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

pinkteapot

Hello, pavlovs_dog! I'll add you to the list after I've written this.

Good work on the interim targets, everyone! I need them as £220k in 10-15 years is just too big a project to get my head around. Breaking it down, GCSE Bitesize style.

We've got our car insurance and breakdown cover renewals in a couple of weeks so sorting those out.

Insurance - renewal price £405. Alternative quote £235 with a smaller excess and £40 Quidco cashback (making it £195). Our insurer immediately dropped to £254 when I told them - dropping 40% just like that. Renewal prices are such a joke. We're switching anyway. I'd budgeted £350 for the insurance so after Quidco that's £150 spare.

Breakdown - we use Green Flag. Every year the renewal price is the same as the new customer price available online. Every single year I cancel and sign up afresh to get the £25 Quidco cashback. They don't seem to mind people doing that year-in, year-out.

Also phoned our pet insurer this morning to chase a claim they've had for three weeks and still not paid us (over £300). That'll come back soon. Whenever we have to shell out for something like that, I'm cautious in our accounts and don't assume we'll get it back (even though we should/will). So, we've already paid the vet and absorbed it in our spends through a frugal month, and that'll be bonus money in, yay! We're going to get absolutely clobbered on our premium at pet insurance renewal time though - three claims so far in our first year. :eek:

Mummyisbeauty

Increased dd again this month to pay off faster and atm it is 2026 for full pay. Seems so far away though.
Hubby is wanting to pay off by 2021 (when he is 50, I'd be 39 then) but I thin it is unlikely but def by 55.

Beany is off to nursery in September so I am another person who is surprised by uniform prices.
Been an odd month but as well as increasing overpayment I have started two savings accounts, one for security net (5mths of hubbys wages to save) and the other for smaller surprises like mot etc.

slicence

Oh may I join please?!

We've not even moved in yet, but we're both keen to get debt free as soon as possible.

Current date for MF - June 2033
Current amount outstanding - £119,000 ish
Aiming for MF - May 2025 (by the time I'm 40!)
Why? After this little house I'd love to build my own home
Interim target overpay £400.00 pcm
Projected risk - We're on a 3 year tracker, so could be risky but have unlimited fee-free overpayments.

We think this is pretty feasible as we were previously saving £1200 pcm when saving for the deposit. We both have reliable jobs and I'm due a significant promotion in around a year's time :-)

No littleuns and no intention to have any within the next 5 years, so no uniform shockers to come for quite some time!

My favourite MS hack we did recently (and I feel this is definitely worth bragging about) we got so much cash back opening a bank account we got a free fridge, MP3 player AND electric toothbrush refills, as well as having a better mortgage!Sometimes it really is the small things in life

turtlemoose

My interim target is debt free by 31st March 2016 (end of this tax year). Currently sitting at £6100. 9 months, average £678 a month. Yikes. (It's all interest free btw)

The other target I suppose is get the best deals possible. Both mortgages hit the end of their fixed rates this year(one in Nov, one in Dec) and both companies allow you to switch 3 months early so I'm already getting hopeful (and stressed!) about LTVs and new rates etc. I'm really really hoping to get better rates and be able to drop a band to get better rates, then use the difference as an OP. Frustratingly I have better LTV in my btl, which means I have more chance of getting a better rate...you'd think this would be good but ultimately it just means I pay more money to the tax man instead of paying interest to the bank. I wish there was a way to transfer equity from one house to the other!

pinkteapot

turtlemoose wrote: »

I wish there was a way to transfer equity from one house to the other!

Is it not possible? It feels like it should be. But I guess it would have to be a simultaneous remortgage of both properties and can't quite get my head around how it would work...

slicence - hello! You're on the list. When do you get the house?

slicence

Hi Pink And thank you

We've got the house! completed on 1st June but have our city centre flat until the end of July so might as well make the most of the luxury until then. It also gives us loads of time to decorate, although I'm not sure how much more stripping/prepping walls and ceilings I can take.

Turtlemoose that sounds incredibly confusing! I guess that's what the taxman is famous for.

LoveTheCoast

Hurray!
Finally got the first capital repayment made

choccielover

Whoop "found" £16 in a quidco claim I forgot about.

Promptly op'd along with my monthly contribution from DH wages.

Omg in other news.....does that nationwide "scarf" advert make anyone else cry??

Trying to come up with an interim goal, I guess clearing the 0% cc would be a good one but I have the cash to do it now, just holding onto it for the 3% Santander interest.

Hmmmm, things may be changing imminently work wise, hopefully leaving me better off, so once I know more I think I'll be more minded to set a goal to prevent me from frittering away any extra cash.

Chocs

slicence

choccielover wrote: »

...t I have the cash to do it now, just holding onto it for the 3% Santander interest.

Chocs

Man I LOVE this account! We were getting £40 pcm extra before we paid the deposit. It feels a bit lonely now; not even getting 3% *taps tips of fingers together* soon enough... soon enough

pinkteapot

slicence wrote: »

We've got the house! completed on 1st June but have our city centre flat until the end of July so might as well make the most of the luxury until then. It also gives us loads of time to decorate, although I'm not sure how much more stripping/prepping walls and ceilings I can take.

Dulux adverts mislead you into thinking that painting is all the fun part of slapping paint on. Prep is probably half the time in redecorating. It's so worth the effort though - you'll get a much better finish if you do it properly.

I'm the DIYer at home. MrTeapot hates painting and somehow gets away with going out and playing golf whenever I'm painting. :rotfl: