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  • FIRST POST
    • debtfreeoneday
    • By debtfreeoneday 9th Jan 15, 1:22 PM
    • 2,689Posts
    • 9,126Thanks
    debtfreeoneday
    Mortgage free by 2023 (!)
    • #1
    • 9th Jan 15, 1:22 PM
    Mortgage free by 2023 (!) 9th Jan 15 at 1:22 PM
    Hello,

    I'm usually found hanging out on the DFW diaries thread as you'll see from my signature we are still tackling debt..

    However, my plan was always to start attacking the mortgage after that, but having just sat down and worked out how much we need to overpay to clear it in time for DH to retire at 65 latest, I think we need to start now!

    I still have to focus on clearing the debt as it's on a slightly higher interest rate, but I don't see any harm in starting to overpay the mortgage a little bit here and there as well. I've found a debt free wannabe diary massively helpful in helping me to focus and curb any unnecessary spending, so here I am!

    I don't expect masses of activity, but every little bit will help!

    We have 14 years left on our mortgage with £118,031.21 left to pay wef today (I just realised I could access this online - will regularly stalk this from now on!) We want it gone by December 2023. We pay £921.60 a month which is effectively my wages - it feels a huge amount as it is, but I know we have to do more.

    Would love some company for the next 9 years!!!
    Last edited by debtfreeoneday; 18-11-2016 at 11:38 AM.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
Page 95
    • debtfreeoneday
    • By debtfreeoneday 24th Jun 17, 9:33 PM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    Mortgage figure now under £98k which is great, CC figure updated and now under £1499 - slowly but surely we are making progress!

    Life is sooo busy these days and I wonder how they had time to go to School and me to work, it's full on. But we are making some lovely new friends, me included and life is good.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • pennywisepoundstupid
    • By pennywisepoundstupid 25th Jun 17, 4:42 PM
    • 4,183 Posts
    • 12,346 Thanks
    pennywisepoundstupid
    Mortgage figure now under £98k which is great, CC figure updated and now under £1499 - slowly but surely we are making progress!

    Life is sooo busy these days and I wonder how they had time to go to School and me to work, it's full on. But we are making some lovely new friends, me included and life is good.
    Originally posted by debtfreeoneday
    Glad to hear everything is going well, you sound really happy .
    Be mindful of your self-talk. It's a conversation with the Universe."
    Dave Ramsey babystep 1-£1000 Emergency fund- save £250/£200[/COLOR]
    School uniform £250/£250
    Save for summer £500/£370
    • amycool
    • By amycool 27th Jun 17, 6:29 PM
    • 762 Posts
    • 3,224 Thanks
    amycool
    Super news! Really pleased for you.
    Mortgage (Start Sep 2014)- £70,295/£39,149.17- 44.3%
    Overpayments - £18935.03
    • dawnybabes
    • By dawnybabes 28th Jun 17, 4:28 PM
    • 1,550 Posts
    • 3,691 Thanks
    dawnybabes
    We got carers allowance so just waiting for the letter to then waste 30 mins of my life on phone to tax credits updating that, TC will go down I assume, but I'm relatively reassured, we will still be slightly better off.

    Still plodding away with surveys, Pr0filic is so busy at the minute, I've got £17 cleared with another £13 worth of surveys to clear asap.
    Originally posted by debtfreeoneday
    If getting dla you should get some additional money on tax credits - make sure you tell them about the claim.
    Sealed pot challenge 822

    Jan - £176.66
    • debtfreeoneday
    • By debtfreeoneday 3rd Jul 17, 7:57 PM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    CC debt down to £1449.85. Tax credits updated and we are about £150 better off with carers allowance.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • shangaijimmy
    • By shangaijimmy 3rd Jul 17, 9:11 PM
    • 2,014 Posts
    • 8,613 Thanks
    shangaijimmy
    Great news all round!
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • mummytogirls
    • By mummytogirls 3rd Jul 17, 9:28 PM
    • 5,236 Posts
    • 15,373 Thanks
    mummytogirls
    Thanks for the update DF0D, hope all ok with you guys xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • greent
    • By greent 5th Jul 17, 10:23 AM
    • 5,958 Posts
    • 60,207 Thanks
    greent
    Life is sounding good x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 1200/2017 items
    • debtfreeoneday
    • By debtfreeoneday 6th Jul 17, 8:01 AM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    £3 this morning on Pcone, other surveys ticking along. Morning of maths and then off out to enjoy the sunshine.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • CathT
    • By CathT 6th Jul 17, 9:30 AM
    • 5,203 Posts
    • 35,718 Thanks
    CathT
    Lovely positive updates, keep posting.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • mummytogirls
    • By mummytogirls 6th Jul 17, 7:15 PM
    • 5,236 Posts
    • 15,373 Thanks
    mummytogirls
    Hope youve had a lovely day in the sun DFOD xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • debtfreeoneday
    • By debtfreeoneday 9th Jul 17, 4:02 PM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    Trying to persuade DH to move house. To a smaller house with a few adaptions that we would need to accept, no garden etc. It would cut our mortgage down to between £30-50k, mean he can retire years earlier and allow us to live in a coastal village with the beach less than a minute away.

    Anyone any experience with flying freeholds as the property is above another one, which doesn't faze us - but it says would likely need to be cash buyers, we'd be needing a small mortgage as above. Google tells me some lenders will lend to flying freeholds.. but just interested in experiences.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • PrincessLou
    • By PrincessLou 9th Jul 17, 5:24 PM
    • 500 Posts
    • 1,906 Thanks
    PrincessLou
    I don't have any experience of flying freeholds. However, the house a couple of doors down has one and it took a long time to actually sell, kept being 'sold' and then being put up for sale again, as I presume people were finding it difficult to get a mortgage for it. I had heard that these places are more suited to cash buyers. It's also worth thinking about if you did buy it, how difficult would it be to sell further down the line?

    P.S - Sorry to be a negative Nancy
    Mortgage - £105,500
    • debtfreeoneday
    • By debtfreeoneday 14th Jul 17, 6:13 AM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    I don't have any experience of flying freeholds. However, the house a couple of doors down has one and it took a long time to actually sell, kept being 'sold' and then being put up for sale again, as I presume people were finding it difficult to get a mortgage for it. I had heard that these places are more suited to cash buyers. It's also worth thinking about if you did buy it, how difficult would it be to sell further down the line?

    P.S - Sorry to be a negative Nancy
    Originally posted by PrincessLou
    Not at all, thanks for your input - I think you're spot on. It has been under offer a few times and keeps falling through, been reduced by £90k.

    We are thinking of the option of taking a loan to cover what we would need instead of a mortgage.
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • debtfreeoneday
    • By debtfreeoneday 14th Jul 17, 6:16 AM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    £25 ish paid off CC, trying to get it under the next hundred by payday so when I pay another £100, we are in the £12.... bracket.

    Our house has been valued and it's £70k up on what we paid 3 years ago, we have done a lot to it, so pretty chuffed with that. off to see the coastal property this weekend so we'll see. We will either love it or hate it. If we do like it we need to cobble together about £45k - would be awesome to only have that left to pay!
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • shangaijimmy
    • By shangaijimmy 14th Jul 17, 7:17 AM
    • 2,014 Posts
    • 8,613 Thanks
    shangaijimmy
    Exciting times. Hope you love it!
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • CathT
    • By CathT 14th Jul 17, 11:10 AM
    • 5,203 Posts
    • 35,718 Thanks
    CathT
    Great valuation on your property, hope viewing goes well.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • debtfreeoneday
    • By debtfreeoneday 21st Jul 17, 6:45 AM
    • 2,689 Posts
    • 9,126 Thanks
    debtfreeoneday
    Property was small, but workable - needs big structural repair (not surprising given the cost) so probably a no go.

    Few more pence paid off the CC. Someone local posted to say universal credit was being phased in here soon and was stressing about how much they would lose which panicked me a bit. Frustrating that I'm not choosing to not work (in a way I am) - but my kids would suffer if I did and they penalise you for not working, Any extra work I take on would impact on the time with them.

    This month is seeming long money wise, glad to see payday arriving on the horizon next week!
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,904.90
    • mummytogirls
    • By mummytogirls 24th Jul 17, 8:27 PM
    • 5,236 Posts
    • 15,373 Thanks
    mummytogirls
    Oooohhhh exciting times re the possible house move. Will look forward to hearing more about it xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
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