mse - mfw addicts thread

pammyj74

pencekeeper wrote: »

January last year it stood at £91K, so to come down to £17K means about £5,000 capital paid off every month for the last 15 months (a big proportion of which was savings that had built up during a fixed interest period where I couldn't overpay lots without penalty) + monthly overpayments of around £1,500.

Planned MF date is December this year. If I make it it won't make me fireproof, but at least I won't have to worry about losing my house if/when my income plummets.

That is truely outstanding :eek: Thats how much I have paid off in a year!
It does make a HUGE difference depending on your salary and other outgoings as well as whether you have children or a partner. I have three kids and so can only work part time. I am hoping in about 5 years when my youngest will be 12 that I can be in full time employment on a better paid job than I am now. (full time has more options) and I am also aiming for an accounts qualification now while I can. So the plan is to have a better salary in 5 years time and be MF in 9 or less

pencekeeper wrote: »

Planned MF date is December this year. If I make it it won't make me fireproof, but at least I won't have to worry about losing my house if/when my income plummets.

Good luck for being MF in 8 months time, what bliss that will be.

pencekeeper

Glamazon wrote: »

Wow pencekeeper - amazing work :T

Cheers - I'm rather enjoying all this praise - makes all the hard work worth it (that plus the lower outstanding amount :P )

pencekeeper

pammyj74 wrote: »

That is truely outstanding :eek: Thats how much I have paid off in a year!
It does make a HUGE difference depending on your salary and other outgoings as well as whether you have children or a partner. I have three kids and so can only work part time. I am hoping in about 5 years when my youngest will be 12 that I can be in full time employment on a better paid job than I am now. (full time has more options) and I am also aiming for an accounts qualification now while I can. So the plan is to have a better salary in 5 years time and be MF in 9 or less

Yes you are very right. On one hand it's easier for me in that I don't have kids - if I did my disposable would be much lower. On the other hand, I live by myself and it's only me that brings any money in (I used to live with my best mate who I bought the house with so I know it's alot easier to share bills).

My takehome is £2500 - £2600 and my outgoings are minimal. Whilst that's the case (and I know that won't last for too much longer - a year if I'm lucky maybe), Mission Objective Alpha is to target and destroy the mortgage! Then whatever my circumstances, if I can bring in £500 I won't be rich, but I should be OK.

Good luck for being MF in 8 months time, what bliss that will be.

Thanks I can't imagine what it will be like. But still a way to go yet and things can happen to derail it still!

pammyj74

But you have done 90% of the hard work now so its all down hill from here.(in a bicycle metaphor as in easy haha) I cant imagine what the last year will be like for me and I will be even more impatient and will prob sell everything in my house and then the kids lol

pencekeeper

That's true and especially when interest rates rise again it's helpful to be near the end as otherwise the extra interest can cut in to how much of the capital you can pay off each month.

It's just because my future earning potential is somewhat compromised by health issues that the remaining 10% (actually more like 13%) may yet be quite challenging.

SmlSave

Hello I'm SmlSave and I'm a MFW addict.

Today I brought lunch to work and dinner is in the slow cooker.

DH says I'm an expensive wife as I take all his money

I think you've done amazing pencekeeper

Mellyd

chirpchirp wrote: »

Pencekeeper, that's amazing and inspiring. Well Done, my mortgage seems so high compared with most on here but hearing how quickly yours has plummeted has really given me some motivation.

Mine is really high too...hope it makes you feel a little better

skaps

So is mine its £236,000. EEKKK!!!

pencekeeper

Well guys - all the more reason to get the balence down - whether it's £10,000 £1,000 or £1. It all mounts up.

setmefree2

skaps wrote: »

So is mine its £236,000. EEKKK!!!

Ours was once £250k now it's £88k....... small steps will get you there:T