Mortgage Free - Long Road

Simon_B_2

Hi,

We are 2.5 years into our 25 year mortgage and after focusing spending on doing our house up we are moving to overpayments as well.

Currently we have overpaid by £3.5k and will continue overpaying at £500 a month until the extension is finished when this may rise. Separately something such as children may put a stop to this if one of us needs to stop work but we take it as it comes . Our initial aim is to reduce the term to 10 years at the end of our first 5 years effectively going from a point where we should be at 20 to 10. This is plausible if we are able to save more than the above I should be able to add an additional £3k per year based on bonuses and overtime but this can fluctuate similarly I want to be a bit more studious with saving and essentially get to the end of the month and clear out any additional cash into the mortgage not that there's always money there either way thought this would be a good way to document.

Currently

Years left on mortgage 21.7 with overpayments to date
If we had not overpaid 22.5

Simon_B_2

So weekend plan

Cancel gym membership (back to running outdoors and purcahsed a weight and bench from gumtree for £50) Gym was £36 a month.

Return to shopping at Aldi rather than online sainsburys we've let this go and weekly shops have crept up, we both work long hours both out of the house by 6am and back around 6.30pm. but do like to cook.

newgirly

Hi Simon, best of luck with the new diary and the overpaying There are so many lovely people on this board to support you along the way, it's not something that many people seem to do nowadays so it's good to be around likeminded people! Try the old style boards for tips on cutting food budgets too, all the best , newgirly.

LadyGnome

Welcome and best of luck. I am a relative newbie on this board, though long time lurker. I find a diary helps me focus and the support and ideas from likeminded people is great.

Busy_Mee1

Hello and Good Luck - just be aware that this can be slightly addictive and you might start to do some MSE things that are you might not want to share with your "normal" friends. Perfectly OK on here though :rotfl::rotfl:

beanielou

Hope all goes to plan for you

Simon_B_2

Thanks all

EatingTheElephant

Welcome and good luck.

Simon_B_2

Thanks lovely people bit of a gumtree clear out session over the weekend and waiting on some money from topcashback. All helps :j

Simon_B_2

Another busy month and another overpayment of £500 added and £50 from topcashback on top all helps. Need to start planning the garage demolition and rebuild last 'big' job of the year.