New to the Forum

WANNA_BE_MORTGAGE_FREE

Hi Everyone,

I have only recently found this forum and it is great to read other threads from like minded people.
A little about myself, I am married with two ever growing boys at secondary school. We both work hard and have relatively decent salaries. Our outgoings are under control with no credit cards, just the mortgage and a car loan.

Our current mortgage balance is £63,800 with 10 years and 3 months remaining. The mortgage is on the NW SVR of 2.5% which seems to be a good deal at the moment and also allows unlimited overpayments.

We have been casually making OP's over the last few years while interest rates have been so low, but have now focussed these with a target date.

Our eldest is in year 10 and we hope he is going to go to university, our plan is to be MF to allow us to help him financially. We have therefore this week increased our OP's to £400 per month, in addition we have an endowment maturing in a couple of years, it should have paid over £30K but expect it to be nearer £17-18K, this shall be paid off the mortgage. Using the OP calculators we should have a balance of £0 in Sept 2015, 69 months early and importantly the month before UNI starts!

If UNI is not for him we can bank the money for the 2nd in line or just have an extravagant life style!

I shall keep popping in to read your threads and update mine.

Twiddy

Hello and weclome to the boards. You'll get nothing but support from everybody on here so keep up the good work. Our plan is to also be mortgage free before our children hit uni/need cars etc......

All the best
T

spendinglikemad

Hi there i am new too and whilst we have increased our overpayments in the last year it's nice to be able to share the excitement with people who are interested!
We are doing it for same reasons as you to be able to afford uni if and when the kids want to go but our 2 are in year 3 and 6 now so a while off!
Good luck!
Slm

ultrarunner

Best of luck, sounds like you have a well-defined target with a great incentive to achieve it in time. The NW Base + 2% is currently a decent deal to be on so you can really chip away at it each month.

There's bound to be additional 'fat' you can trim from your spending, so why not post up a SOA?

sweetdaisy

Good luck in your quest to become mortgage-free .

Tilly_MFW_in_6_YRS

Dear WBMF, joining this forum will be one of the best things you do to help your journey to MF land.

I have learnt so much from so many people and you can build upon the knowledge you gain. People have such varied knowledge to share and are happy to do so, in order to help others.

69 months early is FANTASTIC, and you must both be delighted.

Good luck, Tilly

WANNA_BE_MORTGAGE_FREE

Thanks for all the words of encouragement.

I shall try and get round to completing a SOA in the next day or so, that could be sobering.