Mortgage Free by 01/01/11...so goes the plan

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Billy
thanks for posting- I have to say I am always inspired by what you have managed to achieve in such a short time- it truly is fantastic!! good to hear you were able to do it too without sacrificing everything, I will look forward to further updates !!

wynnvegas

Thanks TYO,

When I think about it, there's not a great deal we'll change after the mortgage. Instead of the one summer holiday, we'll probably have three a year (with a slightly enhanced gambling budget for Vegas!) and we'll eat out a few times a month if we can't be bothered cooking. When it has come to gigs and theatre shows, we would have managed to get to anything that would really have grabbed us in the last wee while so it's not quite the all-in sacrifice that I (and M certainly) sometimes make it out to be.

Cheers,

Billy

wynnvegas

Morning Everyone,

After yesterday's novel, I'll try to keep today's update short. In the year and a bit since I found MSE, we had a good crack at a thoroughly detailed SOA to lock down exactly what we needed (and sometimes wanted) to pay out on a monthly basis. This took a while to fold in all the medications, wee trips, presents for friends and family etc but we came out with a figure in the end of around £1,835p/m. In analysing our normal payment, likely interest and, with a whopping £3,80pm leeway, our overpayment, it meant that the net reduction in the mortgage could be £2,625pm which, at £42,000 (having used a chunk of savings to knock it down to a nice easy (and even) figure, we had 16 months to so which took us initially to 01/01/11.

In the year to date, we trucked along keeping perfectly to the plan for the first ten months. Once we'd saved the requisite funds for our Vegas 2010 trip, we had an extra £300 or so per month to fiddle about with and this, alongside a small inheritance from M's uncle passing away, enabled us to take another month off the intended term which at that point took us to our current final payment date of 01/11/2010.

The intention now is that we have a bumper Christmas, get a few wee things for the house that we've not particularly rushed to sort prior to now (new hoover, iron, ironing board and kettle to start), take our families out for a celebratory meal and then knuckle down in 2011 for our attack on the house. We've got the boiler and bathroom planned for April 2011, the kitchen planned for July 2011 and the living room, halls and stairs planned for October 2011 so the signature will be updated to reflect those targets. Late 2011 will be a new car for M who fancies stepping up from her Corsa to an Audi A3 and, from 2012 onward, whilst all the while saving for land and then the building of the next and final house, we'll just about manage to treat ourselves to 3 holidays a year and pretty much anything that takes our fancy. There's a wee bit of me fancies becoming a bit of a techy fanboy with i-phones, i=pads and the like - just seems a lot of unnecessary effort at the moment!

Cheers,

Billy

wantabetterlife

Hi Billy, brilliant posts :j:j, what you have achieved is amazing, a true inspiration!

Secret_Saving_Squirrel

Hello,

Very well done to you both. I think the three holidays a year is a brilliant incentive which I plan to use with OH!

wynnvegas

Morning All,

Well that's the last of the bills out of the way for September (council tax - boo hiss) and we've just managed to retain our £1,000 slight emergency fund - even after dipping into it already for a new hoover, iron, ironing board cover and some early christmas presents. I was told last night that there may be a very small inheritance coming my way from my Nan who died in February so for the first time in ages, that will be money that will go on something completely unrelated to the mortgage. I think I might opt for a fancy new snooker cue as I'm sure that, and not any severe lack of ability, is what has been holding me back from a professional standard all these years! It's also something I can get engraved (maybe her initials but any suggestions welcome) and have as a tangible item which should last a lifetime.

Cheers,

Billy

cha97michelle

It is the 1st time i have spotted your diary, and it is lovely to hear the background. I think my hubbie too would kind of like some of the techy stuff. He quite fancies an ereader. I will surprise him with one i think at some stage.

The positive side though is you have waited till they are tested and also a little cheaper?

Well done on getting to where you are so quickly.

*Jellie*

Ereaders are great!
Thanks for inspiring us with your story so far.

Secret_Saving_Squirrel

Just proves what you can do if you really focus.... Lots of fun ahead...

CathT

What you have achieved is brilliant.
All those holidays are a fab motivator. Looking forward to the rest of your diary.