MFW newbie....

mummyofonechild

The lightbulb moment for me was when I was made redundant at Christmas 2008. New Years Eve in fact (remember Woolies) 6 weeks later I was in full employment again in the same building in fact. So that was the catalyst towards being mortgage free. I never want to feel like I did during those 6 weeks wondering if we would keep our house. Good Luck with your mortgage free journey xx

[Deleted User]

Thanks mooc
I can totally understand that...must have been a horrible feeling not knowing what would happen, am really glad the job situation sorted itself out but it certainly does make you think!
I think I can be quite disciplined when I put my mind to it, but am very much "I want it now too" so need to remind myself of the long haul and how nice it would be to see that balance at zero!!

mummyofonechild

One other thing I didnt add is that I am the sole breadwinner as my husband is disabled so yes times were tough. A year and a half on our mortgage now stands at £8200 as confirmed by the B/S yesterday, but like you I want it gone now and its not going down quick enough. Hope you are OK healthwise and are feeling stronger soon. Its horrible when they says its a virus and will go on its own. Last year and the first half of this year I had a chest infection. I had 7 courses of antibiotics over 6 months and still have not shifted it properly, It just takes time grrrrr :eek:

museumworker

found your diary - have now subscribed. Good luck with telling the OH, I hope he gets it. Showing him on a simple online mortgage overpayments calculator (like the egg one) is a good way of illustrating how much you will save in interest by doing it your way. I am very lucky in that my OH is on board with the MFW lifestyle, it makes it so much easier and means we have achieved much more than I imagined.

ETA: oops, didn't realise there was a whole other page waiting to be read! My excuse is tiredness after my ebay listing... will announce results on my own diary

Glad to hear OH is with you on this, it'll make the journey a lot more enjoyable. :cool:

Queen-Bee_2

Hi there,

Good luck with everything - can totally relate to what you say about work, stress etc. After an absolutely awful time with my former employer, I left my job this time last year, as a consequence of which, I have revolutionised my life!

It hasn't all been smooth sailing and at times I've felt a bit low - especially as I now have to keep to an extremely tight budget. But in terms of personal growth and development, it's a fantastic, confidence building experience.

I now feel in control of my mortgage instead of vice versa. I spend a fraction of what I used to, but no longer feel the pressure to 'reward' myself with expensive treats after yet another 16 hour day in the office. My wardrobe now comes from ebay and a coffee out is a treat, but I've never been happier.

I'm looking forward to being mortgage free because it means I'll have more options about the job I want to do (something that is genuinely satisfying not just something that pays the bills) and life in general.

Best wishes with your journey!
QB

[Deleted User]

museumworker - yep OH was quite willing to look into it anyway once I showed him that we could be able to pay off one mortgage anyway
meant to reply to your other post in your thread- but will do so here! well done on the run! good luck on the driving lessons! certainly makes you motivated to see others MFW efforts!

QueenBee
thanks for sharing , do you have a job now? or did you manage to get another one?
glad you found that it has led to building confidence and growth etc..

[Deleted User]

Hi all
am thinking I will make the most of all the boards on here, esp for cheap shopping/cooking ideas..am thinking how healthy we will be...homecooked dinners..soups...(will see how long that intention lasts!)

Good points- sold one of the things I had listed so thats an extra fiver!
still have stuff to car boot/ebay which will give us hopefully a bit of extra cash- am hoping we can at least get away somewhere (cheap) for a few days holiday in the summer, but obviously needing to tighten our belts at the mo.... any ideas for cheap holidays welcome (dont think I can handle camping tho.... thats where I draw the line!)

museumworker

Good luck for the cost saving measures, a very positive response to the situation. Congrats on the amazon sale, my ebay sales are up tomorrow so I have my fingers crossed that they do well. I have found an excellent mortgage calculator on excel that shows interest monthly and impact of overpaying - just googled it and can't find it again, but have it on my computer at work, so will post a link next week.

In terms of cheap holidays- I am camping this year! But you could look into working farm holidays, or house sitting.

southend

Hiya everyone, i am new here so please forgive me if i repeat anything. We have a fixed mortgage 10 years ( capital & interest). We have about 6yrs left now and will have another 10yrs remaining on mortgage, paying at present £467.37 monthly.

I have noticed that many of you are overpaying your mortgages. Is this cheaper than paying off some capital off it instead, or is it easier because you don't have to put lump sums down to make any impact. Want to get rid of mortgage, before 16yrs, but be able to treat our kids especially now - young teenagers!!!

We have not got that much money. Two weeks ago, i was very naughty and put myself in the red ( overdraft -ok) to buy £100.00 on priemium bonds. I know we can't say £200.00 monthly overpayements, the small savings were too easy to get at just as our ISA. Our small savings tend to be for the following years cheap holiday - farm holiday in Yorkshire.Any advice where to start esp regarding mortgage.

Thanks everyone.

[Deleted User]

museumworker
thanks am trying to stay positive and am pretty much managing it!
if nothing else it renews my commitment to getting MF asap as it would be such a big weight off to know that our home was totally secure no matter what happened...re: holiday if it is a break then I guess camping would be okay.... but I am thinking something with an actual bedroom and bed so as soon as I can figure out if we have enough spare cash left over I will be researching all the cheap deals and thinking of friends who might want to lend us thier house for a week!.


Good news MFW-wise: have sold a couple more things I posted online so off to the post office again today! have saved money on biscuits by doing some baking, and am going to try and use up most of the cupboards/freezer food before popping to the supermarket this week!

southend
hi and welcome!
Im afraid I dont know a lot about the difference between OPing monthly or in a lump sum....if you maybe post this as a new thread Im sure you will get lots of help and advice here!