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Mel's 10 years to Mortgage Freedom thread
Melaniep101
Posts: 637 Forumite
Hi all
I've been reading everyone's MFW diaries recently, and I'm feeling hugely inspired to get on the MF bandwagon.
We bought our moneypit in August 2011 and have thrown a lot of money at it to renovate it and bring the interior from the 70's to the present day. It's not our forever home, but it's a nice stopgap until we're in a position to buy something special. My plan is to get our mortgage paid off over the next 10 years (currently 17 year mortgage term as hubby is an old fart).
Our mortgage currently stands at £227,476 (:eek:) and I have just switched the rate from 4.69% to 3.39%. This saves us £160 a month in interest which will now be used as an overpayment each month. I've upped the overpayment to £225 as I can probably siphon off another £65 from the joint account by clever shopping etc.
I'm also hoping to save money during the term of the fixed rate, then throw that at the mortgage at the end of the term.
It's just the two of us (me and hubby) plus two cats at home, but we also have my daughter who is at Uni (we are paying accommodation for the first year) and my husbands son who lives with his mum.
I also have some 0% credit cards that I'm hoping to get paid off too, so some focus is very much needed!
Hopefully going to update once a week or so...
Mel
x
I've been reading everyone's MFW diaries recently, and I'm feeling hugely inspired to get on the MF bandwagon.
We bought our moneypit in August 2011 and have thrown a lot of money at it to renovate it and bring the interior from the 70's to the present day. It's not our forever home, but it's a nice stopgap until we're in a position to buy something special. My plan is to get our mortgage paid off over the next 10 years (currently 17 year mortgage term as hubby is an old fart).
Our mortgage currently stands at £227,476 (:eek:) and I have just switched the rate from 4.69% to 3.39%. This saves us £160 a month in interest which will now be used as an overpayment each month. I've upped the overpayment to £225 as I can probably siphon off another £65 from the joint account by clever shopping etc.
I'm also hoping to save money during the term of the fixed rate, then throw that at the mortgage at the end of the term.
It's just the two of us (me and hubby) plus two cats at home, but we also have my daughter who is at Uni (we are paying accommodation for the first year) and my husbands son who lives with his mum.
I also have some 0% credit cards that I'm hoping to get paid off too, so some focus is very much needed!
Hopefully going to update once a week or so...
Mel
x
0
Comments
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Hi Mel and welcome!
Good luck with your journey - posting regularly helps keep it all on track!
No doubt you'll pick up lots of money saving tips from here - I know I did!!Mortgage starting balance 2011 ... £170k today £1.5k
Savings: £3k
Aim: 100k by Dec 20210 -
Good luck on your journey0
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Thanks LauraJo and yukkibear - Nice to "meet" you both!
Today was a non spend day - Lunch was paid for by work and I managed not to buy anything online. My job is pretty stressful so I tend to window shop online if I have a few minutes free (cheers me up a bit!). It's really weird, even just doing this makes me feel better even though I don't often buy anything!
Looking forward to our revised payment with the overpayment going out on Friday, I'll be logging on to my mortgage account to see how it looks!
Tonight I'll be cooking tea out of the fridge/cupboards, and I'll probably get some Nectar Adpoints done while watching TV - Ooh and I might carve my pumpkin ready for Thursday!
Have a good evening all.
Mel0 -
Good luck for the journey Mel. This is such a lovely forum. I used to window shop on line and often bought stuff but have found a much better fun way to spend the time - reading on here. Its really helped me find some great ideas, and it is a break from day to day job.Made it to mortgage free but what a muddle that became
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!0 -
Hello and good luck! We are also currently renovating a 70s place... the joys
MFW Sept 2013 Starting balance: £101160.59 25 years :eek:
OPs 2013-2014: £64.33
MFW #780 -
Hi Watty and KK!
Watty - I'm a long time MSEer so coming on here is always part of my day! Thanks for your kind comments.
KK - Did you have the "Chicken" tiles in your bathroom? These are the horrible 70's tiles with a kind of vein effect - revolting! We had them in our 70's turquoise bathroom - so glad its all been replaced now!
Had a nice evening last night, did half of my pumpkin (It's a complicated design) while listening to some great music (got a free Spotify account with my mobile) with hubby. I've really gone off watching TV recently, so it's nice to sit and talk or do things rather than vegging on the sofa.
Aiming for another no spend day today, and I'm gonna get going with packing up my CD's for Music Magpie, and sending my old phone off to Envirofone. Should be £120 I can either throw at the mortgage or save for another day...0 -
If you can view your mortgage online why don't you look at that instead of window shopping? Indeed, why not spend your money on it instead and buy it a nice £10 overpayment (assuming you can make online payments). I'm sure it would appreciate it and there would be no delivery charge to worry about
. A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
I love that you call it the moneypit - that was my nickname for my place!
- Mortgage @ March 2008: £194,965 ; Lightbulb Moment: July 2011: £164,926; End Date: March 2033
- MORTGAGE FREE: September 2015
- MSE 1p Savings Challenge 2024 #50: Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec = £223.84/£671.61
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If you can view your mortgage online why don't you look at that instead of window shopping? Indeed, why not spend your money on it instead and buy it a nice £10 overpayment (assuming you can make online payments). I'm sure it would appreciate it and there would be no delivery charge to worry about.
There's only so many times a day that you can look at your mortgage online
When I say I window shop online, I rarely buy anything. I get a strange sense of satisfaction from just adding items to a basket but not checking out - I am a weirdo!0 -
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