Pay off my mortgage in 5 years

buzzyzoe

Nothing much to report today.

I hate the last week of the month as it feels like forever since any progress has been made money-wise and it really drags.

I will also only get paid for 2 weeks as my new job calculates pay from mid month to mid month (even though they pay it at the end of the month?!) and I only started at the beginning of Feb. So that's a bit of a shame!

buzzyzoe

So I've been paid from the new job, but only for 2 weeks as expected. I also got paid from my second job that I'm doing during evenings/weekends, so with that income I'm roughly where I would normally be at the end of the month which is lucky. Plus when I finish this job, I will be 2 weeks behind with my pay so hopefully that will cover the 2 weeks of holiday I'm intending on taking at the end of my contract!

I have applied to remortgage through London And Country, and they have recommended a Nationwide mortgage allowing unlimited overpayments. The interest rate is about 2% lower than what I'm currently on, so hopefully they will accept me! It would mean an extra £100 per month to overpay which would be amazing.

Had a big coupon weekend, and got free lunches for the next two weeks, plus loads of household, cleaning and beauty products for almost nothing so am feeling quite pleased with myself today

freedomby30

Hey and welcome to mfw :j so good to see another person aspiring to be free by 30. Our friends think we r mad owning a house let alone paying back more than the minimum payment. The way i look at it they pay 650 for a tiny apartment and i pay 530 for a huge house with land. And no one can take mine away good luck

buzzyzoe

Thanks freedomby30 I also don't understand just paying back the minimums, it's all about reducing that interest!

I have just had a play with the overpayment calculator based on my new mortgage and I could be mortgage free in just under 5 years! Really hope I get it!

EatingTheElephant

Fingers crossed for the new mortgage, that would make such a big difference. 5 years is no time at all.

buzzyzoe

Well, bit of a rubbish update here I'm afraid.

I was mugged a couple of days ago, so not only did they get my iPad, all my cards and cash and some gift cards, I also had to pay to have 2 sets of locks changed. So this month I am down £250 for that, plus once I get my replacement bank card, will need to start looking to replace the bits stolen so going to be a very expensive month for me. I'm a bit bruised and shaken but otherwise ok.

In other news, my remortgage has stalled a bit! The earliest valuation they had was 14th so nearly 2 weeks from when I booked it, but nearly there now. Am also waiting for some paperwork from Santander in the post so can't proceed any further until I get that either.

I suppose on the upside, I currently have no access to cash without going into a bank with my ID, so am just trying to not spend any money until my new card comes. Good way of forcing a few NSDs!

turtlemoose

oh no, sorry to hear that, hope you're ok! Is your loss not covered by your contents insurance?

buzzyzoe

turtlemoose wrote: »

oh no, sorry to hear that, hope you're ok! Is your loss not covered by your contents insurance?

Thank you! And I think unfortunately not as it happened outside the home

Moneyfordreams

oh no!! how horrible.:(
Glad you are ok... take care of yourself

wifigeek2

Hi Buzzy,

Hope you feel better soon! going to start subscribing to your diary as its really interesting.

About to take the same journey as yourself - about £70-80k mortgage on a £120k house and plan to own it outright in 5years by method of overpayments! Only just a bit older than you at 30.

I have also been using YNAB to learn about my spending - only started a few months ago.. £150 in takeaways per month!

Where do you normally find your coupons for cheap food? food seems to be my highest expense at the moment since I more or less live for next to nothing and paying no rent by sleeping on friends sofas .:D