Mipmop's Mortgage Quest

Mipmop

Hi everyone,

Like many others I'm a longtime lurked on this forum seeking inspiration on how others are tackling their mortgages.

We moved to our house in Feb this year with a mortgage of 154k :eek:

However me and OH do have the mortgage free mindset in common and moved knowing we would choose to overpay the mortgage. We are on a fixed 2 year deal that allows 10% overpayments per year. We were also lucky in that we could put down a 25% deposit so got a good rate. Currently we are overpaying £1083 per month. Our mortgage today is 141k so we've knocked 13k off in 9 months which is great!

Our aim to be mortgage free by the end of 2017, so 6 years to go! We are intending to supplement our overpayment with an additional payment each year once our fixed rate ends.

We do try and be MSE in general although we do have the occasional treat - dinner out, weekend away, new gadget etc. I do need to get better on the food shopping front and stop being taken in by offers I don't need although I rarely go over our £200 p/budget.

I am hoping by posting it will keep my motivation up as the mortgage falls!

Mipmop

inigma

Good luck!

I've just started and aim to be Mortgage Free by October 2017... seems a lifetime away!

Make sure you both promise yourselves something really nice once you are mortgage free... you'll have to do something with all that spare cash!

:T

Mipmop

Well i would like to go to New York and the OH would like to go to Canada so we are hoping to combine them and have a good long holiday once we are free! That said this is not our 'forever' home so we may move on if something comes up thats ideal.

lulabelle1

Welcome and good luck! You're in the right place........
Food shopping is our weakness too, so good luck with that one. It's good to be sensible but also to have a balanced approach to ensure you enjoy life along the way and it sounds like you have this, so you should be fine!
Good luck and keep us posted.

Best, L

dark^knight

Hi,

Good effort so far, keep going. Good luck.

Mipmop

So I am getting the spreadsheets ready for 2012-

My plans are;

1) To put the overpayments up to £1250 - if it gets too tight we can always reduce again.

2) Have an £8 a day spending challenge for all my social stuff & food shopping (fuel, mobile, car maintenance not included). If I can stick to this I would be saving approx £60 a month which I would be putting into my ISA.

3) Look better for the best deals I can i.e. I just got my breakdown for the year for £7 thanks to using topcashback as recommended on here, that's a saving of £21 on my renewal quote - I only work 5 miles away so value cover for me :-)

4) Not money related but be more inventive in the kitchen instead of sticking to tried & tested so we hopefully don't notice i'm spending less!

5) I'm also starting AVCs into my pension while I still have a decent paying job in the current climate!

That's about all - lets see how it goes!

Mipmop

Lapinette

Welcome Mipmop!

I wish you lots of luck in your quest for mortgage free living!
I am also hoping to wipe out my mortgage by 2017!!

Stay focused and keep us updated!

originalmiscellany

Welcome Mipmop!
Have you thought about signing up for the MFW 2012 challenge -
https://forums.moneysavingexpert.com/discussion/3637943

Could be good to keep your mind focussed?

sweetdaisy

Good luck Mipmop in your Quest to become Mortgage Free .

Twiddy

Hi Mipmop

Great name by the way, can we ask how it came about?!!

Good luck in your journey, will be tracking your progress regularly...

All the Best
T

Mipmop

Hi all,

Mipmop is a nickname my Sister gave me when we were little!

December mortgage payment made and our balance is now £139,173 - really pleased with our progress as we have done a lot of work on the house too.

Benefitted from Asda's price comparison this week so an extra £3.90 off my shop on top of the £5 off a £40 spend - all helps to the extra Christmas food!

Done lots of sorting out around the house - is it just us with an endless supply of cables?!

Hope you are all doing well with your own goals. Will check back in at the end of the month in prep for my £8 a day spend challenge in January.

Mipmop