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The Journey Begins...

edited 17 August 2017 at 2:08PM in Mortgage-Free Wannabe
76 replies 6.5K views
Thriftmaster1973Thriftmaster1973 Forumite
72 posts
Third Anniversary 10 Posts Combo Breaker
edited 17 August 2017 at 2:08PM in Mortgage-Free Wannabe
Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage.

I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play....

£52,365 owing, house valued at £150.000.
9 years remaining (on 2.54% fixed for another 3 years)
10% of 64,000 can be overpaid without penalties.

There are no other debts, only this mortgage.

I am going to be aiming for £333 overpayment every 4 weeks (13 times a year) and add more overpayment as the mortgage decreases.

House runs on a ultra low cost operating model (implemented by me).

All variable outgoings (apart from shopping)are monitored weekly. Milage, mpg, actual fuel spend, water usage, gas, electric are all monitored so I can try to become even more efficient.

I know I sound a skinflint and I know it's not trendy running a house like a business but I need to have a journey to financial freedom.

SOA

£1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
So could call take home pay £1950 on a monthly basis.


552.90 mortgage
96.00 council tax (10 month, other 2 month's pay for car tax)
70.00 gas & electric
70.00 car fuel
15.30 broadband and landline
10.00 mobile
120.00 food
175.00 maintainance payment
12.12 TV licence
20.00 car insurance
20.00 building contents insurance
19.61 life insurance
39.99 gym / swimming
32.86 redundancy / sickness cover
13.00 union membership
10.00 mot
25.00 water
26.43 boiler insurance.

£1328.21 outgoings per month.

£472 left over (4 weekly)
£52,365 owing December 2017.
Now for the final countdown...
1st Jan 2021 - £29,316
1st Feb 2021 - £28,809
1st Mar 2021 -£27,309
1st Apr 2021 -£26,811
1st May 2021 - £26,315
1st Jun 2021 - £?????
1st Jul 2021 - £?????
1st Aug 2021 - £?????
1st Sep 2021 - £?????
1st Oct 2021 - £?????
1st Nov 2021 - £?????
1st Dec 2021 - £?????
1st Jan 2022 - £?????
1st Feb 2022 - £?????
1st Mar 2022 -£?????
1st Apr 2022 -£?????
1st May 2022 - £?????
1st Jun 2022 - £?????
1st Jul 2022 - £?????
1st Aug 2022 - £?????
1st Sep 2022 - £?????
1st Oct 2022 - £?????
1st Nov 2022 - £?????
1st Dec 2022 - £?????

Hopefully at zero mortgage debt or very close to it.
Determined for freedom 🍻🥂🍸🍹.
«1345678

Replies

  • I will be publishing an incoming/outgoing list shortly.

    You will see that there is no choice for me but to run on a ultra tight budget.
    £52,365 owing December 2017.
    Now for the final countdown...
    1st Jan 2021 - £29,316
    1st Feb 2021 - £28,809
    1st Mar 2021 -£27,309
    1st Apr 2021 -£26,811
    1st May 2021 - £26,315
    1st Jun 2021 - £?????
    1st Jul 2021 - £?????
    1st Aug 2021 - £?????
    1st Sep 2021 - £?????
    1st Oct 2021 - £?????
    1st Nov 2021 - £?????
    1st Dec 2021 - £?????
    1st Jan 2022 - £?????
    1st Feb 2022 - £?????
    1st Mar 2022 -£?????
    1st Apr 2022 -£?????
    1st May 2022 - £?????
    1st Jun 2022 - £?????
    1st Jul 2022 - £?????
    1st Aug 2022 - £?????
    1st Sep 2022 - £?????
    1st Oct 2022 - £?????
    1st Nov 2022 - £?????
    1st Dec 2022 - £?????

    Hopefully at zero mortgage debt or very close to it.
    Determined for freedom 🍻🥂🍸🍹.
  • louloubelle79louloubelle79 Forumite
    411 posts
    100 Posts
    ✭✭
    All the best for your journey! I'm also hoping to be MF at age 48 fingers crossed ;);)
  • tori.ktori.k Forumite
    3.6K posts
    ✭✭✭✭
    Sounds intriguing :) best wishes look forward to reading your progress.
  • jimi_manjimi_man Forumite
    548 posts
    Ninth Anniversary 500 Posts Name Dropper
    ✭✭
    You are 43, what's your pension and savings situation?
  • In a company pensions scheme. Got £2000 savings as a buffer.
    £52,365 owing December 2017.
    Now for the final countdown...
    1st Jan 2021 - £29,316
    1st Feb 2021 - £28,809
    1st Mar 2021 -£27,309
    1st Apr 2021 -£26,811
    1st May 2021 - £26,315
    1st Jun 2021 - £?????
    1st Jul 2021 - £?????
    1st Aug 2021 - £?????
    1st Sep 2021 - £?????
    1st Oct 2021 - £?????
    1st Nov 2021 - £?????
    1st Dec 2021 - £?????
    1st Jan 2022 - £?????
    1st Feb 2022 - £?????
    1st Mar 2022 -£?????
    1st Apr 2022 -£?????
    1st May 2022 - £?????
    1st Jun 2022 - £?????
    1st Jul 2022 - £?????
    1st Aug 2022 - £?????
    1st Sep 2022 - £?????
    1st Oct 2022 - £?????
    1st Nov 2022 - £?????
    1st Dec 2022 - £?????

    Hopefully at zero mortgage debt or very close to it.
    Determined for freedom 🍻🥂🍸🍹.
  • Right here goes...

    £1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
    So could call take home pay £1950 on a monthly basis.

    552.90 mortgage
    96.00 council tax (10 month, other 2 month's pay for car tax)
    70.00 gas & electric
    70.00 car fuel
    15.30 broadband and landline
    10.00 mobile
    120.00 food
    175.00 maintainance payment
    12.12 TV licence
    20.00 car insurance
    20.00 building contents insurance
    19.61 life insurance
    39.99 gym / swimming
    32.86 redundancy / sickness cover
    13.00 union membership
    10.00 mot
    25.00 water
    26.43 boiler insurance.

    I'm sure this could be trimmed a bit.
    £52,365 owing December 2017.
    Now for the final countdown...
    1st Jan 2021 - £29,316
    1st Feb 2021 - £28,809
    1st Mar 2021 -£27,309
    1st Apr 2021 -£26,811
    1st May 2021 - £26,315
    1st Jun 2021 - £?????
    1st Jul 2021 - £?????
    1st Aug 2021 - £?????
    1st Sep 2021 - £?????
    1st Oct 2021 - £?????
    1st Nov 2021 - £?????
    1st Dec 2021 - £?????
    1st Jan 2022 - £?????
    1st Feb 2022 - £?????
    1st Mar 2022 -£?????
    1st Apr 2022 -£?????
    1st May 2022 - £?????
    1st Jun 2022 - £?????
    1st Jul 2022 - £?????
    1st Aug 2022 - £?????
    1st Sep 2022 - £?????
    1st Oct 2022 - £?????
    1st Nov 2022 - £?????
    1st Dec 2022 - £?????

    Hopefully at zero mortgage debt or very close to it.
    Determined for freedom 🍻🥂🍸🍹.
  • :wave: Welcome!

    I will be following your journey with interest - you seem very committed to reach your goal and half of the battle is focus. Go for it!!
    H2B ISA - £2,623.96
    SAVINGS - £19,507.45
  • Sorry, forgot to put total...

    £1328.21 outgoings per month.

    £1800.00 incoming (4 weekly)

    £472 left over (4 weekly)

    Do you all think the £333.00 overpayment plan is doable?
    £52,365 owing December 2017.
    Now for the final countdown...
    1st Jan 2021 - £29,316
    1st Feb 2021 - £28,809
    1st Mar 2021 -£27,309
    1st Apr 2021 -£26,811
    1st May 2021 - £26,315
    1st Jun 2021 - £?????
    1st Jul 2021 - £?????
    1st Aug 2021 - £?????
    1st Sep 2021 - £?????
    1st Oct 2021 - £?????
    1st Nov 2021 - £?????
    1st Dec 2021 - £?????
    1st Jan 2022 - £?????
    1st Feb 2022 - £?????
    1st Mar 2022 -£?????
    1st Apr 2022 -£?????
    1st May 2022 - £?????
    1st Jun 2022 - £?????
    1st Jul 2022 - £?????
    1st Aug 2022 - £?????
    1st Sep 2022 - £?????
    1st Oct 2022 - £?????
    1st Nov 2022 - £?????
    1st Dec 2022 - £?????

    Hopefully at zero mortgage debt or very close to it.
    Determined for freedom 🍻🥂🍸🍹.
  • beanieloubeanielou Forumite
    75.7K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Happy shiny new diary :)
    Hope your journey goes well.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • I will be getting paid on Tuesday and will be keeping a diary of every penny spent. Might bring some surprises seeing where these bits of money are disappearing.
    £52,365 owing December 2017.
    Now for the final countdown...
    1st Jan 2021 - £29,316
    1st Feb 2021 - £28,809
    1st Mar 2021 -£27,309
    1st Apr 2021 -£26,811
    1st May 2021 - £26,315
    1st Jun 2021 - £?????
    1st Jul 2021 - £?????
    1st Aug 2021 - £?????
    1st Sep 2021 - £?????
    1st Oct 2021 - £?????
    1st Nov 2021 - £?????
    1st Dec 2021 - £?????
    1st Jan 2022 - £?????
    1st Feb 2022 - £?????
    1st Mar 2022 -£?????
    1st Apr 2022 -£?????
    1st May 2022 - £?????
    1st Jun 2022 - £?????
    1st Jul 2022 - £?????
    1st Aug 2022 - £?????
    1st Sep 2022 - £?????
    1st Oct 2022 - £?????
    1st Nov 2022 - £?????
    1st Dec 2022 - £?????

    Hopefully at zero mortgage debt or very close to it.
    Determined for freedom 🍻🥂🍸🍹.
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