Mortgage Free Mission

Debtslayer · 9 July 2017 at 11:52AM

Hi
Today's the day I finally made my plan to become mortgage free
I was quite late getting my first mortgage and I'd now like it paid off as quickly as possible.
Joining this forum to help keep me motivated and please pass on any hints and tips you have
I've set up a regular overpayment with mortgage company every month and also a standing order in my bank accounts which I will use hopefully to pay the mortgage down (but it's also there for emergencies)
I plan to save any loose change I have also, every bit adds up!

Any ideas for making more money?

louloubelle79 · 9 July 2017 at 12:34PM

Hi I only started my MFW journey January &#55357;&#56833; Do you use Quidco if buying online? That makes a few extra £££.

Debtslayer · 9 July 2017 at 3:43PM

Hi
Yes definitely use Quidco &#55357;&#56397;
Our mortgage amounts are very similar although we have 18 years left &#55357;&#56867;
Hoping to pay off in 10 &#55357;&#56490;

lippy1923 · 9 July 2017 at 4:05PM

Welcome to the MFW board.

I was just about to suggest setting a time frame. Set S.M.A.R.T objectives- specific, measurable, achievable, relevant, timely. It might benefit you to set smaller mini goals that lead up to bigger ones.

Tips- Stay on here, keep checking in even if its once a week or so to remind you why you are doing this. Read up on other peoples diaries for hints and inspiration. Some really great threads on this board.

Stoozing is a great way to make some cash. Longest 0% CC you can find and spend everyday normal spends on it and save cash you would have spent in a high interest account, eg Reg savers or current accounts.

I look forward to reading your progress.

louloubelle79 · 12 July 2017 at 1:28PM

Hi yes we do have same mortgage near enough, although we have 26 years left so not sure if can do in 10 :eek: fingers crossed good luck

Debtslayer · 12 July 2017 at 8:52PM

Cutting it from 18 years to 10 will be a big ask but that's the ultimate aim.
Shorter term goal is to get if down as much as possible over the next 3 years when we will be able to remortgage (currently in 5yr fix).
Want to get on the best interest rate and LTV we can when that time is here

I've been going through all expenses and created another account in bank account to put a set figure into everything month as well as the rounding up amounts. Also have set up regular monthly overpayment with mortgage company

shangaijimmy · 12 July 2017 at 9:12PM

You'll be surprised at how your spending habits change once you get the addiction to MFW., and i'd say that 10 years in achievable once things start to snowball.

You'll have plenty of people cheering you on from here!

Debtslayer · 12 July 2017 at 9:19PM

shangaijimmy wrote: »

You'll be surprised at how your spending habits change once you get the addiction to MFW., and i'd say that 10 years in achievable once things start to snowball.

You'll have plenty of people cheering you on from here!

Thanks SJ
Looking forward to getting addicted :T

Debtslayer · 13 July 2017 at 10:06PM

I have an official number :money::j

Regular overpayment of £70 per month set up :T

Building up an amount in my bank account section for mortgage overpayments, will pay this off mortgage when it's built up to a nice amount

Also saving any loose change in piggy bank
Every little helps :T

Mortgage Free Mission

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