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Joining the quiet revolution!

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Hi all, I have been lurking for a while, reading the great posts and seeing the support out there!
Like you all, I would like to be mortgage free quicker than the 20 years and 10 months the bank say I will be, do here goes. I managed to make a large overpayment last summer (circa 9k ) after scrimping and cutting my expenditure. I'm hoping I can overpay this year by £500 a month but it's in my grasp. With luck Martins mortgage calculator says I can shave around 10 years off, well let's hope so, good luck to you all!
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Comments

  • downsizer3
    downsizer3 Posts: 683 Forumite
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    Looks like a good start and a good amount OP each month.
    Good luck in your journey!
    May 2018 - £159k + £3.5K CC - let the countdown begin! :)
    March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j
  • themadvix
    themadvix Posts: 7,955 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Good luck Lexington - £500 a month will make a huge difference, as you say. :T I like the term 'quiet revolution' - it fits well!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • Tilly_MFW_in_6_YRS
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    Hi, joining this forum is the best thing I have done. Making a £500 OP will make a significant difference. Best of luck Tilly
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • lexington013
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    Well im on the way, phoned Natwest on Friday and made my first OP of 2012. Have already saved £401 towards the £500 for Aprils OP so quite pleased with myself.
    My OH has her own home and is busy trying to reduce her mortgage balance.
    Planning simple things like car journeys etc to cut down on my fuel bill, making sure the kids dont miss out, just more savvy with spending. Some of you have mentioned spreadsheets....where are they on the forum for me to use? Worked sunday so am day off wednesday, will wash the car instead of going to the car wash (£4.25 saved) it all adds up LOL...........ooh and buy the way have joined the SAYE share scheme at work.:j
  • lexington013
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    What a beautiful morning, walking into town instead of taking the car (fuel prices are truly awful) with no planned fuel duty step back from the budget. I reckon I will be £450 worse off having used the BBC budget calculator. So any payrise this year will be eaten up. Packed lunches are the order of the day, cheaper than nipping out if the office to M£S.
    Getting the train on Saturday to meet my son, will spoil him a bit as he is on a low wage, so will do the fatherly thing and buy him lunch and get him some provisions and clothes. Hopefully I will be able to help him move out of the rented place he is in and onto the mortgage ladder, but he is independent and I commend him for that. I'm really looking forward to spending the day with him. Getting close to my next overpayment, some simple cutting back is really helping, adjusting the timings in the boiler now the weather is improving a bit. Eating more healthily and food shopping down to £100 a month is achievable as I'm cooking more from scratch. Shifted some credit card debt to a 0% card for 22 months do will clear all my debt in 2014.
  • lexington013
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    Spent the afternoon with my son in Edinburgh today. Fed and watered and then trainers and clothes were order of the day. Managed to print some vouchers for La Tasca so will use these next time (midweek) when we next meet up. \trying to get him to start saving some of his wage and also start a pension (sound like my dad, lol). got the train in (off peak) then found out i could have had it half price (March sale for Trainline):money its quite a good deal and worth checking out for the remainder of next month. Get paid in 12 days so ready to make the next OP, hopefully £6000 this year. My current fixed rate is 5.7% and im locked in for the next 6 years:(
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
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    Good morning :wave:

    Financial Bliss has a great spreadsheet but I don't have a copy - help anyone? My own is too clunky for public consumption :o.

    Well done on what you've done so far, oh and you'll find it's not very quiet over here :rotfl:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • lexington013
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    Thanks gallygirl, it would be great to get a spreadsheet to use to keep me focussed! Thanks for the tip, i will PM finanacila bliss and see if she can help me out. Best regards to you, hope you are enjoying this sunny weather......:j
  • Secret_Saving_Squirrel
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    Good luck on your mf diary. I find that keeping my diary up to date really focuses my mind on not wasting the pennies,

    Squirrel
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • cod3
    cod3 Posts: 805 Forumite
    First Anniversary Mortgage-free Glee! Combo Breaker Name Dropper
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    Hi Lexington :) I have recently cobbled together a spreadsheet using Financial Bliss's instructions from this post

    http://forums.moneysavingexpert.com/showpost.html?p=14965035&postcount=534

    I have added an extra column for random overpayments and amended the "total payments" formula to include this. I have also highlighted three rows:

    The month I will be MF if I do nothing (18 years)
    The month I will be MF if I make regular overpayment by direct debits starting in April (10 years)
    The month my son leaves secondary school (6 years)

    It is a real eye opener to see it on screen. I recommend it! Best of luck with your mission :beer:
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