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sarahevie's single quest to mortgage freedom

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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
  • Congrats on getting the mortgage deal sorted and house in your name, it must feel fab to be in the final countdown! :) x
  • 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
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    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
  • 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
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • 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
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • 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
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • CathT
    CathT Posts: 7,133 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Congratulations. I know it was a stressful time remortgaging so I am really pleased it has gone through for you.
    June 2025 - part 1 - £19,145 part 2 - £21,973 Total - £41,118 29 months to go!
  • 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
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • 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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