Aspirations of Frugality and Fun on the Road to Mortgage Freedom

DedicatedDFW

gallygirl wrote: »

Well, what do you want to achieve and by when? You need to establish your end game and work backwards. So, if you want it paid off by xxxx, how much would you have to pay per month? How much is normal monthly payment? How much does that leave? How much are regular OP's? How much does that leave? What ad hoc stuff are you expecting? How much does that leave? Divide that by the number of months left. NOW you can plan some targets

Thanks GG - my ideal would to have it paid off in full 5 years from now. A more realistic goal perhaps would be to pay if off in full 7 years from now. In the meantime i did want to ask you about buy-to-let - my lack of a pension after losing money in them when i was younger :mad::mad: means i will need to sort out an income stream also.

Ok back to the mortgage - on the calculator i have popped in some figures i.e my mortgage now is repayment and i know the approximate end date - not definite as my overpayments are not adjusting the end date with the bank but apparently will at the end of the term..

I know what my regular overpayment is

I need to double this years £5000 target, and then a bit too

Ad hoc stuff - like extra income? Not a bean. I will need to work for it all which is why i want to get on with it now. No pay rise, bonus, overtime nothing. New job after study should help some, my wage is very low.

So now need to get my head around that pretty big figure (which really isn't that big if you think if i was being paid that extra net in my salary i would still be earning less now than when i was made redundant ) - just saying so figure doesn't seem so bad - so now i know what i need to do

Of course getting on a lower interest rate :mad::mad::mad: would help - also seemingly impossible since drop in income but would have a huge impact on my overpayments / end date.

jwil

Would it be worth speaking to a mortgage advisor to see what position you need to be in to be able to remortgage?

You could then use that as your first target.

DedicatedDFW

jwil wrote: »

Would it be worth speaking to a mortgage advisor to see what position you need to be in to be able to remortgage?

You could then use that as your first target.

Thanks jwil - my income is low from all the on-line stuff i am repeatedly told the same thing - give or take a couple of thousand - i'd need to own / have 55% equity in the house given current income. Current income will drop soon also. To achieve that would be a huge target, in the meantime i am chunking it down into years and then months - next week :eek::eek::eek: i will get all my planning out and see what i can do where.

For alot of people becoming debt free means spare income can then be thrown at things like mortgage etc. For me my income has reduced due to no longer working 2 jobs which saw me leaving the house at 6.45am and getting home at 10pm netting me about £200 a month more than i earn now. Before i mentioned increasing my hours slightly at work if you remember? There is no opportunity to do this and as i say my income will be reducing as my hours are being reduced.

jwil

DedicatedDFW wrote: »

Thanks jwil - my income is low from all the on-line stuff i am repeatedly told the same thing - give or take a couple of thousand - i'd need to own / have 55% equity in the house given current income. Current income will drop soon also. To achieve that would be a huge target, in the meantime i am chunking it down into years and then months - next week :eek::eek::eek: i will get all my planning out and see what i can do where.

For alot of people becoming debt free means spare income can then be thrown at things like mortgage etc. For me my income has reduced due to no longer working 2 jobs which saw me leaving the house at 6.45am and getting home at 10pm netting me about £200 a month more than i earn now. Before i mentioned increasing my hours slightly at work if you remember? There is no opportunity to do this and as i say my income will be reducing as my hours are being reduced.

Ouch!

Well at least you know what the position is, so you know what to aim for. You've done so well to knock 3 years off considering!

That's rubbish about the hours. Me and you both need a plan methinks

DedicatedDFW

jwil wrote: »

Ouch!

Well at least you know what the position is, so you know what to aim for. You've done so well to knock 3 years off considering!

That's rubbish about the hours. Me and you both need a plan methinks

Yep! i think we'd make a great team

in_need_of_direction

Will it be a cunning plan?

Cheery_Daff

It jolly well should be!

Sorry to hear Mr DDFW isn't on board lass. Hope you can sort things out soon. Hard to keep a part of yourself hidden xx

DedicatedDFW

in_need_of_direction wrote: »

Will it be a cunning plan?

Indeed it will INOD :T

DedicatedDFW

Cheery_Daff wrote: »

It jolly well should be!

Sorry to hear Mr DDFW isn't on board lass. Hope you can sort things out soon. Hard to keep a part of yourself hidden xx

Thanks cheery but i think it is just a case of me accepting his opinion. He of course wants the mortgage gone, he just doesn't see it as a possibility / realistic / manageable - whereas from all the lovely people on here we know that it is

DedicatedDFW

Sorry i've not been around much - assignment is taking priority *positive vibes* please

Also i have not wanted to come on here and be all moany this last week has been the most stressful work week i have had Once the assignment is done MB and finding a new job will be my priorities :cool:

I will need to update spends - annoyed with self as purchased a dress from the bay of e - mustnt have been concentrating (on my phone) and thought oh why's that dress i bid on not showing this? so won that one (should be done for races, weddings and 1 more needed for hols) then a message came through that i was the winner of another dress - clearly i'd flicked onto the wrong thing on my phone and its a small screen so not like it showed the pic at the same time as the bid :( I can always sell it on i guess and i have only put in low bids so not alot spent but still :mad:

Slight overspend on food shop - big overspend on the £40 main shop i was aiming for but slight overspend on the actual £70 budget. This was due to doing full weekly shop with bits needed like scourers, kitchen roll, toiletries (things not needed every week) which would have all been on budget but i then purchased £65 worth of meat for £12.70 in the reduced section :T It wouldn't all fit in my freezer :eek: But we had some for tea friday which was delicious, cooked some for possible tea today - huge chicken and popped a couple of bits in familys freezer Some good stuff was huge joints of lamb, various cuts of turkey, steak, beef steak mince, full chicken as mentioned

At some point i will need to do me a list. In the meantime the weather is glorious so i will start slow cooker (lifted food out for today but then didn't eat chicken as expected yesterday. Still there will be no wastage And hopefully carry on with assignment in the sun

Hope everyone is well i will catch up by this time next week at the latest x