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  • FIRST POST
    • bubblycrazy
    • By bubblycrazy 25th May 17, 1:54 PM
    • 151Posts
    • 444Thanks
    bubblycrazy
    Mortgage free ASAP
    • #1
    • 25th May 17, 1:54 PM
    Mortgage free ASAP 25th May 17 at 1:54 PM
    Hi everyone

    I've decided that starting a diary will help keep me on the straight and narrow and give me a place to think out loud and to remind me of my plans.

    I've lived in my home since August 2014 with my DS. My current mortgage balance is approx £48270. I OP £100pm which brings my MFD to 2033 (from 2049 ). Ideally I would like to be MF by the time I'm 40 (2025). My rate is 4.79% fixed for 5 years (wish I hadn't been so cautious!) so just over 2 years left.

    These plans will have to wait for the moment as my income has taken a nosedive and I need to sort out my month to month spending first.
    My main issue at the moment (apart from losing WTC) is that my job is term time only but with guaranteed hours out of term which are classed as overtime. My pay is annualised so the months when I have no overtime my income doesn't cover my outgoings. The months when I work out of term, I have excess income. For example this month's pay will be bigger than normal due to the hours I worked in Easter. I plan to pay off 2 months worth of council tax to cover next month too.
    Fortunately I don't have any debts apart from my mortgage.

    I will post a SOA when I can work out the best way to do it. Should I only put in my minimum wage and everything will show as a negative, or put in the average monthly income based on my pay last year?

    I am going to start using YNAB. I used to keep a spreadsheet but my laptop broke last year and I miss my spreadsheet! I also want to track my exact spending on non essentials.

    I've rambled enough for now, all advice and encouragement welcome!
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
Page 5
    • bubblycrazy
    • By bubblycrazy 30th Oct 17, 9:38 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    I'm not sure where this month has gone! My budget is all over the place with the half term, however I have nearly finished my Xmas shopping!
    I didn't get the job, it went to the guy I thought it would. Oh well, will just have to keep plodding on.
    However I have made an OP of £101.63, which has brought my balance to £47000
    I can remortgage on Wednesday as my ERC will be at 2%, but I'm gutted that the fixed rates have already risen since I got an estimated rate a couple of weeks ago
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 31st Oct 17, 7:38 AM
    • 682 Posts
    • 3,055 Thanks
    SuperSecretSquirrel
    Great job dropping the mortgage down another 1k bracket

    Shame about the job, but there will be other opportunities...

    Mortgage rates are still pretty damn good so quite easy to be glass half full on that one!

    And I'm totally with you on this month flying by. Only realised it was the end of the month as SF's blog has a monthly review post on there. October has very much been a blink and miss it month here!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£55,209.85 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £274,532.45 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.0% (exc SP)
    • bubblycrazy
    • By bubblycrazy 1st Nov 17, 11:34 AM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Thanks SSS, I've made a separate thread regarding my mortgage options if anyone would be so kind to have a look and help me out.
    In a nutshell, 2 yr fix no fee - 2.84%
    5yr fix no fee - 3.23%
    5 yr fix £995 product fee - 2.78
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • andy1886
    • By andy1886 3rd Nov 17, 5:10 AM
    • 226 Posts
    • 311 Thanks
    andy1886
    Glad everything is going great , Unlucky with the job . I know what you mean about Christmas spending , I save for it and then try to not use that money and just my monthly budget to pay for Christmas stuff then use my savings for myself in the new year for my benefit and not anybody else . Our house is not like Nigella or Mary Berry over the festive season , more like Eboneezer . Wishing you well over the weekend .
    Last edited by andy1886; 03-11-2017 at 5:13 AM. Reason: Spelling
    • andy1886
    • By andy1886 3rd Nov 17, 5:22 AM
    • 226 Posts
    • 311 Thanks
    andy1886
    Thanks SSS, I've made a separate thread regarding my mortgage options if anyone would be so kind to have a look and help me out.
    In a nutshell, 2 yr fix no fee - 2.84%
    5yr fix no fee - 3.23%
    5 yr fix £995 product fee - 2.78
    Originally posted by bubblycrazy
    Iím sure you will get great advice elsewhere about this . For what it is worth I think if you are not planning to move then consider the 5 year fix , if you are then you have to take into account portability and early repayment penalties . Then you need to compare the 3 scenarios for the next 2 years and what you will pay and the balance that will be left at the end of it . Off the top of my head I think for small balances like you have it is not worth paying a fee because the saving each month over the time period does not come anywhere near the fee paid for the discount . Somebody better than me will hopefully put some numbers to the different scenarios because at this time of day it is well beyond my capabilities .
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 3rd Nov 17, 8:09 AM
    • 682 Posts
    • 3,055 Thanks
    SuperSecretSquirrel
    Have a play with this: https://www.moneysavingexpert.com/mortgages/compare-mortgage-rates#results

    I plugged in: compare two mortgages, 47k balance, 8 year term (based on your aim in first post of being mortgage free in 2025), compare over 5 years, 3.23% no fee vs 2.78% £995 fee... They ended up being pretty much identical. Avoiding the fee would save you £121 in the 5 years, or a total of £194 over the full term

    Of course, things would be different with a longer term etc, so you should have a play with the numbers until you land on monthly repayments and total repayments that you are happy with

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£55,209.85 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £274,532.45 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.0% (exc SP)
    • bubblycrazy
    • By bubblycrazy 13th Nov 17, 11:07 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Thanks Andy and SSS. I've been away for a few days on hols, had a great time but it already feels like it was ages ago!
    I had to wait to get an appointment with the mortgage advisor but it's all done and dusted now.
    I ended up going with the 2 year fix at 2.84% for a few reasons.
    The balance at the end of 2 years will take me into 60/65% LTV so I'll get the best deal available at the time and hopefully be in a better position to switch away from Natwest as they don't really have the best rates, I was just stuck with affordability at the moment.
    Another reason for going for the 2 year fix was purely psychological in that my mortgage rate is under 3%
    I also think my boyfriend will have moved in with me by then (hopefully next year!), which leaves a big question mark over future plans in that sense.

    So my new rate starts from December. I'll be keeping my payments the same so more will be coming off the capital. I've worked out that in 2 years time my balance will be approx £1900 less on the lower rate, and I'll have taken an extra 2.5yrs off the length of the mortgage!
    Looking at the OP calculator my estimated MFD was 15yrs, it's now 12.5yrs!
    Still not exactly where I'd like it to be, but I think I'm deciding more and more that 12.5yrs would be fine with me, and maybe focus a little bit more on my pension/s&s Isa options.
    Hope everyone is well.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 11th Dec 17, 4:25 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Absolutely nothing happening on the MSE side of things recently. I finished all my Xmas shopping last week and have almost wrapped it all. It was DS 5th birthday 2 weeks ago so was manic organising a party for that and tidying the house, first time my boyfriend's parents had seen the place!
    All went well but my finances are a work in progress right now. I've bought Xmas presents for DS, myself and my brother on behalf of other people and am getting the money back in drips and drabs, not helping the budget!

    I've had a £15.29pm pay increase at work due to them working out our holiday pay wrong. I'm using it as extra for the months I don't have enough. I can't figure out a way to calculate if I'm saving enough or too much for this.
    Wish I was on the same amount of money all year round. I've applied for another vacancy at work, it didn't say the hours so might not be suitable but won't know unless I try.

    I've also done something crazy and have registered to do a charity skydive for Alzheimer's Society in May next year! It's been on my bucket list for about 17 years and it was this years resolution to do it. Didn't seem to find the time this year, but booking a place counts right? Nervous but excited to take on the challenge. Hoping to raise at least £500.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 4th Feb 18, 10:42 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Aww my poor neglected diary. I'm going to try and make more of an effort to keep it updated, although I haven't got much happening on the money saving front. My mortgage balance is now under £46000 not sure how much under until the interest is added on the 26th.
    I managed to make an OP of £118.63 in December, however nothing in January as my car insurance was due, and because I haven't been budgeting for a full 12 months, there wasn't enough in the pot.
    OP'd a whopping 51p so far this month.

    I've eventually set up a S&S ISA for £50pm, this will start on the 1st March. The money for this will come out of my extra tax credits and not my SOA.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 5th Feb 18, 11:05 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Just realised that my water bill has increased by 84p a month. This prompted me to put in a gas and elec meter reading and my monthly payment has gone down by £25pm This is mainly because I applied for the warm home discount this winter which has been credited to my account.
    Over the last few weeks I've slowly changed the lightbulbs in the house over to LED's so I'm hoping this will also make a difference.

    This means my SOA has a spare £24.16 which I will use for the S&S ISA, so I'm only using £25.84 from the spare tax credits. Happy about that.
    I came under budget by £18.70 last week (5 NSD's in a row!) so have just OP'd that.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • frugal_lass
    • By frugal_lass 7th Feb 18, 4:27 PM
    • 6 Posts
    • 235 Thanks
    frugal_lass
    I just wanted to say that while I've been lurking on this board for over a month your thread has inspired me to come here and join in. I've also subscribed

    I'm also on a low income and have lofty goals. I'm so impressed with how you're doing, your organisational skills and look forward to seeing how you do. Cheering you on to achieve what you want
    • bubblycrazy
    • By bubblycrazy 7th Feb 18, 11:30 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Ah thank you frugal_lass. Glad to have you on board, give me a nudge if I forget to post in a while!
    Are you trying to get rid of a mortgage too?

    Boo to low incomes, but if we ever come into money we'll appreciate it all the more

    It's almost a full time job staying organised, it doesn't come naturally to me and I'm a huge procrastinator. I wouldn't get anything done if I didn't write it in my bullet journal.

    NSD today, should be one tomorrow too.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • frugal_lass
    • By frugal_lass 8th Feb 18, 5:52 PM
    • 6 Posts
    • 235 Thanks
    frugal_lass
    Yes I'm trying to get rid of my mortgage too - just got it down to £65,999 yesterday! In April 2019 I'll be at the end of my fix, but my income is now £2K less and I was stretching my affordability getting the mortgage when I got it. It's not all doom and gloom though as I can afford to pay it as my lifestyle is very simple.


    I toyed with the idea of starting a diary but I don't think I'd stick with it. Hope to pop in regularly to see how you're doing!
    • bubblycrazy
    • By bubblycrazy 9th Feb 18, 11:45 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Well done on the balance , sounds like similar circumstances to me.
    Yesterday was a NSD but spent £5 today at the cafe as had lunch out with the boyfriend and his dad.
    Tomorrow will be a spend day as we're taking DS swimming, even though it's far too cold to be thinking about wearing a swimsuit!
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 23rd Feb 18, 6:38 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    Well I survived half term with DS last week. We went swimming and to soft play a couple of times and everything came under my weekly entertainment budget. So far this year I've came under budget every week which I'm really pleased about, except for this week as it's my mams birthday and I took her out for a meal. I have enough left over from the last 2 weeks to cover it though, so all good.
    Impatiently waiting for the council tax bill to be sent out so I can update my SOA.
    I think I over estimated how much spending money I would need for going away in 3 weeks, so I've got enough saved up for that and hopefully money spare.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 23rd Feb 18, 7:34 PM
    • 1,328 Posts
    • 6,185 Thanks
    wishingthemortgaheaway
    I'm pleased I'm not the only one 'eagerly' awaiting the council tax bill.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • bubblycrazy
    • By bubblycrazy 23rd Feb 18, 8:02 PM
    • 151 Posts
    • 444 Thanks
    bubblycrazy
    I guess it's better than dreading it.
    I want to change it from 10 months to 12 so I phoned them last month and they said I'd have to wait for the new bill and then ring them to change it! Seems like a waste of time and paper but that's councils for you.
    Last edited by bubblycrazy; 26-02-2018 at 7:56 PM.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
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