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  • FIRST POST
    • Urbanshyne
    • By Urbanshyne 22nd Jul 17, 10:00 PM
    • 59Posts
    • 236Thanks
    Urbanshyne
    Introducing....
    • #1
    • 22nd Jul 17, 10:00 PM
    Introducing.... 22nd Jul 17 at 10:00 PM
    Hi and thanks for dropping by to read my first MFW blog. I have been utterly inspired by the commitment (and sacrifices) so many of you have made in order to pay down your mortgages early. An especially BIG shout-out to Tilly, Museumworker and Man v Mortgage - you guys rock! I've been obsessed with your blogs for the passed few weeks following the realisation that I would be 59 before my mortgage was paid in full. 59. I truly shudder at that thought, but for some reason it just hadn't clicked before. So I sought help and found it here in all your amazing blogs!

    Some numbers for you:

    Original Mortgage: £108,950 Sept 2015
    Outstanding Today: £100,702.92
    Daily interest (approx): £5.80
    Days Until Mortgage Cleared (without OP): 8461
    with OP: 2252
    Interest Saving (approx): £24000

    It's my aim to OP by £1000 per month for the next 6 years. This blog, with your help and support, is my testament to that challenge.

    Lee. x
Page 2
    • blocpartyfan
    • By blocpartyfan 1st Jan 18, 3:02 PM
    • 52 Posts
    • 239 Thanks
    blocpartyfan
    Happy New Year Urbanshyne!
    Mortgage when started: £200,999
    Current mortgage (2nd Jan 2018): £135,000
    Mortgage free day planned for: 25th June 2025 (day before my 40th birthday!)
    • Urbanshyne
    • By Urbanshyne 1st Jan 18, 10:07 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    Hi Lee

    Interesting diary, I've been catching up, you have some serious targets, so good luck!

    You asked about more ideas….

    I've just saved £250 per year by switching from a contract ti sim only deal without upgrading my phone, and got more minutes and more data in the process.

    Are you a higher rate taxpayer? It might be worth contributing more to your pension to reduce your tax rate. It might mean you have slightly less to take home though, but would beat any savings rate.the guys in the retirement forum know more than I do about it ;-)

    Escapar2020
    Originally posted by Escapar2020
    Hey Escapar,

    To get a similar mobile contract to the one I currently have would certainly cost me 4-5 times what I spend at the moment.

    I hadn't considered increasing contributions to my pension, but it's something I'll look at doing this year.

    Happy New Year.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • juststuff123
    • By juststuff123 2nd Jan 18, 8:16 PM
    • 225 Posts
    • 686 Thanks
    juststuff123
    Hi Urbanshyne

    Have you looked into Topcashback and Quidco for saving a few extra pennies?

    If you're looking for other places to stash your cash (my last goal was mortgage neutral) have a look at 1st direct, HSBC & M&S they all have 5% regular savers available (with conditions).

    Do you invest in peer-to-peer of stocks and shares Isas? May be worth doing a little research on those. I have a little tucked away in there.

    By the sound of it you're going to be squirreling quite a bit away for a while.

    Also ref the smoking, how's that going? I'm sure I've read on this site that other people take the money they would normally spend on cigarettes, put it in a jar and save it up in there until they have enough for a treat like a holiday or a new bathroom? Luckily I've never smoked but I used to save £2 coins that I'd get in my change when I had enough I went wing walking. That might be an idea for you?

    Anyway happy 2018!
    NEW GOAL – Mortgage Balance £0k & £50k Savings by Feb 2020
    MORTGAGE: – £0 / £0
    SAVINGS: – £32936 / £50000
    CREDIT CARD: – £7980 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £26,100/£26,100 / MFiT-T4 #80: £45,232/£45,232
    • Urbanshyne
    • By Urbanshyne 16th Feb 18, 9:01 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    So - a little update.

    Yesterday saw my mortgage balance slip under £90000 for the first and last time. 7 months, then, has seen £10000 cleared since I started doing this, and before September 2018 another £9000 (fingers crossed) will pass from debit to credit on the balance sheet.

    Unfortunately, though, my current employer has decided to scale back his business over the next few months, leaving me out to pasture from today. Thankfully, I've found another job which I start on Monday but I don't think I'll be there for long - I'm taking a pay cut and the work will be no where near as satisfying. In the short term, I'll still be able to make the £1250 OP every month, but the £500 a month I'm currently saving as well will have to stop. DAMN! I reason that some money is better than no money.

    Best, L.x
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Urbanshyne
    • By Urbanshyne 16th Feb 18, 9:20 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    Hi Urbanshyne

    Have you looked into Topcashback and Quidco for saving a few extra pennies?

    If you're looking for other places to stash your cash (my last goal was mortgage neutral) have a look at 1st direct, HSBC & M&S they all have 5% regular savers available (with conditions).

    Do you invest in peer-to-peer of stocks and shares Isas? May be worth doing a little research on those. I have a little tucked away in there.

    By the sound of it you're going to be squirreling quite a bit away for a while.

    Also ref the smoking, how's that going? I'm sure I've read on this site that other people take the money they would normally spend on cigarettes, put it in a jar and save it up in there until they have enough for a treat like a holiday or a new bathroom? Luckily I've never smoked but I used to save £2 coins that I'd get in my change when I had enough I went wing walking. That might be an idea for you?

    Anyway happy 2018!
    Originally posted by juststuff123
    Hey, sorry it's taken me so long to reply.

    I have some of my savings in high interest current accounts at the moment, a little in premium bonds, a few pounds in a 1 year fixed savings account with Paragon and a couple of hundred in a poorly paying instant access account with my main bank. I'm also going to open a Vanguard Stocks and Shares ISA in the next few months and put some of the money I receive from a house I rent out into that. It's a passive fund which tracks various stock and bond markets around the world. I have no interest in being an active investor. I just don't know enough to play that game.

    On the subject of P2P lending - I'm really not a fan. The rates of return look attractive, but I'm cautioned by the lack of protection in an industry that's fledgling.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • greent
    • By greent 18th Feb 18, 12:46 PM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    Sorry to hear about the job loss - but great you have another one straight off - ok, reduced pay, but still enough to be making fab OPs
    Hopefully you'll find something more rewarding (in all senses) soon
    x
    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) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Retter
    • By Retter 18th Feb 18, 8:44 PM
    • 12 Posts
    • 10 Thanks
    Retter
    Very interested to catch up with this one. I!!!8217;m in an almost identical position with regards to my own mortgage. I!!!8217;m on course to knock £10k off mine this year but prefer to mix smaller monthly overpayments with occasional lump sums.
    • Urbanshyne
    • By Urbanshyne 3rd Mar 18, 8:05 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    As jobs go, the new one was terrible. If it were a person, they'd be called Eric and wear beige slacks over harvest festival pants, to keep everything safely gathered in. He'd be single, probably with a little dog acquired from the local pets' shelter and they'd live together in a bungalow somewhere on the south coast. Bognor, maybe. Thursdays would be bingo, Sundays for Church - a sad succession of banal routines and mundane rituals.

    You get the picture.

    So I jacked on Wednesday and start another new job on Monday and all being well, this one should be magnificent!

    Where it leaves me financially is up in the air at the moment. The money's good, but it's an hourly rate rather than salaried - If I can't make the hours, I don't earn the cash. Tsk. We'll just have to see how it goes.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • greent
    • By greent 4th Mar 18, 8:39 AM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    Hope all goes well x
    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) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Urbanshyne
    • By Urbanshyne 29th Mar 18, 10:47 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    Hi everyone,

    This month has felt like the pits. I've had to account for every penny, raid all my change jars, use every voucher and forego any fun whatsoever. It's been pretty miserable. After all the bills were paid and mortgage OP made, I was left with £120 for everything else. I've tried to keep some perspective on what the overall goal is and how much better off I'll be without a mortgage, but this month has really tested my conviction to the schedule I'm attempting to keep. Subsequent months won't be as tight as they have been this month, and I guess there's some consolation in that - it's just difficult to remain focused when it seems your purpose is solely to fulfil a mortgage overpayment every month. On that, I have only myself to blame.

    As I think many of you might agree, I've found reading other people's diaries helpful. It's kinda lovely that a space exists where we can share our experience of what otherwise is a fairly uncool preoccupation. Money is dull. Watching the pennies is tedious. It's the challenge that's interesting and the earlier freedom from a certain financial penury that certainly drives me. If only it could be over tomorrow and I could join that other board: Mortgage Free Roll of Honour.

    Alas.

    Not yet.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Escapar2020
    • By Escapar2020 30th Mar 18, 7:26 AM
    • 89 Posts
    • 166 Thanks
    Escapar2020
    'Uncool preoccupation' would be a great forum name!

    Well done for making it through the month! Try to keep a healthy mortgage/life balance though

    Escapar2020
    Last edited by Escapar2020; 30-03-2018 at 7:28 AM. Reason: Typo
    • Urbanshyne
    • By Urbanshyne 14th Apr 18, 6:49 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    I thought I'd just update my blog with some numbers.

    My outstanding mortgage balance today is £87399. Since July 2017, that's decreased by about £14,000. My current savings take that balance down to £67,899.

    Daily Interest has reduced from a high of £5.80 to around £4.60. There's also been a interest rate reduction of around 0.5% when I renewed my deal last September.

    The number of days until my mortgage is paid off have reduced from 2252 to 1093. Currently, I expect to have paid my mortgage off by April 2021, my 40th Birthday. I'm actually hoping to have it sealed by December 2020.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • greent
    • By greent 15th Apr 18, 2:46 PM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    I thought I'd just update my blog with some numbers.

    My outstanding mortgage balance today is £87399. Since July 2017, that's decreased by about £14,000. My current savings take that balance down to £67,899.

    Daily Interest has reduced from a high of £5.80 to around £4.60. There's also been a interest rate reduction of around 0.5% when I renewed my deal last September.

    The number of days until my mortgage is paid off have reduced from 2252 to 1093. Currently, I expect to have paid my mortgage off by April 2021, my 40th Birthday. I'm actually hoping to have it sealed by December 2020.
    Originally posted by Urbanshyne
    Some cracking figures there, Urban - and I have no doubt that you'll achieve your 12/20 hope!
    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) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • gallygirl
    • By gallygirl 6th May 18, 11:04 PM
    • 16,646 Posts
    • 109,861 Thanks
    gallygirl
    Money is dull. Watching the pennies is tedious. It's the challenge that's interesting and the earlier freedom from a certain financial penury that certainly drives me.
    Originally posted by Urbanshyne
    Well put

    Money's going well, how's the non-smoking and diet .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Urbanshyne
    • By Urbanshyne 11th May 18, 11:07 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    Well put

    Money's going well, how's the non-smoking and diet .
    Originally posted by gallygirl
    I'm afraid to say that my weight loss attempts are repeatedly and consistently foiled by bacon and egg sandwiches in roadside cafes. The urge to over-eat still hasn't quite been numbed by my reflection in the mirror. There's still time, I guess.

    I've a few wobbles with non-smoking - an occasional fag here and there, usually inspired by too much wine, but on the whole I've remained clean.

    So I'm regarding a 50% success rate as, well, a success.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • gallygirl
    • By gallygirl 12th May 18, 8:05 AM
    • 16,646 Posts
    • 109,861 Thanks
    gallygirl
    So I'm regarding a 50% success rate as, well, a success.
    Originally posted by Urbanshyne
    It is indeed . Onwards and downwards .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Urbanshyne
    • By Urbanshyne 27th May 18, 12:07 AM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    Another month nearly upon us and for me that has meant yet another job. Since the end of February, I've had 4. Ouch.

    What's with the high turnover, I hear you ask.

    Well, I had a really ace job until the beginning of March. I moved steam and diesel locomotives by road for a haulage company. Unfortunately, my boss experienced some legal difficulties and the company subsequently folded at the end of February. It was very sad. And since then I've been floundering a bit for something that had the same thrill, I guess. Other truck drivers in heavy haulage may well think at this point I'm a total !!!! but I LOVED moving rolling stock. And I miss it, truth told. There are others that do it of course, just maybe not with the same ethos. And that matters.

    So, I'm on to job number 5 on Tuesday, admittedly with much better terms than I've had in the previous 4, but it's still just a job I fear.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • julicorn
    • By julicorn 27th May 18, 9:13 AM
    • 291 Posts
    • 1,162 Thanks
    julicorn
    Best of luck with your new job UrbanShyne! It must be so hard having to give up a job you really love. I hope you find something that excites you about this job (or that you find another really great job really soon).

    I've just read through your diary, your goals and achievements are amazing!
    • Urbanshyne
    • By Urbanshyne 27th Jul 18, 10:34 PM
    • 59 Posts
    • 236 Thanks
    Urbanshyne
    So, hello. I'm a year into overpaying on my mortgage and I can report that I've cleared nearly £20,000 off the balance. I don't know about you, but I'm stoked. I really didn't believe that it'd be possible. I imagined that I'd give up because it was unattainable. If anything, my resolve has only intensified.

    I'd like thank this forum for keeping me on track. I'm not a regular contributor but I do check in a few times a week to see how people are getting on. Your progress kind of inspires mine. And since this a pretty dull life pursuit (I mean that with love) at least we can be dull together.

    Power to the Over Payers!
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • EatingTheElephant
    • By EatingTheElephant 28th Jul 18, 9:46 AM
    • 1,336 Posts
    • 7,270 Thanks
    EatingTheElephant
    Great reduction for your first year, congratulations
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