Trying to be Mortgage free in 5yrs(ish)

FloppyDisk

Hello Mc_Marty, what a change from your previous years' posts, and many congratulations! I don't think you could have possibly managed it any better, all the very best!

SuperSecretSquirrel

Hi McMarty. Excellent progress in such a short time, amazing OPing, well done! Checking your sig against your latest post it seems a lot more has happened in the past 6 months? Time for another update I think! Are you now mortgage neutral? Have you set a wedding date? What next for you and OH? Exciting times

Dobbibill

#inspirational well done

wishing you all the best to you and your OH for the future, you have got off to the best start and so deserve to reap the rewards in the future

DB

Mc_Marty

Hi all,

Thank you to SuperSecretSquirrel & Dobbibill for your posts.

It's been a while since I updated and it has been a bit of a mixed bag since then.

Sadly, soon after my last post we lost a close relative and although she was elderly and a little poorly, you don't always see the obvious and it came as a bit of a shock.

This resulted in us inheriting a small lump sum. This and the addition of a few more of our own overpayments is the result of my new signature showing a mortgage balance of approx £3.3k. So in sad circumstances we have almost completed our mf journey.

We have purposefully left a small mortgage balance so to keep open a quick and cheap money lending source incase we want to borrow against the house.

On a happier note, we have set the wedding date and we have choosen and booked our venue for September 2015. Over the past 6 months we have used our mf budgetting skills to save up for the wedding fund. The budget we have set ourselves is 14k which includes a rather nice honeymoon. So far we have stuck strictly to this budget and we have now achieved these savings.

The next step after getting married will be to buy our long time/forever home. Ideally we want to get to the longterm house in as few moves as possible. For this we have started a new savings challenge. Roughly the idea is to save £45k by March 2016. A closer milestone is 7.5k by Xmas this year. The idea is that in 2016, with our savings and the sale of our current house, we should have a strong deposit to buy and get a good mortgage rate ( I expect by then interest rares will be much higher ... they have to rise at some time I guess). Then after that we hope to try for our own family.

I realise that there are many variables between now and then and I'm aware life doesn't always appreciate our best laid plans, but we will try our best.

So here's to trying. As always best of luck to everyone else in their mf/saving journeys.

Thanks
Mc_Marty

Dobbibill

sorry to hear your sad news

SuperSecretSquirrel

Sorry for your loss.

Congratulations on the wedding plans, and good luck with the savings and dream house!