K&Fs Mam's MFW attempt

kandfs_mam

Having been inspired by so many on this thread, I have decided to have my own diary as a way to keep me motivated in my quest to be MF by the time I am 45. I am 39 tomorrow! Been married for 15 years and have 2 kids aged 12 & 2.

A bit of background - we are 9 years into a 25 year mortgage on our home. We purchased the house in 2003 for £120,500 with a mortgage of £93k on it. We then took out a secured homeowner loan for £10k to do some renovation work on the house (it is a detached sandstone house built 1905 which we rewired, re-windowed, installed new heating). The interest rates on the main mortgage is 1.5% (base +1% lifetime tracker) & secured loan is 1.6% (base +1.1% lifetime tracker) and they were due to finish in Oct 2028. Houses in this area have averaged £180,000 over the last year.

Until Dec 10, we were merrily plodding along just paying the standard mortgage costs with no OPs but while I was on Maternity Leave I started to look into our finances etc and stumbled across the MFW section of MSE. That was when my LBM struck and I have been OPing ever since. :T

We have no other debt, have maxed out ISAs and have high interest regular saver accounts. I know that some would be looking at the interest rate that we are on and saying just save instead of OPing but I like to do both as I love seeing the mortgage balance coming down whilst keeping a nice savings balance as well. We have also kept the endowment policy from our first house running as a savings plan and it is guaranteed to pay out £42750 in Oct 2021 which I figure will be a nice wee nest egg, pay for DDs wedding etc.

Our savings are now at a level that I am happy with and we have a good standard of living but DD could be heading to Uni in 5 years time so I'd like our mortgage reduced as far as possible by then.

My aim is to pay off the mortgage & secured loan by 31st Aug 18 - my 45th birthday. Our current combined balance is £71000 with a finishing date of June 2026 and from my spreadsheet, it looks like a £570 OP every month would see me reach my target.

I've just realised I haven't mentioned my OH much in this - he has v little interest in our finances and so long as he has £20 in this pocket to go to the pub a couple of nights a week he is happy for me to do whatever I see fit. We both work hard and i don't grudge him a penny!

Enough waffle for now - but this now feels very real putting it down on paper!

kandfs_mam

Well it's the end of the month and I've OPed another £100 today. This takes the outstanding amount down to £70900.

I have really got the bit between my teeth on this one - we have a nice buffer of cash savings sitting but I want to top it up a little more to cover Christmas, then every available penny is going against mortgage.

I hve decided I'm not gonna tell OH of my plans to be MF by 45 but will keep it as a nice surprise for him.... I am scheming ahead until then thinking that I could give him the deeds wrapped in a ribbon on our wedding anniversary (1 week before my birthday) so 5 years and 51 weeks to get rid of £70900!!

cod3

Happy Birthday! :beer:

kandfs_mam

Thank you Cod3!

Beckyy

Happy birthday! I hope you have a lovely day.

Good luck on your mortgage free journey, and keep us posted! It's almost addictive once you get started.

kandfs_mam

Thank you Beckyy - yes it is incredibly addictive...

pixelwife

Happy Birthday to you! :T

How nice that you are already thinking of how you can surprise your DH with the deeds wrapped with a ribbon. Keep that image in your mind at all times so you never lose the focus and motivation.

Good luck with your mortgage free journey and if you ever think the amount is too much and it can't be done, just take a look at what I owe :rotfl:

Spiggle

Happy Birthday kandfs mam! Hope you have a lovely day.

Take care,
Spigs

kandfs_mam

Thank you Pixelwife & Spigs.

kandfs_mam

Well been away with work for a few days but finally home and able to play with my internet banking and beloved spreadsheet!
OPed £515.33 this morning which bring me down to a nice round figure and knocks 2 months off the term.
I still have a wee stash in the current account which will sit there for another couple of weeks as I'm not sure if the next installment for DDs school ski trip is due this month or next - when we were at school we had school trips to museums! However, times have changed and she is a good girl so deserves a treat... and we get 10 days peace!!

kandfs_mam

Made a wee cheeky £50 OP last Friday just so that I could see our mortgage beginning with a 6 !