Mortgage Free by April 2017

in Mortgage-Free Wannabe
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JimLadJimLad Forumite
930 Posts
Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
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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!
Mortgage Free 22/03/17
MissWillow is my OH!
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Replies

  • turtlemooseturtlemoose Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    That is a very impressive timescale! I've seen your posts on "what little things have you done...". I'll be reading with interest :)
    MFW2021#27 - £364.88 / £1800
    1%MFW - £316.15 / £1070
    SIPP - £2264.40 / £3000
    (PAYE pension conts £107.56)
  • LuckyinlifeLuckyinlife Forumite
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    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 ?
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • JimLadJimLad Forumite
    930 Posts
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
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    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?
    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.:)
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • 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:)
  • turtlemooseturtlemoose Forumite
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    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 :D I'd like to be MF by 2025, ie when i'm 40.
    MFW2021#27 - £364.88 / £1800
    1%MFW - £316.15 / £1070
    SIPP - £2264.40 / £3000
    (PAYE pension conts £107.56)
  • SavingRavenSavingRaven Forumite
    63 Posts
    That's a fantastic target on top of all you've achieved already, congrats!

    Will be following with interest
    SR
    Target 1: Debt: [STRIKE]4459.02[/STRIKE] Jan'15 [STRIKE]2899[/STRIKE] Feb'15 0
    Target 2: Emergency fund: Feb'15 [STRIKE]1500/6000[/STRIKE] Mar'15 6000/6000
    Target 3: Buy-to-let fund: Mar'15 [STRIKE]1200/4000[/STRIKE] Apr'15 4000/4000
    Target 4: Pay sister back: 9000/40000
    Target 5: Get mortgage to 250k: Jan'15 271,659 Today 259,283.82
  • Mrs_Rachel_TrelfaMrs_Rachel_Trelfa Forumite
    404 Posts
    Sixth Anniversary 100 Posts Combo Breaker
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    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.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: April 2030- £48,719. 75
  • ourcornercottageourcornercottage Forumite
    1.5K Posts
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    I'm loving the husband and wife posting team :)
  • gaffelgaffel Forumite
    80 Posts
    I look forward to this diary, you have done amazing so far, well done!
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • JimLadJimLad Forumite
    930 Posts
    Part of the Furniture 500 Posts Combo Breaker Mortgage-free Glee!
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    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.
    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 :D 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?
    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!
    Mortgage Free 22/03/17
    MissWillow is my OH!
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