My Mf Journey

edited 27 March 2011 at 1:17PM in Mortgage-free wannabe
3 replies 719 views
yvonne_alan_joshuayvonne_alan_joshua Forumite
12 Posts
edited 27 March 2011 at 1:17PM in Mortgage-free wannabe
Hi All,

I love reading all your posts's at the weekend, and know we could do more but i love travelling and dont want life to have passed us by and spent my time saving every penny am i on my own ??

Here's my story and bit towards being mf

First home bought 1990 £38000 endownment (claimed 4,500 misold) interest only 13.7%:mad: then came down over the following years, as did my parents merrily paid the mortgage for the next twelve years.

Next home bought 2004 put 50k down and now have a 130k morgage at 5.99% fixed for five years

fix ends and they offer me 3.95% for the next two years and tell me my payments will reduce by £260 pounds now im older and a bit wiser previously more money in the pot now i ask to keep my payments the same and this reduces the term to fifteen years (lightbulb moment)

fix ended again so we are now at 3.45% for the next two years ends 2013 and i have upped my payments by £15 to reduce the term again to twelve years

My plan is to be mf by the time im 50 ( 8 years ) i still have the endownment will is due to mature on feb 2016 and will use this to pay off 10% each year and try depending on interest rates to keep reducing the term each time my fix ends

I also have 5000k in a isa emergency fund and are debt free, apart from the mortgage.

xxxx

Replies

  • I certainly wouldn't regret money spent on traveling either! You're a long time dead so make the most of life :-)
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  • dimbo61dimbo61 Forumite
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    well so far you have done the right thing by reducing the term each time when paying out the same mortgage payment each month!!
    Now do you think you have missed out on life? holidays?
    Its so easy to take a mortgage out over 35 years or go interest only as many have gone but you get to 40/45 and still have a huge mortgage and then there is one thousand othere things to spend your money on.
    If you go on the mortgage board people are asking how can we get a mortgage upto 75/80 years of age OMG I want to retire by 65 at the latest and I am working very hard to achieve that.
    Mortgage Free the best words you can say
  • dimbo61 wrote: »
    well so far you have done the right thing by reducing the term each time when paying out the same mortgage payment each month!!
    Now do you think you have missed out on life? holidays?
    Its so easy to take a mortgage out over 35 years or go interest only as many have gone but you get to 40/45 and still have a huge mortgage and then there is one thousand othere things to spend your money on.
    If you go on the mortgage board people are asking how can we get a mortgage upto 75/80 years of age OMG I want to retire by 65 at the latest and I am working very hard to achieve that.
    Mortgage Free the best words you can say

    Thats my goal pay off the mortgage then carry on putting the money away to build a nice nest egg for when we retire, i think the point i was making, is yes overpay your mortgage but remember have some fun along the way we dont know whats round the corner xxx
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