MFW: Next step towards total freedom!

caeler

As you might have gathered the final part of my MFW journey has consumed my every thought.  I've made some great progress this year and I'm very pleased. However, I've had one nagging thought that keeps persisting.  Years and years ago I always imagined being mortgage free by 40.  Currently I'm on track to achieve being mortgage free in my '40th year', which is still very good although I've been running a few numbers to see if I could achieve it slightly earlier than the planned 2 November 2021!  I've refined my spreadsheet projection a bit by making sure daily interest is correct so I'm clear how much will be paid off each month with my normal payment and my overpayment.  It turns out if I find another £1600 I might be able to do it earlier and by my birthday in July 2021!   That would mean finding an additional £200 a month between now and then to be ready.  That is a very tall order as 83% of my earnings are already going on the mortgage (plus the ctax payments which I don't have to pay in February and March) so there really is very little left.  But I'm up for a challenge!  

frankersBri

I am in awe of your dedication to your MF goal; I applaud you! The tough choices you must have made to pay off so much, so quickly. Very impressive! 
83% of your earnings go to your mortgage; just wow!!

I'd say whether you do it by July or November next year you still will have achieved something completely amazing and the financial freedom that will offer you will be amazing! I hope you have a good plan of what to do with that 83% of your income once you are MF!

caeler

Thank you @frankersBri I think you could say I'm all in!  But seriously I'm in a very fortunate place in my life which means I can do this right now.  It hasn't always been this way and I'll keep doing it as long as I can without circumstances changing which as we know they can at anytime.  I am also a person of extremes, I just can't help it! 

Grogged

Blimey that's such commitment, I applaud your dedication.
This is not something that I'd normally recommend...
...if paying off the mortgage is your absolute priority, have you considered a 0% card for your normal spending?
Pay off the minimum and use what you save to cover the extra £1,600.
Then just pay off the card.
Not for everyone, but it may suit you.
ATB, G.

caeler

Appreciate the thought. Not for me but thanks. I think it’s a good chance to be thrifty and frugal especially as I’m back in lockdown. I want for nothing so now is not the time to indulge. I may revisit the selling bits again which last month covered some spends on food and incidentals which was nice. Over the years I’ve wasted money so no harm in tightening the belt. I worked out that before lockdown I was spending c£200 a month on groceries, now it’s c£75! I must have wasted so much food! 

caeler

Not much to report. I’m trying to relax about the mortgage stuff (failing a bit). I’ve had a no spend long weekend apart from some weekly groceries, mostly fresh bits at £20.94.  Bit pricey but Hellman’s mayonnaise was on offer and I love it!  I’m expecting a no spend week too. There is a possibility that I’ll spend very little of my monthly spending allowance this month except for a tank of fuel next week and maybe another £30 on groceries which I’ll put into the mortgage fund. I’m still enjoying the challenge of being frugal because I’m so focused on my goal.  

Ami-Rose

I've just caught up on your whole journey and it's amazing! Your dedication is seriously impressive. You also remind me of myself with the obsession levels. 😂 We aren't even in our first house yet and overpaying is all I can think of! Thank you for being such an inspiration!

caeler

NSD Sunday, Monday, Tuesday and Wednesday, expecting the same today.  I've also saved some money today.  My phone bill came in and it had gone up by £1.30 a month. I made an enquiry to a dismissive customer service agent who basically said, oh it is only £1 but got put through to the leaver team and managed to renegotiate my deal for another 12 months for just 10p extra on what I was previously paying a month.  This is particularly important as I like to keep my monthly bills excluding mortgage as low as possible. My home and contents insurance renewal came in too, it had gone up 19% despite not having claimed, a quick call and I was able to reduce the increase (still an increase though) to just 4% which I'm happier with.  

caeler

Yesterday wasn't the NSD I was expecting.  I got a camel camel camel email telling me Brabantia bag liners were half price on Amazon so it was rude not to place an order especially as I'm getting low.  But in other more exciting news, Nationwide have written to confirm my further advance mortgage account is now officially closed! And in even better news "as a thank you for my loyalty" the ERC I paid has been "recalculated", taking into account unused overpayment allowance and has been repaid to me today!  I've no idea what that means as for the last 2 years I paid the maximum overpayment allowed.  Either way it has made me very happy! 

Ami-Rose

caeler said:

Yesterday wasn't the NSD I was expecting.  I got a camel camel camel email telling me Brabantia bag liners were half price on Amazon so it was rude not to place an order especially as I'm getting low.  But in other more exciting news, Nationwide have written to confirm my further advance mortgage account is now officially closed! And in even better news "as a thank you for my loyalty" the ERC I paid has been "recalculated", taking into account unused overpayment allowance and has been repaid to me today!  I've no idea what that means as for the last 2 years I paid the maximum overpayment allowed.  Either way it has made me very happy! 

Woohoo! Love getting unexpected windfalls.