The Final Countdown

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tootallulah
tootallulah Posts: 2,197 Forumite
in Mortgage-free wannabe
Skips back in with a merry smile and a waggly wave. I have been in and out of these forums for years but I am now working part-time and have just the final mortgage on my house to go. Two buy to let flats in London (one was my home for 30 years) together with my pension mean that I am in many ways very fortunate. But I do still have £45,000 to go on my house mortgage and it isn't going fast enough. So I am back to track the final mortgage countdown........or possibly not as I do have a hankering to build my own house and am on the look out for suitable plot of land or a bungalow ripe for redevelopment. However nothing is helped by still having a mortgage.

My dining room is now akin to a junk shop full of lovely treasures for EBay. I would like to pay off the mortgage this this year so I need to up my income.

Welcome to the final countdown.
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Comments

  • Courgette
    Courgette Posts: 3,230 Forumite
    First Post First Anniversary Combo Breaker
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    Pay off £45k THIS YEAR????? Woweeeeeeee! *Subscribes*

    It's the final countdown, oooh ooh oh, ooh uh oh oooooh!!
    A reminder to myself: Persistence Pays Off ;):D :idea: :rotfl:
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
  • tootallulah
    tootallulah Posts: 2,197 Forumite
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    Hiya Courgette thanks for popping in I have a good contract at present and I 'think' I can pay off £3k per month, not sure where the rest will come from but we shall see.
  • beanielou
    beanielou Posts: 90,308 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Wow, that is some target!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "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.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Wow, you have caught all our interest . . . :)

    As you can see, my o/p's for the year was just over your monthly target o/p . . . :)

    All on part time . . . :eek:

    Bags 1st look at your "junk shop" . . . :D

    Good Luck x Wish you all the best. :)
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • greent
    greent Posts: 10,671 Forumite
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    Toots - oh, how I've missed your energetic posts! I've occasionally [STRIKE]stalked[/STRIKE] checked on your username to see if you've posted and I've missed it! :D Are you still sewing?

    Great to hear you're MF on the London properties - and relatively close on the 'country pad' :)

    Look forward to seeing more of you:)

    xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • pinkypig
    pinkypig Posts: 1,814 Forumite
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    This sounds so exciting- subscribed:):)
    Original mortgage £112,000 . Final payment due August 2027.
    Mortgage neutral achieved August 2020 - 7 years early!!!
  • utopiah
    utopiah Posts: 316 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    edited 10 February 2018 at 5:52PM
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    Welcome, I am also hoping to get my mortgage cleared this year. I don't have as much as you to pay off, ours currently stands at £27500. Still a very large sum for us but we are gonna give it our best shot. My spare room is also growing into an eBay office lol.
    Good luck on your Mfw journey
    Mortgage free 25/9/2019 8years and 7 months early 😁😁😁
  • tootallulah
    tootallulah Posts: 2,197 Forumite
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    Morning all. Vexing news of the day is that my road is to be closed to cars from Monday until the end of June whilst they lay a new water main. Bit of a !!!!!! - I have just done a big shop to be delivered tomorrow containing all the big and heavy items for the next three months, a rather unexpected £79 although I suppose I would have spent it over the next few months anyway. And I was doing so well on my no spend eating out of the freezer challenge.

    Lots of people are asking how I am going to make such a big overpayment this year. I live on my pension and btl income so everything that I earn goes straight to the mortgage, and currently I have a very good contract up until the end of March 2019. I need to make an extra £500 per month or spend £500 per month less to meet my target. This does require me sticking to a budget though which would be a first so we shall see.

    I am still sewing although these days largely just for myself, and I am off to Spain for a long week-end next week so I can't say that huge sacrifices are underway!

    The Room of EBay Doom is looking very chaotic so I do need to get a lot of "treasures' out of the door. My next effort will be the 17 sewing machines that I seem to have 'acquired'. Don't worry though I am keeping five others for my future sewing jamborees.
  • tootallulah
    tootallulah Posts: 2,197 Forumite
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    A Frayed Knot - for years I earned very little and my overpayments were small, I began with a shared ownership flat. But as I progressed I paid off more (and I was lucky that the London housing market really helped me) and once I was mortgage free on my first flat I used some of the equity to buy a 2nd flat and this house rather too close together. I then had 3 mortgages and it was a blooming nightmare but 10 years later it has ended up like this and I am doing well, and doing what I like. Never worry about how small the over payments are it will work.
  • tootallulah
    tootallulah Posts: 2,197 Forumite
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    I forgot to say I also do have a small side business selling 1940s fashion on Etsy spring and summer are the busiest time for that so hopefully that will help too.
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