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
    • julicorn
    • By julicorn 29th Apr 18, 9:24 AM
    • 211Posts
    • 834Thanks
    julicorn
    julicorn's journey
    • #1
    • 29th Apr 18, 9:24 AM
    julicorn's journey 29th Apr 18 at 9:24 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 5
    • julicorn
    • By julicorn 3rd Aug 18, 10:45 AM
    • 211 Posts
    • 834 Thanks
    julicorn
    Dating workshops sound excellent! That's such a great idea.

    Giving up work for me is still in the far distant future, so it's hard to think of anything concrete that wouldn't change by then. If I were to stop now, and could comfortably live without an income, then I'd like to focus a lot more time and energy on art (which I don't have the time and energy for as much as I would like at the moment). I'd also quite like to do some work in the area I'm already in, but with more flexibility (e.g. working as a consultant, running workshops, those sort of things). To be fair, my role within the company has changed a fair bit, so it allows me to do quite a lot of those things anyway, but still within full time hours.
    And on a more day-to-day level, I'd like to spend more of more time outside, going on walks, exploring the area a bit more. At the moment, I just find myself quite tired from work and social commitments, so tend to just spend my free time on the weekend pretty much 'recovering'.

    I'm super looking forward to the week we've got booked off work in August though. It's the first time in over 5 years that Mr Julicorn and I have a week off and are just staying at home (rather than go on holiday or visit family), and I honestly can't wait. We might even be able to finally paint those window frames we've been wanting to sort out since February
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • JennyP
    • By JennyP 3rd Aug 18, 11:19 AM
    • 943 Posts
    • 721 Thanks
    JennyP
    I am planning to do some art this weekend for first time in ages! Well, a collage.



    Sounds like you already have a rather lovely life! I love staying at home with hubby and getting bits done! Pottering about. Can't beat it!
    • julicorn
    • By julicorn 3rd Aug 18, 2:52 PM
    • 211 Posts
    • 834 Thanks
    julicorn
    Sounds like you already have a rather lovely life! I love staying at home with hubby and getting bits done! Pottering about. Can't beat it!
    Definitely!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • julicorn
    • By julicorn 5th Aug 18, 2:16 PM
    • 211 Posts
    • 834 Thanks
    julicorn
    The Pride parade yesterday was lovely as always. We had such a good time! We went and had burgers as well, which felt like a nice treat (and it's the beginning of the month, so there's still plenty of money in our eating out budget).

    I've listed a few more things for sale as well, and it seems to be going well! I've finally bit the bullet and am selling one of my poles as well (pole dancing/fitness poles - I've got one cheaper one and one that's spinny, and always had a bit of a hope that I'd eventually have enough space to put them both up. But realistically, the cheaper one has just been gathering dust for the last 3 years!). If the girl picks it up this afternoon, then I'll have another £100 to pay towards the mortgage

    I've also made a 'mortgage milestones' addition to the mother of all mortgage spreadsheets. It includes goals based on amount paid off (balance reduction only), % paid off, remaining balance and years ahead. If anyone has any other goal ideas, please let me know This month, we're on track to hit 3 goals, which is pretty awesome motivation! Those goals as "£10,000 paid off", "5% of starting balance paid off" and "getting 1 year ahead of ourselves", i.e. reaching a balance in August 2018 which without overpayments we would have only reached in August 2019. I've clearly added that milestones overview in the right month

    Anyway, this afternoon I'm prepping lunch for the week (burrito samosas, yum!), and cooking dinner for tonight and tomorrow night. I already made some vegan cheese this morning, and went shopping. Oh yeah, shopping - I've blown my self-imposed spending goals for both shopping trips so far, but have also bought soooo much food that I feel like we can't always be buying this much? I don't know, the jury's still out on this one, and we'll see what the grocery spending looks like at the end of the month.

    Have a lovely Sunday, everyone!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • katsoocam
    • By katsoocam 6th Aug 18, 1:51 AM
    • 84 Posts
    • 230 Thanks
    katsoocam
    I massively sympathise with you about the food shopping - I always think my hub spends loads, then whenever I go I spend more Do you batch cook? This makes a massive difference for me. I did loads on mat leave pre baby (plus our parents did a load for us) and even allowing for nappies and cotton wool (a LOT of nappies and cotton wool ) our grocery budget should be less than £80 this month, while the big batch cook shop was about £50, though did get lucky with some yellow sticker bits.
    Re goals: we have yet to reach any mortgage milestones but I do little certificates for things - when we were saving for our wedding/honeymoon/house deposit for example. It helped motivate hub who is not so keen on the moneysaving as I am. '10% deposit saved' '15% saved' etc.
    Last edited by katsoocam; 06-08-2018 at 1:54 AM. Reason: New thought!
    • newgirly
    • By newgirly 6th Aug 18, 9:16 AM
    • 6,404 Posts
    • 44,320 Thanks
    newgirly
    Congratulations hitting those three goals already-fantastic
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,193 3yrs 9 mths left. Total owed £47,059 plan to clear in 12 months
    • julicorn
    • By julicorn 6th Aug 18, 9:31 AM
    • 211 Posts
    • 834 Thanks
    julicorn
    Haha, yes, katsoocam, I'm starting to think my husband has a point I'm still determined to make it work though! We'll see whether it's actually possible without having to live off rice and beans in the last week.
    We don't do much batch cooking, partially because we have a tiny freezer. We always cook ahead a bit though, prepare lunches for 2-3 days at once, cook enough dinner to last for another meal or two, that sort of thing. At the moment I'm trying to just buy less oven food in order to force us to cook every day, which seems to be working. (I'm also cooking more, normally Mr Julicorn does 90% of the cooking...)
    Those certificates sound pretty awesome! Did you actually print out/draw ones,or how did that work?

    Thank you newgirly
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • beanielou
    • By beanielou 6th Aug 18, 10:58 AM
    • 56,176 Posts
    • 227,071 Thanks
    beanielou
    Great milestones

    Hope the pole was picked up.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 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. MFW 2018. No 144
    • katsoocam
    • By katsoocam 6th Aug 18, 1:12 PM
    • 84 Posts
    • 230 Thanks
    katsoocam
    Haha, yes, katsoocam, I'm starting to think my husband has a point I'm still determined to make it work though! We'll see whether it's actually possible without having to live off rice and beans in the last week.
    We don't do much batch cooking, partially because we have a tiny freezer. We always cook ahead a bit though, prepare lunches for 2-3 days at once, cook enough dinner to last for another meal or two, that sort of thing. At the moment I'm trying to just buy less oven food in order to force us to cook every day, which seems to be working. (I'm also cooking more, normally Mr Julicorn does 90% of the cooking...)
    Those certificates sound pretty awesome! Did you actually print out/draw ones,or how did that work?

    Thank you newgirly
    Originally posted by julicorn
    I actually just made them, but they are not very decorative- just text and a date and an image from google search that is appropriate for whatever the certificate is for!
    • julicorn
    • By julicorn 6th Aug 18, 3:42 PM
    • 211 Posts
    • 834 Thanks
    julicorn
    Great milestones
    Hope the pole was picked up.
    Originally posted by beanielou
    ThankIt was actually, so that means that I got to do another OP of £100! Also, some stuff I listed in a Facebook group sold as well, so I'm already quite close to my third £100 OP this month Clearly got a good run at the moment.
    I actually just made them, but they are not very decorative- just text and a date and an image from google search that is appropriate for whatever the certificate is for!
    Originally posted by katsoocam
    That sounds really nice. I'm a sucker for visual representations of progress, definitely. I might have to share a picture of my cross stitch with you all in the future, it's just still a little bare atm
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • katsoocam
    • By katsoocam 6th Aug 18, 6:07 PM
    • 84 Posts
    • 230 Thanks
    katsoocam
    That sounds really nice. I'm a sucker for visual representations of progress, definitely. I might have to share a picture of my cross stitch with you all in the future, it's just still a little bare atm
    Originally posted by julicorn
    Would love to see it, I'm a crafty soul so I appreciate it two ways!
    We also have two jars of marbles - jar A is all our house purchase price we have paid, the other is the remaining balance. One marble per £1000. When we pay £1000 off the balance a marble moves jars!
    • julicorn
    • By julicorn 7th Aug 18, 9:48 AM
    • 211 Posts
    • 834 Thanks
    julicorn
    That marble jar is such a cool idea! I love it.

    Another quick update - I got some money a few weeks earlier than expected, so just made another OP of £500. With that, we've hit all our big milestones for this month (£10k paid off, 5% paid off, getting 1 year ahead)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • julicorn
    • By julicorn 11th Aug 18, 8:32 AM
    • 211 Posts
    • 834 Thanks
    julicorn
    I'm glad it's stopped raining, because we're having a little garden party today. Even though it looks like it's still a bit chilly, so it might be more of an indoor afternoon party with Pimm's, Victoria sponge and cucumber sandwiches. I can't wait!

    In mortgage news, I've set us another stretch goal of paying off 10% of the mortgage by the end of the year. That is a bit of a stretch, and probably only doable if I get a decent Christmas bonus, but you never know, we might just pull it off.

    Have a lovely weekend everyone
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • greent
    • By greent 11th Aug 18, 5:32 PM
    • 7,229 Posts
    • 73,477 Thanks
    greent
    Fab progress on hitting 3 goals in 1 month! : - great timing on adding that to the s/sheet!

    Katsoocam - love the marble jar idea!
    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) £3290.25/£4000
    Net sales 2018 £613.49/£1000 PAYDOX18 (#15) Done £18918.90
    • julicorn
    • By julicorn 12th Aug 18, 8:53 AM
    • 211 Posts
    • 834 Thanks
    julicorn
    Thanks greent - and yes, it was such awesome timing! I don't know if we'll ever have another '3 goal month' with that set-up, because the 'years ahead' measure is a bit all over the shop (i.e. less tied to specific balances).

    Our garden party yesterday was soooo much fun. I thought we'd have hardly anyone turn up, because lots of our friends are on holiday / invited to weddings / have family visit / are ill, etc, but we ended up with a great group of people, including colleagues, old uni friends, pole dancing friends and friends from our film-making group. We had such a great time, and have now somehow ended up with more booze in the cupboard and fridge than we had beforehand.

    In other news, I've just managed to finish setting up our savings account with Birmingham Midshires (they were one of the highest-interest instant access savings accounts on MSE). Well, what can I say, setting this up well and truly felt like some sort of murder mystery or escape room quest. It's an online only account, but you sign up, have to specify a linked account, then get a letter, then get another letter that asks you to write a cheque for the starting balance which HAS to come from the linked account (with your new account number written on the back), once they're received that you get an email with some sort of passcode, and then you get a further 2 letters, one with a username. With those, you can then go and set up your account, and password, and various bizarre security questions. And NOW we're apparently able to use it. Wowza! Feels like I've earned that 1.34% Seems like we can only make deposits and withdrawals to/from the linked account, but at this point, I really couldn't care less.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • katsoocam
    • By katsoocam 12th Aug 18, 6:26 PM
    • 84 Posts
    • 230 Thanks
    katsoocam
    Woah I was going to put my emergency fund in a high interest easy access but maybe not that one...
    Mortgage Balance: £309586.78
    Total Savings: £51221.04
    ISA: £156616.18
    3-6 Month Emergency Fund Challenge No. 107 £15000/£150000 100% Target Achieved
    Sealed Pot Challenge Number 11 No. 52
    • katsoocam
    • By katsoocam 12th Aug 18, 6:28 PM
    • 84 Posts
    • 230 Thanks
    katsoocam
    That marble jar is such a cool idea! I love it.

    Another quick update - I got some money a few weeks earlier than expected, so just made another OP of £500. With that, we've hit all our big milestones for this month (£10k paid off, 5% paid off, getting 1 year ahead)
    Originally posted by julicorn
    Fab progress on hitting 3 goals in 1 month! : - great timing on adding that to the s/sheet!

    Katsoocam - love the marble jar idea!
    x
    Originally posted by greent
    It's not my idea - it was somewhere from the debt free wannabee forum I think?
    Mortgage Balance: £309586.78
    Total Savings: £51221.04
    ISA: £156616.18
    3-6 Month Emergency Fund Challenge No. 107 £15000/£150000 100% Target Achieved
    Sealed Pot Challenge Number 11 No. 52
    • julicorn
    • By julicorn 12th Aug 18, 9:31 PM
    • 211 Posts
    • 834 Thanks
    julicorn
    Woah I was going to put my emergency fund in a high interest easy access but maybe not that one...
    Originally posted by katsoocam
    Haha yeah, if I'd known beforehand quite how spectacular that process was going to be then I probably would have tried another one. But it's done now!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
    • katsoocam
    • By katsoocam 12th Aug 18, 10:02 PM
    • 84 Posts
    • 230 Thanks
    katsoocam
    Going to for the Coventry one I think and pop our emergency fund and our savings for future mat leaves in.
    Mortgage Balance: £309586.78
    Total Savings: £51221.04
    ISA: £156616.18
    3-6 Month Emergency Fund Challenge No. 107 £15000/£150000 100% Target Achieved
    Sealed Pot Challenge Number 11 No. 52
    • julicorn
    • By julicorn 12th Aug 18, 10:10 PM
    • 211 Posts
    • 834 Thanks
    julicorn
    Fingers crossed that one is a lot more straightforward!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,300
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

2,674Posts Today

8,465Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin