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  • FIRST POST
    • Cherry Burton
    • By Cherry Burton 15th Sep 16, 8:34 PM
    • 95Posts
    • 506Thanks
    Cherry Burton
    Mortgage Free in 30 months
    • #1
    • 15th Sep 16, 8:34 PM
    Mortgage Free in 30 months 15th Sep 16 at 8:34 PM
    Hi,

    After dealing with £8200 of unsecured debt and saving an emergency fund of 6 months I am ready to go hard core on the mortgage. I have less than £30k to go and I want to have it all paid off in 30 months.

    I've obtained a secure job after too many years of temporary and contract work. At last. I've been able to work on improving my financial situation. I can't wait to pay off the mortgage to feel the security of having a fully paid for home that no one can take off me.

    I hope it all goes well and I stay in work and healthy until the mortgage is nothing but a nasty memory. My plan is to pay £1000 per month which should more that cover both the principal and the interest.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
Page 2
    • Kittenkirst
    • By Kittenkirst 17th Oct 16, 11:03 PM
    • 1,641 Posts
    • 8,562 Thanks
    Kittenkirst
    Hope the allotments going well Cherry
    2017 MFW #20 - OP £2508.28/ £2150 117%. New target £2500 100%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £212.41

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Cherry Burton
    • By Cherry Burton 13th Nov 16, 8:34 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi Kittenkirst, sorry not tp reply until now. I've been sooooooooo busy at work and the allotment I haven't even looked at MSE for weeks. I'm either at work, at the lotty, eating, sleeping or showering (not all at the same time of course)

    The allotment is coming on well, I really enjoy being down there in the fresh air and the peace. Work clearing it has come to a bit of a standstill as we've had so much snow and rain here the ground is very wet.

    I hope you enjoyed London

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Cherry Burton
    • By Cherry Burton 13th Nov 16, 8:40 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi all,

    I'm working very hard, lots of lovely overtime, and living very frugally. I haven't had the time to go shopping so every spare penny is going on the mortgage and I'm making good progress. I know I won't be able to keep it up for very long as the overtime will run out sooner or later. It's a case of filling your boots while there's some to be had.

    Good luck to all MFW

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Cherry Burton
    • By Cherry Burton 4th Dec 16, 11:20 AM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi everyone

    Another month another update.

    Although it's hard to keep up this level of both frugality and working hours I'm getting really excited about the progress I am making. On the 1st December, I paid £1750 off the mortgage and I hope I might be able to put in some more later in the month.

    I just need to keep going and keep my eyes on the prize - owing nothing, being free of that control.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Kittenkirst
    • By Kittenkirst 4th Dec 16, 5:31 PM
    • 1,641 Posts
    • 8,562 Thanks
    Kittenkirst
    Wow thats a fantastic payment to have made!!!

    Well done you, the frugal living and overtime is clearly working very well!

    Have you started thinking of challenges/mini goals for 2017? I've found this quite a motivator even if it just saves me from ordering naughty take away
    2017 MFW #20 - OP £2508.28/ £2150 117%. New target £2500 100%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £212.41

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • gallygirl
    • By gallygirl 4th Dec 16, 6:00 PM
    • 16,460 Posts
    • 107,864 Thanks
    gallygirl
    Well done on your progress, you're doing great . Are you keeping a note of how many months and how much interest you're saving? Can you make unlimited payments and do it online? I used to make payments all the time - 75p money off coupon used meant a 75p overpayment . (Actually, a 75p coupon in my purse meant a 75p overpayment as I wasn't very good at remembering to use them ).
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Cherry Burton
    • By Cherry Burton 6th Dec 16, 9:42 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi KK,

    For 2017 I want to bring the mortgage down below the level of my emergency savings. My plan is to plug away at the debt as much as I can. I don't know how long the overtime will last so I'm getting it in while I can

    Best wishes

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Cherry Burton
    • By Cherry Burton 6th Dec 16, 9:52 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi GG,

    Well done in paying your mortgage off. I bet it feels great. Did you make lots of small payments each month or save them up to apply all at the same time?

    I can make unlimited over payments. I tend to make a large over payment when my wage goes into the bank and another smaller one towards the end of the month using any unspent money in my YNAB budgeting categories.My aim this month is to have a second over payment of at least £51 to take the mortgage below £22k.

    Best wishes

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • rasputin_thorpedo
    • By rasputin_thorpedo 6th Dec 16, 10:18 PM
    • 399 Posts
    • 2,757 Thanks
    rasputin_thorpedo
    Man, if my mortgage was <£30k I would be putting every spare penny in a jar.

    In fact I often wonder whether I will empty the emergency fund and any other reserves then pool borrowing cash from dad, 0% credit cards, low rate loans, overdraft etc just to kill it off and have several smaller debts, but own my house sooner.

    Can't wait to be mortgage free. Such a goal.
    Baby Step 1 - £1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • gallygirl
    • By gallygirl 7th Dec 16, 7:47 PM
    • 16,460 Posts
    • 107,864 Thanks
    gallygirl

    Did you make lots of small payments each month or save them up to apply all at the same time?
    Originally posted by Cherry Burton
    Lots of small ones as well as the big one on pay day (or the night before as wages often appeared in my account around 10pm ). I did on quite a few occasions make more than one payment a day .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Cherry Burton
    • By Cherry Burton 3rd Oct 17, 9:26 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi,

    I started this diary just over 12 months ago with the intention of keeping a record of my journey to mortgage freedom. The bad news is that the lack of entries shows that I just don't have the commitment necessary to make regular updates. The whole thing has fallen into disuse.

    The good news is that I have managed to pay off a huge amount of the mortgage and I hope to be mortgage-free, not in 30 months, but in 16. I'm really on the count down now with a mortgage which feels more like a personal loan or large credit card bill than a big scary liability weighing me down.

    I can't wait finally to get rid of it and I'm never, ever, ever going to owe anyone a single penny again.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Silence101
    • By Silence101 4th Oct 17, 5:11 AM
    • 311 Posts
    • 472 Thanks
    Silence101
    Wow, you've done so well!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • fiona100
    • By fiona100 4th Oct 17, 4:46 PM
    • 22 Posts
    • 46 Thanks
    fiona100
    Hi, can I ask which bank or building society you are with that lets you overpay unlimitedly? I would definitely be interested in one after my fixed rate ends. Thanks Fiona
    • Cherry Burton
    • By Cherry Burton 4th Oct 17, 8:31 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi

    Thank you Silence10, it's not been easy but I see light at the end of the tunnel now.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Cherry Burton
    • By Cherry Burton 4th Oct 17, 8:34 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi fiona100,

    I have a fixed rate offset with the Yorkshire Building Society. I can recommend them as they have been great throughout the mortgage. I can make unlimited overpayments and my savings offset mortgage interest.

    Good luck with your journey to be mortgage free.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • fiona100
    • By fiona100 5th Oct 17, 12:47 PM
    • 22 Posts
    • 46 Thanks
    fiona100
    Yay Thanks Cherry.


    I think Yorkshire operate up here (Glasgow based), so I will definitely compare their rate and flexibility with everyone else come the renewal date for my fix.(Via MSE of course.)


    Fiona
    • Cherry Burton
    • By Cherry Burton 3rd Nov 17, 7:46 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi all,

    Mortgage freedom is so close I can almost smell it on the air. I hope just two more payments will see it gone and I can't wait. I feel very tired and bored, it's only the finish line in sight which is keeping me going.

    Just got to keep on keeping on.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • Merchandiser2367
    • By Merchandiser2367 3rd Nov 17, 8:40 PM
    • 136 Posts
    • 948 Thanks
    Merchandiser2367
    Hi all,

    Mortgage freedom is so close I can almost smell it on the air. I hope just two more payments will see it gone and I can't wait. I feel very tired and bored, it's only the finish line in sight which is keeping me going.

    Just got to keep on keeping on.

    CB
    Originally posted by Cherry Burton
    Wow!! Well done you!! It must feel amazing to be so close. Good on you for such an achievement
    Current mortgage 16/10/2017 - £146500
    Hopefully on a 5 year fix (1/11/17) - Aiming to overpay £1722 at least a month + more when available
    MFW by December 2022
    £10,000 / £10,000 Savings by 1/11/17
    £380/£3500 Over Payments for 2017
    • Cherry Burton
    • By Cherry Burton 4th Nov 17, 7:10 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    Hi Merchandiser2367,

    Thank you and best wishes on your journey to be rid of the mortgage.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • obay
    • By obay 4th Nov 17, 8:57 PM
    • 452 Posts
    • 329 Thanks
    obay
    Hi Merchandiser2367,

    Thank you and best wishes on your journey to be rid of the mortgage.

    CB
    Originally posted by Cherry Burton
    What is your total remaining?
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
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