My mission to be mortgage free

Sleepy_head_2

Well, after being a long time lurker, I thought it was about time I start a diary to track my 'mortgage free mission' story. Many of the diaries have been, and are, so inspirational- I love keeping up with other MFW's progress.

So a bit about me- I'm 30, no kids, not married but with long-term live in lover...best way if you ask me!

I bought my lovely flat, on my own, in 2004 with a mortgage of £114,950, very scary back then due to a low wage but my determined (some would say stubborn) streak took over! For the first 2 years I didn't have a spare penny to my name and was not able to overpay on the mortgage even if I wanted too. Luckily it was a new refurb so I didn't have to do anything and I kept everything crossed that nothing broke.

Fast forward through those tough years and things started to improve. On remortgaging, my salary had increased and I ensured I moved to a mortgage I was able to overpay.

Since then I've been chipping away steadily. I seem to confuse the poor call centre staff at Halifax when I ring to ask what I'm allowed to overpay- my frequent payments seem to make it impossible to tell me what's left of my 10% rolling allowance on the 'phone so they have to write to me- I like them to work for the payments!

So after just over 6 years my mortgage stands at just under £65,000 and the term has reduced from 30 years to just 12 :j I would be more accurate about the amount but my October payment is about to go so I'll wait for that to disappear from the balance, it will make me come back and post again!

Will be back to post some more soon

Sleepy head x

originalmiscellany

Excellent progress sleepy head! And well done on "coming out" as a lurker, but soon to be a regular mortgage minimuser
I know what you mean re. ringing up the banks, I've rung up frequently to ask the same question re overpayment,and I like the fact that every time you overpay, they write to you with a stat that you owe 10p less a month in interest..

Secret_Saving_Squirrel

Hello and welcome!

Yes, the writing every time you make an overpayment seems quite common and seems a terrible waste!:jPerhaps now more of us are doing it they will makie it easier to do and less bureaucratic. Or maybe not...

All the best,

Squirrel

linz

Hi Sleepy Head,

Well done on your overpaying so far. I'll be subscribing to see how you are getting on. I started my MFW diary last night, so i'll pop in from time to time to see how you're doing & see if I can grab any inspiration

Sleepy_head_2

Ahh, thanks everyone

So I was a little bit excited when I got home...my free energy monitor has finally arrived!

There were some raised eyebrows and rolling of eyes from the boyf when I declared what was in the parcel the postie left at our neighbours house. He has visions of sitting in darkness every night and never being allowed to charge his phone...I'm not that mean!

I, on the other, hand can't wait to start switching things off to see what happens. I think it will be a real eye opener.

The letter from the Halifax also arrived today so I'll be hot footing it to the local branch on Saturday to make another overpayment.

A nice end to a rubbish Thursday x

Sleepy_head_2

OMG, energy monitor is up and running and the person who seems to be paying the most attention to it is OH!

The hoover, oven and kettle all use a scary amount of electric, no more boiling the kettle, forgetting about it and then reboiling! Much to OH's disappointment I have advised that hoovering is still a fully acceptable use of electric.

Tonight, only one energy saving lamp is on rather than lights all over the place. I've also logged into my online account and entered my meter readings so we can track the changes. It certainly makes us stop and think.

On the overpayment front, the necessary visit and payment was made yesterday so will phone them tomorrow to ask when, and how much, I can next overpay!

Hope you all had good weekends x

Brallaqueen

Blimey Sleepy head, you've done great to get so far in a short space of time! It must have taken a lot of effort and you deserve to be congratulated.

globalds

Do you have to overpay in the branch.

Is there not a way of overpaying on-line ?

Congratulations on your overpaying so far.

I am working on mine , but no where near £60,000 in overpayments ..Stunning

hillcats

Yes, excellent work with those overpayments....

Sleepy_head_2

Brallaqueen wrote: »

Blimey Sleepy head, you've done great to get so far in a short space of time! It must have taken a lot of effort and you deserve to be congratulated.

Thank you for your congratulations

TBH I'm not a big spender and have always been disciplined when I do decide to spend, although writing this diary has highlighted what I have achieved.

I've been brought up to look after things and not replace unless I absolutely have too, we always meal plan and don't throw away food; I always say I could save myself the hassle of buying it and just put the money straight in the bin. This does lead to some slightly bizarre meals but OH has got used to this :rotfl:

On the other hand, the one thing I would say is I never feel like we go without. We go out for dinner, we have a holiday each year- nothing fancy but some time away, and we enjoy life. We are lucky to both be earning a reasonable amount, I don't have any debt and OH pays me a weekly sum for the privelege of living with me...lucky fella!

Sleepy_head_2

globalds wrote: »

Do you have to overpay in the branch.

Is there not a way of overpaying on-line ?

Congratulations on your overpaying so far.

I am working on mine , but no where near £60,000 in overpayments ..Stunning

I can overpay via standing order, unfortunately you can't transfer money straight to your mortgage with Halifax- due to the timing of the letter and my 'need' to overpay I just popped into the local branch!