Every little helps 20 October 2015 at 3:28PM in Mortgage-free wannabe 7 replies 953 views

h1rs

Welcome to the first post in my mortgage free wannabe diary. I've spent months reading the wonderful diaries here which have inspired me to document my own progress.

My situaltion - I have a HSBC mortgage that I was overpaying by 20% of my monthly mortgage payment each month. This was the max I could pay without incurring any ERCs.

HSBC recently changed their overpayment limit to 10% of the outstanding balance each year. I've continued with the additional 20% monthly overpayment, however would like to pay down capital whenever I can.

So far in the past week I've:
- Banked £45 worth of 5p coins I've had in a wine bottle for over a decade and transferred it to my mortgage
- Activated a dormant HSBC account that had £47 in it and transferred the money to my mortgage

Outstanding mortgage balance - £98,849.56 (original loan amount £115k)

Next steps:
- See how much I have spare in my account just before pay day and pay off a couple of hundred pounds.

Wish me luck!

selloptape

Good luck with your journey!

Luckyinlife

Good luck
Do you have a time frame in mind
how old will you be at mf :]

Petal88

Best of luck h1rs, I'm looking forward to following your mfw journey!

A_Frayed_Knot

Good Luck, you're already on your way !!!

h1rs

Thanks for the support guys. Will have to check to find out my current MF date. I'm 37 now so to be MF by 50 would be fantastic. To be mortgage neutral by 44 would be a huge motivator along the way. Will be following your diaries with interest.

ColoredSands

Good luck look forward to future posts.:)

Luckyinlife

h1rs wrote: »

Thanks for the support guys. Will have to check to find out my current MF date. I'm 37 now so to be MF by 50 would be fantastic. To be mortgage neutral by 44 would be a huge motivator along the way. Will be following your diaries with interest.

Great goal life and mf by 50 would be amazing good luck ill follow with interest :]