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Planning ahead for freedom

Planning_ahead
Posts: 92 Forumite
Hi
Time to get serious and pay off my mortgage. I have until June 2030 to pay off the remaining 30K. My plan is to overpay in the next 3-5 years and as I have a offset mortgage there are no limits to over payments.
I intend is to use overtime / pay increases / cut backs in spending towards the over payment.
In the next two years I hope to reach the position of having enough saved up to cover the remaining mortgage.
This diary will keep me motivated and track where I am up to.
I will complete a SOA over the next few days to see where the best areas for savings are.
:):)
Time to get serious and pay off my mortgage. I have until June 2030 to pay off the remaining 30K. My plan is to overpay in the next 3-5 years and as I have a offset mortgage there are no limits to over payments.
I intend is to use overtime / pay increases / cut backs in spending towards the over payment.
In the next two years I hope to reach the position of having enough saved up to cover the remaining mortgage.
This diary will keep me motivated and track where I am up to.
I will complete a SOA over the next few days to see where the best areas for savings are.

:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 2023
Retirement date planned May 2023
0
Comments
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Welcome onboard the mortgage free wannabe trainFirst home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!0 -
Where can I find a SOA template? Seen loads while lurking but can't find one now.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
I am looking to find ways to maximise over payment of mortgage. At the moment using all overtime to over pay. Thanks
Household Information[/b]
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 327
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 54
Gas..................................... 40
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 12
Satellite/Cable TV...................... 66
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 10
Petrol/diesel........................... 20
Road tax................................ 30
Car Insurance........................... 35
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 34
Pet insurance/vet bills................. 10
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 60
Holiday................................. 170
Emergency fund.......................... 0
Isa..................................... 100
savings................................. 300
Misc.................................... 300
Professional fees....................... 10
Total monthly expenses.................. 2576
Assets
Cash.................................... 16000
House value (Gross)..................... 150000
Shares and bonds........................ 3000
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 174000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 30000....(327)......3.9
Total secured & HP debts...... 30000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Sainsbury......................7000......370.......0
Sofa...........................1000......47........0
Total unsecured debts..........8000......417.......-
Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 2,576
Available for debt repayments........... 124
Monthly UNsecured debt repayments....... 417
Amount short for making debt repayments. -293
Personal Balance Sheet Summary
Total assets (things you own)........... 174,000
Total HP & Secured debt................. -30,000
Total Unsecured debt.................... -8,000
Net Assets.............................. 136,000
The other three adults are studying at uni and living at home.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
What are your ideas on using savings to pay down mortgage?
I am thinking of using my savings to pay the mortgage down next year, but worry that I will have no backup.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
Decided to keep the savings and not pay towards mortgage. This ensures I have an emergency fund if anything happens with work etc.
Checking my credit card statement found a payment to Curry's which was not authorised. The credit card was well aware of this scam where they put on insurance cover when declined at the till. I have stopped it now and am waiting for a refund of the money already taken. looking on line this is a common occurrence.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
:hello: and welcome aboard
You have a similar mortgage amount and time goal as I have. Shame I don't have your salary, but then again I don't have 4 adults living in the house :eek:
I noted that 3 adults are students, this may mean, if you haven't already - get a reduction on council tax.
Mobile phone - is this for 4 !!!
House contents insurance - seems high
Groceries - biggest culprit :eek: savings can be made here, i'm sure
Good LuckAlways have 00.00 at the end of your mortgage and one day it will all be 0's :dance:MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_Now a Part Timer from 27.10.190 -
Planning_ahead wrote: »Decided to keep the savings and not pay towards mortgage. This ensures I have an emergency fund if anything happens with work etc.
Checking my credit card statement found a payment to Curry's which was not authorised. The credit card was well aware of this scam where they put on insurance cover when declined at the till. I have stopped it now and am waiting for a refund of the money already taken. looking on line this is a common occurrence.
That's the good thing about this process, you are far more aware of your bank statement and when its not right...
TBH my savings are very low... but 1 month to go..
I have 3 teens... 14,15, 17 .... its a challenge..
Welcome to MFW and good luck on your journey xxMorgage till Nov 30 GOAL MFW Sept 2016Aug 11 - £100k Aug 2016.... It's GONE!!!!!
2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
"A goal without a plan is just a wish"0 -
Hi Thanks for your comments
I will double check house contents insurance
i pay for all phones (part of birthday presents) this should go down once they all leave uni and get full time employment.
Food is a challenge as it includes lunches for all of us. Don't want them to get into habit of eating out at lunch. Trying to shop once a week, but it keeps getting eaten lol.
Need to set up a fund for house repairs little jobs starting to build up.
Yes I get discount for council tax.
HKD - you have nearly made it bet you are excited weeks to go
x:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
I have checked my house insurance it is £10 not £100.
Due for a pay rise this month this will go towards mortgage payments.
Not managed an over payment this month as under taking essential house repairs - shower screen / toilet seat / leaking pipe / broken door lock.it's a shame to have no over payment,but sorting out household niggles is as satisfying.
August brings plans to eat down the stock pile and decorate two bedrooms. This gives me chance to have a good declutter both kitchen and bedrooms, plenty of tip runs.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230 -
September brings a small over payment on my mortgage. The bedrooms are all decorated and have new furniture.
I have reduced the stockpile in the kitchen and can see what I have now.
The declutter took many tip runs alongside donations to charity shop or giving away items for others to use. Also led to daughter number 1 stating she had too much stuff, the irony was not lost when she went to get a parcel of the postman two minutes later!!!
Every one goes bad to uni in the next week or so so need to get back into routines.
Planning low spend September/ October to boost mortgage over payments.:j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
Retirement date planned May 20230
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