Every Pounds A Prisoner.

loopy53

Hi everyone,

I thought it would be a good idea if I started a thread to make myself accountable for my mortgage free journey.

A bit about me. I'm a married mum of one 11 yr old boy living on the outskirts of London on the Essex border. We bought our house ten years ago and have £335,000 left on the mortgage. For various,rather regretful, reasons we have always been interest only and have never paid off a penny ..Gulp

We also have £35,000 in loans which have been used to fund the startup costs of the three businesses I'm in the process of setting up �� I don't do things by halves.

For various reasons we,ve also got a small buy to let flat which just about pays for itself and has £210,000 left on the mortgage. So technically we're in £580,000 of debt but on a positive note we are hoping to sell the flat in April next year ( when the fixed rate runs out) at about £310,000 leaving us with approx £270,000 of debt give or take fees. As crazy as it might seem I'm planning to be mortgage free by April 2020... giving us three years to pay off £270,000. Can I do it? I reckon I can ��

Jessy103

Wow you definitely don't do things by half! I wish you the best of luck with your journey! If you are looking at reducing your monthly outgoings the lovely people on this forum have great tips and I found posting a statement of affairs helped so that people could look at where I could be reducing my monthly bills. X

loopy53

Ah yes, that's a really good idea. Although the truth of my spendypants ways might sting a bit, it definitely needs to be done. I'll get a SOA together and post it shortly 🙈

Jelllibeanz

Welcome to the board and good luck with your journey. I agree with Jessy a SOA may help you locate some areas where you could make changes. It definitely helped me. Look forward to hearing more with interest x