MF by the time I'm 50?

Kittikins

Hello - I'm tentatively dipping my toe in the water of trying to become mortgage free....with an 11 year, 8 months and 24 day target :rotfl:

I am divorced with a DD, work full time and have a mahoosive mortgage! Until this afternoon when I paid in my first ever overpayment of £160, the figure was £148,759. Gulp. It looks even worse when it's written down in public!

I have an interest-only mortgage on a daily interest rate for 3 years from April this year, the interest rate is 4.69%. My full mortgage term is just under 21 years.

I calculated yesterday that to pay it all off by my 50th birthday, I would need to pay £34.71 A DAY!!

Today I was able to pay in £160 - £100 being the face value of a voucher from DD's nursery to help with fees given when I recommended a friend and the other £60 made up from interest on bank accounts, Qu1dco and expense reimbursement at work.

I'm planning on changing my bank account to H*lifax to earn the £5/month for having a current account, and will get my backside into gear at some point soon to list anything that isn't nailed down on Amaz*n, Eb&y and Music Magp*e.....if anyone reads this, please kick me if you don't see a post saying I've done it....!

I'm also going to be very strict with my spending diary and keep track of the money I waste on silly things like the odd newspaper and magazine. I work opposite a fantastic library and read loads of books, and a lot of stuff online, so there's no real excuse for wasting money on magazines....*confession* I did buy one today to get the free hair conditioner

Phew! Well that was a long introduction, wake up at the back!

Also, if anyone can help me work out how today's overpayment will shorten the term of my mortgage, please enlighten me. I've spent ages looking at the various calculators on here and can't make head nor tail of them. Thank you :j

Yay, go me! I'm thrilled that I've finally decided to take the plunge!

elliemoo

Well done you for starting out on the mortgage free journey, it does become very addictive.

Good luck

Kittikins

Well, I've made my appointment to change the bank account, not til the 18th but at least it's in the diary.

I was too tired last night to start taking pictures of anything for listing, maybe tonight....

I'm planning on putting any "savings" from spending less on existing petrol/food/clothing budgets into a new online savings account to then either put towards a previously booked holiday (need £90 in November and then whatever the cost of the ferry to France...) or whack into the mortgage. My heart says mortgage, my head, the holiday!

Apart from that, no news! I'm waiting for the grand sum of £1.18 to come this month from work expenses. Every little helps, as they say

Think I need to read the Make £10/day threads for some ideas on how to generate the £148,599 needed :0)

Mortgage_Reduction_Novice

Hi and Welcome.

It sounds like you're off to a flying start.

The usual advice is to read other threads for some extra tips and to increase your own motivation when it gets tough.

Most of all enjoy the smug feeling!

Kittikins

Thanks MRN, I am I've got a post-it at the bottom of my monitor showing the previous amount and today's amount outstanding, a constant reminder, lol.

I've just listed some unwanted clothes shop vouchers on Ebay, I keep on popping into the shop in question but their sizes are very generous and I'm now getting too slim for them! (I'm on LL diet, losing weight hand over fist which is marvellous, if expensive....so that money will go into the pot when I've got to where I need to be!)

I was pleased to see that you don't have to pay a listing fee anymore if the item is listed at 99p or under. Will make a concerted effort to get things ready to list tonight!

Mortgage_Reduction_Novice

Tell me about it... I keep a pile of things in a cupboard that are for ebaying but recently its turned into a mountain! Concerted effort after my holidays I think!

Floxxie

Hello and welcome,

It's an American site and I haven't used but found this for interest only mortgage overpayments:
http://www.vertex42.com/Calculators/interest-only-loan.html

You may find the term does not reduce very much to begin with. I remember making overpayments of £1000s to thne get a letter to say the mortgage had been reduced by 3 months.

Anyway well done for taking the plunge.

Floxxie

Kittikins

Thanks Floxxie, I'll play with it tonight and hope I understand what it means, I'm not very good with spreadsheets!

Kittikins

True to my word, I've listed 11 books on Amaz*n and am now starting with Eb*y. So much easier to use A than E......*sigh*

gallygirl

Hi KK & welcome :beer:.

Try https://www.greenmetropolis.co.uk for books - £3 each and the listings don't expire.

Good luck :T

Kittikins

THanks Gallygirl, will definitely try that - have a pile of books that would only make 1p on A, and I'm not going to be sentimental about them