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Journey to a mortgage free future

edited 24 April 2018 at 8:30AM in Mortgage-Free Wannabe
97 replies 67.1K views
labradorlovelabradorlove Forumite
65 posts
Third Anniversary
edited 24 April 2018 at 8:30AM in Mortgage-Free Wannabe
After almost a year of reading peoples mortgage free diaries, I've finally decided to start my own! I'm not very good at sticking to things, especially diaries! but hopefully by starting this thread it will keep me on track of my own mortgage free journey :j

Me and my fiance bought our first home together on the 2nd June 2017! :happyhear It's just me, him and our furry child at the moment, who is laid at my feet while I post (the dog not my DF) :rotfl:

We put down a £13,500 deposit on a £135,000 3 bed semi-detached house, not a lot of money, but we worked very hard and it got us on the property ladder with a good interest rate.

Mortgage taken out £121,500 at 2.21% (fixed for 2 years) with Santander with a term of 27 years and 3 months

I'd never considered over paying before my plan was to get on to the property ladder and that's that. But then while house hunting and reading all these diaries and journeys it just made sense to put our disposable income to some good use!! We don't drink a lot, neither of us smoke, neither of us have any debts apart from the mortgage we now have together, we love to save and there are no children on the scene yet! So what better time to start cutting that mortgage down?!

I wanted to start overpaying straight away but they aren't lying when they say the first 6 months are the most expensive!

So we managed to make our first over payment last month of £200, I was so excited ringing them up I couldn't wait for payday, :j such a good feeling knowing you're one step closer to paying it off, even if it's one out of a thousand steps!

£200 is the monthly target I am setting myself for this year, so anything I manage over is a bonus :) So far this month £100/£200 has been paid. Waiting for DF payday to pay his half :beer: team work makes the dream work and all that.

Looking forward to sharing my journey, and hearing about everyone elses :)

Going now to get a nice early night before work and the gym tomorrow!

Labradorlove x
Mortgage left: £108,378.74
Savings: £5,000/£2,276
OP Total 2019: £1,900
OP Target 2020: £2,400/£1,400
Emergency fund: £1,000/£849.79

Christmas pot: £660/£380
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Replies

  • beanieloubeanielou Forumite
    72.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "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.***
  • KittenkirstKittenkirst Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Hey Labradorlove
    Welcome to the boards with your shiny diary!

    Well done with the first two overpayments- it quickly gets addictive :D

    We have just organised our new fixed term deal and the overpayments have helped us get into a better loan to value range & get a better interest rate so the overpayments help save even more :)

    Looking forward to cheering you along!
    2020 Overpayments: £300.25 / £520 58%. £10 a week overpayment challenge!

    Mort- Oct16 £170.995 (end Nov 2041) Apr20 £141,644.76

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500 2019 £2858
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
  • BlibbleBlibble Forumite
    499 posts
    Best of luck! You're in a similar situation to us, except we've got the 2 of us and a fluffcat. We found the first year was the most expensive, buying furniture & putting our mark on the house, so don't feel too bad if you can't OP straightaway as it'll come :).
    Wedding fund - £2199.82 (£4113.17)
    OP fund - £1971.13 (£111.53)
    Emergency fund - £400.00
  • Blibble wrote: »
    Best of luck! You're in a similar situation to us, except we've got the 2 of us and a fluffcat. We found the first year was the most expensive, buying furniture & putting our mark on the house, so don't feel too bad if you can't OP straightaway as it'll come :).


    Thank you Blibble! Similar ages too, I'm 22 this year and I don't feel like your typical 21 y/o when I'm counting down the days to payday so I can overpay my mortgage :rotfl:

    I've just had a read of your thread and you're doing so well with your overpayments! I haven't looked into these cash back surveys that everyone seems to doing though I will put it on my to do list if it'll help with my OPs. :j


    Congratulations on the promotion, and good luck with saving for your wedding too, exciting times ahead! :T
    Mortgage left: £108,378.74
    Savings: £5,000/£2,276
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,400
    Emergency fund: £1,000/£849.79

    Christmas pot: £660/£380
  • LadyGnomeLadyGnome Forumite
    545 posts
    Fifth Anniversary 500 Posts Combo Breaker
    ✭✭
    Welcome and very best of luck in your MF journey
    Mortgage
    Start Nov 2012 £310,000
    June 2020 £199,260.72
    Reduction £110,739.28

    End Sept 2034 (but I have a cunning plan...)
  • VDOT47VDOT47 Forumite
    277 posts
    £131,500 for a 3 bed semi, blimey!! You are right to take advantage of having such a small mortgage and with your planned overpayments I'm sure you'll have that paid off, or a larger deposit for if you ever want to move, soon enough!


    Good luck and welcome!
    Original Mortgage (Feb '17) £269,995
    Current Mortgage (End 11/19) £226,790
    End Date November 2039 Original End Date February 2042
  • Hey Labradorlove
    Welcome to the boards with your shiny diary!

    Well done with the first two overpayments- it quickly gets addictive :D

    We have just organised our new fixed term deal and the overpayments have helped us get into a better loan to value range & get a better interest rate so the overpayments help save even more :)

    Looking forward to cheering you along!

    Thank you :)

    It really is addictive! Although it doesn't feel like I'm contributing a lot so after 6 months I'll reflect on the total and hopefully it will give me that bit more motivation.

    Well done :T, it makes it all worthwhile! I hope that's the case for us too when we go back after the 2 year deal ends, so long as I can stick it out. :eek:
    Mortgage left: £108,378.74
    Savings: £5,000/£2,276
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,400
    Emergency fund: £1,000/£849.79

    Christmas pot: £660/£380
  • KittenkirstKittenkirst Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    YOu can stick to this, keep posting on here regularly and it soon becomes habit. Even when money is tight I overpay small amounts (Tilly tidies) of a few pence etc as it helps to feel like Im still heading in the right direction!
    2020 Overpayments: £300.25 / £520 58%. £10 a week overpayment challenge!

    Mort- Oct16 £170.995 (end Nov 2041) Apr20 £141,644.76

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500 2019 £2858
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
  • VDOT47 wrote: »
    £131,500 for a 3 bed semi, blimey!! You are right to take advantage of having such a small mortgage and with your planned overpayments I'm sure you'll have that paid off, or a larger deposit for if you ever want to move, soon enough!


    Good luck and welcome!

    Thank you VDOT :) Can't wait to cut that term down and Be MF, but the road seems like a long one at the moment.

    The house is new-ish too, but we're second purchasers and didn't have to pay the premiums that come with new builds so we do feel lucky! Which also means we're still in the 10 year structural warranty period should the ceilings fall through or the wind blow it over :j (touch wood)
    Mortgage left: £108,378.74
    Savings: £5,000/£2,276
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,400
    Emergency fund: £1,000/£849.79

    Christmas pot: £660/£380
  • therocket_2therocket_2 Forumite
    57 posts
    Second Anniversary
    Hi,

    Just subscribed, looking forward to reading how you get on. You are lightyears ahead of me when I was 21! The only thing I thought of on payday aged 21 years old, was when my mates finished work to go to the pub together!
    MFW - diary has finally arrived!
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