FinancialBliss: My mortgage free journey…

SuiDreams

Hi, I've just started with this Mortgage payment is approx 15% of Income, savings from next month should hopefully be 30%, and about 50% for bills and other expenses.

gallygirl

I'm only paying 22.2% , but I have got 2 [STRIKE]leeches[/STRIKE] kids at uni :eek: :eek: . But I am managing to pay more than that, plus OH matches me (only a PT OH, long story , so separate money :T )

gillybean73

Ooh another good question. It was 41.2% of all income including ctc and cb(we have 4 kids), this is for our usual repayment. Our overpayment is miniscule atm and doesn't really alter the percentage much.

The only way we can overpay is to up our income. My plan is all money I earn when I start working pt in Sept will go on overpayments. As we have lived the last 14 years on a single income that shouldn't be too hard.

Gilly

financialbliss

Been tidying (or is that just shuffling?) the computer desk this evening. Discovered 3 pens and a USB cable. Also put a few bills / receipts into Microsoft Money. Got the “Examine your increase in spending” message again…:rotfl:

Probably going to leave the car insurance until the weekend now.

Thanks for contributing the mortgage / net income numbers - please keep them coming in...

Thanks,
FB.

JonnyBravo

Hi FB,

like tootallulah I'll post some details just cos yours is one of the more interesting diaries I read!

Well I've just worked out we pay 49.6% of our monthly income against our mortgage.

Of course there are several things one should consider when looking at such a percentage.
The main consideration seems fairly obvious to me. The larger the sum that the figure is based on the easier it is to pay a high percentage, assuming fairly equivalent comparisons on other things.
eg Our total mortgage payment (inc overpayment) is more than your total budget. We too are a family, (seem to think you're a family of 4 too?) so we have probably similar basic needs. ie amount of food, gas, electricity petrol etc etc. This of course needs to be paid and so your mortgage OP can only be made out of whats left.

Just looking at your figures you seem to be doing well to keep your overpayments up at this time and of course youre right theres no point just robbing your savings to make the OP for 5 years.

Well I'm not really adding anything to your knowledge other than to reaffirm - yes keep your goal, yes reduce your payments for now, but re-assess when things change. None of us know where rates are going to go for certain or what pay rise we might have next year.
Hell, these goals we set ourselves are pointless if they're not stretching. (I am in sales after all)

Best of luck and keep it up!

posh*spice

Hi

I'm a new lurker too.:D About 30% off our income (that'll be mine & David's;)) - including the current overpayments - goes on paying off the mortgage.:D

jfox22

hey FB,
thanks again for your great posts,
33% of my salary after tax goes towards paying the mortgage. I have just this month made my first ever over payment after reading this thread. £500 i transferred and if im honest, the feeling was great! Granted i may not be able to do this every month, but £500 in now, will be almost £500 saved in interest over a 25 year fixed rate mortgage.
I feel as though not enough people know the benefits of over payment. Probably in the banks best interest though.

turbo

About 50%. We overpay by £1000 per month and are hoping to be mortgage free in less than three years.

Turbo

Little_Mama

30% of net income goes on 'normal' repayments, this rises to 45% when we include our minimum allowed overpayment. :eek:

Ooh, scary, think I need a medicinal glass of wine after working that out.

LM

Lunar_Eclipse

Hi FB,

19% to make the monthly (interest only) payment and 49% of net income with the overpayment that we started in March after 'doing the budget' and joining this site.

ETA: I can't believe we're only on our third month of 'the budget'. It feels like eternity!