My diary to be coming mortgage free

Day_Dreamer_Girl

I have been reading some diaries over the last few days and this has inspired me to join up and start a diary of my own.

I have recently changed my mortgage provider and have had to add my debts to the mortgage amount to be able to move this. I was reluctant to do this at first however after long discussions with my other half it was the right thing to do. It has also meant that we now have additional money left over each month which we have not had for the last 16 years. We are both determined now to pay our mortgage off as soon as we can. Our term is 27 years, previously it was 29 years, but we want to reduce this term further. I am hoping that with keeping a diary on here will help me to clear our mortgage as quickly as I can.

Our mortgage provider will allow us to overpay by 10% within the first two years as we are tied in to a tracker rate, we can also only pay in chunks of 1,000 and make one overpayment a year. After the two years we can overpay as much as we want. For now I have set up a savings account and will pay a regular amount in there until we can do an overpayment.

Over the next few days I shall collate some figures together and add these to the diary.

Thanks for listening.

Tesco_points_addict

Welcome and good luck in your quest to early repayment. Just think how much less you will pay in interest:)

This is a fabulous place to get fantastic advice and encouragement, you may find yourself turning a little batty after a short while..just so you fit in properly you understand.:rotfl:

TPAx

Day_Dreamer_Girl

Thanks TPA!!

I am batty already so hopefully this will help?

I am certainly looking forward to seeing my mortgage amount reduce quicker! :j

golfiematt

good luck with your quest.Have you got a target amount to pay off? what are your figures?

Queen-Bee_2

Hello DDG - looking forward to reading your diary...

I've just realised that my own is over a year old - it's funny, but after a while, the MFW style of living becomes second nature and time just flies by!!

Good luck with your journey and weclome to the board. Everyone on here is very supportive and friendly - it's a nice place to hang out.
QB

SmlSave

Welcome to MFW DDG!

It's nice to meet you.

originalmiscellany

All the best Day Dreamer Girl! I look forward to seeing how you progress

CathT

Good luck Day Dreamer Girl

Day_Dreamer_Girl

Thanks everyone for your warm welcome!!

I have now entered my figures into my 'signature'. As you can see my mortgage started off at £170,000, this is on a 27 year term. Now that my finances are near enough sorted and I now know how much I have each month to put aside to overpay. I would ideally like to get this paid off before my 50th birthday which means I have 15 years and 4 months!! I am aware that this will be a massive challenge but I am prepared for it.

I have joined up to one poll and already use topcashback so anything I get from these will also go towards my overpayment savings. I am actually quite excited about all of this now!!

Day_Dreamer_Girl

Have had a great weekend, back to work today after being off for two weeks so today was hard to get motivated. Still it should get better now, I always find first day back is hard.

Nothing more to say on the money front, did not spend much over the weekend apart from some goodies for our BBQ we had on Saturday, in the rain!!! It was fun.

For this week I am going to make sure that I don't spend anything unnecessarily as I tend to buy biscuits at work (mm maybe that's why I am putting on weight!!).

Day_Dreamer_Girl

Pretty boring day today, just work then cooking dinner and tidying up.

I've been reading some more of the comments on here regarding 'emergency funds'. I am little concerned as I have no savings put aside in a rainy day fund. Do most people have an emergency fund and how many months worth of wages is an adequate 'emergency fund'?