Counting down to mortgage free, dont know when but I do know how.

ButterflyBee · 17 July 2011 at 6:31PM

Well this is a strange feeling. 4 years ago I was in such a bad state financialy, every day was a worry. £23k in debt (cr cards, loans, hpfinance.legal costs etc) redundant and a new mortgage only 3 months old not forgetting on the brink of a divorce. I read this forum every day but was to stressed and negative to post a message. Every day I thought about reposession and bantruptcy. How was I, A single mother, unemployed in a recession going to claw my way out of the deep black hole I was in!
Well here I am, 4 years later debt free, driving a new car (it may be a Kia, but £40 a year road tax makes me smile) and I have this last year paid £2k off my huge mortgage of £189k. Some people ask me how I do it, honestly I do not know but I now have a new goal.

I may be 44 with an interest only mortgage of £187k but I want to work towards being mortgage free at least at the end of the 21 years left on my mortgage.

Baby steps: 1. No new debt and clear another £5k by July 2012.

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Sepa74 · 17 July 2011 at 6:48PM

Hi Butterfly, what an achievement! If you've managed to clear that debt in 4 years then you will hit the mortgage in no time at all!

It's a long hard slog, but the nice thing about it is it's optional!! There is no need to watch every penny, unless you want to! Getting debt free grinds you down, but now that you're ready to focus on the mortgage, you can treat yourself occasionally, which makes life much more fun!

Good luck with hitting the mortgage, and congratulations on your huge achievement!

Ayeshalush · 17 July 2011 at 7:06PM

Wow Butterflybee, you have done so well to get to where you are today. Welcome to MFW.

I'm looking forward to following your journey

A
xx

originalmiscellany · 17 July 2011 at 7:36PM

Well done butterflybee - you're proof of how little steps long term make such a huge difference - sure a tiny change here and there doesn't give you an immediate impact but as the months turn into years, lots of small steps add up. There's a great saying about someone who said that he didn't win by giving 100% to one area of his life, but by improving 100 aspects of his life by 1%. If we all improve our finances by 1% in 100 areas, we'll be financial champions.

Look forward to seeing you progressing and making great strides into your mortgage.

ButterflyBee · 18 July 2011 at 12:18AM

OMG! I have just realised for this to work I will have to switch my mortgage to repayment. It will not work if I remain on my interest only mortgage.

Oh well I will contact Mortgage express tomorrow and ses if this is possible.

newgirly · 18 July 2011 at 8:14AM

Hi butterfly bee, well done on doing so well getting rid of the debts.

Have you found out how much you are allowed to overpay by at the moment, as I am on IO but can OP by 10% of the balance a year, so I'm doing that instead for a while, which saves the switching back to repayment fee, every bank is different though.

A diary you might want to take a look at is Pammy J's, sorry I don't know how to do links, but she has been a great inspiration as is also a single mum trying to overpay, chamichelle97 also has a fab diary, they both know lots of ways of making a little extra to help towards the mortgage.
Good luck

ButterflyBee · 18 July 2011 at 9:20AM

Hello Newgirly! many thanks for the kind words. I will most defniatley have a look and take inspiration where ever I can.

goobergirl · 18 July 2011 at 2:27PM

Welcome and good luck. You have done amazingly well to get to where you are. You've done the really hard part, now you get to see all your hard earned cash going towards reducing your mortgage and enjoying life with your family. You WILL do it :beer:

ButterflyBee · 18 July 2011 at 2:43PM

I called Mortgage Express and it has been confirmed. The facts and figures seem almost out of reach but my motto "nothing ventured nothing gained". All I need to do is wait for the paperwork in the post, complete my budget and statement of income. Sign and send back.
The numbers are very steep but no more that when I took the mortage out 4 years ago when I was on a fixed rate of 7.something %

Mortgage balance £188444 (IO)
Repayment £1195 per month 20yrs 10months based on todays rate.
At least my mortage will be £177,584.00 in two years if I take the plundge now.

I have done my budget over and over and it is do-able, at the moment it feels monumentous and I will be focussed and achieve.

bugslet · 18 July 2011 at 4:16PM

good luck butterflybee. if you think back over the last four years of how far you have come and how much better off you are financially now, this should be a doddle (ish):p

goobergirl · 19 July 2011 at 8:31AM

ButterflyBee wrote: »

I have done my budget over and over and it is do-able, at the moment it feels monumentous and I will be focussed and achieve.

You know you can do it!:T

Counting down to mortgage free, dont know when but I do know how.

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