The dream!

Miss_money_penny
Miss_money_penny Posts: 79
First Anniversary First Post Combo Breaker
Forumite
edited 5 August 2014 at 10:08AM in Mortgage-free wannabe
Hi everyone,

Found this site a few months ago. I'm now addicted! I've decided to post to help achieve 'the dream'! Hopefully mortgage free in 10 years or less. Would like to set up a spreadsheet but not sure how.

Bit of info on me. I'm married with two kids. We originally planned to take out 120000 but made it with 90k over 25 years, though house not finished. Now currently mortgage is little over 68k with 18 and half years left. Have only being paying mortgage 3 and half years so OP have worked to bring term down. Plan on making another OP in jan of 6800 but that's all I can OP til sept.

Any advice or tips greatly appreciated! :)
April 2021: Total debt £16016

Goal: Dec 21: £12000
«134567

Comments

  • cb4fwh
    cb4fwh Posts: 165
    First Anniversary Combo Breaker First Post
    Forumite
    Hiya,

    You sound like you need a copy of Locoblades spreadsheet...

    http://forums.moneysavingexpert.com/...1157173&page=1

    Play around with the figures, and that should give you an idea of what your mortgage free journey could look like!
  • Thanks, will check that out!

    Had a look at figures last night. If I reduce term to 10 years next sept when current deal is up and OP the 10% each year, mortgage will be paid in under 7 years!

    So to be proactive and get money where there isn't any, I phoned bt and changed my account to better suited to me which saves me nearly 100 pound a year :j

    Will also try to budget my shopping better... A hard one as food is one of life's simple pleasures!!
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Miss_money_penny
    Miss_money_penny Posts: 79
    First Anniversary First Post Combo Breaker
    Forumite
    edited 13 February 2014 at 1:08PM
    Just an update:
    Phoned electric companies and changing to cheaper deal:)

    Also going on Monday to set up online banking with mortgage which will hopefully keep me focused.

    Down side is have overspent this month but hopefully new year will be fresh beginning :)

    Targets for Jan:
    1) [STRIKE]pay 10% off mortgage[/STRIKE]
    2) [STRIKE]save 200 pound[/STRIKE]
    3) [STRIKE]have online banking sorted[/STRIKE]
    4) start paying for food out of allowance of 350 per month for all food/ toiletries etc.
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Hey was wondering if anyone could help me with a query? I went into the Halifax today changed my accounts to be with them so I am now on a better deal. Great! However, when I got home and looked at my mortgage online I was very disappointed. I'm on a fixed rate of 3.99 and paid interest of 195 last march. However, my interest payments jumped up to 250 in April?? No change was made to the mortgage, surely if I'm fixed interest rate the interest I pay shouldn't change, or certainly not go up? I made an overpayment of over 7000 last year in two different months. Again interest I paid remained around 250 a month? I phoned the bank and they said they would look at it and write out to me in the next 5-10 working days. So could be a two week wait. Grr. Just wondering if anyone on here could help? Thanks!

    Ps on upside I am up 200 by changing to be with Halifax and we both get 5 pound cash back a month :)
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Ok i did something a bit crazy...

    I phoned up the bank this evening and found out I could reduce my term(thought I couldn't until term was up in sept).. So I reduced it to 10 years!!! :T

    Payments are jumping from 441 to 690:eek: Did this without DH's knowledge... He got a bit of a shock needless to say! Just waiting on some money coming in that we are owed and will then make overpayment of 10%. Feels great knowing there are now officially 10 years left!!:j
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • suse*
    suse* Posts: 303
    Combo Breaker First Anniversary
    Forumite
    Wow you're going great guns, keep up the good work but don't over commit yourself now, it is still a marathon not a sprint.
    [STRIKE]Original Mortgage 07/07 £160000 LTV 100% [/STRIKE]Remortgaged 10/13 £118000 LTV 84%
    Outstanding 02/12/14 £107652.40
    LTV 76%
  • Thanks for those wise words! DH thinks I'm a bit crazy... Must agree! But we can afford overpayments and life should be getting easier for us as I'm due a pay rise in next few months and DD will start nursery in sept cutting childcare.

    Now I've sorted all the big things I can sort, my focus will be food. Need to stop the waste, watching Jamie O last night. Need him round our house!
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Miss_money_penny
    Miss_money_penny Posts: 79
    First Anniversary First Post Combo Breaker
    Forumite
    edited 18 January 2014 at 4:42PM
    So moved £200 into savings account just so I feel more productive. January is a looong month!! I have child care sorted and withdrew money for food to do to end of jan.

    Also when I've forgotten to make lunch, I've taken bread and made cheese on toast at work.

    Also have lit fire, closed doors and stayed within the kitchen/living room to stop sticking on oil!

    First new payment due 3rd jan. Actually can't wait to tick one month off!!
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Very good luck to you, I think you are right to reduce the term if you c an afford it. That way you just spend what you have left and when it is gone, it's gone!
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • Congrats on paying off your mortgage. I'm sure you it's a great feeling. Good luck with the early retirement! Another great goal to have!
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards