The "Mortgage-free in 2025-30" club!

choccielover

Good idea about the DS pot. I should set one up for DD, expensive little thing that she is

We set aside £20 per week (legacy from when DH was weekly pay, my budget is all set up weekly rolling) as we like to treat ourselves and the DD at Christmas. But this pays for activities and things we do over the week or so we are off too as well as presents.

Like you I bag a bargain when I see one Turtlemoose. I used to be Better (or the grabbit thread used to be better!!!) when on mat leave and had time but I still find the odd thing here and there.

I have just had the uniform spend too, the prices!!!!! I almost fainted at the cost of the winter uniform!

Will be buying big so she can grow into them, will be happier throwing them out for wear and tear than the fact the monkey has outgrown them!

turtlemoose

I'm sure I'll change my tune when I actually have to pay for them, but right now I'm actually looking forward to buying and seeing my DS in his little uniform, all grown up

Brokeattheminute

Thanx for your replies Got a couple more days o/t in work which should help a lot towards everything.

pinkteapot

How's everyone getting on?

We worked out our next big milestone this morning - at our current rate of OPing the mortgage will be below £200k in Feb next year.

Luckyinlife

Hi pinkteapot

Im doing ok on the saving front my mortgage as of today is around 65k im planning a OP of 5k sometime this year to hit under the 60k milestone

I have around 2.5k in the Op pot currently so need to double this before the year is out

amycool

pinkteapot wrote: »

How's everyone getting on?

We worked out our next big milestone this morning - at our current rate of OPing the mortgage will be below £200k in Feb next year.

I have an overly optimistic plan to get our mortgage down to £60,000 by the 1st July. The idea is to spend nothing at all this month other than essentials, which so far isn't going quite to plan! Still, if we can get close we will definitely get below £60k for August.

ourcornercottage

I'm aiming to be under £130,000 by the end of the year and reduce mortgage by a minimum of £10,000 per year although aiming for £1000 per month.

What's everyone else's aims by end of year?

choccielover

I don't really have a year end target past getting my mortgage OP's up to full strength. My car payment ends as does the pay down of the 0% CC so I'm diverting that cash straight to overpayments. Should come online about October time.
I like the idea of having interim targets to work to though so might look at my workings and see what I'm on track to hit and when. Always good to challenge yourself so can try and bring them forward somewhat. Will help me get back on track with winding in the spending too. Not let it go too much but there is definite slippage (lunches out instead of picnics etc)


Well done everyone, good going.

pavlovs_dog

nice to see so many other people on a similar time frame for mortgage freedom.

We're in the process of remortgaging to a 10 year fix with First Direct at 2.89%. We've taken the mortgage over 25 years, which will allow us greater flexibility when we start a family as I earn almost twice what OH brings home. Maternity pay in teaching is far from generous, but SMP would cover our contractual payment, which it wouldn't have done with our current product.

The difference in cost between the two mortgages will enable us to make a 'free' £300 OP each month. I'm due a payrise in September, so hopefully I'll be able to push this closer to £500.

If we can manage the £300 OP/month for the life of the mortgage, we'd clear the £107k balance in 13 years, by which point I'd be 43. Having kiddiewinkles may slow this down slightly, but it is good to have a target!

pavlovs_dog || original MF date 2040 || target 2028 || goals: freedom to travel and prepare for early retirement || pavlovs_dog's diary

shangaijimmy

I'm pretty much same as ourcornercottage. Aiming/hoping for £128k by the end of the year and then between £10k and £12k per year.