The £100,000+ Mortgage Club

Tilly_MFW_in_6_YRS

Hi Daryl, keep calm I am sure the numbers seem terrifying, plus it's a big burden on one set of shoulders. However, focussing on increasing the disposable income will be a help through a variety of methods. On the money saving front I tend to mainly shop in Aldi or Lidl, or the market depending upon what I need. I reckon this has saved about 30% on my bills. In addition, I have learnt from this site to review our savings. It's easy to leave savings where they are but it all helps.

Good luck and maybe your significant other could do some surveys? My OH spends lunch breaks doing them and I do a few whilst watching TV and although boring, it has allowed us to make enough to buy some bits for Xmas which has helped (amazon vouchers).

Good luck with your journey.

Daryl_S_2

Tilly - Thanks for the message. It is terrifying on paper, but i have to remind myself that the B to L is a short term solution to allow us to move into a family home, and as soon as we are shut of this, we should have circa 20k to reduce the main mortgage.
Based on selling and some over payments, I'd like to get sub 100k within 3 years if possible :eek:

NewLeaf_2

sign me up please. Tilly you and I are neck in neck, with me edging you out only marginally. My OP is £400/mnth currently, will increase to £600 mnth in the new year. (sigh)

Annieddiva

Ooohh holy moly I wanna join the £100k club too please!! My signature shows our current stance and dear Tilly we have a Lidl opening on our high street from 17 Nov - so cannot wait to try it out! Our overpayments are £300 per month, plus on top any additional funds from selling on ebay and surveys and any lotto wins over £10... I too am hoping to increase our overpayments in the New Year too - but have to figure out what too... Look forward to supporting each other through the rollercoaster ride of mortgage free wannabee madness - wish I could get my hubby more on board - but c'est la vie!!!

Tilly_MFW_in_6_YRS

Hi AD, good news the L@dl opening, their ice cream and yoghurts are the best. Plus if you like Spanish cooking they do a couple of good chorizo's.

Their veg is great along with fruit and superb cleaning products. D you think I could get commission for my recommendations!

Let me know how it goes. :j

Daryl_S_2

Good news, got my OH on board last night. She's already started using the likes of home bargains etc for cleaning stuff.
She's also been doing Avon for a while which helps with things a bit too.
Had my previous mortgage since 2002, and the new one has just commenced. We've never been frivolous and never really go out much or away, but we could utilise what we have much more effectively and build a better future for our young family.

I'm tied in on a fixed rate for 3 years, which was a good deal and right for us for now due to being on one wage and having two small children under 3. I'm already planning what we'd like to do at the end of the three years, whereas on the previous house i'd not think about it until the renewal time came around.

I'll be spending a lot of time on here now for motivation, inspiration and general ideas!
Thanks
Daryl

Tilly_MFW_in_6_YRS

Great news and I think it's a big help if you are both focussed. Good luck with your quest and the family will really benefit long term from this decision.

lobbyludd

Yay,
got my mortgage!

Taken out: 1st Nov 2011, mortgage 126970, 25 year term so mortgage free in december 2036 (I'll be 64 )

Initial overpayments will be token £20-50, until I've cleared credit cards and built up some savings, but after the first year I should be able to throw more money at it. Youngest will be 18 in 2026 - so if I could be mortgage free by then that would be great.

In between though I will need to either extend the house or move to have enough room for us all. So we'll see how it goes:)

Tony_R

I hope everyone is doing well with their overpayments, we're all going to be in this for the duration.

I just made another overpayment of £539, bring it up to £3,539 overpaid in the 9 months since I started.

michelle2904_2

hi everyone, count me in... my mortgage and debts are in my signature having a down today due to the sheer size of them all. ive recentley started my diary to being mortgage free and debt free by age 50 hopefully only 11 years away holy moly!! now thats more scary than my the size of my debts.