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  • FIRST POST
    • MM10
    • By MM10 18th Feb 17, 11:31 AM
    • 55Posts
    • 167Thanks
    MM10
    Mortgage free in 2
    • #1
    • 18th Feb 17, 11:31 AM
    Mortgage free in 2 18th Feb 17 at 11:31 AM
    Hello everyone,
    I have been a lurker for up to 3 years now. I have enjoyed following several diaries and think it is time to start mine.
    We are a family of 4. Still a one income family, hubby is still looking for a job (OH got a part time cleaning job from mid 2017). We have been trying for baby number 3 with no success yet. So struggling with deciding on further IVF treatments or mortgage overpayment. I am going on 42 so time is of the essence and this will be hubbys first, so we really want to try.
    We live in a 2 bedroom flat which I bought in 2011 and developed a 6 year plan in 2014 to pay it off by 2020. I am now finally on track but want to motivate myself to pay off the main mortgage before end 2019.
    I also have a smaller local government loan which I may or may not payoff early.
    I hope this diary keeps me on track, motivated, helps me with tips and have people to share my journey with
    Last edited by MM10; 05-12-2017 at 6:41 PM.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
Page 1
    • MM10
    • By MM10 19th Feb 17, 6:49 PM
    • 55 Posts
    • 167 Thanks
    MM10
    • #2
    • 19th Feb 17, 6:49 PM
    Soa
    • #2
    • 19th Feb 17, 6:49 PM
    Hi everyone,
    So I think it's best to know where you are to know where your going ....
    That's why I think it best to do some kind of SOA
    Here it goes. Not sure if I am doing it right ...

    Main mortgage is at £63,645 @ 2,7% floating rate with end date Dec 2020; monthly payments are £1,470
    Local govt mortgage £34,920@ 2.4% floating rate with end date July 2036; monthly payments are £200

    Monthly income
    Income = £ 3,400 after tax

    Monthly expenditures

    Mortgage1 = £1,470
    Mortgage overpayment = £ 800
    Groceries = £ 570
    Mortgage2 = £ 200
    Savings = £ 130
    Insurance = £ 70
    Electricity = £45
    Heating = £45
    Internet = £40
    Charity = £ 30

    So there it is!
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 20th Feb 17, 6:00 PM
    • 55 Posts
    • 167 Thanks
    MM10
    • #3
    • 20th Feb 17, 6:00 PM
    • #3
    • 20th Feb 17, 6:00 PM
    Hi everyone,
    Now a update of the yearly expenditures. This is not covered by my monthly salary but by holiday pay allowance. (So basically no money for actual holidays; need to find local alternatives).

    Here it goes:
    Car related costs = £1300 (includes year tax, daily toll pass, yearly car service, toll fares, biannual EU control)
    Council tax £600
    Swimming pass £300
    Bike service £300
    Body care (lotions etc) £200
    Total £2700
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 21st Feb 17, 11:01 AM
    • 55 Posts
    • 167 Thanks
    MM10
    • #4
    • 21st Feb 17, 11:01 AM
    • #4
    • 21st Feb 17, 11:01 AM
    Hi,
    So I had a review of my signature and updated it to reflect that fact that I only intend to pay off the main mortgage by 2020 (hopefully in 2019). So the total mortgage includes the local government loan which may remain till 2036 or not. Not yet decided. I hope to make the local government loan offset by my savings and that I hope to achieve by using the £2270 that has been going into the main mortgage to create the offset in low risk funds from say 2020. With my calculations and hoping all goes well. I should be mortgage neutral by 2022.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • juststuff123
    • By juststuff123 21st Feb 17, 12:46 PM
    • 214 Posts
    • 633 Thanks
    juststuff123
    • #5
    • 21st Feb 17, 12:46 PM
    • #5
    • 21st Feb 17, 12:46 PM
    Good Luck!!!
    NEW GOAL – Mortgage Balance £0k & £50k Savings by Feb 2020
    MORTGAGE: – £18523 / £0
    SAVINGS: – £47875 / £50000
    CREDIT CARD: – £8001 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £8,000/£26,100 / MFiT-T4 #80: £27,209/£45,232
    • MM10
    • By MM10 21st Feb 17, 3:52 PM
    • 55 Posts
    • 167 Thanks
    MM10
    • #6
    • 21st Feb 17, 3:52 PM
    • #6
    • 21st Feb 17, 3:52 PM
    Hi Juststuff,
    Thanks for the best wishes. and same to you on your financial journey too
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 27th Feb 17, 10:12 PM
    • 55 Posts
    • 167 Thanks
    MM10
    • #7
    • 27th Feb 17, 10:12 PM
    • #7
    • 27th Feb 17, 10:12 PM
    Hi everyone,
    My two main financial needs are the mortgage overpayments and the IVF treatment. Well our last treatment was a disaster. Nothing to transfer. So we have been told to come back in a couple of months after putting me on some novel supplements.
    Nothing to complain about, more time to save!

    I think the main thing I have to watch is the grocery bill. I have been going over. My mission now is to try and get it under control!
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 26th Nov 17, 3:39 PM
    • 55 Posts
    • 167 Thanks
    MM10
    • #8
    • 26th Nov 17, 3:39 PM
    • #8
    • 26th Nov 17, 3:39 PM
    Hi everyone,
    I have been out of touch for several reasons but keeping the steam up nonetheless.
    On the positive side:
    1. I got a salary raise, so increased overpayments by £300 monthly
    2. Some stocks did really well; so lumpsum payment of about £6000 paid to mortgage
    3. DH got a part time job as a cleaner
    So mortgage free day is now safely in 2019

    On the not so positive side.
    1. Nouvelle IVF treatment got us one embryo but it did not stick

    I'll soon be 43, so 2018 really has to be my year. We plan on trying again early next year.
    We have filled our IVF saving pot, so the mortgage plans hopefully still going on as planned.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • greent
    • By greent 26th Nov 17, 6:48 PM
    • 7,012 Posts
    • 71,608 Thanks
    greent
    • #9
    • 26th Nov 17, 6:48 PM
    • #9
    • 26th Nov 17, 6:48 PM
    I wish you well on your MF journey - and your IVF journey. My sister has recently had her baby with IVF (at 41) - good luck xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £495.54/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • MM10
    • By MM10 27th Nov 17, 4:57 PM
    • 55 Posts
    • 167 Thanks
    MM10
    Hi Greent,
    Thanks so much for your encouragement and congratulations on your nephew/niece
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 6th Dec 17, 5:50 PM
    • 55 Posts
    • 167 Thanks
    MM10
    Hi everyone,
    So I just signed up to the 2018 Mortgage free wannabe thread. I am hoping it can help in motivating me to pay of the main mortgage by the end of 2018.

    There are some major out goings this Christmas.
    1. Traveling to visit family and siblings....
    2. Getting our latest IVF protocol, fingers crossed for January .

    With these two major outgoings; I've got to put a tight rein on all other expenditure to still keep on track; especially the groceries....
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 14th Jan 18, 9:45 PM
    • 55 Posts
    • 167 Thanks
    MM10
    Hi everyone,
    Christmas is over and there have been lots of traveling and spending. It was lovely to see family again. So that was a good spend.

    January IVF has been nothing short of a disaster. Only one egg retrieved. Could have jolly well just ovulated on my own and be 4k richer. Anyways, I find out tomorrow if it even fertilized. May try one last time in March, if I can save enough.

    I managed to do some overtime work last quarter of 2017, so extra pay has brought main mortgage down to a nice round 32k.
    Last edited by MM10; 14-01-2018 at 9:49 PM.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • MM10
    • By MM10 28th Feb 18, 7:47 AM
    • 55 Posts
    • 167 Thanks
    MM10
    Hi everyone,
    Things are going fairly well here ...


    Update on mortgage is that, company share program paid off so main mortgage is now down all the way to 19K.


    On the IVF side of things the egg did fertilize but stopped growing so nothing was transferred. I just cried and cried. Anyways. I am still paying for that treatment ... could have been mortgage free by now I guess .....
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • beanielou
    • By beanielou 28th Feb 18, 7:24 PM
    • 54,122 Posts
    • 214,708 Thanks
    beanielou
    Good news on the mortgage.
    NOt such good news on the IVF
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 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.
    • selloptape
    • By selloptape 28th Feb 18, 7:34 PM
    • 457 Posts
    • 1,888 Thanks
    selloptape
    Sorry to hear that mm10
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • Kittenkirst
    • By Kittenkirst 1st Mar 18, 5:47 PM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Sorry to hear that MM x
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • newgirly
    • By newgirly 1st Mar 18, 6:54 PM
    • 6,283 Posts
    • 43,380 Thanks
    newgirly
    So sorry to hear the ivf didn't work x
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • greent
    • By greent 4th Mar 18, 8:44 AM
    • 7,012 Posts
    • 71,608 Thanks
    greent
    Sorry to hear that, MM xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £495.54/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • A Frayed Knot
    • By A Frayed Knot 4th Mar 18, 1:49 PM
    • 2,372 Posts
    • 10,580 Thanks
    A Frayed Knot
    Good news regarding mortgage,

    and hopefully will be good news next time round with IVF.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • MM10
    • By MM10 6th Mar 18, 10:43 PM
    • 55 Posts
    • 167 Thanks
    MM10
    Hi everyone!
    Thanks Beanielou, Selloptape, Kittenkirst, Newgirly, GreenT and A frayed knot for your kind and encouraging words.

    I think this month is going to be a slow month as I try to settle off my medical expenses. I have decided to skip overpayment this month. The sheets just don't balance anymore.

    It's a shame to be so close to the end and meet this speed bump.

    It's all for a good cause so no regrets, just some sadness that I'm a bit off schedule. I hope to be back with overpayments by April. Fingers crossed.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
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