Mortgage Free by April 2017

JimLad

Hi everyone! Long time lurker on these forums! I have previously posted in my wifes diary, and whilst our OP’s have continued we have been a bit slack there. Our plan has changed a fair amount since she first posted so I have decided to kick off this new diary to chronicle the (hopefully) final 20 months of our mortgage.

A little bit about us. I am 29 and the wife 27. We both have decent jobs and we have no kids (we want to pay off the mortgage first). We got married in January this year and in true MSE fashion we kept it bang on budget. We bought our 3 bed detached house for 200k in October 2011 with a 150k mortgage and have since overpaid it down to approx 86k.

The plan…We have a 5 year fixed mortgage at 3.99% with Santander which currently limits us to 10% overpayment a year. We have already made the 10% for this year, so we currently are saving for next year’s 10% and then for a big overpayment in October 2016 when the mortgage drops onto a SVR and we can do unlimited. After this lump sum, we should be down to about 20k and then it’s just as much monthly as we can do until its gone (April 2017 is the target). Im a nerd for a good spreadsheet and have it all planned out month by month.

Other than our salaries, we have a few different things that we do to boost the overpayment coffers which I call our side hussle. We rent out our spare bedroom on a short term basis on Airbnb, we have solar panels on the roof which provide a small quarterly income, and I run a technology youtube channel which brings in a few quid each month from adverts and affiliate sales. I plan on posting monthly updates on the amounts these generate.

That’s it for now as I have rambled on a bit! If you see MissWillow on here, that’s the wife!

turtlemoose

That is a very impressive timescale! I've seen your posts on "what little things have you done...". I'll be reading with interest

Luckyinlife

150k in 6 years that would be amazing

Seems like you know what you doing tho so good luck is it your forever home or would you move one day ?

JimLad

turtlemoose wrote: »

That is a very impressive timescale! I've seen your posts on "what little things have you done...". I'll be reading with interest

Ah yes loved that post! Shame not many people post on it these days. I've tired resurrecting it a good few times! Do you have a diary I can find on here?

Luckyinlife wrote: »

150k in 6 years that would be amazing

Seems like you know what you doing tho so good luck is it your forever home or would you move one day ?

I think that we might like to move again in the distant future but we could live comfortably here for the next 10 years or so i recon depending on family size etc.:)

MissWillow

Hello, I thought I would jump in to (the wife here). We have actually hit our 10% target for next year and now are working towards our lump sum in October 2016. I do want to plan a nice holiday next year but hopefully this won't have too big of an impact on our mortgage free plans.

We shop in Lidl and try to be quite thrifty...i have already started on the xmas shopping to help spread out the cost. We don't have any big monthly costs, our biggest non essential spend would probably be our takeaways- we are going to limit ourselves to two takeaways a month to help with the saving and the waistline.

That's all for now, looking forward to payday and seeing the savings pot increase:)

turtlemoose

here's me JimLad, this wonderful board and the very knowledgeable people on it helped me realise that I need to be DF before MF, and that actually being DF first has me MF quicker than my original plan! So we are working on that at the moment. Certainly nowhere near as much or as quick as you are doing I'd like to be MF by 2025, ie when i'm 40.

SavingRaven

That's a fantastic target on top of all you've achieved already, congrats!

Will be following with interest
SR

Mrs_Rachel_Trelfa

Hi Jim Lad, nice to see you and the wife again. Looking forward to following the next 20 months. I would love to have paid off the mortgage before we start a family.

ourcornercottage

I'm loving the husband and wife posting team

gaffel

I look forward to this diary, you have done amazing so far, well done!

JimLad

Mrs_Rachel_Trelfa wrote: »

Hi Jim Lad, nice to see you and the wife again. Looking forward to following the next 20 months. I would love to have paid off the mortgage before we start a family.

Thats the plan anyway! Hopefully not having 750 a month going out can offset some of the extra costs and loss of income.

turtlemoose wrote: »

here's me JimLad, this wonderful board and the very knowledgeable people on it helped me realise that I need to be DF before MF, and that actually being DF first has me MF quicker than my original plan! So we are working on that at the moment. Certainly nowhere near as much or as quick as you are doing I'd like to be MF by 2025, ie when i'm 40.

I have favourited to your thread! MF by 40 is still amazing! I wonder what the average age for "normos" is?

SavingRaven wrote: »

That's a fantastic target on top of all you've achieved already, congrats!

Will be following with interest
SR

Thanks. We are very proud of ourselves. Its taken a lot of hard work. When i met MissWillow she was a poor student, so we have come a long way for sure!