Mortgage free in 10 years

NorthernMonkey1

Hi NorthernMonkey

Just to let you know that I have received confirmation that the mortgage application has been approved.

Kind regards,

Well, there we go. Off to sign on the dotted line tomorrow. THe countdown from £102,000 starts then

Luckyinlife

congrats will be great you doing much to the house before you move in ?

NorthernMonkey1

There is lots we would like to do, but it will all be done after we have moved it.

NorthernMonkey1

Pay day yesterday. Managed to spend £25 servicing the car, £40 on an MOT, £341 on a survey for the new house, and £35 on food shopping. Not a good day spending wise.


I've moved a bit of money into the OP account for when everything completes, but I'm not sure how long it'll stay there. Fingers crossed for no more huge spend days

NorthernMonkey1

So 1 month onwards, and we now have an agreed move date of first week of July. The seller has a daughter doing GCSEs so has asked if we can wait until the exams have finished.

The mortgage account exists on my online banking now, so I'm able to make payments into it, so we can keep working towards the June 2026 mortgage death.

I've just signed up to my company share save scheme, which is £300 a month for the next 5 years. It means that the OP wont be as large for the next 5 years, but then once it matures, I should be able to pay down some big chunks.

I think this is the best plan, but I'm not totally sure...

OP so far, £950, current end date April 2033

NorthernMonkey1

It's been a long time since I've posted on here, and the mortgage has progressed a little way, but probably not as far as I'd like. I'm currently not on track for MF in 10years (Now 8 years 10 months) and it's time to put things right

I've just made an over-payment of £750, bringing the balance to £94220.

I've now changed the way that I'm paid, so that any salary over £2000 gets paid straight into my mortgage account. I'm using a 3 pronged approach to paying this off.

1) increase what I earn. Because any pay over £2000 gets paid into my mortgage, any overtime or on call gets paid straight off the balance.

2) cut down on spending. I can easily live off less than £2000 a month. Any spare cash at the end of the pay period will get sent towards paying off the balance

3) Work Share Save. I'm currently saving £500 a month into a share save scheme at work. Every few years I'll use the final figure from this to pay off a large lump sum. The first payment from the SS will come in in August next year

lippy1923

Hi NorthernMonkey


We all have setbacks or just fall of the MF wagon every now and then. Well done for getting back on track. I would suggest keeping your diary updated once or twice a month to keep you going.
Good luck with the plan over £2k. Sounds good to me.


I'm trying the SS scheme at work as well, with the idea of being MF as soon as possible. I will be reading your updates with interest

NorthernMonkey1

As today is payday, I logged on early to check that the auto-overpayment had worked. Luckily all worked as planned, and I've made an OP of £409 this morning.

Outstanding balance is now £93810

I've got 2 share save plans open. The first one is 28 months in @ £200 per month, with 8 to go. The share price has doubled from the option price, so if the share price continues to hold at the current level, I should get a £15000 OP

NorthernMonkey1

So it turned out I forgot to cancel my standing order for a £250 OP when I changed my wages to pay everything >£2000 straight into the mortgage.

The plus side of this, is that I've made £650 of OP in total this month, the downside, is that this, combined with a bumper CC bill (I pay off in full each month) which paid for a weekend away and some christmas shopping, of £500, means I'm fairly skint for the next month.

A load of work in the last few days at work has meant 20 hours O/T in the last week, so I'm knackered now.

Current balance now stands at £93560

NorthernMonkey1

Well crap. Turns out that when the plastic windows were fitted to my house >10 years ago, they didn't fit lintels. There is some cracking above the bathroom window, and the builder thinks the easiest way to fix it is to remove the 4 rows of bricks between it and the roof, fit a lintel and stick it all back together.

He is going to get a price, but said that the need for scaffolding will put the price up by a bit. No idea how much but fingers crossed for less than £1000. I'm slightly annoyed that working dozens of extra hours this month will probably not result in any extra OP. It's all going to have to go to the builder.