Mortgage Reduction Beginner to Novice - The Show Begins

gallygirl

Tilly_MFW_in_6_YRS wrote: »

I will be 52 before the mortgage is cleared :eek::eek:

Best wishes Tilly x

As Tilly had said, it's the big picture that matters, not an arbitrary figure.

I will be, if all goes to plan, just short of 56 :eek: (by just short I mean 3 days :cool:).

If clearing it by 40 is not an option then why not just see what age you are projected to have it paid off. Everytime you knock a month off, add up the days saved. Wondering if an OP of £6.38 will knock a month off had given me hours of fun :rotfl:.

unhappy_shopper

Hi MRN,

Tilly has given you sound advice, GG too. It is not the age, it is how you live your life that matters. IMHO, you have already embarked on this adventure. It is a long-haul trip, not an overnight journey. So, keep at it and it will all disappear one day. Also, don't forget that your financial circumstances will improve with jobs, promotions etc.

Good luck!

Fortune_Smiles

Don't fret MRN. I'm already 46 so have no hope of clearing my mortgage by 40 :rotfl:I don't, in fact, want to clear it - just reduce the monthly payments so that they are itty, bitty ones. That will mean we can still transfer our mortgage if we move and we want to keep access to the borrowing in case we get the chance to buy some land. We're all in it for different reasons.

When Mr F and I first moved in together we had no spare cash at all. 7 years later and we have about £700 - 1000 each month and I don't work now. So much can change in that time.

I wish I'd discovered MS earlier in my life - even OPing small amounts can really add up. Don't be disheartened, whatever you OP, it will be making a positive difference.

Fortune x

foxblade

I agree with the others, I wanted to be MF by 30 but now I have a LO and we only have one wage coming in it will be impossible. I got really upset that it would now be paid off when I was over 30 (silly I know!) but then it hit me that most people don't have thier paid off until retirement so I was still doing really well. When I do the OP Calculator now I also look at the interest saved rather than the timeframe and it really spurs me on.

Radish72

I want to be in my 20's again :rotfl:

numptyknownothing

I'd be happy with being in my 30's again. Chin up. I wish I'd started this years ago and am quite obsessed but the fact that you are doing it at all shows how enlightened you are. It also means that if any opportunities to make a dent in you MFW dream you will. So hurray for you and keep at it :j

Mortgage_Reduction_Novice

Thank you all for your morale boosting comments.

After some exercise at the gym, some chocolate biscuits, finishing the roman blind and reading your posts - I'm feeling a little cheerier.

A house is a huge purchase so I always knew it'd be a long distance race and every little helps (where as no OPs get you no where). I'll just keep plodding on and keeping up the MSE way of life... it hasn't hurt me so far (it was my frugal ways that allowed me to save for the house deposit as a student in the first place). I think I can only take each year as it comes (and as a chance to review budgets/finances/spreadsheets) with a view to up the OPs each time!

coldcazzie

That's it, exactly. It's a marathon (a veerrrrrryyy long one), not a sprint

I do understand though - I want to be mf now! Now now now! :rotfl: as it is, the OPs are going to have to stop for the next 3 years minimum. We want to finish the work on the house, and save up emergency funds for job loss, bike issues and household emergencies, and we can't OP while doing it - there just isn't enough spare cash left at the end of the month. So I can't even begin to work out when we might be mf, although our prospective goal of 2030 would still be great.

QB_Wolf

I wish I'd started this earlier, but I didn't so no point worrying and I probably haven't been in a position to OP until now. Feeling disheartened is natural though, I know I was earlier in the month, just got to think of the positives.

Radish72

I wish I was still in my 30's :rotfl:

Well I'm the nutter who technically achieved MF and then went and bought a bigger house with the BF so have started again

HSBC MF date 2037 (aged 65)

My date 2022 - 2025 ish