The impossible dream

Hello everyone. I am new to the forum, but have been reading for several years. It has been a help and inspiration, but I have never felt the need to get involved until today.

I have been financially aware for many years and now have set a goal which I know I cannot achieve. My aim is to be mortgage free within 2 years. It is impossible to do, I have read everything, looked at spread sheets, calculated within an inch of my sanity, but I cannot do this without becoming a hermit and stopping ‘living’. The one thing the diaries have taught me is that people have great intentions, but after a while, the frugality can become grating and somewhat depressing and so the aim becomes a chore.

As I still want to live my life to the full, I am not prepared to give up all luxuries; I do not have any debt and I do not overspend. I regularly have no spend days, sometimes going a whole week without letting the moths out of my purse for air! I don’t smoke, drink in excess, have a gym membership, shop frivolously for food; I’m not into handbags, makeup, shoes or clothes. In fact, I am the most boring person I know. But I do like holidays!

I bank with F.Direct, in my opinion a great bank. The mortgage is an offset. I already overpay, but I cannot seem to find any other substantial spare cash to over overpay with.

I already save bits of change, xbay, Tilly Tidy, use the sweep function to put extra bits into the mortgage, whilst maintaining a small amount of savings. I decided I preferred to pay off the mortgage than save as I feel better about watching the capital reduce.

I made my decision to do the impossible and this weekend, conjured £200 out of nowhere to overpay on top of what I normally pay - cashed in my £2 coins. Now, I have come to a dead stop and hit a brick wall. No more conjuring until payday!
So, I am going to keep this diary to help me to focus, and see what progress I can make out of nothing at all. I am going to aim at reducing my capital by £500 by the end of the financial year, in addition to my normal mortgage payments, without having a substantial negative effect on my way of life.

I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him. I will continue with my sweep every month. I will continue with my no spend days. I will continue to collect change in the hope of knocking small amounts of the amount owed, so I can see a difference being made.

The spread sheets say I could be mortgage free in 4.5 years. I would like to be free in 2, by my 50th birthday. I could stretch it to 3 years as I am still technically 50 until I am 51! I am committing to posting once a week, even if to say, I have made no progress. Hopefully, someone will be able to inspire me to great heights.

Thank you for your help so far. Let the games begin.
Still striving to be mortgage free before I get to a point I can't enjoy it.

Owed at the end of -
02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
07/19 - £77,500. 08/19 - £76,000.


  • skint_spice
    skint_spice Posts: 12,478
    Name Dropper First Post Photogenic First Anniversary
    Good luck!
    Mortgage End Date: Apr 36/Aiming for Aug 28/Current Feb 36

    Mortgage OP 2024 £750/7000

    Mortgage balance: £54765

  • EchoDelta
    EchoDelta Posts: 631 Forumite
    Good luck! You're so nearly there!
    Sealed Pot Challenge - No. 117
    Bank of Mum & Dad - £3150/£10,000 (£6850 to go) Bank of In Laws - £4600/£12,000 (£7400 to go)
    MFW - MFD - [STRIKE]5 Apr 2029[/STRIKE] 5 June 2025 : AIM = NOV 2019 (back up aim = MAR 2023)
  • resilie
    resilie Posts: 179 Forumite
    Hi T
    Sounds like you are really prepared to hammer this mortgage down. I like numbers so if you wouldn't mind giving us the juicy low down on outstanding balance, interest rate etc. Also have you got a spare room? Ever thought of taking a lodger in? Few hundred quid extra a month right there!
    All the best and good luck!
  • MiffyMFW
    MiffyMFW Posts: 41
    First Anniversary Combo Breaker
    Good luck Tahlullah!

    I've just committed to starting the impossible journey too. It's exciting but I know what you mean about maintaining the holidays! There are some things I am not willing to give up :rotfl:
    Mortgage balance £21,251.37 2 Oct 2019
    Mortgage balance £63,086.48 24th Mar 2015
    Original mortgage end date Aug 2033, aiming for Jan 2022
    2019 MFW #132 £4350/£3000
  • black_taxi_2
    black_taxi_2 Posts: 1,816
    Debt-free and Proud! Mortgage-free Glee!
    goodluck,but there are plenty unknowns out there
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • Sundaysgirl
    Sundaysgirl Posts: 1,097 Forumite
    Welcome! I just recently started the journey too, and holidays are my one big (ok, HUGE) extravagance! But Im a firm believer that you have to have something other than the prospect of MF to get you through it and make work "worthwhile". And what's another year or so when you're very close anyway?

    Good luck!
    MFW 2017 #123 2018: £1,852.64/£39,200 (4.7%)
  • I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him.

    Wait, what??!? Bit harsh of me to find out on a money saving message board that I am up for sale?!?

    I think you will find that I help a lot with the money saving actually...

    1) That half of a bird I brought back the other Sunday? Sunday is roast day after all ;)

    2) All the fur I leave around? You could knit yourself a cardigan, free of charge. You are welcome :)

    3) Those whiskers I leave scattered around? Excellent for rudimentary cocktail sticks.

    4) I am a free hot water bottle at night when I steal 90% of the bed.

    Don't sell me! :)

    I mean, meow meow meow...:j
  • Tahlullah
    Tahlullah Posts: 1,086 Forumite
    Dear Rufus,

    Thank you for taking to the tinterweb to let me know that you have skills that I was obviously unaware of! Truly, had I known that you could type and read, I would have rented you out to the local solicitors practice as an audio typist long before now.

    I appreciate that you make an effort to contribute to the household – that half dead bird really was the best, I hadn’t tried House Martin before – but really, I am certain that I would get far more for you if I sell you as seen, especially now that everyone knows you are no mere cat, but a super talented and rare cat!

    I know that others on MSE will understand that the opportunity to raise a large lump sum to pay off the mortgage should not be sniffed at. And to be truthful, I could replace you with a dog! A dog would bring home a chicken for Sunday dinner! And more importantly, would not need a litter tray!

    So, any offers for the multi-talented Rufus accepted. No reasonable offer refused!

    To everyone else, I would like to thank you for taking the time out of your busy day to read my diary. It is so kind of you, after all, I don’t really have anything interesting to say – but the cat does!

    I have no spare room, but if I did, I am not sure I would be able to easily give up my privacy and space to a stranger. Thank you for considering it though but I do like my privacy.

    Numbers: I currently owe £36,200. I overpay by £600 per month in addition to the interest per month and the interest rate is 3.49%, set for a further 1.5 years.

    Today, I went to the dentist and now need some work doing with the hygienist. So, my no spend has gone out the window for a short while. Luckily, no fillings or anything expensive to do, but will sting me for around £150 for the treatment over a few visits including xrays.

    Tried staring at the spreadsheet today to see if it would make a difference. I am convinced that the power of my xray vision will make a difference to the numbers and I will magically lose a couple of thousand off the total owed.

    Looked at the local jobs to see if there was anything I could do to increase my income, but couldn't think of anything I could do where someone would wish to pay me to be in their presence. What I need is a nice gentle telephone type job that I can do it from the comfort of my own home. Perhaps someone would like to hire me to stare at their spreadsheets for hours on end, in the hope it changes the figures on the page?
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
  • Aiming to reduce balance by £500 by end of financial year / yet overpaying by £600 per month?
  • Tahlullah
    Tahlullah Posts: 1,086 Forumite
    Hello Racing Blue

    Yes, is this strange? Because of the type of mortgage I have, my £600 overpayment per month is the equivalent of a what I would pay if it was a repayment mortgage. It happens automatically every month. I do not class it as an overpayment, purely my mortgage payment that I have to make. This leaves me with little money like most, but I still wish to clear the mortgage early, so I have set myself the target of £500 by the end of the year. Money that I have to find from somewhere.

    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
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