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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
263 replies 19.6K views
moneycuriousmoneycurious Forumite
446 Posts
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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hiya, i've decided to join after reading your inspirational stories. I'm 26 just got married and bought our second home. We have a house that we are renting out and see as a pension pot, the new hosue is our main home with a 141,000 mortage over 30 years. We have litterally just finished it this week , after a full refurb - but we plan on paying off the mortage as fast as possible.
Here are a few steps already taken :-
  • Oh got rid of his car and got a bike
  • i've got a part time job at evenings and weekends on top of my FT job
  • sold loads of stuff on ebay ( i never realised that i was such a horder.... if its not been used in the last 2 years its gone!)
  • started doing a monthly shop with a budget of 100 then only buy fresh inbetween at local markets
  • eat seasonally
  • recycle presents
  • use up all shower gels etc
  • wear up best clothes for work that dont want to sell
  • eat out once a month as a treat
  • make sure i claim my petrol off work!!!
  • organise myself , my time and my money like i would at work to make the most from the day
  • say NO to peer pressure buys and only get what we really need!!
I save £150 come what may , but going to nuckle down and aim to use this money every year to over pay approx 1800 in total, and if can chip away with any extra monies that we come across. Hopefully - i say touching lots of wood that we have spent money all in one go on the house and should be able to save hard for the next few years.
Also currently in the process of looking for a new job as recently completed my managemnt diplomas....... i posted on the other thread that some jobs i am applying for have a company car - but i belive that this means you are taxed more ( does any one know how much on a £30000 - 32000 wage approx??) as i am not sure if it is cost effective or not!!!
please help on that one!


Any ways - please wish me luck on the long road to being mortage free xxx:j
Dec 2011 £141,000 / dec 2013 £135,000/ Jan 2014 £131,000 / July 2014 £129 000
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Replies

  • DawnWDawnW Forumite
    6.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Hello :wave:
    Welcome to MFW :)

    It sounds as though you are already making great progress. My tip, for what it is worth, is that, although it is really great to make BIG overpayments :D unfortunately that isn't always possible :(. The trick, if you are in this position, is to continue to make little ones - they soon mount up. If your provider won't allow this, then put the little amounts in a savings account until you have a larger sum. My provider allows me to overpay any amount, and sometimes I do really small ones online (like 4 quid for a survey, £2.50 for a book sold on Amazon :o). Needless to say, if I phone, or go into the branch, I don't have the nerve to offer less than £50 :rotfl:

    Some people on here do a lot of surveys - I belong to 2 survey sites, others a lot more. However, you have to balance that with other commitments. My job is a bit of a nightmare, so I really don't want to be doing boring surveys every evening and weekend..... but if I were retired, between jobs or a stay at home mum, I would do a lot more, as some people make quite a bit of money from them.

    Good luck x

  • pavlovs_dogpavlovs_dog Forumite
    10.1K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    i agree with Dawn's comment that the little payments do add up. Our OPs are tiny compared to what some people on here can afford to pay. However we consistently OP whatever we can. Doing the sums the other day I realised that 41% of the sum we'd cleared off of the capital was down to OPs. Suddenly all those silly piddly little amounts seem a lot more worthwhile!

    I would also recommend small, manageable goals. If they are achievable it spurs you on, and beating them spurs you on even more. My 2012 aim was to OP £1500. As you can see from my signature, that has been revised! By the end of the year I want to have crossed the '10k cleared off of the opening balance' line. these small, pressing goals are more motivating than the longer term 'have mortgage sub 105k by 2015' or 'be MF by 40' because hitting those goals is still a l-o-n-g way away.

    finally, nosey around diaries and chat to people. You will find fab ideas for making the pennies stretch.
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • moneycuriousmoneycurious Forumite
    446 Posts
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    Thanks for your kind words of ecoragement - ready for the long road ahead..... first step is today i am going to set up overpayment of £25 over payment without fail and enquire if i can see my account on line ( although its with natwest... so mite leave it a day or two!) then i can literally see the difference. I am also hoping to get some serious over time in over the coming months to this will hopefully go along way to making a dent in the mortage and allow us to have the odd treat. When i was at uni i used to pride myself on living on £10 a week and i loved the life i live.... then you get working andthe money deamons take over - suddenly you can afford all the things you couldnt previously have - and its shameful.
    Hopefully it will get back on track sharpest.... i'll keep chipping away at it......... and keep you posted!! xx
    Dec 2011 £141,000 / dec 2013 £135,000/ Jan 2014 £131,000 / July 2014 £129 000
  • LauraJoLauraJo Forumite
    1K Posts
    Eighth Anniversary 1,000 Posts Combo Breaker
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    My tip would be that if you do get a new job (congrats on your diploma!) use any pay rise to make OP's. You wont miss what you don't have but its very very easy to get used to the new amount of money - much harder to go back!!
    Mortgage starting balance 2011 ... £170k today £1.5k
    Savings: £3k
    Aim: 100k by Dec 2021
  • greentgreent Forumite
    9.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Hello and welcome :D ANother one here who makes small OPs frequently. I always round my OPs up, though to the nearest £5/£10 - so if I sell something on ebay and make £3.84 I OP £5. I OP all my ebay money, cashback money, money from selling little bits at WI (sometimes I sell 30p worth of stuff!!) and selling the kids stuff at NCT sales. I also OP it as and when I get it, so some months I'll have 10 OPs, other months 1 or 2 - my statement at the end of the year is much longer than it used to be!!

    I set myself little goals, too - to get to £x balance by x date etc - always motivating to have a goal in mind :D
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2021 £209.04/£500 Decluttering 2021: 600/1000
  • downsizer3downsizer3 Forumite
    683 Posts
    I'd agree with all thats been said and also suggest that you do a OP spreadsheet with your starting amount and plug in all the OPs you manage.
    Can't remember where I got mine from but someone on here gave me a spreadsheet that allows one off amounts - its fab.
    I can only afford £72ish pm but was massively encouraged when I put in small additional amounts I'll be able to put in here and there - and I get to use highlighter pens to score off payments - very sad but woo its satisfying!! :o
    May 2018 - £159k + £3.5K CC - let the countdown begin! :)
    March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j
  • SJ1SJ1 Forumite
    270 Posts
    Agree wholeheartedly with the other posters who say to pay little and often. I intend to do this once I have my 'savings pot' in place.

    On the car tax thing, it is complicated and depends on the carbon emissions of the car that you want to pick, calculated to a figure and then added on to your salary and taxed. Additionally you tend to get a lower 'fuel' rate on petrol as they are already providing your car - hope that makes sense.

    There is lots of info on the HMRC website on this.

    SJ
  • moneycuriousmoneycurious Forumite
    446 Posts
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    eeekkkk..... just hidden the credit card at secret location.... makes me think twice on the debit................. fingers crossed it works!!! xx
    Dec 2011 £141,000 / dec 2013 £135,000/ Jan 2014 £131,000 / July 2014 £129 000
  • moneycuriousmoneycurious Forumite
    446 Posts
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    well.... d\y to sort stuff out - put direct debit on the new house for the council tax, and paid off all i owe. ime to start on the house repayments. going to set up £50 off a month on DD on morgage, then any extras are a bonus. please excuse my rambling smy oh and i are very finacially seperate so this house would appear to be my responsibility ...... we share the bills but teh other house was in his name and he is renting it out as the pension pot.
    was weak yesterday and treated myself to a jacket £22 i have not felt so guilty for...... clearing out my stuff from the rents today ( yes i have stuff everywhere), and setting dd up for my depleated isa's as my emergency fund.
    This money saving seems to be increadibly hard out in the real world!!! damn you shops!! xx
    Dec 2011 £141,000 / dec 2013 £135,000/ Jan 2014 £131,000 / July 2014 £129 000
  • moneycuriousmoneycurious Forumite
    446 Posts
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    well thats £50 a month over payment ( will see how that goes) and just paid £150 more off seems to sit heavy on my stomach but finger crossed it will pay off!! thats saved me £204 in interest alone off the morgage so a saving already eeek.
    Dec 2011 £141,000 / dec 2013 £135,000/ Jan 2014 £131,000 / July 2014 £129 000
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