25yrs I don't think so!

lawbee

Ok so as a long term lurker I have finally decided to get on the MFW bandwagon.
The reason for me going all out to be a MFW is that I played with some mortgage calculators and saw how much interest I was paying. I took out my mortgage in my mid 20's and had to firmly stick my head in the sand when they told me how much the interest would be. As someone who hates having debts the idea of a mortgage scared me so I blocked out the fact that for every pound I borrowed I paid 2 back!!!
But 21 months into my 25 year mortgage I have decided to pull me head out of the sand and deal with it!
I waited until I got settled in the house, made the large purchases and got some savings togther before making my first over payment. Ok so it was only £150 but that has saved me nearly £500 in interest and already taken 1 month off the term! I have also just contacted my mortgage company and upped my monthly payments, only a few extra pounds but affordable. And having put it into the calculators that will save me nearly 5k in interest and take off another 14 months.
Having seen what a difference an overpayment can make I am determined to do lots more, but whilst maintaining a life!
I will not give up my life to pay off more, so I will be trying to maintain a healthy balance! I plan to still have a holiday, meals out occasionally etc but my aim will be to take around 10 years of the term which means it will be paid of in my very early 40s!!:T
I have decided to start my own diary as when I mentioned it to some people at work that I was over paying I got a very negative response!:( So will keep my overpayments to myself and plough ahead with my MFW dream!:j

Hurdler

It is strange - some people will be really encouraging and others will be mardy as all-get-out. Just ignore those ones and over-pay your socks off.
Welcome! :T

RS_Clio

I was similar to you Lawbee. When we got our mortgage approved we saw what the amount borrowed versus amount to be paid back over the term was. Scary. I ignored this for the first 18 months then just had to get on the overpayment wagon. So pleased I did it.

You wont regret it and as you've found you can quite sucessfully bring the term down with them and save yourself ££££ in interest.

I too got more negative comments than positive ones at work, so I just got on with it and kept quiet.

Good luck with it all.

lawbee

Thanks for the replies. Was a bit shocked by the negative reaction really. Think the word pointless was used. How can saving yourself huge sums of money be pointless!!!!
I have savings for a rainy day, savings which are currently earning far less than the interest on the mortgage and I put this forward in argument but was informed it was the cheapest form of borrowing so just accept it! Ok so if I have other debt yes I agree attack them first. But other than my student loan this is my only debt.
Have talked my plans through with my dad to discuss the best option for me financially and we have both agreed that overpaying is the best plan!
So onwards to reducing the mortgage!:j

whatyadoinsucka

i have heard the same responses too. i actually have a 30 year mortgage that is now down to 22 years, i overpay massively 2.2x
i too like my holidays so twice a year we subsidise our holidays funds with the mortgage overpayment so best of both worlds really..

if only my partner would see sense and contribute to overpayments.

in truth over time due to inflation and wage increases a mortgage of £100k today will not be £100k in 5 10 20 years time as we'll all be likely earning far more.

but i'm with you the sooner the mortgage is smaller the better.
keep up the good work, but make sure you still enjoy life and have enough for a rainy day

cha97michelle

People do not always understand it, i get the same reaction off my parents, but to be honest, if you think it is right for you, that is all that matters so ignore them.

Good luck with your journey, and welcome to posting on the boards.

wynnvegas

Hi Lawbee,

You're among like minded souls here. I think your plan is spot on. You only live once so putting life on hold for 5 or more years isn't in any way sensible to me but accepting a debt into your fifties or sixties is even dafter.

Very best of luck to you. Ignore the naysayers!

Cheers,

Billy

lawbee

Thank you for all your positive responses. So my MF quest will be my secret and will only share it on here!

Feel I have enough in the rainy day fund, have mortgage payments for 12 months plus 4k. Occasionally I treat myself to something for me, something that is a want rather than a need. But will only buy the next want on the list once I have got my savings back up to my set amount. While the savings are at the level I want all the rest of the money will be chucked at the mortgage.

I am never going to be apply to pay off large amounts, I am the sole payer, and although my OH spends most of his time at my house, he has his own place so has to cover bills at his, so I cover all the bills at mine. My OH earns a much lower wage than me so is not really able to contribute to any payments. Although he is aware of my aims.

I am fortunate that my parents were over payers, so are supportive of my aims.

Not really done much on my quest but my parents cleaned out my old room at theirs and fund my old tips jar from when I worked at a restaurant 5 years ago and it had £24 in it!!!! So will put that towards the next overpayment:T

sweetdaisy

All the best in your quest to become mortgage free . I have just started my own MF aim to reduce the term by at least 4 years (we have 14 years left on the mortgage). I will be 42 years old then.

Like you, I resent all the interest paid. I pay around £230 a month in mortgage interest .

My parents we overpayers too on their mortagge and reduced the term by 6 years so are supportive, however when I told another family member that I was going to overpay and hopefully reduce the term of my mortgage, they were not supportive and tried to discourage me by saying "What's the point?" yet they seemed to be a little jealous at the same time!!

I see paying the mortgage off early as the only way that I will be able to consider working part-time in the future.

It would be great to reduce the mortgage by 10 years, that's a lot of money saved on interest, all the best and look forward to reading how you get on .

originalmiscellany

lawbee - like you, I write on here and not many other people know outside of here - as to our saving schemes and mortgage clearing and savings.
People here are really supportive as many are in the same boat as you or are willing to clear as much as they can...
My motive is to provide for our family and the more overpaid now means less to overpay in the future.

As long as you're able to make a sensible, sustainable oversaving, you will get nothing but support on here!

SUESMITH_2

keep overpaying! we overpay a few hundred each month and the pleasure we get when the yearly mortgage statement arrives is amazing.

we should have been mf by now but due to personal circumstances we had to remortgage and we just want rid of it.