How do you do it??

sweaty_betty

Hello there - I'm new to this thread and very interested in becoming mortgage-free. I'm currently 3 years into a 10 year fixed deal at 5.5% (yes, not ideal but I'm thinking it'll cost me more to get out of it onto a lower rate in the long run) - mortgage for another 10 years after the fixed period ends.

From looking at others' posts, overpayment is the way to go - are there any other tips (or can anyone point me to them)? We've just had a baby so money is definitely tighter than before (if only I'd thought about this before he arrived!). I'm thinking about rounding up the mortgage payments to the nearest £100 (so by about £50), which will be a start, but I'd be really interested to know if there's anything else I can be doing to cut costs etc.

TIA

sutwam

Hi

There are lots of little ways to help OPing.

This is a great board you will soon become addicted to

Alot of people do a Statement Of Affairs to see if they are paying too much on utilities etc

Use cashback websites such as TopCashback or Quidco to earn money for products you was going to buy anyway. You could look at earning a little more by doing survey sites or look into the Old Style Moneysaving thread to pick up ideas on cutting meal costs.

Good luck on your journey!

Engeroosi

If you are on a fixed rate make sure you dont get charged for any overpayment.

MFW_10YRS_4

I think its hard to keep motivated over what is bound to be a long period, (mortgages are a 25 year loan for a reason) so I find it easier to break down my MFW aim into smaller mini challenges that last a max of 3 years. My current one
is to try and own 50% of our house (i.e. have a 50% LTV).

Good luck with your MFW dream .