Joining the quiet revolution!

lexington013

LeighofMar wrote: »

You are so close. Congrats on all the hard work and saving to get you to this point. We are at very similar balances. Sometimes I fantasize about selling the travel trailer to put an additional $8000.00 on the mortgage and just get closer and closer, but I'm working hard to stay on course and levelheaded for now. You're almost there. Keep us updated.

Thanks for the encouragement!
To think that I borrowed £195,000 from the bank in 2008 and 11 years later I've managed to pay back close to £150,000 and reduce the term substantially is a great feeling.
If your trailer means a lot to you then keep it, you have to have some high days along the way. I'm aiming for 56 years of age (4 years from now to be MF).

LeighofMar

That is amazing. You should feel proud of such an accomplishment.
Oh, I love my little travel trailer. I just get so impatient sometimes when it hits you that you owe on your house basically the price of a luxury car, and you want to pay it off so badly. But it's all good. We are getting there and soon it will all be over. If all goes well, the house would have taken 8 years to pay off. I can live with that

lexington013

LeighofMar wrote: »

That is amazing. You should feel proud of such an accomplishment.
Oh, I love my little travel trailer. I just get so impatient sometimes when it hits you that you owe on your house basically the price of a luxury car, and you want to pay it off so badly. But it's all good. We are getting there and soon it will all be over. If all goes well, the house would have taken 8 years to pay off. I can live with that

8 years to repay a mortgage is outstanding! Most people can only dream of that. These days mortgages can be for 30 or 40 years!
It's great seeing the sacrifices and frugality individuals, couples, families use to overpay and pay off one if not the biggest debt they will undertake in there lifetime!
The freedom this then gives to build savings, help family out, plan retirement or reduce working hours is worth it, I believe.:j

NorthernMonkey1

Nice work. Not long before every last bit of your house is all yours. It's totally worth the effort when you get there

lexington013

Numbers slightly wrong, as of today I owe £58,850 on my mortgage. Will make a £10k overpayment in September which should see the mortgage at £46k. Will then take a 2 year fixed rate mortgage. Hopefully the mortgage will be paid off in May 2022. (Just under 3 years).��

lexington013

Mortgage should be down to 56k in August (2 more payments). I'm going to use the bulk of my savings to pay off 27k in that month. I want the mortgage to be under 30k so psychologically I'm now in the high 20s, 29k to be exact with 66 months left to pay....aiming for it to be gone in 33 months......

lexington013

Ok savings come in at 29k. Some emergency money put aside to cover 1 year mortgage repayments if needed.
That will leave £27k to pay over 66months.
I'm on track to pay it off in less than 3 years :j
That means my 25 year term would have decreased to a 14 year term!

lexington013

OK savings at £19.5k cash. Outgoings are higher than salary (not great). Have had to pay down credit cards which has eased things. Again need to manage my money better, so have made some clear decisions about clearing debt in the next 3 months which should put me in a stable position for the start of 2020. Have about 2k balance on a Santander credit card which I'm clearing. Did some overtime the last 2 weeks so that should help.
Reviewing my food spend, heating and electricity costs etc. Feel positive.

lexington013

52.7k with 5 years and 1 month left. Will pay off some more CC debt before looking at overpaying the mortgage. Have reduced gym fees and tightened my belt in other areas. Savings about 32k. Will look to clear all CC debt (4K) next month. Also second car not being used, will sell privately to free up some more cash.

lexington013

Working today. Looking forward to 2020 being more cash savvy. Important year to burn off credit cards and set myself to get the mortgage down. Looking forward to going under 50k which should be end of March. Can’t wait to finally own this house one day.......Won’t be taking out another mortgage, if anything downsizing ����