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  • FIRST POST
    • andy1886
    • By andy1886 4th May 17, 9:59 AM
    • 222Posts
    • 302Thanks
    andy1886
    Seven Year Plan
    • #1
    • 4th May 17, 9:59 AM
    Seven Year Plan 4th May 17 at 9:59 AM
    Hello this is my diary to plot the events along the way to what hopefully will become a journey to mortgage free existence . A little bit about me , I have lived in our current property for 16 years and there are 13 years left on our mortgage with a balance of £45 000 . The previous 2 years we have lived debt free other than the mortgage having being in debt to the tune of £19 000 and on a debt management plan for the 7 years before that . These debts accrued through daily life bringing 3 kids up on one income . During the time on the dmp we cut our spending back and were motivated by the balance falling and the debt free date getting ever nearer . Through the dark days , and there were many , the thoughts of what to spend the surplus money on when debt free kept us going but as of now we have found it hard to justify spending on stuff that we think we want but don't need . This means other than a new suite and decorating , and other jobs that needed doing we are reassessing our future .
    We have thought of moving to a nicer area but the houses and areas we like would put us in a lot higher but manageable position and we still have 2 kids at home and want to move when the requirements are just the 2 of us so I feel the best way to pass time is to overpay on our mortgage . We currently are on a 5 year fix which finishes next leap year day , just under 3 years away . I think we can afford to overpay £200 a month but don't know how to go about this , whether to set up a standing order or just pay over the counter each month . If we can achieve this we are looking at about 7 years to becoming mortgage free and I would like to use this diary to plot the months in the same way as I used a debt free diary to get through the dmp . I apologise for the long post but wanted to give an introduction before listening to any advice and questions from anybody .
Page 2
    • andy1886
    • By andy1886 13th Jun 17, 5:05 AM
    • 222 Posts
    • 302 Thanks
    andy1886
    I went down to my local branch of my mortgage provider yesterday and transferred £250 from my bill account to my mortgage account so total overpayments now stand at £500 .
    I have also got some information about how to access my statements online so I will set this up this week and then be able to have real figures to see the effect of the overpayments , see the balance and have goals of the balance dropping .
    • Jessy103
    • By Jessy103 13th Jun 17, 12:44 PM
    • 438 Posts
    • 1,859 Thanks
    Jessy103
    Congratulations on paying off your debts and I wish you the best of luck with your mortgage free journey! The people on this forum are just amazing at giving support and motivation!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • andy1886
    • By andy1886 7th Jul 17, 10:13 AM
    • 222 Posts
    • 302 Thanks
    andy1886
    Well finally sorted out my online banking . I went into my local branch to ask about finding out about getting statements but I can only get an annual one , so I found out what I needed to set it up and finally did it . I have made another £250 overpayment and my balance is now £43272 . A full month at work in front of me so spending should be minimal so looking good for this month . No bills due either so another overpayment should be achievable this month .
    • allmannerofthings
    • By allmannerofthings 21st Jul 17, 1:40 PM
    • 89 Posts
    • 517 Thanks
    allmannerofthings
    That's great you've sorted out online banking - I don't know what I would do without it, it's so convenient and I do like to watch the mortgage numbers go down!
    Mortgage March 2017 borrowed £115,000. Balance September 2017 £109015.21
    Overpayments 2017 £3115/Target £5000
    May £1710 June £0 July £900 Aug £505 Sept £ Oct £ Nov £ Dec £
    • andy1886
    • By andy1886 13th Aug 17, 6:16 AM
    • 222 Posts
    • 302 Thanks
    andy1886
    Got through July and made another overpayment of £250 this week taking my total overpayments to £1000 and my balance to £42815 which is fantastic . I realise it will take a considerable time but looking forward to getting below 40k and targeting the next 1k figure first . Fully motivated and focussed on all spare money for the rest of the year getting the balance down .
    • Jessy103
    • By Jessy103 14th Aug 17, 9:46 AM
    • 438 Posts
    • 1,859 Thanks
    Jessy103
    Great overpayments, well done!!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • allmannerofthings
    • By allmannerofthings 29th Aug 17, 4:08 PM
    • 89 Posts
    • 517 Thanks
    allmannerofthings
    That's great, well done!
    Mortgage March 2017 borrowed £115,000. Balance September 2017 £109015.21
    Overpayments 2017 £3115/Target £5000
    May £1710 June £0 July £900 Aug £505 Sept £ Oct £ Nov £ Dec £
    • wildesavings
    • By wildesavings 29th Aug 17, 9:51 PM
    • 160 Posts
    • 426 Thanks
    wildesavings
    Sounds like you're doing a great job and throwing sizable chunks at the mortgage! Well done and good luck! Also I'm with you and prefer one step at a time... once I'm mortgage free I'll begin to look at other ways I can get myself in a better position for retirement. Baby steps but more steps than most make Progress not perfection is always a great rule to follow.
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • andy1886
    • By andy1886 8th Sep 17, 4:20 AM
    • 222 Posts
    • 302 Thanks
    andy1886
    Hi , yes I am definitely a small steps and one target at a time person . I like the progress not perfection motto , I am sure my method of paying the mortgage down is not perfect but at least I am doing something which has to be better than doing nothing .
    This month I have managed a £350 overpayment taking the balance to £42216.07 . I have my car due its mot and service which hopefully won't throw up any problems but will still cost about £150 . Hopefully a full month at work with no unexpected expenses due .
    • Madcatgirl
    • By Madcatgirl 8th Sep 17, 3:43 PM
    • 327 Posts
    • 3,955 Thanks
    Madcatgirl
    Hi there - great steps so far! I'm with you on op ing the mortgage for peace of mind rather than s&s. However, I'm trying to slightly hedge my bets by doing a quarterly investment into my s&s and the rest on the mortgage, so I've got a small egg in that basket!

    With my mortgage online banking, I can only see the current balance and not a statement. It's annoying, but at least I know the balance!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
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