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  • FIRST POST
    • Blibble
    • By Blibble 27th Dec 17, 7:37 PM
    • 435Posts
    • 763Thanks
    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 - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
Page 9
    • Blibble
    • By Blibble 4th Apr 18, 8:44 AM
    • 435 Posts
    • 763 Thanks
    Blibble
    Quick progress check; latest monthly payment has taken us down under £126k, and with £200 or so OP just made as well we're nigh-on £125.5k this month. OP made up of most of SLC money, bank account reward x2 (as forgot to last month) and £20p/m saving on energy.

    First month I've looked at it and felt like we've made a real dent in it
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 6th Apr 18, 9:15 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    It's a great feeling, isn't it? Well done! Now you've truly got the bug!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Kittenkirst
    • By Kittenkirst 7th Apr 18, 9:47 PM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Quick progress check; latest monthly payment has taken us down under £126k, and with £200 or so OP just made as well we're nigh-on £125.5k this month. OP made up of most of SLC money, bank account reward x2 (as forgot to last month) and £20p/m saving on energy.

    First month I've looked at it and felt like we've made a real dent in it
    Originally posted by Blibble
    Great work Blibble! Such a satisfying feeling seeing the numbers start to drop keep it up!
    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
    • Blibble
    • By Blibble 8th Apr 18, 6:08 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    Spurs us on to want to reduce the numbers further . We've had an expensive week as I had works' night out on Saturday, and we had to buy some flea treatment for the cat which seemed terribly costly for what it was! We've also picked up a IKEA shoe-cabinet, as the previous rack we had from B&M was more of a shoe-slide in the end.

    Good news is we're under budget for food and petrol so far this month, so hopefully there'll be a few bob to put towards OPs at the end of the month too.
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 9th Apr 18, 9:34 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    Have you checked out prices for flea treatment online? Depending on what it is, it can be much cheaper! Fetch.co.uk usually has good prices if it's Frontline, or if you need a prescription it can still often be worth it - in a *big* way! One my cats has flea tablets (he is like a devil possessed if he hears the click of the top of the spot on pot) and we managed to get them for about half the price online even with a prescription charge from the vet.
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • themadvix
    • By themadvix 9th Apr 18, 9:36 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    (And don't forget TCB/£co when buying online!)
    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 10th Apr 18, 8:21 AM
    • 435 Posts
    • 763 Thanks
    Blibble
    Oh my word, that's ridiculously cheap! We paid £61 for Broadline (6 months worth) last week, and it's literally half the price for Frontline on there!

    OH has pointed out that local vet has said Frontline is less effective - apparently, fleas are building up an immunity to it, cheeky sods. May be doing some research on that one; worth it for £60p/a saving. Thanks themadvix
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 10th Apr 18, 9:25 AM
    • 435 Posts
    • 763 Thanks
    Blibble
    Just started reading through your diary themadvix before leaving for work - are you still using Financial Bliss' spreadsheet? I've found their posts & can re-create the sheet fairly simply when I get home, just wondering if you've made any changes or improvements to it since 2012 (blimey you've been at it a while, kudos!).
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 11th Apr 18, 9:45 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    Wow, Broadline sounds expensive, although we were paying £10/tablet for the fussy cat (Comfortis). I know some people have had trouble with Frontline but our cats are largely indoors - we let them have a run around before meal times, but it's not safe where we are for them to be out much longer - so flea issues are less of a problem. Might be worth looking for Broadline with a prescription from the vets. I've used Pet Drugs Online and Viovet in the past - I'm sure there's others too. It makes a *huge* difference to vet prices! I was a bit nervous about asking for the prescription at the vets, but actually the receptionists were fine about it and completely understood!

    Not using FB's spreadsheet any more - I think we lost it during the 'hiatus' (You'll get to that if you keep reading, but honestly, you're not missing much if you don't!). I'm happy to send you what we use now via email if you PM me your address. It was one we downloaded and it definitely has more bells and whistles!

    We have been at it a while, but considering we've had two trips to the Maldives, one to Guadeloupe and plenty of other living in the meantime, we've managed to knock quite a bit off the mortgage (not as much as some people, but then we're all different in what we have coming in/what we want from life). It's amazing how focusing on where you spend your money makes such a difference to quality of life overall! Keep at it - you're only just beginning to see the benefits, but they just keep coming (and it gets a bit addictive 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 12th Apr 18, 8:33 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    PM'ed you themadvix!. Only on page 5 of the diary as have only had a chance to read for a little while after dropping OH off at work this week & before I set off, so will properly catch up this weekend. I'm in 2016 though *tabs over to check* so have made some progress with it!

    This week at work's been a breeze - can confirm I've never had a chance to say that before this year. Since the new position though, my role is much more behind-the-scenes, and had some good news today that we've won our pilot contract with one of our clients. Hopefully not a niche team for (too) much longer!

    Have a trip to our head office tomorrow on a training day, so working through the pre-work for that now with a very hefty glass of wine. Feel a bit like the "I don't know what I'm doing meme" with the dog, but there we are. Slightly short on money this month, but there's nothing else pricy planned until pay-day with the exception of OH's little brother's birthday, but have more than enough budgeted for whatever the latest xbox game is this month .
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 13th Apr 18, 11:36 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    Glad work is going well

    Did you get my email?
    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 Apr 18, 3:11 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    I did themadvix, thank you! Replied to you this morning; sorry for the delay, but my inbox is as messy as our house at the minute (hint: very messy).

    Realised this weekend that I've been pants at MFW-ing this month, so have started to set about trying to get a bit more on track. Haven't done a survey in a week and a half so have changed that, and made some carrot and coriander soup this weekend for lunches which was only 80p for the veggies. Work also has a new employee benefit scheme as they were taken over by a bigger company last year who are now trying to ingratiate themselves with their new employees, and as part of that I can get an ASDA 4% cashback card which I'll need to have a look at before next Saturday's shop Feeling better already!
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • Blibble
    • By Blibble 15th Apr 18, 8:01 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    Funny how motivation works - since last post 5 hours ago I've cleared out 8 surveys & tidied the house, as well as wash up from dinner.

    Wish I could sticky this at times of having zero gumption for anything!
    Last edited by Blibble; 15-04-2018 at 8:21 PM.
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • themadvix
    • By themadvix 16th Apr 18, 9:49 AM
    • 1,668 Posts
    • 9,735 Thanks
    themadvix
    Totally understand the variation in motivation - I think it's a natural thing, but it is incredible how quickly it can change one way or the other. I wonder if there's a method out there for increasing/improving its stickability? I know having a good night's sleep helps me hugely.

    Will check out your queries re the spreadsheet - but long to-do list today, so it might not be until tomorrow.
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 16th Apr 18, 8:29 PM
    • 1,335 Posts
    • 6,211 Thanks
    wishingthemortgaheaway
    Was it on your diary Blibble that, some months ago, we discussed the best service stations in the country? (The next but isn't going to make sense if it wasn't...)

    Today I finally got to visit the m5
    Farmshop services. Oh my word it is everything I hoped it would be and so familiar (we are regular visitors to the Cumbrian farm shop services)
    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 16th Apr 18, 8:55 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    Not sure if there's a method to it themadvix, but I find it comes and goes in cycles. Not giving up in the down-cycles is the hardest bit of the whole process, I'm finding, but when it's going good it's going great.

    It was my diary wishingthemortgageaway, yes! Just searched it online (earning 6SB in the process, I may add!) and have a sneaky feeling they may be owned by the same person / people as the branding is very similar. Looks equally lush though - proper like Pavlov's dog over here looking at the pork pie on there

    Trying to unwind my head from the sand again regarding certain areas of spending, and have re-reached the conclusion that I spend far too much on alcohol. I reckon I'm average 4 pints a week in the pub, and a bottle of wine a week, so £15 a week. If I'd cut it down to soft drinks every time, I'd have saved £700 this year So, decided last night that the middle of a rainy April was as good a time as any to stop, so will see how long this one lasts
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 17th Apr 18, 6:47 AM
    • 1,335 Posts
    • 6,211 Thanks
    wishingthemortgaheaway
    Ahhh thought so. They are owned by the same people, they have a third set of services too can't remember wheat they are called, but it's Scotland way, I think where the roads to Glasgow & Edinburgh split.
    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 17th Apr 18, 11:54 PM
    • 435 Posts
    • 763 Thanks
    Blibble
    We'e hoping to have a trip away in Scotland at some point, so will be sure to look out for it wishingthemortgageaway! Would rather visit UK on holiday than abroad 95% of the time, not out of being super-MSE, but I find exploring Britain more enjoyable than sitting on a beach somewhere with little else to do.

    Very proud of myself this evening as haven't had a drink at darts tonight Even after being bought one after saying I'm trying to cut it down! Usually would reward myself with a pint for doing something good, but think I'll refrain in this case And only £5 all evening on 2 soft drinks, raffle, and a couple of 20p bets on dominoes after. Very pleased
    Wedding fund - £2590.92 (£1562.07)
    OP fund - £1427.82 (£139.26)
    Emergency fund - £159.00
    • shangaijimmy
    • By shangaijimmy 18th Apr 18, 7:58 AM
    • 2,721 Posts
    • 13,441 Thanks
    shangaijimmy
    I'll just throw a tiny suggestion if you don't mind. In my early days of diary world I found that a daily TT helped for motivation, especially in the mid part of the month when little was happening moneywise. I reckon it adds up to between £15 and £20 a month as an OP (not an insurmountable amount), and i still do it now (85p this morning whilst the kettle was boiling)! Plus it helps with the obsession/addiction/bug!

    Well done so far...
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 18th Apr 18, 8:01 AM
    • 2,721 Posts
    • 13,441 Thanks
    shangaijimmy
    I'll just throw a tiny suggestion if you don't mind. In my early days of diary world I found that a daily TT helped for motivation, especially in the mid part of the month when little was happening moneywise. I reckon it adds up to between £15 and £20 a month as an OP (not an insurmountable amount), and i still do it now (85p this morning whilst the kettle was boiling)! Plus it helps with the obsession/addiction/bug!

    Well done so far...
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
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