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A small start to being mortgage free!!
LisaLou1982
Posts: 1,264 Forumite
Hi everyone
Like so many others, ive spent loads of time reading through other peoples diaries and im really inspired!!
A bit of background into my situation....
My OH and I bought our house in october last year and currently have a mortgage of £130,800 (according the yesterdays statement! lol ). Due to my job, i constantly come across so many people who are in a horrendous amount of debt, mainly by their own design, but also those who have fallen on hard times through no fault of their own.
Me and OH are both quite good with money - we certainly dont have a problem to afford holidays or doing what we want, although we're by no means flush!! At the moment we dont have any children and as i earn more than my OH, there would be a significant fall in income when we do have children in the future and im off work.
For my sins, i used to be an estate agent in my previous job (dont hold it against me!
) so have seen many sad situations of repossession which are horrendous and im determined that i'll never be in that situation if i can help it.
So, from today, ive set up a £50 a month over payment for our mortgage. We could afford more, but are having a lot of work done on the house and I dont believe it paying for anything on credit (the only debt we have is our mortgage) so we decided that we'd get the works paid for first and then over pay more on the mortgage.
So, im on my way!! Fingers crossed that we'll have chopped at least a year off the mortgage by the time we remortgage next year!!
Like so many others, ive spent loads of time reading through other peoples diaries and im really inspired!!
A bit of background into my situation....
My OH and I bought our house in october last year and currently have a mortgage of £130,800 (according the yesterdays statement! lol ). Due to my job, i constantly come across so many people who are in a horrendous amount of debt, mainly by their own design, but also those who have fallen on hard times through no fault of their own.
Me and OH are both quite good with money - we certainly dont have a problem to afford holidays or doing what we want, although we're by no means flush!! At the moment we dont have any children and as i earn more than my OH, there would be a significant fall in income when we do have children in the future and im off work.
For my sins, i used to be an estate agent in my previous job (dont hold it against me!
) so have seen many sad situations of repossession which are horrendous and im determined that i'll never be in that situation if i can help it.So, from today, ive set up a £50 a month over payment for our mortgage. We could afford more, but are having a lot of work done on the house and I dont believe it paying for anything on credit (the only debt we have is our mortgage) so we decided that we'd get the works paid for first and then over pay more on the mortgage.
So, im on my way!!
Fingers crossed that we'll have chopped at least a year off the mortgage by the time we remortgage next year!! £2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
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Comments
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Good Luck :beer:Jan 2010 - Overdraft £9,500 / Credit Cards £5,000 / Loan £9,500 / Mortgage £128,000
Jun 2010 - Overdraft £0 / Credit Card £0 / Loan £0 / Mortgage £125,250
Oct 2011 - Overdraft £7,000 :mad: / Mortgage £115,295
Dec 2014 - Overdrafts 15,000 / Credit Cards 16,000 / Loans 25,000 / Cars 18,000 / Mortgages 232,5000 -
Welcome LisaLou
Well done on setting up your first OP and good luck for the journey.Starting again 13/4/19Home loan 1: £21,102.50 Home loan 2: £7,698.99Total owed: £28,801.49
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Sounds like a plan. Good Luck on your mortgage free journey.Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j0
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Hi LisaLou. There are a lot of parallels between your story and ours - take out similar sized mortgage at same time. shall be following your progress with interest. good luck :beer:know thyselfNid wy'n gofyn bywyd moethus...0
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Thanks everyone!
So, i had a look in our joint account today and have made another £100 payment to the mortgage - its quite addictive actually! My OH thinks im crazy! lol£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0
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