Is this me... in the mortgage free..?? :-0

lamarsilamarsi Forumite
805 Posts
Part of the Furniture Combo Breaker Mortgage-free Glee!
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After YEARS of being over there in the debt free wannabe side of the site I am now committing myself to life on the bright side and starting my mortgage free journey.

I can't believe I've actually wrote that down!! Or more to the point that I'm in a position after being so horrendously in debt for so long that I'm now in a place were I can start to work on over paying!

I've never committed to a diary before but really feel as this is the final (hopefully) part of a very long and difficult journey I should start one.
My mortgage when I bought my house 14 years ago was £34,000, at it's highest was about £75,000 and is currently £43500. Hmmm... Not made much headway when I write it down like that :rotfl: Thankfully the current value of the house is approx 150k. Anyway I've just arranged for the remaining term to go from nine to seven years starting in august, and fixed it for 2 years so I am able to pay a further 10% of each year until October 2015. My only other financial commitment is to bank of mum and dad for the tune of 12k over four years at £250 per month which I started to repay in feb this year.

I'm a nurse so my wage can change a fair bit depending on the shifts I work but the lowest I expect to bring home would be about £1400 but I've got the chance to do extra shifts which I want to do and then throw this extra wage against the mortgage each month.
I've been reading some of the diary's on here and find them so motivating, I remember when I first joined MSE looking at this forum and laughing thinking 'who ever is considering paying THAT off must be loaded!!!' How times have changed! I'm not loaded I work blummin hard on a mental health ward for teenagers..for an average wage and alot of responsibility, but it's a job a LOVE and I'm so glad to have the job of my dreams :p
Anyway I will stop wanging on now. I have trip planned to see my little brother at the being of august so funds will be a little tight this month but I will still try to make another overpayment in July before things get down and dirty from august !
get rid of all the pounds by summer !!
weight loss 3/42 lb
Debt from 1st March:
Was -£8900 NOW-£5000 PAID- £3900
Get rid of the weight, pay the debt, then get myself a campavan! :T
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Replies

  • abouttimetooabouttimetoo Forumite
    1.9K Posts
    Hi lamarsi

    Welcome to the board :D

    Well done on your achievements so far, you've made great progress so look forward to you mastering the mortgage in the same way you have your debts

    By the way, congratulations on that weight loss too, that's brilliant! Mind you 38 + 11 makes 49 and we like round numbers round here so you might just have to lose an extra pound just for us :rotfl:

    Best wishes with your plans
    Regards
    ATT
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    ✭✭✭
    Thanks ATT.. oh god another 1lb! I'm a bit OCD about round numbers and now you've pointed it out it'll start bothering me lol.
    Well its pay day today and I'm itching to make a overpayment but the sensible bit of me knows I should wait until I've been to Surrey to see my brother as I don't want to leave myself short, it's the only holiday I'm having this year and my brother is a bit posh so I don't want to be a scratter whilst I'm there, I'll just have to wait until I get home and see how much I have left in the bank but it's soooo tempting ;)
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • RevolvingDoorRevolvingDoor Forumite
    1.1K Posts
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    I recognise your avatar from the debt-free forum when I used to be on there.:D

    Good luck with your MF journey.:T
  • LauraJoLauraJo Forumite
    1K Posts
    Eighth Anniversary 1,000 Posts Combo Breaker
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    Hi, good luck with your journey... Sounds like you've done brilliantly on getting your debt sorted so you'll be mf in no time!
    Mortgage starting balance 2011 ... £170k today £1.5k
    Savings: £3k
    Aim: 100k by Dec 2021
  • HelenDaveKidsHelenDaveKids Forumite
    3.2K Posts
    Tenth Anniversary Combo Breaker Mortgage-free Glee!
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    Well done and welcome to MFWs
    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"
  • kirstyparkkirstypark Forumite
    771 Posts
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    Hi Lamarsi, :hello: I am a nurse too, so good to have some company here. Good luck on your quest.
    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
  • lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    ✭✭✭
    Hi everyone , thanks for the kind words of encouragement :) another payment gone out today so now I have exactly seven years until I'm MF.. but I know that won't be the case as I will be making my over payments.. I'm at work again at the mo but once my payment has gone through I shall be updated and re-posting I'm a tad excited that I'm starting to really do this!!:j
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    ✭✭✭
    kirstypark wrote: »
    Hi Lamarsi, :hello: I am a nurse too, so good to have some company here. Good luck on your quest.
    Hi Kirstypark! yeah another nurse..thanks for the good luck!! and again thanks to everyone who's wished me luck!!

    anyway... my plan to date is.. and any suggestions or flaws in my cunning plan gratefully received!!! I am brand new to this I guess I'll learn along the way..
    Just having gone onto this fixed deal at 2.66 % I can over pay by 10% a year it's fixed until October 15. I plumped for the fixed as i can't really see me overpaying by much more than this as when I fixed I also reduced the term by two years so I'm technically overpaying by £100 a month anyhow.
    As I've already overpaid by £750 so far I have another £3250 next year I can put in before January so this is my goal for the remainder of the year. I'll try to achieve this by doing as many extra shifts as i can without dropping down dead, by cutting my spending to the bone, and well.. I'm not sure after that.
    If i reach this goal i'm thinking I'll be able to overpay by about 3.5k and I'm going to try to do this within the first six months of the year... again extra shifts and thrifty living maybe a little ebaying although I did lots of this to pay my debts of.
    Well that's the plan although I'm well aware that life can get in the way at times and after years of living in massive debt I want a work life balance of sorts .. sorry for rambling but it feels good to get things down and start to do this :):T
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    ✭✭✭
    I've just looked at my snowball calculator which says if I pay £1000 a month towards my debt I should be debt ... that's mortgage.. free in five years!!!
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • edited 30 July 2013 at 2:58PM
    lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    ✭✭✭
    edited 30 July 2013 at 2:58PM
    good grief just worked out that I'd have to pay over £600 a month if I'm to achieve my first target :shocked: good grief considering i have to drug calculations almost daily my maths is rotten:o I never even considered it would be that much especially as my monthly payment will be going up already, when I said that it would probably be hit and miss my trying to learn how to do this I didn't expect to mess up right away, but rather than set myself up to fail I've decided to give myself a more achievable target for this year of trying to get the balance under 40k. I will need to do some maths to work out what my overpayment would have to be to get this done but I think it will be more realistic goal :)
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
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