Slackbladders 12 month countdown - MF on 1/1/2015

slackbladder2014

Hi All,
I'm joining the gang, all be it extremely late.

A bit about me, my mortgage and the background to how we've
got to where we are.

Mortgage when started: £149000 (june 2002 then added 15000 for a conservatory
Current mortgage (3/1/2014): £50027
Mortgage free day: 1 Jan 2015 :j

Ok, so, Mrs Slackbladder and I decided to buy our current, very modest, 3 bed property in the north Hampshire back in June 2002.
We lived in a 2 bed flat not far from here but I kept hold of it and rented it out.
Very luckily, I sold it at the peak of the market and managed to pay off a massive amount of the current mortgage, build into the loft and get a few other goodies for the family.

Also I've been fortunate to have a good steady career over the last 10 or so years and have always maintained the original payment but slowly added more and more each year.

We also had a slice of luck about 3 years ago, and this was a turning point when I realised we could be mortage free by the end of 2014.
We where actually thinking of moving to a run down house that would have required lots and lots of work and probably burdened me with debt for the rest of my working life - the deal fell through!
We where very upset at the time but in hindsight it is probably the best thing that has happened

I then got a letter from the Halifax in which they effectivley gave me a rebate of £3000.

This is when we set a goal of 3 years

I've now got to a position where with 12 more payments + money from a sharesave scheme from my company coming in November this year I will be able to pay off my mortgage completely.

Mrs Slackbladder and I will be 44.5 in Jan 2015 when we are MF - to say I am excited is an understatement.

We also going to the world cup in June so it will be a good year.

We only own 1 car which is LPG, I bike to work, My misses is a PT teacher and we have 2 wonderful kids aged 11 and 13.

Thats a summary of my story - 12 months and counting

Will try and update as much as possible and may give an update of our journey to Brazil!

Good luck to all those going for the MF world - I can't wait

Right I'm off for a run!

apple_muncher

How exciting! Not sure whether paying off your mortgage or going to the World Cup in Brazil is the most exciting! Wishing you safe travels and all the best!

newgirly

Best of luck

slackbladder2014

Thanks - excited by both to be honest.
World cup was more out of luck - we got drawn out
from the initial lottery draw.
Becoming MF was definite planning.

want_to_save

I would have to say the MF moment will be more exciting than the world cup

Happier_Me

Wow, you're sprinting to the MF finish line . Well done and good luck for 2014.

Hopefully we will be joining you in mortgage freedom the following year:beer:.

slackbladder2014

Thanks Want to save & Happier me

I agree MF is a permanent thing which we've worked really hard
to get to.
WC is a bonus - my son reckons it's a mini present for us becoming MF .
I like his thinking!

I don't usually wish time to go but I want this year to wizz past!!

slackbladder2014

paid another 1270 in over payments this month -
Glad Jan is out of the way - I always find it tough going - being an xtra long month with regards to pay, and 0 booze as well.
Mortgage down to 49,225 - 1st time ever I've had a mortgage less then 50k. feels good tbh.
I'm really being frugal this year - avoiding as much "luxury items" as possible.
We had to replace the battery in the car last week but because we've been frugal it was easily paid for - so very happy about that.
Feb is a nice short month so makes budgeting a bit simpler - Bring on March

slackbladder2014

Been a while since I posted but I all but met my target - Not 100% MF but down to a paltry £8000.
However I wanted some thoughts on this....
I'm paying £80\month and get charged £29/month interest so effectively I only pay £50/month
I left the 8k in the mortgage as I thought that I may want to re-mortgage for some emergency funds.
I've been thinking of dipping into some other savings (ISA) to just get rid of the remaining 8k as it seems bonkers that I'm paying £80 and the interest is £30.
What's peoples thoughts on this?

zcrat41

Surely if you get rid of the mortgage you'll be able to build up an emergency fund very quickly. And find it fairly easy to remortgage?

slackbladder2014

zcrat41 wrote: »

Surely if you get rid of the mortgage you'll be able to build up an emergency fund very quickly. And find it fairly easy to remortgage?

Can I remortage without a current mortgage.