Mfb450

blade68

Hi all,
I've been lurking on here for longer than i can remember so thought i should start my own MF diary.
I am 44 and bought my first house at the age of 20 in 1988, got divorced 10 years later and bought my ex-wife out. If i had stayed in that house i would have been mortgage free in august this year .
BUT....I bought my forever house in october 2001 which meant upping my mortgage from £30,000 to £58,000 and starting at 25 years again .
BUT....I remortgaged to £78,000, so that i could buy another house to let out (my pension pot).
To cut a long story short:o I was made redundant from quite a well paid job before completeing on the BTL, but managed to scrape through and spent the next few years trying to hold it all together by the skin of my teeth:eek:.
I changed to IO for a couple of years on my mortgage until the interest rate came right down to its present level, i changed back to repayment about 18 months ago when i owed approx £70,000. I was lucky enough to be on an abbey (now santander) tracker at 1.15% above base rate :j.
I have cut back on all my bills over the last few years and made small OP's here and there.
My original MF date was september 2026 but i started OPing £116 per month from feb 2012 and have just rang santander to Op another £100 per month from feb.... this means my MF date is now june 2021:).
But.... i want to get rid of it in the next 5 and a half years.....I have a plan
I think thats enough for now, for anyone that managed to stay with me through that
catch ya later

kirstypark

hello, :hello: welcome and good luck with your mission. I am another one who wants to be mortgage free before 50 (and am the same age as you). you must have done some good OP so far to get your date down that much.

blade68

Hi, Kirsty and thanks for the welcome.
Adding £100 a month onto my mortgage payment makes a big difference, as i am now paying £216 a month above the normal payment it has shaved 5 years and 3 months of my MF date
My outstanding mortgage today is £61,196.05.....Cant wait to get rid of it

Slowdown

Congratulations on your pathway to MF. I am 46 and would like to be MF before Im 53 (end of mortgage age 55) so shaving off a couple of years. It will take some doing though. We have a large mortgage of 155000 ish. We are both employed in good, secure jobs but the current payment per month is 1775. I would have to pay around 335 extra a month to do this! We pay our daughters rent at uni and have another son likely to go next year so no let up for a while. Would love to know what you are scrimping on to make your overpayments so I can have a go too.

blade68

Hi slowdown,
I got married again 2 years ago and my wife says i am the most careful (tightest;)) person she has met.
I always shop around for the best insurance, electric, phone/broadband, mobiles etc.
I also cut grass and hedges at weekends in the summer for extra money.
I cut down trees for people and get to keep half the wood, i live out in the sticks and have a log burner, its hard work but cheaper than the oil central heating
I work for the council as a white liner and i do winter maintenance standby on the gritters and summer standby in summer. All extra money to pay down the mortgage

blade68

Right...Here goes...
Mortgage as of today £61,196.05
ISA £11,014.67
Savings for ISA in april £5,530.00
Savings £3,000.00


Last year i was left £14,000 by a much loved uncle :sad:. I filled my ISA's in march and april 2012 with it and will fill this aprils as well. I didn't want to squander it, i will be leaving these ISA's as backup incase anything goes wrong in the future.
Now, I have £3000 and will save another £4000 this year, but this is going to be spent on the house as there are things we want to do this year and next.
The PLAN is that from next january i will save £450 a month into an ISA, completely apart from the above ISA.
In March 2018 there should be enough in the 2nd ISA to pay of the mortgage, although i will feel MF a couple of years before that due to the first ISA which i dont want to touch if i can help it.
The first ISA is going to be my building block for future savings after the mortgage is dead and gone.
Well......Thats the PLAN :rotfl:

blade68

Can anybody tell me how i find my thread easily when i come on here? without having to trawl back 10 pages looking for it. cheers

muddywhitechicken

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muddywhitechicken

muddywhitechicken wrote: »

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blade68

Thank you very much

muddywhitechicken

blade68 wrote: »

Thank you very much

No problem! It took me ages to work it out when I joined :rotfl: