Baby steps to mortgage freedom for beanielou.

My first thread on the MFW board!!
My mortgage has 6 & 1/2 years left to run.
My income seems to decrease more & more & it becomes more & and more of a challange to pay my hefty(to me) mortgage.
I have managed an overpayment last month as I got some £££'s unexpectedly.
My biggest fear is not being able to pay my mortgage & loosing my home.
So I have decided that baby steps are the way forward~even a fiver or a tenner overpaid in a month is better than nothing.
I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

***Fall down seven times,stand up eight*** ~~Japanese proverb.
***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.
«1345672093

Comments

  • Andrewboom
    Andrewboom Posts: 60 Forumite
    edited 4 November 2014 at 4:30PM
    Well it sounds like a good start.

    When I first started overpaying my mortgage I created an excel spreadsheet which I still use today. search for excel PMT fuction in a search engine.

    I found it a big help to be able to see how much that extra £10 paid off saved me over the length of the mortgage.

    If you don't want to create your own spreadhseet i'm sure you can download some ready made ones.

    Check with your bank but my overpayments could be clawed bank into my current account or used to pay future months principle payments. So once i got a few months worth of overpayments together i felt a lot more secure, as at any time i could get the money back, or use it to have a payment holiday.

    So for me you get the boost of paying less interest, and a nice safety buffer against future income issues.
  • Mrs_E_3
    Mrs_E_3 Posts: 189 Forumite
    Welcome to the MFW boards Beanielou (I'm an old user under a new name). The spreadsheets are very addictive, but they are very motivating. Good luck on your journey.
  • Goldiegirl
    Goldiegirl Posts: 8,805
    First Anniversary First Post Rampant Recycler Hung up my suit!
    Forumite
    Hello Beanie, I've seen you on other threads, so I'm glad you've started your own diary


    All the little payments soon mount up
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • beanielou
    beanielou Posts: 89,260
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Thank you for the lovely warm welcome :)

    Goldie~~your savings are just awesome :j :j
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • :T:TYAY!!!!:T:T
    Beanie I get to do this;


    HAPPY NEW DIARY - KEEP PLODDING


    :j:j:j:j:j:j:j:j:j

    Greying :D
    Pounds for Panes £2,000/£10,000 - start date Dec 2023

    Coins for Camping (February) -  £6/£15  (Camping TTD - £30/90)

    Grocery spend February £198.12/200  Charity Blankets completed 1/24


  • Goldiegirl
    Goldiegirl Posts: 8,805
    First Anniversary First Post Rampant Recycler Hung up my suit!
    Forumite
    beanielou wrote: »

    Goldie~~your savings are just awesome :j :j
    Thank you

    Saving at that level will stop next year, which makes me feel slightly :eek:, as I've got into the habit of regularly putting money away - next year we'll start spending some of it
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • beanielou
    beanielou Posts: 89,260
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Good news today~~
    I checked my free noodle credit report today & my mortgage has just dipped into the £29,000's.So I am quietly happy with that :j :j
    I am getting a wee refund from my energy suppler so will send that when it hits my account.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • jwil
    jwil Posts: 18,563
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Good luck :)
    "If you can dream it, you can do it". Walt Disney
  • :wave: beanie - welcome to MFW

    Good luck and...

    Happy shiny new diary ;)

    MWCx
    Mortgage at highest (April 2008): ~£195,000
    Mortgage-free: January 2021
    Retired: June 2022 (186 months early!)
  • beanielou
    beanielou Posts: 89,260
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Great day today.
    Got a refund from my energy company so I have paid it all of the mortgage, even though I am very very skint.I dident have it before so in theory shouldent miss it!!!!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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