeah right)
    9 - Stop him buying telescopes (expensive hobby!)


    Wish us luck!
    Last edited by Pooky; 10-08-2016 at 12:50 PM.
    "Start every day off with a smile and get it over with" - W. C. Field.
Page 9
    • Courgette
    • By Courgette 15th Feb 18, 7:05 PM
    • 1,754 Posts
    • 18,571 Thanks
    Courgette
    So relieved for you all!
    A reminder to myself: Persistence Pays Off
    Mortgage 1: £95,000 £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
    • Kittenkirst
    • By Kittenkirst 16th Feb 18, 3:49 AM
    • 2,072 Posts
    • 11,338 Thanks
    Kittenkirst
    It must be Such a relief that youve finally heard re the PIP!
    It does seem crazy how long youve had to wait though
    2018 MFW #20 - OP £4229.44:/ £3000 141%.

    Mortgage Oct '16 £170.995 LTV 90% end Nov 2041
    Dec ‘18 £152,838 LTV 74.5%
    Overpayments 2016 £255.50 2017 £2600.40
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • beanielou
    • By beanielou 16th Feb 18, 3:08 PM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    Great news on PIP & the back money.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 18th Feb 18, 8:07 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Second morning of waking up to sunshine! It really does improve my mood.

    Went to see a flat with DD1 yesterday, it was amazing, ideal location, wonderfully sunny and light and someone has already offered above what DD1 can afford......poo! Ah well, it did her good as she!!!8217;s now determined to get more deposit behind her and she realised that she needs to physically see places rather than discount them from internet photos. The right flat is out there, somewhere.

    So after deciding to start stripping the hall stairs and landing wall paper I thought it would be a good idea to start the downstairs loo too, get rid of all the rubble, rubbish and dust in one go. So the top layers of paper are off and the nasty backing layer is around 1/3 off. I need to take the radiator off tomorrow to strip behind it and get the big ladder out to get up into that waste of space above the stairs. I have decided we need a new radiator in the hall (current one is around 40 years old so a lovely new double one will give us lots more warmth out there)...typically this is not as easy as it sounds as the old one is imperial and the new one is metric so some faffing with copper pipes is required.

    The downstairs loo was probably out in early 80s and the valves have all got stuck so I can not turn the water off to the specific pipes so I gave them a stern look and will have to faff even more with pipes in there too. I will try the valves again today as they might have come to their senses over night....you never know.

    Why is it never straight forward?
    "Start every day off with a smile and get it over with" - W. C. Field.
    • CathT
    • By CathT 18th Feb 18, 12:51 PM
    • 5,823 Posts
    • 40,727 Thanks
    CathT
    You've got some great DIY skills, are they self taught?

    Am sure the right flat is out there for dd, your girls are so mature and are achieving so much for their age.
    Dec 2018 -
    part 1 - £73,558 part 2 - £44,554
    Total - £118,112 110 months to go!
    • Pooky
    • By Pooky 19th Feb 18, 8:23 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    You've got some great DIY skills, are they self taught?

    Am sure the right flat is out there for dd, your girls are so mature and are achieving so much for their age.
    Originally posted by CathT
    Most of my DIY skills have come from watching my Dad, he was a master carpenter but turned his hand to anything so when I got my first flat he showed me how to do the basics and Ive gone from there. Plumbing is a new one but I watched a lot of you tube videos last year when I did the main bathroom but most of it is fairly logical, you just need the right tools. (Although trying to get the sink out yesterday resulted in a crowbar and hammer which probably was not what a professional would use

    The girls are very mature and sensible for their ages, they both have my stubborn streak so the more we said to DD1 that she would not be able to buy anywhere until she’s late 20s, the more she wants to prove us wrong. Reverse psychology works well.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 1st Mar 18, 7:46 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    End of the month at last!

    It has been fairly busy money wise this month with lots of work sales and lots of eBay sales but lots of purchases too, all to do with decorating or plumbing, aside from a dash cam that DH has been after for a while.

    Mortgage has finally dropped into the £88ks and is at £88,831.69. This time last year it was £93,441.86. So we have cleared an extra £1000 than normal payments would have alone. I didn not think it was that high as money was tight last year, just goes to show that every penny helps.

    DH had £120 from quidco yesterday so that!!!8217;s gone in the pot for new stair carpet and flooring for the landing. I had a couple of eBay sales overnight too so those have gone into the pot too. I did have some savings set aside for the decorating but have not had to touch them yet, hope it continues that way.

    It has just started snowing so fingers crossed we get enough to build a snowball!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 1st Mar 18, 1:02 PM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    Great news on the 88's
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 18th Mar 18, 8:38 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Had some more good money news this week as TC finally got their act together, expecting a nice back payment in the account tomorrow. Will be making an OP with it.....yes I will.....really, I will. Hopefully.

    This week has seen me spend the majority of the time grouchy, asleep, spaced out or a combination of all three. After more ruddy perimenopausal issues I finally decided caffeine had to go. I do not drink coffee so it was just the 4 cups of tea a day, easy peasy! Not! Hideous headaches and the most debilitating overwhelming tiredness. I am through the other side now though so will not be going back.

    So I am now gluten free, caffeine free and alcohol free, how boring.

    Had opticians and new glasses this week along with a smear test (best nurse ever, did not feel a thing whereas last nurse felt like she was rubbing a ball of barbed wire around my cervix). I did not realise tests went every 5 years once you turn 50 and then only until you are 65.

    Lots on this week with dentist (bricking it big style but I will go and I will be in control - just a check up but I know I need work doing and we are going to discuss medication and sedation as that is the only way I can get it sorted) and then we have DHs Dad coming to visit for a few days, not sure what we will get up to as the forecast is pretty dire but at least it is something to look forward to after the dentist.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 18th Mar 18, 11:05 AM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    Pooky~~what is TC?

    Hope dentist goes well.
    I am the worst patient ever.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 18th Mar 18, 4:46 PM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Tax credits Beanie.

    I have no fear of dentists just that I have a silly strong gag reflex and end up a complete mess when I start. I hate the loss of control. But I will be a good girl. Eeeeek!

    I picked up a nice bath bomb this morning and will have a nice soak before I go to relax me.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 18th Mar 18, 8:05 PM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    Tax credits Beanie.

    I have no fear of dentists just that I have a silly strong gag reflex and end up a complete mess when I start. I hate the loss of control. But I will be a good girl. Eeeeek!

    I picked up a nice bath bomb this morning and will have a nice soak before I go to relax me.
    Originally posted by Pooky
    Thought it was TC's but dident think you would get them.
    Good idea on the bath.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 20th Mar 18, 7:06 PM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    We get working tax credits, my business does not bring in much but it all helps.

    Braved the dentist. Hideous, very panicky and cried lots. She was very good and did not poke around to much but once she tried to get the X-ray plates in I was an utter mess. DH had his check up whilst I calmed down and I tried again but really could not do it. So off to have X-rays at the hospital and then draw up a treatment plan.

    TC overpayment hit the account yesterday so made an immediate £400 OP!

    Need to find £150 alongside the monthly payment and we will be in the £87ks!!!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 20th Mar 18, 9:54 PM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    Well done on the dentist.
    All a step forward.
    Great news on the OP
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 30th Mar 18, 8:18 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Well no spare cash for anymore OPs this month as we took my parents out for lunch during the week and spent time with DHs Dad and partner so a few spends required there. But all worth it, we do appreciate having our parents still.

    Popped to the hospital for my dental X-rays during the week and have an appointment at the dentist on Tuesday to discuss what needs doing, did have a sneaky look at the X-rays and can not see anything hideous that I didn!!!8217;t know about.

    DDs are both now moving home in the late summer, they were going to be house sitting for inlaws for 6 months but plans have all changed and they both want to come home to save to buy. So I need to reorganise the house to fit them and a 2 bedroom flats full of stuff back in. Will be a big readjustment for us all but I am so glad they are being sensible about saving and wanting to buy their own places rather than get stuck in the rental trap.

    To this end I have had a bit of a tidy round and got a few bits sold on FB groups this week and some stuff of to the charity shops. £60 profit from FB so far and a few bits to list on e bay too. This will be kept aside so I can decorate the smaller bedroom before they move home, the seals around the windows need replacing so I will need to remove the wall paper (needs doing anyway) and a new radiator needs to go in (purchased yesterday). Will need to take the flooring up to faff with radiator pipes as it needs repositioning so will be a lemon to carry on the flooring from the hall way through, need to finish the hallway decorating first!

    No spendy plans over the Easter weekend, have friends popping in later today for a few hours but I intend to crack on with the decorating and decluttering and fingers crossed I might even get to the stage where I can start painting the hall.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 30th Mar 18, 8:50 AM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    I wish you well having the DD's back.
    At least they are not bringing partners!!
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pooky
    • By Pooky 1st Apr 18, 4:07 PM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    A productive weekend so far and more importantly 3 NSDs in a row.....downstairs loo is plastered (my plastering is pretty dire but I have a big sander and it will be smooth!!!), filled all the holes in the hall and finished washing down the slimy wall paper pasty walls - hate that job. All ready to start painting and undercoating now. Roded the downstairs loo drain before I take the loo out tomorrow so everything is nice and clear. I!!!8217;ve also filled a big hole that appeared near the front door - when the porch was fitted (badly) before we moved in, it had left a crumbly bit of floor that had got so much worse, so dug out all the loose stuff and have concreted it in, need some levelling compound but forgot to buy it! A job for tomorrow!

    Cooked a roast, DD1 came up but then got invited out with her boss for lunch, so she abandoned us (and rightly so, lunch out with the boss is a far better prospect when you are pushing for a promotion) So plenty of leftovers for bubble and squeak tomorrow. Dishes are all done, DH is in bed and I managed a 3 mile walk. Now intend to sit and do a bit of work before I fall asleep.......might have to have a bit of choccy too.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 14th Apr 18, 7:13 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Have been back to the dentist to discuss what needs doing and just the one tooth maybe needs sorting! I knocked out a front tooth when I was little and they managed to reimplant it but it now needs sorting. My dentist has referred me to a specialist as it!!!8217;s not clear from the X-rays so will see what they say, she did warn me that they might not be willing to do anything on the NHS so it could be a private fee for part of the job. If they can not root canal it then we will be leaving it alone until I can save for an implant for when the time comes. I was also very brave and had another go with the X-ray plate and managed to get it in! So now I just wait to see what the specialist wants to do and my lovely Dr has given me something to help calm me down for the next appointment.

    Hallway is coming along, it took one white undercoat and 3 top colour coats to cover completely, that is a lot of ladder climbing but it does look fab. The last few days I have been glossing...hate it with a passion. I took the stair runner up so I could repaint the stairs and the underlay was disintegrating so everything came up, has been filled, sanded and undercoated and now glossed (glossing stairs is hideous). I have ordered some tread mats to put down, it will look lovely.

    Spendy elves have been let loose and I seem to have been throwing money left right and centre but hey ho, that is what savings are for. The downstairs bathroom is getting there slowly too, only so much I can do in one area at a time. All pipework is in place, walls will be finished by tomorrow and then the flooring can go down and loo and sink can go in. I found some tiles in the garage that I picked up years ago at a bootfair, a box of 1inch square sample tiles in all colours so will utilise them behind the sink rather than buy anything new.

    Mortgage will hit the £87ks this month! Did managed a sneaky £10 op last week but that will be it for this month.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 5th May 18, 7:12 AM
    • 6,928 Posts
    • 44,228 Thanks
    Pooky
    Oh it's been a while since I updated.

    Hallway and downstairs loo completely finished now and look great, really pleased with them. Both spare rooms are empty ready for DDs to move home, I just need to pop a few coats of paint around the small room to freshen it up. Using paint we already have so now more outlay there.

    Mortgage is now well in the £87k's which is fab, no chance of any over payments this month but heading in the right direction.

    Savings took a hit as DD2 needed some help to buy a new car (new to her), her new job location means a motorway commute and her little car didn't have enough poke to cope with the lorries round here. We managed to sell her old car last night and it's being collected on Monday so that's a big chunk off what she owes us. She's paying the rest back over 3 months which is great.

    We took the plunge into allotmenteering as well, I always fancied one but thought we'd be on a waiting list for years. Made the online application and picked our plot the next day....turns out there's no waiting list in our nearest one! So we now have a 250sqm plot on a glorious hillside with amazing views. The plot hasn't been used for years but luckily has just gone to grass so no huge things to dig out. I've been wombling away there for a few hours a day making fences and digging out for a shed base (MIL brought us a new shed which arrives soon), we've managed to pick up paving stones, water butts, composters and a pond all via freecycle and free groups and all we've had to pay out for so far is the plot fee for the year and a battery operated strimmer. I've got loads of seeds doing their thing in the conservatory so need to hurry and finish the shed base so I can start on making some beds to put stuff in! DHs physical limitations are being side tracked as he works out solar panels for a pond pump, a pumping system for connecting water butts and working out how much wood we need for various things. It will be great for both of us.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 5th May 18, 6:55 PM
    • 58,889 Posts
    • 244,402 Thanks
    beanielou
    All sounding good.
    You are a busy bee as usual.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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