£170000 in 10 years

try_harder

Morning Busymee1.

You are absolutely correct on both counts ..i was more thinking along the lines that if anything should happen and we were for some reason struggling to pay our mortgage that it would be more helpful to pay around £400 a month rather than £520 but you are absolutely right the temptation to keep the difference some months would definitely be there .I have two Sub Accounts for the remainder of the mortgage both IO ..I absolutely agree with you that starting with one of the IO mortgages would be the most sensible thing but i was thinking if i could get rid of the 8750 by the end of the year i would feel more motivated and then throw all the money into the interest only accounts obviously this would depend on my clearing this by January but i can always use savings for the rest .I just feel it will help me feel so much more positive and that i have accomplished something for once .

Thank you for always being there

kev2009

Know what you mean try harder. I got my mortgage in 2015 and it doesn't seem to have come down that much since i started. Admittedly I've made over payments as was my first property so spent my money on deposit and been trying to build up a bit of savings incase anything happens that i need it. I made a small OP last yer but hasn't done too much but planning on overpaying this year and next as much as i can as my 5 year fixed runs out and hoping for some good rates if i can pay off what i can and hopefully interest rates remain good I have mortgage over 30 years.. seems long way off and I've barely paid anything of the mortgage so far, hoping to be able to knock some off in next couple of years for sure. I have my targets in mind but just remains to be seen if i can meet those targets..

I'm sure the more you can overpay the more it will come down.. like you i'm looking for a lower monthly payment to the point where if mortgage costs me £100 a month, i may then not be too bothered about paying it off early as it would be soo low but be nice to be in that situation

Kev

try_harder

Thank you kev , i think as long as we can stay focused only good will come of all the hard work

I have set out a new plan so this is now the total for end of week 1 with 353 weeks to go till mortgage repayment day

End of week 1 ..353 weeks left
A..All bills paid , food , diesel for both cars
B..Money sent on house and all spending money paid for
C...£187.14 paid off sub account -amount now owing £8562.86
D..Mortgage savings going into savings account £140.85
E..Savings already got £16240.51
Savings total = £16380.52
Very pleased again with this total , feeling very positive again thankfully

Busy_Mee1

That is a terrific amount for your first week Try Harder. It is great to see you so motivated again and if paying off the small repayment mortgage is the thing that keeps you motivated then that is great x

DireEmblem

Hey still reading through your thread - £10 a day sounds a great idea, I used to spend that on work lunches sometimes, just seems ridiculous now I think about how much it adds up to over the year!


Our mortgages are roughly the same - I'm now on 165k remaining with 28 years to go, but would much like that to disappear, not sure if I can manage 10 years though, but doesn't mean not to try!


I've been looking at ways to reduce my cost of living, without impacting lifestyle to much. Recently for example, I've cancelled my landline/broadband, and gone with the three unlimited deal for £24PCM. I dont really use broadband much at home anymore(well except for netflix), and can use my phone to share with the TV when I'm in. That should save me the £58 cable bill, and some power to boot, when I'm not using the virgin TiVo.


Similarly - I try not to withdraw anymore from Quidco. I wait until I need to buy something, and then take the bonus top ups for say Argos or Amazon, much better that way. I look forward to reading the rest of your thread, hopefully gives me some more ideas!

shangaijimmy

It really is a slog this MFW quest isn't it!! I expect we all go through a motivational slump, sometimes it's just that period of the month where we are clinging on till payday, and at other times it may last a few months when we have house or car repairs to pay for!

I have to keep finding small wins along the way as the big goals just seems so far away most of the time. In work i use a phrase lots of times with people when we are starting something new and I think it applies in MFW land as well - "Pick off the low hanging fruit".

Keep slogging.

try_harder

Thank you BM , so far so good .

Hello DireEmblem , the £10 a day really adds up , i try to aim for that every day and often find i can make / find even more , i just have to stay focused and send it straight to the mortgage or savings otherwise it gets eaten up into everyday life

Thats definitely true SJ , its the staying motivated part that is the hardest .I tend to get disheartened if things dont go according to plan and give up but im trying hard to not let things derail me and to stay focused

This week has been good as far as income goes , sadly not every week is this good

End of week 2...352 weeks left
A..Al bills paid ,food ,diesel for both cars
B..Money spent on house and all spending money paid for
C..£165.12 to SA..£8397.74 now owing
D..£400 going into mortgage Savings
E..Savings already got £16,380.52
Savings total = £16,780.52

I am really happy again with my results this week due again to my husbands hard work and the fact we sold an old piece of furniture ,same again next week please

ch4rly2002

Sounds like you're doing well Try Harder and have a great plan that will work for you.It's great to read other people's diaries and get ideas, but the key thing is to find something that works for you, so I'm really pleased for you

themadvix

It sounds like you're back on a roll TH!

try_harder

Thanks ch4rly and themadvix .


End of week 3 ...351 weeks left

A...All bills paid , food and diesel for both cars
B..Money spent on house and all spending money paid for
C..£165.12 paid Sub Account =£8232.62 now owing
D..£236.48 going into mortgage savings
E..Savings already got £16780.52
Savings total = £17017

I have to say seeing that sub account reducing so quickly is really keeping me motivated .

It has been a good week income wise again . Way overspent on the food budget yet again so this week i am going to go back to the old way of dividing by seven and putting each days money in an envelope

The house is coming along well but slowly , it has been the turn of the roof this week . All work is being done with a view to sell in five years time , might just about all be finished by then