Mortgage free in 10 years

dark^knight

Engeroosi wrote: »

I speak to my gran parents etc and they go on about earning 5 pounds per week etc 50 years ago, which leads me to believe saving 5000pounds a year in todays money will be similar to saving 50 pounds a year 50 years ago, its nothing. So why concentrate so much on saving for the future, better enjoy the money now while its worth somethin I say!!!
Totally changed my opinion of late, maybe my light bulb has went off!!!

Depends on where you invest that £5,000...if you invest wisely it will be worth a lot more in the future.

Engeroosi

ok dark knight, where would you suggest I invest it?

Engeroosi

not been on here for a while, quick update, havent really been over paying at all of late, but filling isa before end of year. The wife is totally not on board and as much as i have tried she wont ever be. she sees money as its earned to be spent!!! Which is annoying but not going to fall out over it.

Anyway this year hoping to fill my isa, and pay off another 3k of the mortgage. So thats another 12k needed if i include nexts isa aswell. fingers crossed I have a busy year at work.

Engeroosi

Ok its not been a good year, but basically I have had to sell house and move. All just about done now and complete in next couple weeks.

This has set back the plans ALOT, it is not cheap to move house!! Fees are still adding up now as I type.

Hoping to complete another SOA once I get into new place. Sadly it will be by myself.

Engeroosi

Right, time for an update as it has been far too long.

I have bought my new place, on my own, now to tackle the mortgage ASAP.

12th November 2012

House valued at 165k
House bought for 153k
Mortgage 118k

6th December 2012

Over paid 6k and now mortgage is 111419 so off to a flyer. Now to keep it going. Hoping to overpay by at least 300 per month initially until im properly settled and have everything the way I want it. After that might look into overpaying slightly more.

Engeroosi

Just overpaid another 420, its far to easy to overpay with HSBC, might become an addiction to make at least one payment a week!!

Engeroosi

Ok more overpayments made over last few days, took the total overpaid in December to nearly 7k. Unsustainable obviously but sooner the balance comes down the more affect it has.

cb4fwh

Congrats with the recent overpayments.

I've read your entire thread, from the big overpayments that you made on your 6% + mortgage, to remortgaging to 2.99% and the enthusiasm waning somewhat. Now you seem to be back on the band wagon!

Am intrigued. Why the sudden shift again? Was it the change in personal circumstances? What is your interest rate on the new mortgage?

Engeroosi

The sudden shift was due to things going wrong so started to prepare for that and also now I know that I can only do this myself now, dont have to fund another human life, well not in the near future anyway.

So another 688pounds paid off today ontop of the regular monthly payment which hs remained the same so effectively I overpay 60 per month without making any extra payments.

Hoping to make more overpayments shortly, watch this space.

lexington013

Keep it going mate! Im in the same situation as you, just myself and my son to look after, so am pushing hard to be MF like yourself.