Meandering to mortgage free

TimmySaver

Hi all,

I started this diary during September 2014 with the intention of attaining the MF crown where we lived. Unfortunately the neighbours behaviour got worse and we decided that with our lovely lad we fancied somewhere a bit nicer and a bit bigger.

We paid off the full 10% during 2015 and 2016 and this put us in a good position with the bank. The £78500 mortgage we started off with in 2009 was down to £47378.88 by the time we moved in May 2016. I think we did pretty well considering our circumstances.

So, now we have a new house. The mortgage on this place brings us back up to £92,795.00, which is less than ideal, but still under £100,000 - which I would have found even more depressing.

The MFW dream begins anew! While it will be many years before we can afford to overpay the full 10% each year, we're hoping to pay off a few thousand each year, while still giving ds and us as a family fun and experiences.

Wish us luck - we'll need it! :rotfl:

vicsmiles

Hi Timmy
Welcome back, we have also not long moved and doubled our mortgage to do it. It has given me a real kick though to start getting the mortgage back down again. Over the past year before we moved I had lost track of all the great MFW things I should be doing so looking forward to knuckling down again!


Good luck in the new house and the paying the mortgage down!

TimmySaver

Thanks vicsmiles, paying the mortgage down is one of my biggest hobbies - it feels like such an achievement each time.

I used to do a lot of MFW things like surveys and Swagbucks, but don't feel they're worth the time any more, so have been getting to the cash out points and then closing the accounts. It coincides with me spending much less time on the internet - which has become much easier now I've closed all of my social media accounts (which, sad to say, took around 6 months - some much easier to separate from than others!).

Who knows, perhaps the saving in electricity will make up for the loss of survey income!!!

TimmySaver

So, I got super excited last week reading some of the MFW diaries and ventured over to the overpayment calculator, which I hadn't done yet with this house.

I found that to half the mortgage length from 22 years to 11 years, would take an over payment of £3500 each year. So dw and I sat down a few nights ago and talked about how we felt about this idea. We both thought this was a good idea and should be viable, while allowing us to improve the house and have time as a family.
So...we did it! We've paid off £3500.

We'd like to do this as close to the start of each mortgage year as possible. This will give us until next May to save another £3500. It's one of the few things that gives me a big burst of happiness. Nothing I could buy makes me feel as good as watching the mortgage figure go down!

It's now at £88,304.19 down from £92500.00 when the mortgage began at the end of May.

I would be amazing if we were able to be mortgage free in 2027. It will be around the time that ds will start comprehensive school. A time when we feel that holidays abroad will actually be worthwhile as he'll be old enough to remember it (and hopefully appreciate it!), until then we'll continue to explore Britain (we love Dorset and Wales and both are within a couple of hours drive for us).

Hope you're all having a great MFW week!

gallygirl

TimmySaver wrote: »

Nothing I could buy makes me feel as good as watching the mortgage figure go down!

That made me smile Timmy, well done :T

TimmySaver

Thanks gallygirl

TimmySaver

Hi all,

I decided to close the account that puts adverts on my blog. It was doing very well and after 4 years the total was around £20. Luckily the minimum cash out point was £10, so I was able to do this and not lose out.
When ds was born, I stopped doing surveys. With YouGov I was about £10 out and have recently been doing the surveys and have now reached the £50 cash out point. When that's BACs'd across, I'll probably close that account.
I've been over half way with Onepoll since before ds was born, so going to continue with that, then close that account when the £40 has been paid to me. I'm hoping this will be before Christmas.

Both dw and I have been selling things. Like the bike I haven't been able to ride for 4 years. It's stupid for me to keep things like this in the hope that I'll be able to use them again. I sold my climbing gear before we moved, but some how it seemed more likely that I'd be able to ride my bike again - but it's better for some one else to actually use it, than for it to be stuck here with me only hoping to use it!
We've been pricing things to sell quickly, so the bike was £15. Went in a day! Other stuff like books, DVDs, etc are being sold on eb/am or one of those book buying sites to get them gone. Life is starting to feel lighter!

Some of this money will go towards the OP next year, the cash sales will go towards our 4 days in South Wales next month!

Hope you're all have a good MFW week

TimmySaver

Made a small overpayment over the weekend. DW and I get quite excited when the thousand mark is close to dropping, so with the mortgage at £88026.13, I overpaid £26.14, so it would drop down!

Quite sad, but it keeps us entertained!

Now the mortgage reads: £87,999.99

We've still been selling a lot online and went away to the Swansea area last week, our selling managed to pay for everything - with a fair bit left over.

Hope you're all having a good MFW-week