Welsh Mam on a mortgage free mission

Cariad71

Happy New Year everyone. Hope your head is not too sore.
We are starting the New Year with a credit card balance of £0 so I'm ready to overpay £1000 at the end of this month (after pay day). If we overpay £1000 monthly, plus £2000 a year (I'm not sure from where yet), we will be mortgage free in 10 years. So I'm trying to view it as a 10 year loan. The years soon fly by don't they?
This may be too ambitious but we are going to try. It would be nice to be able to retire in ten years (53 then) and live off the rent of house number one.
Anyway, I'll post again at the end of the month,
best wishes to you all x

Cariad71

Hi everyone,
I'm feeling very smug here. Managed to salvage £1000 for a January overpayment, pay the Christmas credit card in full and buy lots of Birthday gifts for a fraction of the price in the online sales.

I've also bought lots of cards in the market for upcoming birthdays.....you know the special ones that if you don't get in the market you end up paying £2 for in Tesco! All I need to do now is remember that they're in my card box!
I've saved my Tesco vouchers for chef and brewer £40 worth so that's £160 in meals! We do love eating out....and by limiting drinks for the kids then ordering a jug of water it makes it very doable!

AND....I've saved £500 this month for an emergency fund!
How are you all doing? Stay motivated all x

Cariad71

Well I've tried shopping for two weeks instead of one. Tesco delivery charge was £1.... So not worth even driving there for that.
I've warned the kids that if they eat all the 'goodies' in week one, they'll be 'goody free' in week two. I've planned a week's worth of meals and doubled it more or less. Had some 3 for 2 offers due to this.
I've kept £10 bank for fresh fruit in week 2 but Lidl will sort that!

So hopefully we won't be having to 'nip' out for some tea bags and effectively spend a tenner! Easily done.

Cariad71

Just overpaid January's £1200. Why didn't I pay off the additional £3.44 and round it to a pound?:o I can't do it now until next month as I have a £500 minimum overpayment clause Grrr

I'm really looking forward to seeing this mortgage go under £160,000

I'm off now to sell some bits on ebay. Back soon:)

Cariad71

Well I've just paid £1243,44. It sounds like a lot but the mortgage is interest only and the tenant's rent covers the £450 mortgage payment. So really it's not all an 'overpayment'......more like a 'payment!

Basically it's everything that's not needed elsewhere.
Glad I got rid of the pesky 44p, although the woman on the phone thought it was a bit bonkers! She said 'you're very precise' .

Anyway, we're on track for now!

Luckyinlife

Just read every post great job on bringing the mortgage down so much

so the life plan is to rent out the one your mortgage free on and sell it when you have payed off the mortgage on your second home :]

That is a great plan i hope it all works out fine for you :]

Cariad71

Thanks for reading luckyinlife. Yes the plan is to sell house one when we are mortgage free or live off the income in my old age��

Luckyinlife

Perfect plan how do you find the whole being a landlord bussiness ? its a long term goal of mine

first of corse is to have my own place which iv just started the journey :]

Cariad71

Luckyinlife.....being a landlord has it's ups and downs. There's always more maintenenance than you expect and there's always something you don't put in the contract that pops up!

However, we've been lucky with our tenants, they are great people and considerate tenants.

When you are in a position to do it, let me know and I'll give you some pointers. I know that that will be some time down the line though!!

Cariad71

Hi everyone! We've rejigged our finances this year. Basically we've saved in the first part of the year in order to overpay in later part of year. So in June I've just overplayed £2250.
I'm hoping to do this again in July.
I've found a great way of saving on pet food....zooplus online. Much cheaper😜. I'm really looking forward to seeing this mortgage go under £160K.
I feel that we've got a good balance at the moment...holidays/treats/meals out and overpaying. After all...I could die tomorrow😁. But the. Agin I may not!😜