I wanna be a MFW!!!

Hello fellow MFWs!
I have been lurking for a few weeks reading all your diaries and feeling really inspired to overpay on the mortgage.
I think keeping a diary will help keep me motivated so here goes...
I took out a mortgage at 20. DH was 30 at the time - that was 20 years ago. The mortgage would have nearly been paid off by now but we have moved 4 times since, upping the mortgage slightly each time and unfortunately DH has been made redundant twice in the last 10 years so we had to take a mortgage holiday both times and extended the term back to 22 years!:mad:
Last October we were very fortunate to receive a small inheritance from an elderly relative. He was married to my husbands, grandads cousin - if that makes sense! No other relative bothered to visit and it was completely unexpected as his wife is still alive. (She is in a home and it's all paid for).
We paid some money off the mortgage, saved some cash and paid for home improvements. Ever since, I have started to try to OP on my mortgage to the point where it has become an obsession! I am always trying to find new ways to earn a few quid extra every month. Ebae, car boot sales, sell on local selling sites, etc, etc..
My aim is to op by approx. £700 each month and DH is in charge of the savings.
The mortgage still has approx. 18 years but with overpaying, I would like to get rid of it in 8 years - so by the time DH gets to 60 (I will be 50).
Thank you for reading!:)
April 2017 - 18 years left - £108515 OP £6870
May 2017 - 17y 11m left - £106428 OP £80 so far to date
Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
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  • newgirly
    newgirly Posts: 8,895
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    Welcome Mickyh-s, best of luck with the new diary, I am sure you will get lots of support from the very kind people on these boards :)
    2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.12
  • Mickyh-s
    Mickyh-s Posts: 287
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    Thank you newgirly!

    Today, I have sold a stunt scooter that belongs to DS. We split the cash as he owed me some money so another £40 off the mortgage! Yay!
    I have also just sold some trainers on a local selling site and will deliver those for the lady so another £20 off tomorrow, Hopefully some of the other things I have listed will sell too and all proceeds will go towards mortgage. I am starting to get stuff together for a car boot sale next week and will see if I have enough stuff do another car boot the bank holiday weekend.
    It's amazing what you can achieve when you put your mind to it.
    Let's see what this week brings!
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • Mickyh-s
    Mickyh-s Posts: 287
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    edited 10 May 2017 at 5:44PM
    Gutted, sold nothing else on local selling site since the trainers on Monday. It's the 10th of the month, 15 days till payday and I'm skint! I really need to sell some stuff. I need to have a no spend week or two! Money is saved for food, bills, lunches etc., but no spare cash to op on mortgage or have fun with. We have some free cinema tickets but there is not much on at the cinema we want to see at the moment but the weather is getting brighter and nicer so plenty of long walks with the dog. We also have a home gym so don't need a fancy, expensive gym membership.
    I have a few family birthdays, fathers day and the dog's bday(!) coming up. Also DS's school have decided to change the whole school uniform ready for September so I need to put some money aside for that and my passport needs renewing very soon or I won't be going to Turkey with the family!!
    Do I get my hair cut/coloured after payday or save the money and put to better use??
    Going to keep de-cluttering ready for car boot on 20th and hopefully another on the 27th and will continue to push on local selling sites. I know there are lots of great ideas on how to boost your income on the forum so may spend the evening getting ideas from there.
    Hope you are all having a great week!
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • Pugblue
    Pugblue Posts: 20
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    Hi Micky-s

    I am starting my journey like you, our target is to get mortgage paid off in 10 years, I agree with you the trick is a diary to keep on track, especially in the early phase, good luck
    Mortgage balance £131,843.22 
    Standard term left 19y 6m (finish in 2040!)
    over payment target for 2020 = £700
    term left with over-payments  16y 5M 
    Mortgage neutral account = £2236.00
    :) 

  • ch4rly2002
    ch4rly2002 Posts: 460
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    Hey Micky, well done on getting started with the OPs and I'm sure the diary will help.

    If you need to raise some extra money, I recommend OnePoll and Prolific surveys. OnePoll is a slow builder as the surveys tend to be 10p-15p in the main, but you get a joining bonus and when you reach £40 you can request a payout (I just requested my first one today after 4 months). Prolific mounts up a lot quicker and the surveys are mainly interesting. Might be a way to get another £30ish per month.

    Good luck on your journey!
    Mortgage: Mar 2018 -£300,000 / Jul 2021 -£255,000
    Student Loan: March 2011 -£18,275.04 / Jul 2021 -£10,425.28
    Joint Savings: Aim £13.5k. Dec 2016 £1,700 / Jul 2021 £36,600
    Loan to In-Laws: Sep 2010 -£48,185.82 / Apr 2019 £0
    Car Loan: Sep 2018 -£16,265 / Apr 2019 £0
    Credit Card 0%: Nov 2016 -£4,500 / Apr 2019 £0
  • Hi Micky, Welcome! I'm a new MFW too. We just bought our first house together in April and I started my diary before we'd even made a payment - keen eh?! Our mortgage is £115,000 over 14 years, and we are planning regular monthly overpayments that will reduce that to 10. At the back of my mind though I have a sneaky little dream of doing it in even less time.... not sure how yet!
  • Mickyh-s
    Mickyh-s Posts: 287
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    Thank you and good luck to you too Pugblue!
    Ch4rly2002 - thanks for tha,t I will have a look at OnePoll & Prolific survey.
    allmannerofthings - I wish I could have afforded to op in the early years - I think it makes a huge difference.
    I would like to pay off the mortgage by the time I am 50 and DH is 60. Then I would like to save for retirement and maybe help DS with a property - so we can own it 50/50 or something.
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • frugalmacdugal
    frugalmacdugal Posts: 10,077
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    Hi,

    Mickyh-s, and welcome, enjoy reading your posts, but hard on my old eyes.

    Could you maybe break them down to paragraphs, or maybe a wee space line now and again.

    Good luck.
  • Mickyh-s
    Mickyh-s Posts: 287
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    Hi frugalmacdugal!

    Of course!! I just get carried away typing and don't even think about it - sorry!

    And thank you! :hello:
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • Mickyh-s
    Mickyh-s Posts: 287
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    Ok, so it's been a quiet few days. I have had a few NS days since posting last. This is good because I think I op'd too much off the mortgage this month and didn't leave myself with much spare cash! I had cash for food and bills all put aside, just not much extra but saying that, I didn't really need much anyway.

    I have not sold anything else on local selling site but aiming to do a car boot this Saturday so what I have not sold will go to car boot. I am de-cluttering this week ready for the car boot.

    I have two more free cinema tickets to use this week and a few Macd0na1ds monopoly freebies so that will keep DS entertained on the cheap.

    Glad Monday is almost out of the way! Now, I am going to attempt a signature...!!
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
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