Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MM10
    • By MM10 18th Feb 17, 11:31 AM
    • 36Posts
    • 112Thanks
    MM10
    Mortgage free in 2
    • #1
    • 18th Feb 17, 11:31 AM
    Mortgage free in 2 18th Feb 17 at 11:31 AM
    Hello everyone,
    I have been a lurker for up to 3 years now. I have enjoyed following several diaries and think it is time to start mine.
    We are a family of 4. Still a one income family, hubby is still looking for a job (OH got a part time cleaning job from mid 2017). We have been trying for baby number 3 with no success yet. So struggling with deciding on further IVF treatments or mortgage overpayment. I am going on 42 so time is of the essence and this will be hubbys first, so we really want to try.
    We live in a 2 bedroom flat which I bought in 2011 and developed a 6 year plan in 2014 to pay it off by 2020. I am now finally on track but want to motivate myself to pay off the main mortgage before end 2019.
    I also have a smaller local government loan which I may or may not payoff early.
    I hope this diary keeps me on track, motivated, helps me with tips and have people to share my journey with
    Last edited by MM10; 05-12-2017 at 6:41 PM.
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
Page 1
    • MM10
    • By MM10 19th Feb 17, 6:49 PM
    • 36 Posts
    • 112 Thanks
    MM10
    • #2
    • 19th Feb 17, 6:49 PM
    Soa
    • #2
    • 19th Feb 17, 6:49 PM
    Hi everyone,
    So I think it's best to know where you are to know where your going ....
    That's why I think it best to do some kind of SOA
    Here it goes. Not sure if I am doing it right ...

    Main mortgage is at £63,645 @ 2,7% floating rate with end date Dec 2020; monthly payments are £1,470
    Local govt mortgage £34,920@ 2.4% floating rate with end date July 2036; monthly payments are £200

    Monthly income
    Income = £ 3,400 after tax

    Monthly expenditures

    Mortgage1 = £1,470
    Mortgage overpayment = £ 800
    Groceries = £ 570
    Mortgage2 = £ 200
    Savings = £ 130
    Insurance = £ 70
    Electricity = £45
    Heating = £45
    Internet = £40
    Charity = £ 30

    So there it is!
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • MM10
    • By MM10 20th Feb 17, 6:00 PM
    • 36 Posts
    • 112 Thanks
    MM10
    • #3
    • 20th Feb 17, 6:00 PM
    • #3
    • 20th Feb 17, 6:00 PM
    Hi everyone,
    Now a update of the yearly expenditures. This is not covered by my monthly salary but by holiday pay allowance. (So basically no money for actual holidays; need to find local alternatives).

    Here it goes:
    Car related costs = £1300 (includes year tax, daily toll pass, yearly car service, toll fares, biannual EU control)
    Council tax £600
    Swimming pass £300
    Bike service £300
    Body care (lotions etc) £200
    Total £2700
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • MM10
    • By MM10 21st Feb 17, 11:01 AM
    • 36 Posts
    • 112 Thanks
    MM10
    • #4
    • 21st Feb 17, 11:01 AM
    • #4
    • 21st Feb 17, 11:01 AM
    Hi,
    So I had a review of my signature and updated it to reflect that fact that I only intend to pay off the main mortgage by 2020 (hopefully in 2019). So the total mortgage includes the local government loan which may remain till 2036 or not. Not yet decided. I hope to make the local government loan offset by my savings and that I hope to achieve by using the £2270 that has been going into the main mortgage to create the offset in low risk funds from say 2020. With my calculations and hoping all goes well. I should be mortgage neutral by 2022.
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • juststuff123
    • By juststuff123 21st Feb 17, 12:46 PM
    • 199 Posts
    • 555 Thanks
    juststuff123
    • #5
    • 21st Feb 17, 12:46 PM
    • #5
    • 21st Feb 17, 12:46 PM
    Good Luck!!!
    NEW GOAL – Mortgage Balance £0k & £30k Savings by Feb 2019
    MORTGAGE: – £25869 / £0
    SAVINGS: – £43388 / £30000
    CREDIT CARD: – £2393 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £0/£14,326 / MFiT-T4 #80: £18866/£45,232
    • MM10
    • By MM10 21st Feb 17, 3:52 PM
    • 36 Posts
    • 112 Thanks
    MM10
    • #6
    • 21st Feb 17, 3:52 PM
    • #6
    • 21st Feb 17, 3:52 PM
    Hi Juststuff,
    Thanks for the best wishes. and same to you on your financial journey too
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • MM10
    • By MM10 27th Feb 17, 10:12 PM
    • 36 Posts
    • 112 Thanks
    MM10
    • #7
    • 27th Feb 17, 10:12 PM
    • #7
    • 27th Feb 17, 10:12 PM
    Hi everyone,
    My two main financial needs are the mortgage overpayments and the IVF treatment. Well our last treatment was a disaster. Nothing to transfer. So we have been told to come back in a couple of months after putting me on some novel supplements.
    Nothing to complain about, more time to save!

    I think the main thing I have to watch is the grocery bill. I have been going over. My mission now is to try and get it under control!
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • MM10
    • By MM10 26th Nov 17, 3:39 PM
    • 36 Posts
    • 112 Thanks
    MM10
    • #8
    • 26th Nov 17, 3:39 PM
    • #8
    • 26th Nov 17, 3:39 PM
    Hi everyone,
    I have been out of touch for several reasons but keeping the steam up nonetheless.
    On the positive side:
    1. I got a salary raise, so increased overpayments by £300 monthly
    2. Some stocks did really well; so lumpsum payment of about £6000 paid to mortgage
    3. DH got a part time job as a cleaner
    So mortgage free day is now safely in 2019

    On the not so positive side.
    1. Nouvelle IVF treatment got us one embryo but it did not stick

    I'll soon be 43, so 2018 really has to be my year. We plan on trying again early next year.
    We have filled our IVF saving pot, so the mortgage plans hopefully still going on as planned.
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • greent
    • By greent 26th Nov 17, 6:48 PM
    • 6,504 Posts
    • 65,603 Thanks
    greent
    • #9
    • 26th Nov 17, 6:48 PM
    • #9
    • 26th Nov 17, 6:48 PM
    I wish you well on your MF journey - and your IVF journey. My sister has recently had her baby with IVF (at 41) - good luck xx
    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) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • MM10
    • By MM10 27th Nov 17, 4:57 PM
    • 36 Posts
    • 112 Thanks
    MM10
    Hi Greent,
    Thanks so much for your encouragement and congratulations on your nephew/niece
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • MM10
    • By MM10 6th Dec 17, 5:50 PM
    • 36 Posts
    • 112 Thanks
    MM10
    Hi everyone,
    So I just signed up to the 2018 Mortgage free wannabe thread. I am hoping it can help in motivating me to pay of the main mortgage by the end of 2018.

    There are some major out goings this Christmas.
    1. Traveling to visit family and siblings....
    2. Getting our latest IVF protocol, fingers crossed for January .

    With these two major outgoings; I've got to put a tight rein on all other expenditure to still keep on track; especially the groceries....
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,747Posts Today

7,337Users online

Martin's Twitter