Mortgage free by the time I'm 40

LittleBit_2

Hi,
Well I already have a diary on the DFW board, but as I want to start chucking money at the mortgage I thought I would start a diary on here too.
A bit about me... Well I'm 28 and married with 2 young boys. DS1 has just turned 2, and DS2 is almost 4 months. We are currently on an interest only mortgage, but I will be going back to work in October and the plan is to go back onto repayment then and also overpay as much as we can.
At the moment I makr tiny overpaymrnts by rounding our current account down to the nearest fiver and transferring the difference into the mortgage. I plan to keep up with this, to pay most if not all our bonuses into the mortgage wwhen we get them in March/April, and then once I'm earning again start making some real progress.
We currently owe £174,098.42 and are on 4.75% interest rate :eek:

Catanddogs

Good luck on your journey x

LittleBit_2

Thanks

This morning I have made 2 payments, 1 for £1.00, and 1 for £4.80 so £5.80 in total. It all adds up

evab_2

Well done, I got my statement today with lots of little sums like that!

cha97michelle

We have similar situations really don't we with the age gap between two boys, although i am glad we don't have similar size mortgages.

You have exactly the right attitude. Some would say why bother when the payments seem so small, but i have followed this approach and i have made a big difference or so it seems to me.

Good luck, and keep reporting here to motivate yourself. I also pay in small amounts like:

• window cleaner didn't come that week - pay in £1.25
• multibuys on stuff like nappies - the saving gets paid in
• my elec DD just decreased by £11.50 a month, so next month that will get paid too.
• no council tax this month or next - some will go in each month.

I also look out for where i can take the kids for free, and cheap crafts we can do at home. We do an awful lot of baking together too. Mine are now 3y4mo, and 22 months.

The key is to just keep going and look forward, and you will get there.

Tesco_points_addict

Good luck on your mortgage free quest. I too am aiming to be MF by the time i'm 40 - although I am significantly older than you:eek::rotfl:

You will be amazed how all those odd £ & p add up.

Keep posting, it keeps you motivated.

TPAx

LittleBit_2

cha97michelle wrote: »

We have similar situations really don't we with the age gap between two boys, although i am glad we don't have similar size mortgages.

You have exactly the right attitude. Some would say why bother when the payments seem so small, but i have followed this approach and i have made a big difference or so it seems to me.


Good luck, and keep reporting here to motivate yourself. I also pay in small amounts like:

• window cleaner didn't come that week - pay in £1.25
• multibuys on stuff like nappies - the saving gets paid in
• my elec DD just decreased by £11.50 a month, so next month that will get paid too.
• no council tax this month or next - some will go in each month.

I also look out for where i can take the kids for free, and cheap crafts we can do at home. We do an awful lot of baking together too. Mine are now 3y4mo, and 22 months.

The key is to just keep going and look forward, and you will get there.

Hi Michelle,
Yes we are in similar situations, and it was reading your diary that gave me the kick up the bum to get going with this challenge. I try and look out for free things for the kids too, but I have to admit I'm a sucker for spending at the end of the month. I somehow manage to be good for 3 weeks, and then the last week of the month it all seems to go to pot and we have a blow out - usually on stuff we don't need at all. I need to find more motivation and willpower :mad:
We've done a bit of baking with DS1 and he seems to like it, easy stuff like chocolate crispy buns, and banana cake. If you have any recommendaitons for easy things to make I'd appreciate it.

hillcats

Ah, great minds think alike...
I would also like to be mortgage free by my 40th birthday.
I also have less time than you, erm around 5 1/2 years...

http://forums.moneysavingexpert.com/showthread.html?t=1839177

That is my goal, and I shall be doing my damn best to get our balance as low as possible

LittleBit_2

2 more overpayments this morning, £3.80 and £2.88
Ooh and we've just booked our summer holiday too. A weeks camping in Wales coming in at £122.50 much cheaper than booking a cottage

LittleBit_2

2 more overpayments this morning, 74p and £2.00

delmar39

I'm looking to overpay too. I'm pleased I read your thread. One thinks that you have to pile loads into overpayments, but as you say every little helps, esp over the longer term. Our combined mortgage is £155k and I'm looking to pay it all off by the time I'm 50, jobs, regular income, my little un's demands permitting!! Good luck.