And so it begins: The Pig Vs The Mortgage

edited 22 July 2017 at 5:22PM in Mortgage-Free Wannabe
1.5K replies 142.4K views
pinkypigpinkypig Forumite
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edited 22 July 2017 at 5:22PM in Mortgage-Free Wannabe
Hi everyone, after literally years of lurking I'd very much like to join you if I may? Having been truly inspired by the commitment and achievements of Secret Saving Squirrel,Tilly and Museumworker I'm finally convinced that the best way of remaining motivated and on task is to keep a diary. I'm hoping that regular reporting will lead to increased levels of accountability and reduced levels of excuse making:o
To provide a little background there's me and two piglets. I work fulltime in a job that I enjoy but which is becoming increasingly demanding in terms of time and energy. Consequently,I want to achieve financial freedom within 7 years. I aim to do this through a combination of increased voluntary pension contributions and overpayments on my mortgage.
I find discussing these things in RL a little uncomfortable as most of my peers don't really get where I'm coming from. The perception seems to be that to live thriftily is to endure a miserable existence and living a full life involves endless spendy hobbies and events. I know the folks on here are kindred spirits so I'm hoping for a place to celebrate success and to off load anxieties as I embark on my slightly scary but rather liberating journey to freedom :)
Original mortgage £112,000 . Final payment due August 2027.
Mortgage neutral achieved August 2020 - 7 years early!!!
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Replies

  • pinkypigpinkypig Forumite
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    Hi :)

    My first task is to collate a detailed and accurate SOA which I'm rather looking forward to (sad I know!). From there I will progress to realistic but challenging targets for extra pension contributions and overpayments. Wish me luck, I may be a while :o

    PP x
    Original mortgage £112,000 . Final payment due August 2027.
    Mortgage neutral achieved August 2020 - 7 years early!!!
  • bexster1975bexster1975 Forumite
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    Happy shiny new thread! Hello. :j

    You will be in very good company here pinky.

    I agree about RL. Lots of people don't see the point. I think it's possible to strike a balance. I look forward to following your journey.

    Good luck with the SOA

    Bexster :)
  • KittenkirstKittenkirst Forumite
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    Hi Pinky!! :wave:

    Looking forward to reading your progress & cheering you on :D
    First 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!!!!!!
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Following your journey (and hoping to encourage you)
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • DeterminedSingleMummyDeterminedSingleMummy Forumite
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    Hi :) I've given up talking to my RL friends about being mortgage free too. These guys on this forum are much more supportive :) will be reading :)
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • EatingTheElephantEatingTheElephant Forumite
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    Welcome pinkypig, I have to admit I was sceptical that keeping a diary would help, but now I have to agree that it definitely helps. The support from fellow MFW's is truly wonderful.
  • museumworkermuseumworker Forumite
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    Hello pinkypig, and thanks for the name check, although Tilly and SSS are very much mortgage free, unlike me, so much better role models :rotfl:!

    Well done for coming out of lurkdom, it is amazing how much a diary can focus you and make a difference to your finances.

    Look forward to cheering you on. We're also looking at increasing pension contributions as well as overpaying the mortgage, a heady combination I still need to get my head around!

    The burning question though - how big is your mortgage?
    Mortgage [STRIKE]16/03/2011: £190K 01/01/2017: £107,729.65 [/STRIKE] 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    My diary is becoming my accountability, I think 'what would diary world say about this purchase?' - not that the members of diary world would judge me, everyone is too lovely and supportive for that. But the mythical diary world aura would judge me severely.

    I also think by taking hold of our finances we are setting a good example to our offspring. I don't believe we should burden our children with worry associated with finances, but I do believe we have a resnsibility to model good habits and to teach children the value of money.
    I learnt such good habits from my parents (interestingly I didn't get pocket money until I was 16 and going to college) and, apart from one little slip up I've always managed my finances really well.
    (I hope that sounds encouraging to you and not preachy or patronising)

    Wish
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • MissLemonMissLemon Forumite
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    Hello! I'm looking forward to following your journey!
    MFW #121. Mortgage at June 2017 £96,491.71. 7 September 2021 £37,380

    Original MF Date January 2035. Target MF Date January 2022
  • greentgreent Forumite
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    Diaries are not only a good place for self-accountability, but they act as a brilliant record of your progress - sometimes acknowledging what you've achieved is a great re-motivator if you're not feeling it at that particular time :)
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2021 £426.84/ £500 Decluttering 2021: 1100/1250
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