December 2014, 15 years 4 months left

Debtfreefreedom

After reading some of the diaries here, I have now been inspired to reduce my mortgage. If I make no overpayments, then I will be in my 60s before it is paid off.
I would like a balance of both family life as well as paying off this massive debt (as that is what the mortgage is). Which would include holidays and some treats along the way.


We don`t have a massive mortgage, like a few people here, but I hope by writing a record of what I`ve achieved, it will motivate me to pay off the mortgage quicker.


Mortgage ends, April 2030


Please feel free to join in my journey, more the merrier!

Newme2014

Good luck, I'm still waiting to start my journey, enjoy reading everyone else's stories though

Debtfreefreedom

Thanks for the warm welcome Newme.


I`ve not done an S.O.A yet, but hopefully will, when everyone has gone back to school and work and I can actually sit down and spend some time working this out.


I`m aiming at present to pay extra off the mortgage, as I`ve no restrictions to the amount I can pay off, but I want to keep the term the same. This way if something does crop up I know I can pay my monthly payment.


At the moment I`m at a comfortable 2.5% with the nationwide.
I haven`t made any extra payment this month, just waiting to see if I get a small bonus for the end of the year.

Debtfreefreedom

Hi everyone, hope you`re not feeling too poorly today, after the festivities.


Well I`ve got my mortgage figures today and to date it`s just under
£42975. We`ve got an endowment maturing next year and depending on the final figures, if we were to use £20000 of this and pay £500 a month we would pay off the mortgage in 3 years time. if I was to pay £200 a month (this is in my siggy) then it would be 4 years time. WOW, that would be such an amazing achievement to be able to do this and makes me feel the end could be nearer than I thought.


My bonus came through (£100) and will transfer this to the mortgage next week, so will update my MF target once I`ve done this.

Debtfreefreedom

Quick update.


I managed to get to town today, so was able to pay in the £100 bonus, plus another £20 from the Thunderball tickets I`ve had for the last month or so. A good start for the year, lets hope it carries on.

Debtfreefreedom

It`s been 11 days since I updated and I have to wait another couple of days before payday, before I know what I can OP.
I`ve also decided and gone ahead with reducing the term, instead of keeping it the same, if I ever manage to pay in more than £500 in one go. I`m hoping this will make me more determined then ever to pay off the mortgage quicker seeing the term reduced and I can always revert back to keeping my new term the same if I ever feel I`m going to start to struggle with keeping up.(if that makes sense)

Wolfie1974

Hi I'm a long time lurker on the MFW boards, Just want to wish you luck on your journey.


From my own experience it gets addictive (in a good way) making overpayments and seeing the balance reduced each month!!


Keep going!!:T

Debtfreefreedom

Hi Wolfie,


I`m aiming for £200 a month and really determined to increase this if I can. I`m on a zero wage contract, so wages are different most weeks, depending what`s available for me. Wages are a little low, as I had some time off over the Christmas & New year period, but hoping I can gain an extra hour or two over the next couple of weeks.


We`re also thinking about our holiday, so this needs to be factored into my spread sheet.