Decided to Go For It Now!!

Mysteek

OK, so the original plan was to become totally Debt Free before embarking on a Mortgage Free journey, but as we only have 5 years left on the mortgage, if we don’t make a move now it will be too late to make much of adifference.

Our Debt Free journey is going well, only have 2 CC’s left and one will be paid off when I receive monies from a small pension I am drawing out. The other CC is on 0% till October 2016 so even paying the minimum will see nearly half of that paid off by then. The remainder will have been saved up in ISA accounts (mine and DH’s) so that should see the end of that.

I have a big birthday coming up on Saturday (60!! Yikes!:eek:), so only a few years to retirement….hopefully J

The realisation of this has given me a further kick up the butt.

Taking all the above into account I have made the decision to start making overpayments on the mortgage. 20% of monthly payments only allowed, so have instructed the bank to alter my DD from 1 July to add on the permitted 20%. I don’t know why, but I feel really excited about doing this. Only a couple of years ago I never thought this would have ever been possible. The fixed rate is due to expire Nov/Dec this year and I already have my eye on a re-mortgage of 1.49% for 2 years (on 2.19% at the moment) so that should save a few pounds a month.

The purpose of this post is really to document when I first started making the mortgage free journey and to list the steps that I plan to make to achieve Debt Free and Mortgage Free status

1 July 2015 - start making 20% overpayment on mortgage
minimum monthly payments on CC1 & CC2(both on 0%)
as much as possible to be saved in ISA’s

23 October 2015 - dateof CC1 0% expiring. Should have received pension funds to clear fully

6 October 2016 - dateof CC2 0% expiring. Should be enough in savings to clear fully

June 2017 - should be enough in savings to pay off mortgage no. 2 (mortgage was split
Into 2)

February 2018 - should be enough in savings to pay off mortgage no. 1

So, all being well, assuming I am still in employment during this period and hoping that we don’t have any major disasters, my planned DF date is October 2016 and MF date is February2018. All worked out on spreadsheets. Then everything to be saved for a year or 2, then I retire!! Simples!

Just seeing it all typed above has sunk in that it really is achievable, just gotta keep persevering.

Sorry to have created such a long post but wanted to get it all down to keep me motivated.

Just want to wish everyone onhere all the best for achieving their goals to be Mortgage Free!

juststuff123

Good Luck to you!

happydays_70

Good luck

Miss_Moneysaver

You sound very organised. I like your plan!


Good luck!

Tilly_MFW_in_6_YRS

Hi Mysteek, good luck with all your plans.

Best wishes Tilly x x

Mysteek

Aww thanks ever so much for your good wishes, I'm sorry I didn't get back to you straight away but I didn't get any notifications that I had any posts!

First overpayment of 20% made on 1 July. The first step of the ladder.