Back on the road to (mortgage) freedom! 14 September 2010 at 11:48AM in Mortgage-free wannabe 4 replies 683 views

lil_lisa

Earlier this year my husband and I decided we were going to make a real effort at paying off our mortgage. We restructered bank accounts and moved about direct debits so we knew exactly where we stood. Drew up a family spreadsheet, set out a budget and got everything in place to make a real difference on the balance.... and then my husband was made redundant.... :undecided

However, this turned out to be a bit of a blessing in the end as we had to learn to stretch my pay as far as we could and now that he's back in work we're quite happy to keep living that way!

So, it's looking like we could potentially have around £1000 spare at the end of each month (although some will be going towards work that needs to be done on the house).

Here's my stats and if anyone could give me any ideas about making any future savings i'd live to hear it!


Age: 24
Mortgage balance: split between £64.5k mortgage and £16.5k unsecured loan
House value: approx £70k - (about £10k of negative equity )
Aim 1: To be out of negative equity.
Aim 2: Pay off the unsecured portion of the mortgage.
Aim 3: Be mortgage free by age 30!

We're lucky that we have no limitations to how much we can overpay so hopefully this should be achieveable!

Jenny2010

Hi Lisa

I thought i'd read your Thread and your right we are very simalar. Hopefully we can spur each other on in our quest to be mortgage free.

Is your mortgage with NR - I think i'm in around 8k/10k negative equity - only because i was stupid enough to get a 125% mortgage - how i wish I could turn back to 2006. I was only 21 and pregnant with a boyfriend just ready to leave for Iraq so I rushed to buy a house. Silly girl but hey ho. We've done it up and its lovely - only problem is its a 2 bedroom and I want another baby xx

*Jellie*

Welcome back and good luck!

lil_lisa

Jenny2010 wrote: »

Hi Lisa

I thought i'd read your Thread and your right we are very simalar. Hopefully we can spur each other on in our quest to be mortgage free.

Is your mortgage with NR - I think i'm in around 8k/10k negative equity - only because i was stupid enough to get a 125% mortgage - how i wish I could turn back to 2006. I was only 21 and pregnant with a boyfriend just ready to leave for Iraq so I rushed to buy a house. Silly girl but hey ho. We've done it up and its lovely - only problem is its a 2 bedroom and I want another baby xx

Yep, with NR, I was only 19 and we had our first when I was 22. We would have been quite happy to bumble along there too but we had our 2nd 6 months ago and are now stuck in a 2 bed for the time being!

Oh well, the kids will just have to learn to share and right now it's a much more attractive option for us to stick it out for the 6 years or so and pay off the mortgage entirely while we can make unlimited overpayments and make things a lot easier on ourselves in the future!

Jenny2010

Yeah thats the good thing about NR you can overpay quite a lot. Good luck x