mortgage free before forty!

SG27

Do you have back up savings too or are you just going all out on the mortgage?

MFWB440

Thank you all! It is a relief, as making the £500 overpayments results in us having to make sacrifices at the moment.

We have no savings SG27, but I spent a bit of time working out a new budget plan after my new job starts, which involves putting £100 a month each into an easy access account.

The hope is that I will build a £1000 buffer as we have no funds for if unexpected costs (e.g. Car/house repairs) come up. Everything we manage to put aside above the £1000 within the year will be used for holidays or other family stuff.

sweetdaisy

Good luck on your MFW journey and well done on the promotion .

MFWB440

Another £500 overpayment made today. Start date for new job won't be until December, so a few more lean months to get through. Glad I've started making the overpayments now though.

I will eventually get used to not having this money every month, and so hopefully won't even notice the overpayments coming out!

£1500 down probably about £900 from my regular payments have come off the mortgage so far, so just £128,200 to go!

Makes your heart sink a bit when you realise how far we've got to go, but need to reassure ourselves that 2% off the outstanding balance is not bad for 3 months work!

Bunbury

Just wanted to say that you’re doing brilliantly!

We paid off our mortgage in 13 years but didn’t actually start overpaying until year 9, I think. I became mortgage-free 2 years ago, at age 42, and it felt great!

You are dead right about starting the overpayments now, before you start your new job, so that you get used to it and won’t notice the payments coming out.

Every pay rise we had or month with no Council Tax due etc. we added to our regular monthly overpayment – what you haven’t had, you don’t miss!

Congratulations again on how far you’ve got already.

MFWB440

Thanks. Sorry for the extremely long update time, but I have been plodding away over the past 9 months, but not plodding as quickly as I'd expected back in September.

Basically my new job and house meant that public transport was no longer viable, so I had to buy myself a scooter to get to and from work. Cost £1200, hence why I have landed short for my June target.

On the plus side, managed to get our interest rate reduced in February, as I was in a no tie in mortgage and the mortgage rates had fallen again. Got a 2 year fix at 2.39, down from 2.79!

Will hopefully keep updated more regularly. I'm also starting a bit of a money making thread (£10-£100-£1000-£10,000 yearly make money challenge) if anyone fancies joining in, have a look at my posts!