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  • FIRST POST
    • Escapar2020
    • By Escapar2020 8th Sep 17, 9:43 PM
    • 12Posts
    • 9Thanks
    Escapar2020
    On my way!
    • #1
    • 8th Sep 17, 9:43 PM
    On my way! 8th Sep 17 at 9:43 PM
    Hi all

    I've recently found this forum, but have been wanting to finish my mortgage early for ages!

    I started my 25-year mortgage back in 2003. So, expected to finish in 2028.

    I bought my first house near the height of the property boom in 2003, using a fixed rate mortgage. My plan was to stay for 5-years and then move-up the property ladder. Then we all know what happened to the economy, and 5-years soon passed, and before I knew it I was settled.

    Each time the fixed rate period ended, I'd go into another fixed rate, it felt like the safest thing to do, then interest rates started to go down! Eventually, I let my mortgage transfer to the standard variable tracker, currently 2.04% inlcuding the base rate. Not long after switching to the tracker, I started to pay of a little bit extra, without really having a plan.

    Couple of things happened last year that made me think about the future more. My dad had some health problems (he's ok now), but made him think about downsizing the family home which was getting expensive and difficult to manage (he's still there and I doubt he'll ever move!). I made contact with an elderly uncle, who I hadn't seen for years. Unlike my dad, my uncle had lived in the same house all of his adult life, never feeling the need to climb the property ladder. Finally, I had the chance of a promotion, to a job I'd knew I'd never love but would make my income jump.

    So the thought entered by mind, stay in this house, go for the job, put even more income into paying the mortgage (I know other people might think I should invest in something else, but the thought never occured to me and I wouldn't know where to start).

    So, having got the job, my mortgage stood at £45,460 in January this year, and had 11 years and 6 months to run. My plan was to pay it off within 5 years, so July 2022.

    As well as my extra salary, I've moved any spare cash into the mortgage too, and will have a clearout and sell some stuff I don't need. I haven't really made any sacrifices yet, and even managed to by a camper van with savings this year.

    Anyway, as of today, 8 September 2017, the balance of my mortgage is down to £34,998, and I think I'm on track to be mortgage free by September 2020 . Three years still feels like a long time, I was right about not loving the job, but its a means to an end! Planning ahead feels like I've finally grown-up! I'm breaking up the challenge in my mind, by thinking about where I should be in 12-month blocks.

    I feel a bit anxious about what I will do if and when I become an ex-wannabe. I'd like to either reduce my hours or do something more fulfilling, but the opportunities in a quiet rural area aren't obvious yet. We'll see what happens!

    I thought this was going to be a short post, so well done if you've made it this far! I'll try to provide some updates as I go.

    Escapar2020
    Last edited by Escapar2020; 08-09-2017 at 10:40 PM.
Page 1
    • Betterthanever
    • By Betterthanever 8th Sep 17, 9:44 PM
    • 187 Posts
    • 671 Thanks
    Betterthanever
    • #2
    • 8th Sep 17, 9:44 PM
    • #2
    • 8th Sep 17, 9:44 PM
    Welcome! I look forward to seeing your journey unfold!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • Madcatgirl
    • By Madcatgirl 8th Sep 17, 10:12 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    • #3
    • 8th Sep 17, 10:12 PM
    • #3
    • 8th Sep 17, 10:12 PM
    Hi there - good luck, looks like you've already taken years off the finish date!
    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
    • fiona100
    • By fiona100 11th Sep 17, 12:20 AM
    • 8 Posts
    • 14 Thanks
    fiona100
    • #4
    • 11th Sep 17, 12:20 AM
    • #4
    • 11th Sep 17, 12:20 AM
    Just beginning the process, but I am now feeling more confident that I will be able to get started properly. Thanks for posting and encouraging me.

    fiona100
    • beanielou
    • By beanielou 12th Sep 17, 9:42 PM
    • 47,264 Posts
    • 169,945 Thanks
    beanielou
    • #5
    • 12th Sep 17, 9:42 PM
    • #5
    • 12th Sep 17, 9:42 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Skinnylatte
    • By Skinnylatte 12th Sep 17, 10:22 PM
    • 1,084 Posts
    • 4,498 Thanks
    Skinnylatte
    • #6
    • 12th Sep 17, 10:22 PM
    • #6
    • 12th Sep 17, 10:22 PM
    I've subscribed, keep posting and I'll keep plodding!
    Mortgage @ 12/04/2015 £136121 £121927 10.43% DI £9.13 £6.58
    Mortgage free day 06/03/33 06/11/32
    Emergency/Offset Account £
    0/£6000 0%
    CC Balance £6100
    £3778 Paid 38%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Escapar2020
    • By Escapar2020 23rd Sep 17, 11:03 AM
    • 12 Posts
    • 9 Thanks
    Escapar2020
    • #7
    • 23rd Sep 17, 11:03 AM
    • #7
    • 23rd Sep 17, 11:03 AM
    My latest good news is that I've increased the standing order for my overpayment to what I think is the maximum I can afford. So, my standard payment is £350 per month and I'll now be overpaying by £600 on top. If I can maintain that, I will hit my 2020 target :-) I do have a big trip and some home improvements planned in the next 12-months, but will try to keep to my target by searching for bargains!

    The bad news is that I thought I found a bargain that turned out to be a scam :-S so, I may have lost £160. If the bank give me a refund, I'll put it into the mortgage and learn my lesson!

    Escapar2020
    Mortgage Jan 2017: £45,460________Current mortgage (Sep 2017): £34,998
    Scheduled end date: July 2028_______Planned Mortgage free day: September 2020
    • squirrelgirl
    • By squirrelgirl 23rd Sep 17, 3:16 PM
    • 111 Posts
    • 435 Thanks
    squirrelgirl
    • #8
    • 23rd Sep 17, 3:16 PM
    • #8
    • 23rd Sep 17, 3:16 PM
    Good luck on your journey... I'll be following you
    MFW £3331.96/£22968.96
    • SavvySaver007
    • By SavvySaver007 24th Sep 17, 12:49 PM
    • 11 Posts
    • 45 Thanks
    SavvySaver007
    • #9
    • 24th Sep 17, 12:49 PM
    • #9
    • 24th Sep 17, 12:49 PM
    Just dropping by to subscribe & to wish you luck with your overpayment journey, I am aiming to overpay about the same very month. I find these forums a brilliant source of motivation and inspiration, we'll be reducing these pesky mortgages in no time at all!
    Target: Pay off mortgage in 2017!
    As at 25.09.17: £13,800/£66,000 left to pay
    Emergency Fund: £1,500/£3,000
    • Escapar2020
    • By Escapar2020 25th Sep 17, 3:54 PM
    • 12 Posts
    • 9 Thanks
    Escapar2020
    Staying motivated.....
    (this will be different for everyone!)

    I started a countdown app back in december, when I was planning to be MF within 5 years. I quickly got that down too less than 4 years by increasing regular overpayments to where I was comfortable and moving other spare cash when ever it wasnt needed. I don't feel like I've scrimped on anything in the meantime, just asked myself if I really needed something before making a irregular purchase (I've got too much stuff already)

    Anyway, my countdown app turned a milestone and now starts withh the number 2 :-) It actually reads 2 years, 11 months, and 31 days (which I think is 3 years in most people's books, but I was very happy to see the 2 anyway!). Not bad for 10 months effort. Of course this is only a target, and could get pushed back or brought forwards depending on circumstances. The plan is to finish early (shceduled end is in 2028), not stress about the exact date of becoming MF.

    I have a couple of other countdowns running, one for the number of payments left, and one for the number of days left. My next big milestone will be getting under 1,000 days left, which should happen in around 3 months time.

    Sometimes, the countdowns don't feel that helpful. If I'm having a hard time at work, they seem to move too slowly and I find myself looking at them often and wishing they'd reduce faster! But when I combine them with managing my mortgage balance on mobile banking, I've found myself a few times noticing if I pay just a bit more (£50ish) then the balance figure drops into the next £1000 bracket (e.g. From £35,049 to £34,999), which also has a great pyschological impact :-D

    I'd be interested to know what milestones keep you motivated?

    Escapar2020
    Mortgage Jan 2017: £45,460________Current mortgage (Sep 2017): £34,998
    Scheduled end date: July 2028_______Planned Mortgage free day: September 2020
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