Panther 2012 wants to be Mortgage Free!

exarmydreamer

Hi, :j

I've not long started my MF journey and paid quite alot off this month and in total it's taken 8 mths off the mortgage. It's a really good start isn't it, good luck with your continued journey.

Panther2012

In answer to your question originalmiscellany... how about 4th Sept? Just paid off another £600. Yes it feels great!

(10months off my mortgage term)

I've taken in a lodger for my spare room so that's the rent and deposit in for the overpayment.

I hope this encourages other people to look at ways of maximising their overpayments

originalmiscellany wrote: »

Well done! 6 months off - splendid. When do you think you get get £676 off to get it down to 104k? It feels great to overpay doesn't it...

Murtle

It has - thank you

xxx

Panther2012

Well I thought I would post an update on how my mortgage-free aspirations are going.

Since March 2013 I've managed to pay off £8000 of my mortgage and my current total is now just under £98,000.

This should be an exciting time for me as I had estimated that, that would bring me below the 75% threshold to qualify for a cheaper mortgage rate but alas that was not to be. As the housing market slowed down, the house price index of my property rapidly decreased so I'm now back up to the 90% LTV bracket. This has scuppered my plans of repayment in a big way. In addition, I relocated for a job and now I'm paying rent for an apartment and mortgage on my property. I have occasionally had lodgers but the let's haven't always been consistent and I've had to cover the shortfall.

So for now I'm having a 'holiday' from overpayments.

I must add that since I've had to tighten the purse strings, I have picked up some eco-friendly and healthy habits!

I know walk to most places, which has saved me a fortune but also kept me in shape.

I try and save on energy bills by simple steps such as rinsing dishes with cold water. Using a wind up/Solar radio instead of firing up my laptop every morning... I have plenty more but that's probably more suited to a different thread!

The moral of the story is, your mortgage free journey may not go as planned, but keep motivated and be creative about way to save those extra pennies that can go into overpayments!


Good luck everyone!

Panther2012

About two years into my Wannabe Mortgage free journey now.

My mortgage is now just under £94,000 and I've managed to make over £8000 in overpayments over the last two years. Unfortunately my LTV is still very high so I haven't qualified for the better rates at 75% but my repayments are affordable. I aim to pay at at least £250 in overpayments every month so by this time in 2015 I should only be about £89k in debt.

Here are some of the ways I've tried to cut down on my expenses and maximise my income.

[*]I have taken in a lodger
[*]I still walk a 30 minute journey to work ( previously 45mins)
[*]I use interest free purchase credit cards and put the money I would have otherwise spent into mortgage repayments or savings. I then use any interest from savings for overpayments. I ALWALYS make sure I have enough to pay off the credit card at the end of the interest free purchase period so I don't incur any interest.
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I hope that might help some people and I would be very happy to receive ideas from others!

Panther2012

Hello to anyone following my thread.

My mortgage currently stands at £82,800! I've paid off much more than I thought I would.

I have continued to live as frugally as possible and have been diligent at saving and making overpayments despite the temptations.

I have continued in many of the habits from my last post but having been able to pay off more that I expected has put me in a much better position. I'm managed to pay off more in the following ways.

I have now qualified for a 85% LTV so my mortgage interest is at 2.89% which means I'm paying a £100 less than last year

My partner has moved into my room and we have let out the additional bedroom which means my household outgoings have been halved.

I have become a much more savvy shopper, using coupons and vouchers where possible.

I am spending on credit cards with long purchase free periods and putting the money I would have spent in a Cash ISA.

My next goal is to reach the 75% LTV threshold so I can qualify for an even lover mortgage interest within the next two year.

I hope everyone else's journey is going well! :T

Luckyinlife

amazing well done :]

killing it youll be under 90k soon as well great job :]