Mortgage free by the London olympics...

ImeldaImelda Forumite
1.4K Posts
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
✭✭✭
Hi all,

I became the proud new owner of a house last month :D and so have decided to join this board and start a thread detailing our journey to mortgage freedom.

I guess I should start with the figures (sorry, no pound sign!):
Mortgage: 300,000 (first payment yet to go out)
Offset: 88,789.91
rate: 3.69% fixed for 2yrs

We have sat down and worked out a budget, which is pretty difficult as our pay is irregular. My DH has a basic pay topped up by bonuses and I work temp. contracts which vary from little to very lucrative :o

We are aiming to make regular overpayments of 3,000 per month, this is a lot and I'm not sure we will be able to make it every month but then some months we will be able to pay more if DH gets a good bonus.

Added to this the house needs some work :eek: some of it major (read: expensive) and some "wants" rather than "needs". I am struggling at the moment to achieve balance between paying the monster mortgage off and having a lovely home :o

By next year I should be working full time and hopefully we will be able to throw even more money at the mortgage.

Anyway, enough of my ramblings, I look forward to joining you all in your MF quests :beer:
Saving for an early retirement!
«1345

Replies

  • CathTCathT Forumite
    7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Hi Imelda, welcome! Hope you achieve your goals.
    Nov 2021 - part 1 - £50,393 part 2 - £33,525
    Total - £83,918
    72 months to go!

  • cha97michellecha97michelle Forumite
    5.8K Posts
    Part of the Furniture
    ✭✭✭✭
    wow - some target. £211,000 in less than 2 years? Impressive. Can't wait to see how you do that.

    Good luck.
  • ImeldaImelda Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    wow - some target. £211,000 in less than 2 years? Impressive. Can't wait to see how you do that.

    Good luck.


    yessss, it is pretty mad when you put it like that.... :eek:

    We have figured out best and worst case scenarios and best case it is *just* doable. The difficulty is going to be holding back making home improvements- the house is livable but quite a bit needs to be done to "update" it. The offset amount was supposed to be half a back up fund in case of redundancy and half for renovations but I don't want to spend it now :D this then set my sights even higher....

    Is it wrong to want the first payment to go out so we are making a dent, albeit a very tiny one?
    Saving for an early retirement!
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    ✭✭✭
    look forward to tracking your progress :)
    If you can average 3k a month in overpayments, you'll make huge strides to completing and making your targets - 3k * 12 months = 36k *2 years 72k - as a minimum that'll make your mortgage a lot more manageable, not bad for a worst case scenario.

    I'm just reminding myself that if bank rates rocket, I'd be a fool to not clear my mortgage down whilst the sun is shining, and the interest rates are low.
    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
  • ImeldaImelda Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭


    I'm just reminding myself that if bank rates rocket, I'd be a fool to not clear my mortgage down whilst the sun is shining, and the interest rates are low.

    Totally right, lets face it interest rates can only go one way.....

    We think two years of pain will reap lots more rewards in the long term- flexibility to work less hours, travel etc etc

    Our normal payment knocks off 1,000 per month of capital so we are aiming for 4,000 monthly capital.... really not sure if it's doable but we're going to give it a damn good go :D

    Today's update: not much but had a NSD mainly because it is way too cold to go out and get anything ;)
    Saving for an early retirement!
  • ImeldaImelda Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    Gahhhhhh, dilemma time.....

    Both my DH and I work away from home from time to time, next week I am in Paris (ooh la la!) and due to return late Friday night. On the Sunday DH leaves the UK for a whole week :(

    DH has suggested he come to Paris Friday afternoon and we travel back together on Saturday night.... This would be fab as Paree is one of my all time favourite places and would be lovely to spend some time there. I can probably wangle some sort of compromise on the eurostar and hotel but it would still cost at least 150. Pre mortgage, it wouldn't have even been up for debate.... but 150 quid, I just don't know whether I can do it :o

    Added to that I had to pay 500 for some roof repairs today... it all seems to be flowing out at the moment.
    Saving for an early retirement!
  • Just thought I'd say hello and good luck!
    I know exactly how you feel, this month was supposed to be the start of our MF journey however its been spend, spend, spend since we started.
  • Ooh la la! indeed!

    Welcome and thanks for sharing your WFW.

    Sounds like you have done the maths and know what you can achieve - have you done a full SOA? Its worth the effort - made a real difference for me. Check back in often - I will be following with interest.

    Good luck and all the best!
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭✭
    Welcome to MFW :)

    Just popping in to say hi
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • katastrophykatastrophy Forumite
    241 Posts
    Part of the Furniture Combo Breaker
    ✭✭
    Wow - that's an amazing goal to have set yourself, good on you. I totally agree, clear the mortgage now and in a couple of years you will be free to do as you want, no matter what happens to the interest rates. Great you have DH on board too, should make it a lot easier!

    Best of luck!
This discussion has been closed.
LATEST NEWS AND DEALS