Mr & MrsC Mortgage-free by 2015

MrC-117

Hi everyone

Thought I'd start a thread to help keep us motivated. 2015 seems quite far away and we have to do something to pass the time

Transfered from a Halifax mortgage (that we'd had for four years) in April 2008 to an HSBC tracker +0.38%. I'd become a bit fed up with Halifax making us either go onto their high SVR or pay a large fee to go onto a better rate for a couple of years. Also they offer better deals to new customers, so it seemed like a good time to move. I kept reading that the base rate would drop so a tracker seemed like the best option (didn't realise at the time it would be 0.5% in a year).

Started off with a £129,555.30 mortgage (the 30p could make all the difference). We started overpaying £1000 in November 2008, with the mortgage at £128,167. The amount we pay each month stays the same when rates change, so last month we were putting in about £1300 extra.

We're down to £120,416 today.

In theory we'll have enough left over to both open an ISA every year so we'll have quite a bit saved up when the mortgage is finished (the next plan is retiring early). We've got some money in ISAs already in case of emergencies.

We already do the normal money saving things, like using cashback credit cards, quidco, change energy companies, change insurance comapnies, etc. but we're sure there are some more ways to save a bit more each month.

This year is a bit funny for working out how much we spend as we're getting married soon. That will come out of the money we saved last year when we weren't paying off the mortgage.

evab_2

Well done with your progress so far and congratulations on your forthcoming wedding.

wantabetterlife

Good luck with your journey!! Your doing really well so far:j

MrC-117

Thanks for the support

Something else I've been doing is writing down overpayments, interest rates, etc. in a notebook. Thought it would be useful to check what we think we've paid in matches what the bank think we've paid in. Also it's quite motivating to be able to write down payments and look in it whenever we want.

I keep a backup of it in a spreadsheet, but it's quite good to have it written down (works for me anyway).

Trying_to_be_good

Good luck - I was married last year, during my mortgage-free quest. My one bit of advice would be do the things you want to do, not those that other people expect you to. We had an amazing day, with 80 guests, just how we wanted it with no-one realising all the money-saving bits I'd done as they were too busy having a fantastic time.

There're some great threads on here for weddings, big and small (the weddings that is, not the threads!).

setmefree2

and

MrsC-117

Hi Everyone,

Thanks for all the positive messages. With regards to the wedding - we are trying to do what we want. My parents turned out to be a royal pain while we were arranging everything and came up with wonderful advice such as "why don't you just leave it another year" - because of course leaving the decisions another year would be soooo much easier?!! Anyway, will stop going on about that - i could go on for pages otherwise...

Anyway - I better get on with some work - this mortgage won't pay itself!

Bye for now

shazzany

Hi both and good luck with all the wedding preps and mortgage paying!

Was just thinking how rare it is to have both of u updating and being so 'moneysaving'.

Think most couples definitely have one into money saving and the other who likes the benfits but not the work it entails (well that's how it is 4 us anyway!) :rolleyes:

MrsAudus2b

Hello :hello:

I normally post on the DFW board (see signature!) but like browsing on the MFW board. I just wanted to suggest having a look at the wedding sub-board and in particular the first sticky 'wedding tips'. It'll be a long read (100+ pages!) but hopefully you might be able to able to get some good ideas without compromising on the wedding you want.

Good luck
x

jfox_2

Good luck, i will soon be starting my mortgage free diary when i hopefully receive some good news from my lender. Best of luck, i too am getting married next year, were trying very hard to keep up with mortgage overpayments but i suspect that some months will have to be put on hold, especially as we want to go on an amazing honeymoon

MrsC-117

Hi All,

Well its nearly the weekend, that must mean we are one week closer to becoming mortgage free - hooray!!

It does always suprise me that often only one half of a couple is money saving - surely it benefits everyone? To be honest MrC is much better at money saving than me, seems to have been a skill he was born with.
I on the other hand just want to be able to retire early (i don't much like work!) so that is motivation enough.

MrC works on the big money saving things, like changing utilities etc and I have been doing things like trying to reduce our grocery shopping. I'd never cooked a roast chicken before reading about how far people could make them stretch..

Anyway best get back to work - have a good day everyone.