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  • FIRST POST
    • Jessy103
    • By Jessy103 17th Oct 16, 12:00 PM
    • 525Posts
    • 2,237Thanks
    Jessy103
    I Want To Be Mortgage Free!
    • #1
    • 17th Oct 16, 12:00 PM
    I Want To Be Mortgage Free! 17th Oct 16 at 12:00 PM
    I've been reading a lot of inspiring diaries over the past few days (I've actually become quite addicted to reading them!) and thought I would have a go at my own.


    In 2007 me and OH bought our first house for 86,000, we were in rented accommodation and desperate for our own home. As it was 2007 the bank was quite happy to give us a 100% mortgage (I know it was a silly thing to do but I was only 20 and hindsight is a wonderful thing!) and add any fees on to the mortgage but of course the banking crash happened a year later and our house is no longer worth what we paid for it. We are not in a rush to move home but I would like to repay as much of this mortgage and save up as much as we can so that when we do come to move it will be a lot easier and we don't get a LTV of 100% again!


    Unfortunately I am not working at the moment due to health issues and my lovely mum suffers from MS so I like to be available to her when she needs me as it is a very unpredictable illness. The only income I have at the moment is from internet surveys. I am very lucky that I have a fantastic husband that earns a good wage and understands that I want to be there for my mum as much as I can.


    I am trying to be very frugal so that we are able to overpay on the mortgage and save some money so any tips from you lovely people would be greatly appreciated! Thank you for reading!


    Mortgage amount in 2007: 87,310.50
    Mortgage as of October 2016: 70,486.38
    Target for October 2017: 65,000 or under

    If you haven!!!8217;t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by Former MSE Jessica; 18-01-2017 at 9:49 AM.
Page 18
    • Jessy103
    • By Jessy103 27th Dec 17, 3:20 PM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Hi Guys!

    Hope you all had a lovely Christmas?!
    We went down to my parents and spent it with my family which was lovely. Lots of smellies received so they should keep me going until my birthday in June!

    The regular mortgage payment came out today and takes us down to 58,674.00. Even with the interest added on in January we won't be going back over 59K so that's another box I can cross off the chart
    I really need to sit down and start looking at the goals I will be aiming for next year. Our mortgage deal ends in August so I want to make sure we use the rest of our allowance up before then and have the lowest LTV percentage possible. I will keep you posted!

    Take care
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • FloppyDisk
    • By FloppyDisk 28th Dec 17, 11:51 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Well done on another milestone. It always feels like such a cheat when you manage go get it to a nice number only for interest to sneak it up again.

    Mortgage- 415,836
    BTL- 162,782

    • Jessy103
    • By Jessy103 7th Jan 18, 3:30 PM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Well something great happened this week, I got a PPI Payout from my bank! Unfortunately not life changing but I'm not going to turn my nose up at 244! I'm just waiting for the monthly interest to be added onto the mortgage and then I will make the appropriate overpayment.

    DH has been working late at work this past week and has been taking advantage of the work canteen. He pays 8 a month and usually has a sandwich or jacket potato and then a cooked meal with me when he gets home but because he has been working late he has been having a cooked meal at work and then beans on toast or a sandwich when he gets home. I've just been cooking my own tea. It seems to be working well because we haven't had a takeaway all week! I've asked him if he should carry this on for a month or so as a trial period to see if it saves us money on the shopping. I mean I can't buy a months worth of meals for 8!

    Enjoy the rest of your weekend!
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • themadvix
    • By themadvix 8th Jan 18, 9:23 AM
    • 1,719 Posts
    • 10,056 Thanks
    themadvix
    Great news on both counts there Jess! They are truly bargainous work meals for DH!
    OPs 2018 = 2090
    Moving savings = 636.46
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jun 2018: 92,000
    MFW2018 no. 38
    • Jessy103
    • By Jessy103 9th Jan 18, 11:18 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Checked the mortgage this morning and the interest had been added on which made the total 58,819.23. I made an overpayment of 319.23 to round it down to 58,500.

    Looking at the targets for this year I've gone for 5000 again in overpayments and I would like to save 5000 for the emergency fund. We're already at 2000 for the emergency fund so I'm hoping 5000 should be achievable.

    Have a lovely day!
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • themadvix
    • By themadvix 10th Jan 18, 9:15 AM
    • 1,719 Posts
    • 10,056 Thanks
    themadvix
    You're steaming ahead Jess!
    OPs 2018 = 2090
    Moving savings = 636.46
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jun 2018: 92,000
    MFW2018 no. 38
    • Jessy103
    • By Jessy103 10th Jan 18, 9:27 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Thanks MV!
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • Jessy103
    • By Jessy103 10th Jan 18, 9:38 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Cashed out a 10 Tesco voucher from Valued Opinions this morning which I can use when I order the shopping next week.

    I also remembered last week that I'd ordered two books from Waterstones back in June when I received a voucher for my birthday, one of the books arrived but the second one never did. When I checked my account it still said order processing. I contacted Waterstones and cancelled the order and they have sent me a 10 giftcard as a refund which I received yesterday. Going to keep hold of it for the moment as I already have a stack of books on the 'To be read' pile!

    I received a Netflix voucher for Christmas which I set up and registered yesterday. We cancelled our Sky subscription after it got too expensive so we're going to have a huge film/TV fest at the weekend and make the most out of it!

    Have a lovely day!
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • Jessy103
    • By Jessy103 25th Jan 18, 12:02 PM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    The regular mortgage payment has come out today including the 50 overpayment so our new total is 58,201.81. I'm going to wait until the interest is added on on the 9th February and then hopefully make an overpayment which will take us under 58K.

    The Tesco voucher I got from Valued Opinions excludes groceries which was abit annoying but I was able to use it to get a couple of new tops which I did need after having a clearout of my wardrobe.

    Have a lovely day!
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • Jessy103
    • By Jessy103 19th Feb 18, 9:51 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Made an overpayment of 244.55 today which takes us to 58,100.00. This means when the normal payment comes out on the 25th we will go under 58K and stay there! I'm looking forward to crossing off another box on the chart!

    Have a lovely week!
    Jess x
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
    • ch4rly2002
    • By ch4rly2002 19th Feb 18, 1:43 PM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Great stuff
    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
    • Jessy103
    • By Jessy103 20th Feb 18, 9:39 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Thanks ch4rly!
    Original Mortgage Amount 2007 - 87,310.50
    Mortgage Amount Jan 2018 - 58,500.00
    Overpayment Target for 2018 - 5,000 /663.78
    Jan - 369.23 Feb - 294.55
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