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sarahevie's single quest to mortgage freedom

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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  • 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.
    Mortgage Dec 2015 - £21545 Apr 2016 - £19930
    Crazy Clothes Challenge 2016 £79.98/£150
  • selloptapeselloptape Forumite
    598 posts
    ✭✭
    Congrats on getting the mortgage deal sorted and house in your name, it must feel fab to be in the final countdown! :) x

    Save 12k in 2019 #8 £2432.65/£2,500
    MFiT T5 #22 Save £20k over 3 years £5495.08
    Walk 1500 miles in 2019 - 645.92/1500
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    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.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • 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.
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    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.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    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. :)
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    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.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • CathTCathT Forumite
    6.8K posts
    Tenth Anniversary 1,000 Posts Name Dropper
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    Congratulations. I know it was a stressful time remortgaging so I am really pleased it has gone through for you.
    August 2020 - part 1 - £60,070 part 2 - £39,511
    Total - £99,581 87 months to go!
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    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.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • mortgage_girlmortgage_girl Forumite
    880 posts
    Tenth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    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
    :jMortgage free 08.08.19 :j
    2018: £19410.25 / £9,300 2017: £7646.64 / £11,000 2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000 2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
    MF date was Nov 2041 - mortgage neutral 23.07.18

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