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Originalmiscellany's MF dreams

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Comments

  • And the ever reliable Daily Mail is telling us how overpaying a mortgage is really good for our children when we die!
    http://www.dailymail.co.uk/money/mortgageshome/article-2429967/Paying-lifetime-mortgage-save-50-000-inheritance.html
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • So another update 2 weeks on, all I have done is cut my phone contract to a sim only deal which is saving me a fortune; and have painted the house! Getting ready for the inevitable winter onset.

    Other than that, it's just a case of saving, plodding on towards utopia! Unsure what utopia is going to be!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • So, another week - another week nearer Christmas, but more pressingly half term. Had an annoying day;
    OH house insurance on BTL (building only) was with a reputable company but... it was due renewal so I went to a broker who offered a cost at a 1/3 of the quoted price, which I have used for the past few years, assuming it was a good deal as the monthly cost never went higher over the past few years.

    So good news, I'm going to change and save a fortune on buildings insurance but the bad news is that I've been over paying for years and years!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • Alchemilla
    Alchemilla Posts: 6,274 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Half term already?
  • sorry, to clarify half term is still a few weeks away, but pressing into the half term finish line, which in turn is over half way to Christmas. Confusion over I hope :)
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • Well, almost half term; have raided the wife's savings to boost zopa savings as they were sitting making almost no different in terms of interest gained. I think she got something like 21p in her account (several k) last year :(
    That's not money saving smart is it.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • Another month on and starting to turn to Christmas; 5 weeks of school (4weeks 4 days) to go, loads to do. We're thinking of all the things we need to do especially getting a new car. So it's been reviewing a lot of car websites and hoping we find a good deal. Fortunately the bank of parents will lend us a bit to get a good second hand car which is great. However, it is annoying to go against the grain of normally saving, to suddenly spend several k on a car!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • So no post for several months!
    Not a lot to report...
    Savings up to £232 with Zopa.
    Oh another child has joined our family recently, very exciting.

    Long term thoughts: Save hard, move house to a "final family home". Just not enough hours in the day and pounds in my salary...
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • Alchemilla
    Alchemilla Posts: 6,274 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Congratulations!
  • Yorkielass
    Yorkielass Posts: 2,235 Forumite
    Part of the Furniture Combo Breaker
    Congratulations . You're doing all the right things to achieve your long term thoughts though. I keep getting excited that my regular monthly overpayment takes about 3 months off the mortgage end date, then remember it's still along way off. However I know if I wasn't overpaying it would be even further off.

    Enjoy your new little one and good luck with those savings.
    Initial Mortgage January 2024 - £160,000
    Initial Mortgage free date - January 2058
    Mortgage as of 1st February 2024 - £159,134.98
    Overpayments to date - £79.62
    Current Mortgage free date - January 2058
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