Want to be MF in 5 years

Good morning everyone.
I`m hoping by starting my new diary, that I will become more motivated and determined to pay off my mortgage in 5years time.
Not too sure if I`m going to pay it off in 5 years, but I`ll give it a go, anyway.


As you can see from my sig, from April I`ll have 14yrs and 4months, until it`s now paid off. I changed my terms last month with the nationwide from reducing the monthly amount to reducing the term, with each overpayment over £500. At present we are on 2.5%, but will need to keep an eye on interest rates in the future, as this is bound to go up sometime soon.


OH and myself are both working, OH is full time and I have 3 very small part-time jobs (working approx. 16+hr a week). Suits me at present as we have 2 school age children, but I would like something more, when they are older, to help pay the mortgage off . My dream would be, mortgage free and live a more self sufficient life, grow your own, maybe chickens.


Any way enough of my chatter for now, any company along the way would be very much appreciated.
MFW#46 2015 Target £2400/£1950
Jan £120, March £810, April £510, May £510
Original Mortgage - April 2030 until MF
Start of MF journey - April 2015(changed to reducing term)
Mortgage now - May 2029 until MF
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Replies

  • Wow 5 years, what a fantastic challenge. I look forward to reading your journey towards chickens and vegetable patch.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: April 2030- £48,719. 75
  • Wow 5 years, what a fantastic challenge. I look forward to reading your journey towards chickens and vegetable patch.

    I know, putting 5 years down, sounds a big challenge, but i`m gonna give it my best:D. The chickens and veg patch is only my dream, but you never know, if I can bring OH around to the idea;).

    I`ve made a very small start today and saved £1, from walking to and from town,so no parking. I`ll keep a jar for tiny little savings like this and at the end of the month, i`ll pay this into the mortgage account. Also i`m starting the GC tomorrow, which should be a bit of a challenge, with 2 hungry kids plus hubby. So let the MF journey begin.:D
    MFW#46 2015 Target £2400/£1950
    Jan £120, March £810, April £510, May £510
    Original Mortgage - April 2030 until MF
    Start of MF journey - April 2015(changed to reducing term)
    Mortgage now - May 2029 until MF
  • Good afternoon everyone and I hope you are enjoying the good weather. I`ve a few days off from one of my jobs, but still have to go in early every day for one of the other jobs, at least I finish nice and early so can still enjoy time with the kids and flake out in the garden.


    It`s half way through April already, so I thought I`d write up my update of what I`ve achieved so far this month. An OP of £510.00 paid in this morning, but it will be a few days before I`m sent an update of my mortgage. A little excited to see how much this has reduced the term by.


    I was able to achieve the £510, by looking around for cheaper car and home insurance (both renew same time every year), both OH and myself managed some overtime and I keep on finding roadkill (coins not little animals). Managed to round it up to my OP.


    I also found some seeds in the garage and brought some as well. So keeping myself busy sowing these.
    MFW#46 2015 Target £2400/£1950
    Jan £120, March £810, April £510, May £510
    Original Mortgage - April 2030 until MF
    Start of MF journey - April 2015(changed to reducing term)
    Mortgage now - May 2029 until MF
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    Amazing target that would be amazing
    great over payment as well should kill it in no :] receiving the statment after overpaying i bet is exciting hehe :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Thank you Luckyinlife. I am pretty determined to crack this, if I made no OP, then mortgage would be paid off in 15 years this month. I`m not too sure if the 5 years is too ambitious, but I`m going to give it a right good bashing. Hoping by jotting it down here it will keep me motivated
    MFW#46 2015 Target £2400/£1950
    Jan £120, March £810, April £510, May £510
    Original Mortgage - April 2030 until MF
    Start of MF journey - April 2015(changed to reducing term)
    Mortgage now - May 2029 until MF
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    personally i dont think its to ambitious at all based on what youv said even if worst case you over run by a year or 2 still going to be 8-10 years early which is amazing :]

    i myself am going to try to get it done in 10 years instead of the 25 years its down for. ambitious indeed but we have to give it a go :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Thanks Luckyinlife. I wish that when we first took the mortgage out, we had started OPing, but at the time it never really occurred to us to do this. It`s not until I found this site, that I even considered OPing. Good luck in your quest for 10 years, once you start it`s very addictive and you never know, it could be less than 10 years.
    MFW#46 2015 Target £2400/£1950
    Jan £120, March £810, April £510, May £510
    Original Mortgage - April 2030 until MF
    Start of MF journey - April 2015(changed to reducing term)
    Mortgage now - May 2029 until MF
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    Anytime :] Ya i know what you mean its like anything you need to know about it so you can do something about it.

    Iv only just got my mortgage made my first payment yesterday hehe and already getting what i can together now this month to overpay things like savings not doing anything money around house and items i no longer use or need will check it all into the house then later this month :] no time like the present
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • That's a cracking overpayment, well done. I cannot understand why everyone doesn't overpay their mortgages - however much. I cannot understand why people think they save money by paying it as normal.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: April 2030- £48,719. 75
  • Very quick update, I`ve now received my statement and my new MF date is June 2029. Slowly we are getting there, but I don`t think I`ll be able to make such a big OP in the next few months, as work is being reduced with both OH and me. I am still determined to pay off in 5 years if I can,at least it`s a goal to aim for.
    MFW#46 2015 Target £2400/£1950
    Jan £120, March £810, April £510, May £510
    Original Mortgage - April 2030 until MF
    Start of MF journey - April 2015(changed to reducing term)
    Mortgage now - May 2029 until MF
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