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  • FIRST POST
    • Rosie D
    • By Rosie D 16th Mar 17, 8:28 AM
    • 96Posts
    • 242Thanks
    Rosie D
    Here We Go! 10 Years To Freedom!
    • #1
    • 16th Mar 17, 8:28 AM
    Here We Go! 10 Years To Freedom! 16th Mar 17 at 8:28 AM
    Hi there

    I'm so excited to be starting this new diary. I suppose you could call it my MFW/DFW diary because over the next 10 years we will be both. Me & my lovely hubby have been together over 20 years & we should have this money stuff worked out by now, but unfortunately we haven't. Well no more! I have worked out a plan for us to be mortgage & debt free in 10 years, which doesn't sound long but my hubby has a good income & we need to start using it to our advantage, plus we will be in our 50's by then too, so we need it all gone before retirement!

    Got to take the kids to school soon, but I'll be back later to document my plan in this diary, as they say if you write down your plan you are more likely to stick to it

    See you soon

    Rosie D x
Page 1
    • Rosie D
    • By Rosie D 16th Mar 17, 12:41 PM
    • 96 Posts
    • 242 Thanks
    Rosie D
    • #2
    • 16th Mar 17, 12:41 PM
    • #2
    • 16th Mar 17, 12:41 PM
    So, we have an offset mortgage that is interest only & has 3 accounts linked to it. One of the accounts we are going to put money in as though we have paid it into the mortgage account, so we will deduct the amount in this account off the mortgage balance & that will be our mortgage amount outstanding. I love the offset mortgage but we haven't been using it to our advantage.

    We are going to put £750 per month into the linked account ( there's already £3000 in there) & as it's building up when we have plenty in there, we can start paying off our credit cards as we go along & then the amount we were paying to the credit card we can add to the £750pm so the amount we save each month is increasing. Eventually the amount of the mortgage will come down to the amount in the linked account & we will be able to pay it off, I'm hoping even quicker than 10 years.

    Hope I didn't waffle on too much & confuse everyone!

    Does anyone else have an offset mortgage & if so, how do you make yours work?
    • lincoln-potter
    • By lincoln-potter 16th Mar 17, 1:35 PM
    • 872 Posts
    • 4,242 Thanks
    lincoln-potter
    • #3
    • 16th Mar 17, 1:35 PM
    • #3
    • 16th Mar 17, 1:35 PM
    Hello Rosie and welcome to the MFW boards!

    I can't say I have an offset mortgage however I wish you all the best on your adventure and look forward to seeing your progress.

    If you want any help a SoA is usually a good starting point where others might spot something you have missed.

    Regards
    LP
    MFiT-T #82 £85k -> £38k
    MFW #32 £8,500/£8,500
    Make £2017 in 2017 challenge - £821.76 #10
    • Rosie D
    • By Rosie D 16th Mar 17, 6:50 PM
    • 96 Posts
    • 242 Thanks
    Rosie D
    • #4
    • 16th Mar 17, 6:50 PM
    • #4
    • 16th Mar 17, 6:50 PM
    Thanks for the welcome LP!

    To be honest we aren't struggling, so I'm not going to do a SOA as we have allocated the £750 to the 'mortgage pot' & the credit cards are both on 0%, so this is just a diary to keep us mindful to put the money in the pot each month, if you see what I mean?
    • EatingTheElephant
    • By EatingTheElephant 17th Mar 17, 7:40 AM
    • 1,072 Posts
    • 5,740 Thanks
    EatingTheElephant
    • #5
    • 17th Mar 17, 7:40 AM
    • #5
    • 17th Mar 17, 7:40 AM
    Welcome Rosie, wishing you good luck with your goal. I'm aiming for 10 years too.
    • Rosie D
    • By Rosie D 18th Mar 17, 7:28 PM
    • 96 Posts
    • 242 Thanks
    Rosie D
    • #6
    • 18th Mar 17, 7:28 PM
    • #6
    • 18th Mar 17, 7:28 PM
    Thanks for the welcome, ETE. Here's to the next 10 years!
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