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  • FIRST POST
    • Debtslayer
    • By Debtslayer 9th Jul 17, 11:52 AM
    • 302Posts
    • 463Thanks
    Debtslayer
    Mortgage Free Mission
    • #1
    • 9th Jul 17, 11:52 AM
    Mortgage Free Mission 9th Jul 17 at 11:52 AM
    Hi
    Today's the day I finally made my plan to become mortgage free
    I was quite late getting my first mortgage and I'd now like it paid off as quickly as possible.
    Joining this forum to help keep me motivated and please pass on any hints and tips you have
    I've set up a regular overpayment with mortgage company every month and also a standing order in my bank accounts which I will use hopefully to pay the mortgage down (but it's also there for emergencies)
    I plan to save any loose change I have also, every bit adds up!

    Any ideas for making more money?
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
Page 1
    • louloubelle79
    • By louloubelle79 9th Jul 17, 12:34 PM
    • 140 Posts
    • 51 Thanks
    louloubelle79
    • #2
    • 9th Jul 17, 12:34 PM
    • #2
    • 9th Jul 17, 12:34 PM
    Hi I only started my MFW journey January �� Do you use Quidco if buying online? That makes a few extra £££.
    Hoping to be mortgage free by 2027 age 47
    Current rate 2.79% fixed for 10 years
    Current mortgage end date: 03/10/2043
    MFW Starting Mortgage Jan 17 - £114,703
    • Debtslayer
    • By Debtslayer 9th Jul 17, 3:43 PM
    • 302 Posts
    • 463 Thanks
    Debtslayer
    • #3
    • 9th Jul 17, 3:43 PM
    • #3
    • 9th Jul 17, 3:43 PM
    Hi
    Yes definitely use Quidco ��
    Our mortgage amounts are very similar although we have 18 years left ��
    Hoping to pay off in 10 ��
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
    • lippy1923
    • By lippy1923 9th Jul 17, 4:05 PM
    • 1,213 Posts
    • 3,382 Thanks
    lippy1923
    • #4
    • 9th Jul 17, 4:05 PM
    • #4
    • 9th Jul 17, 4:05 PM
    Welcome to the MFW board.

    I was just about to suggest setting a time frame. Set S.M.A.R.T objectives- specific, measurable, achievable, relevant, timely. It might benefit you to set smaller mini goals that lead up to bigger ones.

    Tips- Stay on here, keep checking in even if its once a week or so to remind you why you are doing this. Read up on other peoples diaries for hints and inspiration. Some really great threads on this board.

    Stoozing is a great way to make some cash. Longest 0% CC you can find and spend everyday normal spends on it and save cash you would have spent in a high interest account, eg Reg savers or current accounts.


    I look forward to reading your progress.
    Total Mortgage OP £17,500
    House Value £240,000 Mortgage £94,678
    Emergency Fund £23,600

    • louloubelle79
    • By louloubelle79 12th Jul 17, 1:28 PM
    • 140 Posts
    • 51 Thanks
    louloubelle79
    • #5
    • 12th Jul 17, 1:28 PM
    • #5
    • 12th Jul 17, 1:28 PM
    Hi yes we do have same mortgage near enough, although we have 26 years left so not sure if can do in 10 fingers crossed good luck
    Hoping to be mortgage free by 2027 age 47
    Current rate 2.79% fixed for 10 years
    Current mortgage end date: 03/10/2043
    MFW Starting Mortgage Jan 17 - £114,703
    • Debtslayer
    • By Debtslayer 12th Jul 17, 8:52 PM
    • 302 Posts
    • 463 Thanks
    Debtslayer
    • #6
    • 12th Jul 17, 8:52 PM
    • #6
    • 12th Jul 17, 8:52 PM
    Cutting it from 18 years to 10 will be a big ask but that's the ultimate aim.
    Shorter term goal is to get if down as much as possible over the next 3 years when we will be able to remortgage (currently in 5yr fix).
    Want to get on the best interest rate and LTV we can when that time is here

    I've been going through all expenses and created another account in bank account to put a set figure into everything month as well as the rounding up amounts. Also have set up regular monthly overpayment with mortgage company
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
    • shangaijimmy
    • By shangaijimmy 12th Jul 17, 9:12 PM
    • 2,000 Posts
    • 8,506 Thanks
    shangaijimmy
    • #7
    • 12th Jul 17, 9:12 PM
    • #7
    • 12th Jul 17, 9:12 PM
    You'll be surprised at how your spending habits change once you get the addiction to MFW., and i'd say that 10 years in achievable once things start to snowball.

    You'll have plenty of people cheering you on from here!
    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
    • Debtslayer
    • By Debtslayer 12th Jul 17, 9:19 PM
    • 302 Posts
    • 463 Thanks
    Debtslayer
    • #8
    • 12th Jul 17, 9:19 PM
    • #8
    • 12th Jul 17, 9:19 PM
    You'll be surprised at how your spending habits change once you get the addiction to MFW., and i'd say that 10 years in achievable once things start to snowball.

    You'll have plenty of people cheering you on from here!
    Originally posted by shangaijimmy
    Thanks SJ
    Looking forward to getting addicted
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
    • Debtslayer
    • By Debtslayer 13th Jul 17, 10:06 PM
    • 302 Posts
    • 463 Thanks
    Debtslayer
    • #9
    • 13th Jul 17, 10:06 PM
    • #9
    • 13th Jul 17, 10:06 PM
    I have an official number

    Regular overpayment of £70 per month set up

    Building up an amount in my bank account section for mortgage overpayments, will pay this off mortgage when it's built up to a nice amount

    Also saving any loose change in piggy bank
    Every little helps
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
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