Mortgage Free....long way to go!

Hi All,

This is my first post on this forum...so hello!

I was just reading through some of the posts on here, and it's such a good idea, although it appears that i have a long way to go compared to most people on here :(!

I'm on £217,500 mortgage!! Got it fixed at 3.69% for the next 2 years, so that should be a help, but it still seems like a mammoth task!

I was thinking about just trying to be as careful with money as possible, then at the end of every month use whatever money is left in the bank to overpay the mortgage, taking the balance back to 0 jut before i get paid.

If anyone has any tips that'd be great...i think this is going to take a while!!

Cheers,

Bossle
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Replies

  • setmefree2setmefree2 Forumite
    9.1K Posts
    Mortgage-free Glee!
    ✭✭✭✭
    Hi RolandChayer-WelcomeSmiley.gif to the MFW board.

    Have you read this?:-

    http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

    It's Martin Lewis' guide as to whether you should pay of your mortgage.

    As a rule of thumb most MFW think you should have between 3 to 6 months emergency savings, maybe more, put away before you over pay your mortgage. It's also Martin Lewis' view that you should use your cash ISA allowance every year (currently £3600) though I know not everyone agrees with this.

    If you've got your emergency savings in place and think overpaying your mortgage is for you - all that's left to say is a great big goodluck.gif with your MF journey and that I look forward to reading about your progress:D

    Kind Regards

    SMF2
  • ecoelleecoelle Forumite
    1.6K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    Hello there, firtsly, Welcome to the boards and congratulations on making a decision to be mortgage free. Myself and my partner are trying to pay ours, but cannot commit to being mortgage free in x amount of years as we would probably need about 20 years! We had a recent mortgage statement come through and thtis has been encouraging. We just set p a monthly overpayment with our bank so that makes it easy. The other thing we do is any unexpected money, such as work bonuses, commision, or gift money we halve, half for a treat and half for the mortgage. This means we don't feel hard done by. It can get pretty tough at times and you don't want to lose heart so make sure you give yourself some money for fun!

    Good luck and i'm subscribing to your thread so we can keep in touch and help each other through!
    :j:j:j:j:j:j:j:j:j:j:j:j:j:j 14 years to go on the mortgage
  • RosieTigerRosieTiger Forumite
    863 Posts
    Read through the posts including the ones which provide tips for money saving ideas - for us, paying something at the beginning of the month is always better than waiting to see whats left over, so I would go for a small regular over payment. They all make a difference, but the means of getting to be MF is a personal journey of your own choices - but don't be put off by the size of your morgage now, go for it !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭✭
    Hello and welcome!
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • maro11maro11 Forumite
    309 Posts
    Hi,
    I am in a similar position, started off with a mortgage of 214,000, and I began overpaying last September and it's now down to 209,000.
    I know what you mean about daunting but we have to start somewhere, it's not going to shift by itself. It does all add up. Good luck
    Maro
  • financialblissfinancialbliss Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    Hi BossleBoots,

    A warm welcome to the mortgage free forum.

    What about diving into a 3 year challenge, ie the mortgage free in three take 2 (MFiT-T2) challenge? Further details here:

    http://forums.moneysavingexpert.com/showthread.html?t=1402631

    Financial Bliss.
    Mortgage and debt free. Building up savings...
  • Kaz2904Kaz2904 Forumite
    5.8K Posts
    Mortgage-free Glee!
    Hopefully you will have the income to match a mortgage like that!
    It seems like a massive mortgage but try to break it down into small chunks. It will eventually be gone anyway and any overpayments you make will speed up the process!
    Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.
    MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.
    2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.
  • Lynn11Lynn11 Forumite
    674 Posts
    Good luck in becoming mortgage free in the future. It is a long road and sometimes you wonder if it is worth it but it is (we are overpaying but our payments have reduced due to personal circumstances, but we are still doing something). I have a sealed tin bank where I put one or two pound coins at least once a week and will empty this in November/December and pay into the mortgage. Good luck on your journey
    MFIT T2 Challenge - No 46
    Overpayments 2006-2009 = £11985; 2010 = £6170, 2011 = £5570, 2012 = £1290
  • chirpchirpchirpchirp Forumite
    2K Posts
    ✭✭✭
    Hi Bossleboots

    I'm also new to this overpayment thing and I'm in much the same boat as you. My mortgage is £241,00. I'm about to make my first overpayment which will be just under £18 but like others have said we have to start somewhere.

    I can't commit to how long mine will take either but there is lots of inspiration on this site.

    Anyway, good luck and I look forward to to reading your diary.
  • zebedyzebedy Forumite
    425 Posts
    Hi, welcome to the MFW clan.
    There are loads of tips and ideas in this forum and others about how to "save" some money which can be put towards overpaying the mortgage.
    Some of the ideas you are bound to coe accross are:

    1) get a mortgage pig. Use a moneybox or old jar etc and put all loose change in it each day/end of week. Get the family involved - kids love feeding the pig. Give it a name and a personality to help. Maybe his favourite food is the 2 pound coin

    2) get a cashback credit card and use it for all your usual monthly spending. Pay it off in full each month and watch the cashback add up. When you get hold of the cashback (some cards give it annually and some give it monthly) use it for a bonus mortgage overpayment

    3) sign up to a cashback website (e.g. Quidco, Topcashback). Use any cashback as additional mortgage overpayments

    4) Use cashback websites and comparison websites to compare your insurance, energy bills. If you switch and save use the savings for a mortgage overpayment

    5) check all your direct debits - are you paying for anything you don't need/use. Cancel and then use the money for overpayments

    6) declutter your house and sell items on ebay, greenmetropolis, musicmagpie etc. Use your profits for overpayments

    7) always think before you get your purse out. Do you really need what you are buying? Do you really want it? Can you get it cheaper elsewhere? Can you wait a while?

    So, there's a few things to get you started. Keep reading the boards and you'll get loads more tips
    Good Luck!
    MS Stalwart. Used site for >10 years :j

    Make Do, Mend and Minimise member - focussing on upcycling/repurposing and sewing
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