sarahevie's single quest to mortgage freedom 10 April 2015 at 12:36AM edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe 721 replies 97K views

Clarey008

Are you limited on overpayments if you have fixed yours? I've just fixed mine for two years and can only overpay 10%. I've decided in the unlikely event I can afford to overpay more than 10% I will have to set it aside till the fix ends.

selloptape

Congrats on getting the mortgage deal sorted and house in your name, it must feel fab to be in the final countdown! x

sarahevie1

Clarey008 wrote: »

Are you limited on overpayments if you have fixed yours? I've just fixed mine for two years and can only overpay 10%. I've decided in the unlikely event I can afford to overpay more than 10% I will have to set it aside till the fix ends.

I'm on 10% so approximately £5600 this year, and my allowance will go down as my balance does.

I'm hoping to shorten the term, if they'll allow to get round the overpayments. They wouldn't let me shorten term when I took the remortgage, I'm back up to 25 years, but worst case I'll save until the end of my fix.

catriona79

Excellent stuff, SE, it's a great read and very inspiring. I'm nearing debt freedom, only about £3.5k to go till debt neutral and am going to save to pay off mortgage early too, or invest with a view of paying it off.

I have taken on two lodgers though, which has made my debt repayments swifter.

Hopefully this will continue next year, only into a savings pot.

I have a couple of cards at the moment, 0%, so ideally looking to shift to another 0% deal and then save up an emergency fund, after which I will decide what to do with any surplus- if there will ever be such a thing!

What I love about it is the future focus, so cool and inspiring! Love a challenge!!

Good luck and I'll be back to check how you're getting on.

sarahevie1

beanielou wrote: »

6 years it is then. ��If anyone can do it you can.

Thank you, I'm not so sure this time, there's a lot of variables. Ie. how expensive the kids will be, how long I can keep working both jobs, I definitely don't want another lodger at the mo.

More positives:

From Sept 2017 DD3 starts school so child care goes down by £20 per day.
My pay should go up as I'm still near the bottom of the scale.

sarahevie1

selloptape wrote: »

Congrats on getting the mortgage deal sorted and house in your name, it must feel fab to be in the final countdown! x

Thank you, in terms of LTV I own around 80% of my house, however it will seems like a lot of money to repay £56870. It was worse when I started though.

sarahevie1

catriona79 wrote: »

Excellent stuff, SE, it's a great read and very inspiring. I'm nearing debt freedom, only about £3.5k to go till debt neutral and am going to save to pay off mortgage early too, or invest with a view of paying it off.

I have taken on two lodgers though, which has made my debt repayments swifter.

Thank you - good luck with the lodgers.

Financially I found having a lodger quite good, and if I was on my own, in a bigger house I would take in lodgers again - but we just haven't got the space right now.

I would if I had to - but not at the moment.

CathT

Congratulations. I know it was a stressful time remortgaging so I am really pleased it has gone through for you.

sarahevie1

CathT wrote: »

Congratulations. I know it was a stressful time remortgaging so I am really pleased it has gone through for you.

Thanks, I've had my £681 through the post as the balance between the remortgage amount and balance outstanding on previous mortgage. It really should be an OP, but need it to pay next half terms before and after school fees. They're £735.

mortgage_girl

Fantastic news sarahevie, so pleased that the house is finally in your name. :T Your 6 year target sounds amazing, I'm sure you can do it.

Sending you positive vibes.

MGx