For Sunshine and a Sea View .... eventually!

edited 2 January 2018 at 5:53PM in Mortgage-free wannabe
98 replies 14.3K views
Lexi-luLexi-lu Forumite
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edited 2 January 2018 at 5:53PM in Mortgage-free wannabe
Hello,

The plan is to pay off the mortgage of £90,472 in 36 months so that I can retire early and live somewhere sunny one day :)

I have read many inspirational diaries over the past year that have motivated me to plan for the future, a big thank you to all for sharing your stories. I especially enjoy the posts from those of you that have completed your MF journey and are now enjoying the well-deserved rewards.

Good Luck to everyone still on their MF journey and I am excited to be joining you.

Mortgage Details

2016
£51,472 Repayment
£39,000 Interest Only
Fixed Rate 3.49% until March 2018
ERC of 5%
End date March 2029

2017
£41,519 Repayment
£24,960 Interest Only
Fixed Rate 3.49% until March 2018
ERC of 5%
End date February 2020

2018
£24,607 Repayment
£22,464 Interest Only
Fixed Rate 3.49% until March 2018
ERC of 5%
End date October 2019

Endowment Policy matures July 2019, currently on track for £30k

DH Pension arrangements are respectable, mine are a WIP:eek:
Mortgage Balance £0
«13456710

Replies

  • SueP19SueP19 Forumite
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    Welcome LL

    That is some target you have set yourself, good luck
    Debt Free Diary - Second Chances! Life in a Tourer........Tilly Tidy Founder in 2016, Tilly Tidy 2023 £17.43, NSD Jan 2023 9/10, Debt £13,491.65
  • dark^knightdark^knight Forumite
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    Hi,

    This is similar to our target, so will follow with great interest.

    Good luck.
  • Lexi-luLexi-lu Forumite
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    Hello SueP19 and dark^knight,

    Thank you both for the welcome. I have been reading this forum for almost a year now and have only just got the confidence to start my own diary so your posts are very much appreciated.

    I have read your diary SueP19 and subscribed, so amazing the support that you gave your daughter. Good luck on your journey and I will be keeping up with your updates.

    My target will be tough for us because:

    i) We have spent every penny we have earned, and a little more besides:o, for 11 of the past 12 years
    ii) Neither DH or I earn a huge salary

    However, DH does get paid overtime. The plan therefore hinges on DH (who enjoys his job and is somewhat of a workaholic) doing a LOT of overtime whilst I ensure those £s do not escape as they have so successfully done in the past.

    Dark^Knight, do you have a diary?

    LL
    Mortgage Balance £0
  • dark^knightdark^knight Forumite
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    LL,

    I don't have a diary on mse, although I have joined a few of the mfw challenges on here.
  • Them mfit-t4 challenge will be perfect for you to keep track on his you are going if you haven't already joined.

    You have set yourself a hard challenge there, do you know what you need to pay per month to achieve your goal. I really respect all the MFWs who set such a hard target, actually I suppose it depends on your income £2500 per month plus interest sounds so much to me :) good on you!

    Will be reading and picking up tips, have you thought about posting more info on your mortgage and bills as the experts on here might be able to save you a few £££'s
  • Tilly_MFW_in_6_YRSTilly_MFW_in_6_YRS Forumite
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    Morning, having a diary is a brilliant way to keep the focus. When I was clearing the mortgage I posted at least daily, sometimes multiple times :). Sometimes waffle, sometimes factual but it stopped me going off paste.

    Good luck with your journey and I look forward to following you :beer:


    Best wishes Tilly x x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • Watty1Watty1 Forumite
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    Good luck with the journey. Having a diary kept me going for sure. Will watch with interest.
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • GoldiegirlGoldiegirl Forumite
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    Good luck with your quest!
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • SueP19SueP19 Forumite
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    Thanks LL I admire your bravery, have for the best part of 27 years spent more than we have and I too have to juggle various overtime amounts at different times of the year I have found this does make it difficult and on a low week I can be really tight but on a good overtime week I tend to relax, wish I could master that one
    Debt Free Diary - Second Chances! Life in a Tourer........Tilly Tidy Founder in 2016, Tilly Tidy 2023 £17.43, NSD Jan 2023 9/10, Debt £13,491.65
  • Lexi-luLexi-lu Forumite
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    Hello ourcornercottage,

    I have signed up for MFiT-T4, thank you for the suggestion.

    I'm not sure exactly, but I think it will be around £2,200 extra per month.

    During 2015 I have put into practice many of the tips from the MFW forum but I'm sure there is still room for improvement so will post some info and details of the mortgage shortly.

    Will subscribe to your diary.

    LL
    Mortgage Balance £0
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