8 maybe 9 years till freedom!!

Ive been a lurker on here but thought id stick something up.
Well just bought the first house and were both happy here, needs a bit of work mind but I'm in the trade so can fix it up myself! The one thing were both agreed on is getting rid of the mortgage ASAP, we're hoping to be able to make overpayments of around 850 a month minimum so we should finish in 9 years max hopefully !


Managed £720 this August as there's been a lot of fees to pay out, daylight robbery really!
Mortgage started as of 1st August 2012 £141,800
Mortgage as of now £115, 797.63p
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Comments

  • Paid a few quid in as of the signature below looking a bit better than a month ago just need a couple of hundred more then were in to the £130'ks that's quite exciting really, maybe I'm a bit sad though haha!
    Mortgage started as of 1st August 2012 £141,800
    Mortgage as of now £115, 797.63p
  • diadeb
    diadeb Posts: 91
    First Anniversary Combo Breaker
    Forumite
    Best of luck to you. How about joining the MFIT T3 challenge whilst overpaying? It starts in December this year and runs for 3 years. I am on the T2 challenge currently and its great for tips, moral support and generally sharing your news.
    MFiT-T3 Number 61 Reduce mortgage by £50000
    Mar 13 £5660/11.32% June 13 £12513/25.03% Sept 13 £16951/33.90% Sept 14 £38391/78.78% paid off
    MFiT-T2 Number 34 Reduce mortgage by £66471
    Dec 12 100% paid off!
  • i wish we'd had the sense to start as soon as we bought our first house. took us a few years to twig on.

    Good on yer and good luck
    Morgage till Nov 30 GOAL MFW Sept 2016
    Aug 11 - £100k Aug 2016.... It's GONE!!!!!
    2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
    "A goal without a plan is just a wish"
  • kitjos
    kitjos Posts: 223
    First Anniversary First Post Combo Breaker
    Forumite
    Welcome on the MFW journey :T

    Im quite simular with your circumstances so i can relate to your goals. Me and DH brought our house 2 years ago and been doing it up over that time to a decent standard (all new windows/doors/central heating etc) so weve spent well over £13k getting that done and were now getting prepped to start MFW journey. Our mortgage amount is pratically the same and hoping to make OP in one hit annually and the calculators say i 'should' be MF in 8 years :)

    All the best with everything, small steps will give you so much personal gain :beer: x
    "Don't underestimate the value of financial security"


    Wanting to be mortgage free by 45. £155,000 start / £86,880 currently

  • Thanks everyone it's great to have some support!
    I will join that diadeb but how do I do it?
    Been looking at cost cutting but to be honest were pretty good turn lights off don't have the heating on long as we don't like it to hot anyway.

    Found an experian monthly payment I'd forgotten about that I got when checking my credit history for mortgage application, this will be given short shrift this evening!
    Mortgage started as of 1st August 2012 £141,800
    Mortgage as of now £115, 797.63p
  • Things are getting serious as I have just restrained from buying a four pack!!! Purely to save more money.
    Mortgage started as of 1st August 2012 £141,800
    Mortgage as of now £115, 797.63p
  • Haha well done, its amazing what you dont buy when you start thinking about it going on the mortgage instead!
    Simplify and then Simplify some more!
  • I've got some old cable to strip off tonight so there's a few more quid!! Yeeha!!
    Mortgage started as of 1st August 2012 £141,800
    Mortgage as of now £115, 797.63p
  • It's been an expensive time recently, no one paying e bills I'm sending them (all the joys of being self employed I suppose) :(
    But getting back on track, had the annual statement and would have paid about £50 off the amount without overpayments Strewth!!!
    Got to keep going now as its more obvious than ever

    Matched betting maybe?

    On a plus note skipton have just sent us a letter saying there knocking £8 off our monthly payments!
    Mortgage started as of 1st August 2012 £141,800
    Mortgage as of now £115, 797.63p
  • hi Matt, my OH is self employed and I feel your pain with customers who can't afford to pay. Between that and the tax bill it's been a hard start to the year.

    Why did the building society reduce your payments? is that because you had overpaid?
    mortgage 1 33,000. paid nov 2012 :D. mortgage 2 87,000 due 51,686.76 at july 2013, but then:new home and remortgage ... £101065.43:eek: now 74k
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