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Baby steps to mortgage freedom for beanielou.

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Baby steps to mortgage freedom for beanielou.

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
11.4K replies 632.8K views
beanieloubeanielou Forumite
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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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.
Lou~ Debt free Wanabe No 55 DF 03/03/14.
**Credit card debt free 30/06/10~**
**Weight loss 2 stone 2 lbs **
MFW. 11 months to go. B)
"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.
It starts with you, it starts from now. *** It is ok to be me.***
***Keep plodding***
Out of debt, out of danger. ***Be the difference.***
«1345671143

Replies

  • edited 4 November 2014 at 5:30PM
    AndrewboomAndrewboom Forumite
    60 posts
    edited 4 November 2014 at 5:30PM
    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_3Mrs_E_3 Forumite
    189 posts
    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.
  • GoldiegirlGoldiegirl Forumite
    8.8K posts
    Seventh Anniversary 1,000 Posts Rampant Recycler Hung up my suit!
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    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
  • beanieloubeanielou Forumite
    70.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Thank you for the lovely warm welcome :)

    Goldie~~your savings are just awesome :j :j
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 11 months to go. B)
    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • Greying_PilgrimGreying_Pilgrim Forumite
    4.6K posts
    Ninth Anniversary Combo Breaker
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    :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
    'Larger than the World's chaos, is it's miracles...' - Katherine Rundell, Author.

    'I am not in the pursuit of happiness, only in the discovery of joy' - Joyce Grenfell
  • GoldiegirlGoldiegirl Forumite
    8.8K posts
    Seventh Anniversary 1,000 Posts Rampant Recycler Hung up my suit!
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    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
  • beanieloubeanielou Forumite
    70.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    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.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 11 months to go. B)
    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • jwiljwil Forumite
    11.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    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
    Outstanding balance: <£29,500 :j
    Current total overpayments: ~£128,750
  • beanieloubeanielou Forumite
    70.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    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!!!!
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 11 months to go. B)
    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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