Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Blibble
    • By Blibble 27th Dec 17, 7:37 PM
    • 433Posts
    • 751Thanks
    Blibble
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free
    • #1
    • 27th Dec 17, 7:37 PM
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free 27th Dec 17 at 7:37 PM
    Hi folks!

    I'm a fervent reader of the MFW board, and have been meaning to get cracking on my own diary for some time to keep me on the MFW straight and narrow. Unfortunately, the time's never quite been right to do so before now; me and my partner are in a new build house which always seems to throw something up which we hadn't planned for (it's not just older houses y'know!).

    Coming up to the new year, and reflecting on how much we've spent over Christmas (and how badly budgeted it was), I've been thinking a lot lately about seriously attacking the mortgage and now feels as good a time as any. Sooo, a little about us ...

    We're both 23, and moved in to our house in mid-December 2016 in the north west. We're not rich - both earning just above minimum wage - but thankfully have nobody dependant on us financially and are fairly minimal in what we want. We've £127,879.52 outstanding on the mortgage - we've only made minimum payments on the mortgage until now - and the rate sits @ 2.34% expiring August 2018.

    I'll post an SOA (a SOA?) below in a bit; mortgage OPs will initially be on the lower side as we're saving £1000 a month for a wedding too, but hoping we can scrabble together a couple of hundred more a month to put towartds OPs..

    Wish me luck - if nothing else it should be a craic

    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
Page 8
    • Blibble
    • By Blibble 1st Mar 18, 7:49 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Phwoar, ain't 'alf grim out there! Snow's died down, but the wind is absolutely insane

    Good news today is that OH got a pay-rise from her pay review . £2000 a year - I've encouraged her to put most of towards her pension (tedious? yep! But probably sensible) however having said that I wouldn't mind a tad more spending money

    My pay increase still hasn't come through; been trying to organise meeting with manager who's dealing with it however she's been off sick & when she has been in it keeps getting postponed, so no movement there. A colleague today did indicate that there might be a different job in the pipeline for me however, which is why she keeps avoiding having a chat about it - very mysterious and don't really know what to think. Knowing my company it'll just get lost in an endless sea of paperwork and never happen

    Was very brave this evening and resisted going to pub with OH & her sister to celebrate. No drinks for me unless it's one of the 5 pints in the fridge, or at darts on a Tuesday night!
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 4th Mar 18, 1:22 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Avoided an expensive day out yesterday - OH and me went up Cheshire Oaks which, for those more southern varieties who haven't been, is middle class outlet shopping heaven.

    Ended up having lunch at Wagamama with just tap water & a meal to share, limiting myself to £6 in the Lindt shop, and finally picking up a new big-coat down from £140 to £45 (and then a £25 gift voucher on top of it). Fine by me, definitely a need rather than a want as haven't had one since I spilt paint on my old one a year and a half ago
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 7th Mar 18, 10:24 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    OH is on a business trip this evening in London (alright for some!) so I've had a very MSE evening. 2 hours overtime, followed by a quick shop around ASDA with 2 loaves of 5p bread & 10p butternut squash for a soup this weekend. Feeling very smug this evening with that
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Kittenkirst
    • By Kittenkirst 7th Mar 18, 10:33 PM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    Good frugal shopping finds there Blibble
    2018 MFW #20 - OP £1465.85/ £3000 49%
    Mar: £218 Apr: £528.91 May: £27.31

    Emergency fund £4.2k/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Blibble
    • By Blibble 8th Mar 18, 7:03 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Good frugal shopping finds there Blibble
    Originally posted by Kittenkirst
    Thanks! Did feel like a chump sticking it on debit card though as I had no change
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Mar 18, 7:27 AM
    • 1,321 Posts
    • 6,149 Thanks
    wishingthemortgaheaway
    Thanks! Did feel like a chump sticking it on debit card though as I had no change
    Originally posted by Blibble
    Always the time to use self service.....
    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
    • Blibble
    • By Blibble 8th Mar 18, 6:44 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Even better MSE day today! Last week I happened to be looking through my payslips, and found I'd paid £20 back to Student Loans Company last month.. However, I hadn't hit the £1750 gross threshold, so raise a query with SLC who confirmed the payment was wrong and referred me back to my HR team to contact HMRC.

    As I hadn't heard from HR since, I thought I'd give it a chase. They called HMRC, and confirmed that SLC need to deal with it. So, off I go back to SLC ready with a rant about who I should be speaking to in order to get my £20 OP money, and we work out that I'm on the wrong repayment plan, have been for nearly 3 years, and am owed at least £130 and, if I can find my oldest payslips with work, probably nearer £200!

    OH thinks it's going on a meal out, but what she doesn't know won't hurt her
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 10th Mar 18, 6:59 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Get to spend the wedding budget for the first time next week We've booked a meal at the venue we're looking at so we can sample their food. Well, that's what we're telling ourselves ... really we just wanted an excuse for a meal out

    Butternut squash soup made today was lush . Slightly over on the food budget again, however that was mainly due to stockpiling on a certain brand of crisps which were £2.65 for 40 in B&M. About £12 over for the month on groceries, but it will come under budget by payday
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 12th Mar 18, 8:17 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Bit of a bummer at work today - had it confirmed that they're cutting my overtime. No more milking them at time and a half then, but on the plus side I can concentrate on doing my own job properly rather than 2 or 3 different roles & I'll have a better work-life balance going forward.

    Back to the drawing board to work out where the rest of the £3000 extra income target for the year is coming from
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 13th Mar 18, 11:37 AM
    • 1,652 Posts
    • 9,646 Thanks
    themadvix
    That's a pity! But when one door closes.... I'm sure something else will pop up to fill the gap! (Is it likely that things will change again after the financial year end?)
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 14th Mar 18, 10:46 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Likely not - work have hired more staff so no chance of things changing in the foreseeable. Bit frustrating as they've not hired anybody for my department, and blanket-banned overtime, so to speak.

    Long week ahead; OH's grandfather has taken a turn for the worse. Her sister's travelling up this evening to see him, so OH and me are looking after her kids this evening until brother-in-law gets back from work at midnight. Hey ho, we'll get there.
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 15th Mar 18, 9:29 AM
    • 1,652 Posts
    • 9,646 Thanks
    themadvix
    That's a pity about OT

    Sorry to hear about OH's grandfather. Hope you manage to get up there too.
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 15th Mar 18, 8:03 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Stayed over last night at sister-in-law's & took a crash course in parenting (totally not ready for kids given the whole poopy nappy thing), and absolutely shattered today. Left at 6:45 this morning to go to work, OH took kids to nursery and school. OH's grandfather unfortunately passed this morning, so she'll be going up to see everyone tomorrow as I'm unable to get the day off. We weren't overly close to him (grandfather was on OH's biological Dad's side of the family who we're not quite as close to) but it's still quite harrowing.

    On the plus-side, we've had our new armchair delivered. But that doesn't seem so glossy at the moment.
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 16th Mar 18, 8:47 AM
    • 1,652 Posts
    • 9,646 Thanks
    themadvix
    So sorry to hear about your OH's grandfather. Thinking of you. x
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 21st Mar 18, 8:17 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Last week has been quite un-MFW, but feel like I'm back on the road now . Spends couldn't really be helped, mind; travelling around the country, buying sister-in-law's kids takeaway, things that needed buying to make the period easier.

    On the MFW front, there's a few payments hopefully coming in over the next month. NPower have said I owe £24 on a closing statement to them which I'm pretty sure should actually be £50 or so in my pocket (their "estimated" readings are surprisingly way off). I've got a survey focus interviewer coming round to our house next Wednesday, so that should be £100 or so. Still need to work out what's going to replace my OT money, however, but we'll work it out
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 22nd Mar 18, 4:17 PM
    • 1,652 Posts
    • 9,646 Thanks
    themadvix
    Sometimes MFW has to go out of the window, so don't beat yourself up about it. Good to hear you're feeling back on top of it now though

    That's a great payment for an interview!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 26th Mar 18, 5:43 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Pheeeewwww, very glad it's nearly pay-day! We've spent the first of our wedding budget by putting forward our deposit this week - we were only allowed to book in May but changed to a similarly-priced package which allowed us to keep our date earlier.

    Unfortunately, interview has been cancelled down so no payment there. However, £183 confirmed as coming back from Student Loans' Company which is grand. Still trying to sort things with NPower; turns out they've had our wrong post-code for over a year registered on one of their systems, so new provider can't take over the supply. Joy of joys
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 29th Mar 18, 10:59 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Big wedding-y news this week. OH's bio-Dad has confirmed he'll be giving us £5k towards things, which is ridiculously generous although it doesn't fully make up for his lack of actual parenting over the last 23 years (OH's words, not mine!). That does mean though that, weirdly, we'd have enough money to get married tomorrow as we're looking between £12k and £15k all-in (much better than the £23k quoted earlier ). OH is embracing frugal wedding-dom as well; we ended up scavenging for some log slices this week to use as centre-pieces & a cake stand which are getting cleaned up in the garage at some point. Might even get a compromise on the dress

    It makes the £1000 we're saving a month for the wedding a bit redundant, though. I've tried convincing OH that it should all go towards OPing the mortgage, but she was having none of it! Probably right, so we'll continue to save it but with a view to a lump-sum OP in the coming months, depending on how we're doing. Feeling pretty positive about things right now
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
    • greent
    • By greent 30th Mar 18, 9:44 AM
    • 7,008 Posts
    • 71,557 Thanks
    greent
    Great news - and at least you're continuing to save it, rather than go on a spending spree You can then choose what to do with it - OP/ pensions/ buy something/ keep it as a rainy day fund - a mix of all etc
    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 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • Blibble
    • By Blibble 30th Mar 18, 10:20 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Wouldn't know what to buy on a spending spree to be honest - we've been tight boggers for far too long now! As always, it's a waiting game to build up the savings over the months. Thinking about it, we might put just enough to the mortgage to take us down to next LTV threshold when we re-mortgage in August.
    Wedding fund - £2890.92 (£1262.07)
    OP fund - £1427.23 (£138.67)
    Emergency fund - £159.00
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,981Posts Today

8,201Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin