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  • FIRST POST
    • julicorn
    • By julicorn 29th Apr 18, 8:24 AM
    • 667Posts
    • 2,870Thanks
    julicorn
    julicorn's journey
    • #1
    • 29th Apr 18, 8:24 AM
    julicorn's journey 29th Apr 18 at 8:24 AM
    Hi everyone! Thank you all for sharing your journey to being mortgage free, it's really inspiring.

    My husband and I bought a 1 bed flat in December, for the bargain amount of £270k (gotta love living in the South East!). Luckily we had been able to save for a decent deposit, so our mortgage was £202,500 plus fees (closer to (£203,500), out of which we still had just over 201k left as of yesterday.

    Our mortgage is 2 year fixed at 1.41%, but that appears to be based on the mortgage offer date, so running out in July 2019. I would love to reduce our mortgage as much as possible by then, and just in general.

    The things that have given me a bit of a kick in the butt to start overpaying now, in no particular order:
    1. Logging into my online account and seeing "24 years 7 months remaining" is daunting. That's a crazy long time. If we got to that, I would have spent half of my life paying off a 1 bed flat.
    2. The fact that we have already paid almost £1k in interst in just a few months isn't great either. The more we can shave off total interest, the better.
    3. When saving for the flat, we managed to put away over £1k every month, and that was while paying rent that was slightly higher than our mortgage. If we managed to do that now, we'd have the flat paid off 15 years early.
    4. While over the last few months, we spent money on lots of the stuff we missed out on while saving for the flat (booked a holiday, got tattoos, all that super grown up jazz) and also put quite a bit of money into furniture and redecorating, I've also noticed that a lot of the extra money just sort of slipped away. For example, our diet has gotten a lot worse because we seem to be getting take out a lot atm.
    5. In some weird way, I really miss saving. There was something really satisfying about seeing our savings account growing so quickly, and I think seeing our remaining mortgage amount reduce will have a simar effect (psychologically speaking).

    So, is the aim really being mortgage free in 10 years? Realistically - no. I know we won't prioritise overpaying I over certain life experieces (currently holidays mainly), but also, the aim is to stay in our flat here for around 5 years or so, and then see whether we want / need something bigger. But even if we do buy somewhere more expensive then, it can only help to have reduced that outstanding debt more quickly. And that's how I see it - I think for a lot of people a mortgage is just something everyone has, but for me it feels like "being in debt", which is something I have mostly avoided so far.

    So based on all of this, we made our first overpayment of £900 yesterday. For the first few months, I want to build up our ISA savings a little more again (to £10k or so) in parallel for "just in case", and then concentrate mainly on paying off our mortgage. (side goal: no more take outs! Need to learn to cook a decent curry ).

    Thanks for having me
Page 11
    • the cross rabbit
    • By the cross rabbit 1st Jan 19, 7:21 PM
    • 433 Posts
    • 2,625 Thanks
    the cross rabbit
    Happy New Year Julicorn
    CRx
    Mortgage £82,000, due to end July 2036. 18/1/2019 Mortgage £79,150.55
    #67 mortgage free wannabe 2019 £157.48/£800
    • julicorn
    • By julicorn 1st Jan 19, 8:07 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Happy New Year to you too CR! x
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • beanielou
    • By beanielou 1st Jan 19, 8:34 PM
    • 62,666 Posts
    • 271,530 Thanks
    beanielou
    Great start to the year with the OP
    My mortgage balance did that last year too.
    Sadly only for one day
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • julicorn
    • By julicorn 1st Jan 19, 8:50 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Thanks beanie! And sad to hear they've probably not just written off the remaining £182k, now that would have been a fantastic start to the year
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • beanielou
    • By beanielou 1st Jan 19, 8:55 PM
    • 62,666 Posts
    • 271,530 Thanks
    beanielou
    Thanks beanie! And sad to hear they've probably not just written off the remaining £182k, now that would have been a fantastic start to the year
    Originally posted by julicorn
    It would
    The rotters
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • julicorn
    • By julicorn 19th Jan 19, 1:57 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    This morning, I have finally added the cross stitch patterns I made so far to etsy (my goodness, that website is a bit of a faff to use as a seller!). I've also made one more pattern, just got to stitch that one before I upload it. Shouldn't take too long though.

    On the mortgage front, Accord don't seem to have changed our monthly payment amount strangely (they had said in the past they'd do an account review at the end of the year and lower the payments to reflect overpayments), but that doesn't really matter seeing as we're wanting to keep on overpaying anyway.

    It's now only 2 weeks until our trip to Center Parcs - I'm so excited! We've already booked some spa appointments and activities, it's going to be such a nice treat.

    Have a great weekend, everyone!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • Karmacat
    • By Karmacat 19th Jan 19, 4:50 PM
    • 31,299 Posts
    • 184,254 Thanks
    Karmacat
    Fascinating that you sell *patterns*, julicorn, I do like that. Still, I bet the trip to Center Parcs is the main thing right now
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • julicorn
    • By julicorn 19th Jan 19, 5:11 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Thanks Karmacat! I can't wait for our little holiday, have had a bit of a stressful time at work recently and am really looking forward to just having a nice week off.

    No sales just yet, but it's early days and a few of my patterns have been 'favourited' already, so not a bad start. Will report back!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • julicorn
    • By julicorn 26th Feb 19, 10:13 AM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Quick update, because as of today we're officially under £180k!

    The Etsy shop is also picking up nicely. Most of the guides say that starting with less than 25 products is a bad idea, and that things only start picking up with 50+, but I started with 6 products, am up to 14 now, and have already had almost 30 sales this month
    I'm managing the finances for that in YNAB as well, and retaining a proportion of what is coming in as 'profit', to make decisions on quarterly (perhaps to invest in some marketing or ads). But I've already made more than I thought I would, and will probably need to start putting some money away for income tax in the next tax year. Exciting times though, it's so motivating to see people like what I make!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • Karmacat
    • By Karmacat 26th Feb 19, 11:43 AM
    • 31,299 Posts
    • 184,254 Thanks
    Karmacat
    That's brilliant, julicorn, congratulations! You've obviously got the knack
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • julicorn
    • By julicorn 26th Feb 19, 1:20 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Thanks so much Karmacat! I think weirdly the most motivating thing is seeing people share finished pieces they've based on my patterns, it's really fun to see for example a little llama I designed in people's living rooms in Toronto and Melbourne and places like that
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • greent
    • By greent 27th Feb 19, 7:19 PM
    • 8,031 Posts
    • 81,434 Thanks
    greent
    Aw - that's brilliant - well done!!! I like etsy for unusual gifts and supporting small businesses
    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 12/18 £54829 2019 OPs (#18) £1603.41/£5K
    Net sales 2019 £155.17/£500
    • julicorn
    • By julicorn 28th Feb 19, 7:22 AM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Thank you greent! I love etsy too, I buy presents from there quite a bit. Even our wedding rings are from etsy, now that I think about it!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • julicorn
    • By julicorn 14th Apr 19, 12:53 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Hi everyone! Between working, running my Etsy shop (which is still going well!) and also running the MFW challenge, I've not taken anywhere near enough time to check in on all of your diaries, and update my own. I just realised that the end of this month will me my first MFW anniversary though, and that we started overpaying in April last year! It's easy to 'get used' to overpaying, to the point where the it just feels like such a mountain to climb and the little victories don't feel as rewarding. But I just had a look at our figures:

    We started in April last year, with a balance of £201,800. With our regular payment this month, our remaining balance will drop below £175k. I honestly can't believe what a difference we have made already, with no real change to our lifestyle (and while still doing awesome things like going to Japan this autumn!).

    Thank you all for your support so far, I don't think we'd have gotten anywhere near this point already without this forum. It makes such a difference seeing everyone follow similar goals and support each other.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • beanielou
    • By beanielou 14th Apr 19, 3:03 PM
    • 62,666 Posts
    • 271,530 Thanks
    beanielou
    Lovely to read
    WEll done.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • julicorn
    • By julicorn 14th Apr 19, 6:56 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Lovely to read
    WEll done.
    Originally posted by beanielou
    Thanks beanie! How are you doing?
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • miss undastood
    • By miss undastood 14th Apr 19, 7:39 PM
    • 154 Posts
    • 368 Thanks
    miss undastood
    We started in April last year, with a balance of £201,800. With our regular payment this month, our remaining balance will drop below £175k.
    Originally posted by julicorn
    Blimey! Thatís seriously impressive in just a year. Well done!

    We made an overpayment in Jan (as you know) and I have almost saved up enough for the next overpayment we can make in October.

    I canít wait to come off of our fix so we can make unlimited payments. But Iím just cyphoning money away so I donít notice I donít have it.

    I think it will take 8-10 years to clear our mortgage. If I went back to work full time we could do it a lot quicker though (but I donít want to do that!!)

    Iím finding the MFW challenge addictive and keep checking my account to try and move over a few £ here and there. At times it feels like it takes over my life.

    Keep up with the fab work!!
    Mortgage 1: £5,350 / £43,127 (@ 1.64%) 12%
    Mortgage 2: £76,869 / £264,869 (@ 3.89%) 29%
    MFW-19 #56 £11,690.11/ £18,000


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    • beanielou
    • By beanielou 14th Apr 19, 7:49 PM
    • 62,666 Posts
    • 271,530 Thanks
    beanielou
    Thanks beanie! How are you doing?
    Originally posted by julicorn
    Plodding on thanks
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • julicorn
    • By julicorn 15th Apr 19, 6:38 PM
    • 667 Posts
    • 2,870 Thanks
    julicorn
    Blimey! Thatís seriously impressive in just a year. Well done!

    We made an overpayment in Jan (as you know) and I have almost saved up enough for the next overpayment we can make in October.

    I canít wait to come off of our fix so we can make unlimited payments. But Iím just cyphoning money away so I donít notice I donít have it.

    I think it will take 8-10 years to clear our mortgage. If I went back to work full time we could do it a lot quicker though (but I donít want to do that!!)

    Iím finding the MFW challenge addictive and keep checking my account to try and move over a few £ here and there. At times it feels like it takes over my life.

    Keep up with the fab work!!
    Originally posted by miss undastood
    Thanks miss undastood! 8-10 years to clear your mortgage is amazing! That's roughly the time frame we would be looking at as well, apart from that we're only in a 1 bed flat and will probably need something a little bigger in a few years time.... Oh the joys of living in the South East! Can't complain though, we're in a really good position now really, especially considering neither of us are on crazy high salaries. Being aware and having a goal makes such a huge difference.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • Karmacat
    • By Karmacat 15th Apr 19, 6:51 PM
    • 31,299 Posts
    • 184,254 Thanks
    Karmacat
    Hi juli, thats a huge amount you've managed to pay off, well done you! SE England is really something for prices, isn't it - shocking how much things cost. Never mind, you've taken control now, thats brilliant.
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
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