Starsailor just starting out

Hi all, my first post here so please be gentle!

We've just started out on our journey to become mortgage free (going to be a long haul!) and I am hoping that posting here regularly with to do lists and targets will help me to keep motivated.

I have been reading the forums for a while and have already implemented quite a few of the tips I have seen - but there is so much on here that there is still plenty to go at.

Our circumstances are that we have just remortgaged on a new 5 year fix at 4.15% on an interest only basis. Our outstanding mortgage in July (when the remortgage completed) was £251,700. We are currently paying £870 a month in interest and I plan initially to pay at least £1000 off the capital each month. I hope to increase this over time as funds allow. My lender allows up to 10% overpayments each year but each overpayment must be at least £500. I haven't set a final end date yet as the total amount is dauntingly large but instead I have set a 5 year target that I will review as I get a bit closer to it.

Our long term wish is to emigrate to the USA (Mr Starsailor is American) so becoming mortgage free is all part of our long term plan to achieve this. The sooner we can become mortgage free the quicker we can emigrate so we have plenty of motivation to keep going and try and do it faster.
The things that make paying off the mortgage early difficult are our 7:eek: kids (4 that live with us) and my 2 dependant parents that also live with us which make our household expenses rather high. I plan to spend a bit of time on the Old Style and Grocercies boards as well to see where I can make household expenditure savings.

I look forward to getting to know everyone on here a lot better over the next however many years it takes to become mortgage free!

Starsailor
Current Balance £249,700 (September 2009)
Starting Mortgage Balance £251,700 (July 2009):eek:
Year End (2009) Target £246,000
End 2014 5 year Target £150,000

Replies

  • Queen-Bee_2Queen-Bee_2 Forumite
    828 Posts
    Mortgage-free Glee!
    ✭✭✭
    Hello and welcome!

    The posters on this board are help and very supportive - good luck in your journey and look forward to reading your diary.

    QB
  • wantabetterlifewantabetterlife Forumite
    1.3K Posts
    Part of the Furniture
    ✭✭✭
    Goodluck on your MFW journey!!:j:j
    Mortgage [strike]£177,750[/strike]£149,488
    Overpayments 2016 £2053.58 2017 £3417.70 2018 £5180.78 #26 2019 £2435.35
    Daily interest £19.91:eek: £15.28 :eek:£8.94
    BUY TO LET MORTGAGE [STRIKE]£111408 [/STRIKE][STRIKE]£109975[/STRIKE] £94,779
    14.9 % paid
  • Good luck on your journey. This board is full of lots of helpful and inspirational people.
    Looking for the perfect home and saving to make becoming a MFW easier
    MFiT3 48103/50000 Saved So Far :j
  • dexter_fandexter_fan Forumite
    136 Posts
    Good luck on your MF journey. Looking forward to reading your progress :hello:



    DF
    MFW 131
  • setmefree2setmefree2 Forumite
    9.1K Posts
    Mortgage-free Glee!
    ✭✭✭✭
    Smiley%20Welcome.gif


    Good Luck with your MF journey. 7 kids :eek: 2 dependent parents :eek: I bet it's lots of fun:T:T:T:T

    Best Wishes

    SMF2
  • dimbo61dimbo61 Forumite
    12.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    As you rate is fixed for the next 5 years tell your lender that you want your payment fixed at £870 and overpay whatever you can afford to top.
    This will help you clear the debt even quicker as you will be paying a little bit less interest and a little more capital with every overpayment!
    GOOD LUCK
  • Thanks for the welcome everyone - and thanks for the good advice dimbo61, I will do that!

    To do list w/c 31/8/09:
    - Encourage Mr Starsailor to complete his registration for savings account for extra Clubcard points
    - List box of books for sale on Amazon - amazingly I have some old text and course books from university and when I checked today a couple of them are worth about £100.
    - See if I can get points or cashback on desk I need to order for DD#2
    - Get account details from Building Society so can pay more into ISA
    - Research whether its worth opening a First Direct account for the £100 bonus
    - Transfer monthly money into holiday savings account

    Starsailor
    Current Balance £249,700 (September 2009)
    Starting Mortgage Balance £251,700 (July 2009):eek:
    Year End (2009) Target £246,000
    End 2014 5 year Target £150,000
  • Update on last week's list
    - [STRIKE]Encourage Mr Starsailor to complete his registration for savings account for extra Clubcard points
    [/STRIKE]
    [STRIKE]- List box of books for sale on Amazon - amazingly I have some old text and course books from university and when I checked today a couple of them are worth about £100.
    [/STRIKE]
    - See if I can get points or cashback on desk I need to order for DD#2
    Still need to do this, haven't yet settled on the right desk for her

    - Get account details from Building Society so can pay more into ISA
    Haven't done this yet, in fact found Mr Starsailor has been on a shredding rampage and had shredded all my paperwork about this account so I am waiting for the Building Society to send the details to me again.

    [STRIKE]- Research whether its worth opening a First Direct account for the £100 bonus
    [/STRIKE]
    Decided the 6% A & L account was a better bet for me so opened one of those and also a 0% Tesco c/c so I can have a go at stoozing my grocery shopping.
    [STRIKE]
    - Transfer monthly money into holiday savings account

    [/STRIKE]

    To do list w/c 7/9/09:
    - Update my excel spreadsheets with all my account numbers and sort codes in case Mr Starsailor goes bananas with the shredder again
    - Pay in my monthly mortgage overpayment
    - See if I can manage to fund our planned trip to Boston next month without dipping into savings
    - Book trip to Boston through Quidco
    - Have another go at persuading Mr Starsailor to sort out his ( currently nonexistent) pension arrangemnents

    Starsailor
    Current Balance £249,700 (September 2009)
    Starting Mortgage Balance £251,700 (July 2009):eek:
    Year End (2009) Target £246,000
    End 2014 5 year Target £150,000
  • MoneyQueenMoneyQueen Forumite
    926 Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    Starsailor,

    Hello and Welcome to MFW Board..

    Good Luck and also don't forget to enjoy in between

    MQ
  • Update on last week's list
    [STRIKE]- Update my excel spreadsheets with all my account numbers and sort codes in case Mr Starsailor goes bananas with the shredder again
    [/STRIKE]

    [STRIKE]- Pay in my monthly mortgage overpayment [/STRIKE]

    [STRIKE]- See if I can manage to fund our planned trip to Boston next month without dipping into savings[/STRIKE]

    [STRIKE]- Book trip to Boston through Quidco[/STRIKE]
    But only seeing 1 of the bookings I made on Expedia tracking at the mo so need to keep an eye on this

    - Have another go at persuading Mr Starsailor to sort out his ( currently nonexistent) pension arrangemnents
    Nope no luck - to be fair he has been in and out of work last few years and the lack of stability puts him off setting anything up. Some job possibilities coming up so will have another go if they come off.

    To do list w/c 14/9/09

    - Start my mini-stooze experiment now i have all the gubbins for my new Tesco 0% card and new A & L 6% interest account.
    - Research best deal for my $ exchange rate for trip to Boston for instant spendies and then transfer rest of trip funds to Nationwide account for no loading $ access.
    - Finish trying to set up full online banking on Tesco personal finance website - possibly the single most frustrating website I have ever used!
    - Check around my survey sites to see if I have any grabbable rewards
    - Get up to date with competition entries - been falling behind on these lately as I have been spending too much time enjoying myself playing computer games
    - Turn rest of yesterday's beef joint into casserole, meat pie and soup

    That should keep me busy

    - Starsailor
    Current Balance £249,700 (September 2009)
    Starting Mortgage Balance £251,700 (July 2009):eek:
    Year End (2009) Target £246,000
    End 2014 5 year Target £150,000
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