MFW in 5 years

golfiematt

We have lived at my present house for just over 7 years, im married with one child, i have remortgaged twice partly through necessity and part from overdoing it on our credit cards, since 2007 all our debts where added to our mortgage and we got a 10 year fixed deal @ 5.28%. I started doing small overpayments from as little as £30 a month up to the full £500 allowed depending on what our financial situation was like for the month.My child starts school september and my OH is dropping her hours.I dont earn much over minimum wage so i thought id come on here and post a thread to try and keep me motivated as it will be a lot harder to overpay.currently we owe around £49k and we are hoping to pay this off by 2014 but i realise its a big aim, we currently have 9 years left paying around £586 a month as i recently adjusted the term. I am currently 30 and want to be MF by 35. Not too sure how you do the signature for the balance but ill look into it.
2002. 57k (amount owing after payments & interest)
2005 64k
2007 65k
jan 09 54k
jul 09 49.5k(est)
jan 10 43k
jan 11 33k
aug 11 87k
jul 12 84k
jan 13 81k
oct 13 74k

lil.mouse

Good luck!

setmefree2

and

golfiematt

thanks for the nice messages,
Just thought i would say a few ways we have tried to keep the bills down each month in order to overpay.firstly a few years back i was paying over £100 a month for gas and electric:eek: so we changed all the bulbs to energy efficient ones.We had cavaty wall and better loft insulation, got an A rated boiler and new central heating fitted (partly why we remortgaged ).We also changed from a power shower to an electric 1 that runs off the boiler. I fitted a door to the kitchen to help stop draughts and put them door spring shutters on the front room door and kitchen.We also turn all switches off at the wall now.This has resulted even after all massive price increases to our gas and electric bill £47 month.With a payback period of under 5 years.
I will update my mortgage figures in a couple of days for a more accurate figure and try to update once a month ( still dont know how to get the signature to come up underneath b.t.w)

THRIFTY_GIRL

Welcome to the challenge!!

Go to User CP (blue writing at the top of the thread) and you can edit your signature there.:beer:

golfiematt

thanks for that thrifty.
I also like to keep my shopping bill below £50 a week if i can help it and buy things mostly with a crdit card that gives points back or c.b.
before o.h. reduces her hours i can keep up high o.p until September then after that i need to start looking for junk for ebay or something! to help.
just o.p £500 max today woohoo:j

Tesco_points_addict

Hi golfiematt,

Have you found the cashback sites yet? Such as Quidco and Topcashback, they are great especially when you need to change your house ad car insurances etc.

Goodluck with your quest, keeping a diary on here should help you keep motivated.

TPAx

setmefree2

golfiematt wrote: »

just o.p £500 max today woohoo:j

:T:T:T:T:T:T:T:T:T

Best Wishes

golfiematt

I am a member of quidco and top cashback. I used to do the 'daily clicks' but felt like i was was using more electric than i was earning for the amount i got over the time!
I have also done the main companies for matched betting last year but ive not done it since as my computer broke with the names of the companies i did and the spreadsheet! ( ill have to look into getting the files back off my old harddrive (in the loft) if its possible.i probably made about £300 profit off it so of all the ms tips ive had this one seems to have made the most.
I will check my mortgage balance tonight and post the precise figure i have left. Thanks for all your support :j

golfiematt

I have just checked our balance online as of 3/8/09 and have updated my signature.
ive only included op's from july as thats when i started this diary.this balance im presuming is at its lowest as daily interest from now until the 1/9 (next payment) is going to be added im guessing. Ill probably check online tomorrow to see.
This is the best time of the month for me as i can see all the effort of saving take a chunk off the mortgage:j.

golfiematt

this now feels the worst time of month for me, im just short of £100 into my overdraft (luckily o% interest).ive just paid off all my c/cs so i now need to save for the next mortgage payment and anything left for an o/p.This will be my last chance to try to o/p a big amount as o/h drops her hours from sept.sometimes it feels like its all uphill