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Journey to a mortgage free future

edited 24 April 2018 at 8:30AM in Mortgage-Free Wannabe
95 replies 66K views
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  • TheRocket wrote: »
    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!

    Thank you, I also look forward to that too, can't beat some good pub grub :beer:

    I'll be keeping my eye out for your own MFW journey so we can cheer each other on:)
    Mortgage left: £110,341.77
    Savings: £5,000/£1,900
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,000
    Emergency fund: £1,000/£779.85

    Christmas pot: £660/£240
  • Had a lovely weekend visiting family at the seaside with DF! Took nan out for a meal, walked the dog on the beach, then came home Sunday and ate out, can't beat a good Sunday roast :)

    Total spends for the weekend - £40
    Weekly spending budget -£50

    I set myself a £50 spending budget for the week where I can spend it how I like. It does seem like a lot but as much as I want to overpay, I also want to be able to treat myself because there's no point saving for a better life and forgetting to live it in the meantime :T

    Whatever I manage to save from my weekly budgets, I will put to one side for when I make my monthly O/P on payday (16th every month)

    So far £10 saved! With 2 more weeks to go until payday. Hoping to save £30 from this weeks, got a family members 40th to go to this weekend, so will budget £20 for this. DF is only having the one drink as he will be driving and I'm not a big drinker so we'll go for a couple of hours to see everyone and hopefully stick to the £20 budget.

    Going to try and refrain from online shopping, we need a bedroom lamp as I can't read before bed without keeping DF awake!! Will wait to see if the council tax comes out this month, I can't remember if we pay over 10 months or 12, hopefully 10 so I can use money from the joint account to get my lamp. And maybe kitchen blinds I've been waiting for too.

    So goals for this week

    Save £30 from weekly budget
    Stay. Off. Shopping. Websites.
    Cook a Sunday dinner instead of going out for one
    Mortgage left: £110,341.77
    Savings: £5,000/£1,900
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,000
    Emergency fund: £1,000/£779.85

    Christmas pot: £660/£240
  • edited 27 February 2018 at 2:45PM
    getmore4lessgetmore4less Forumite
    39.5K posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ✭✭✭✭✭
    edited 27 February 2018 at 2:45PM
    some numbers to give a targets for the 2 year renewal.

    £135,000, £121,500 90% LTV 327months 2.21% is £495pm
    in 2 years you will owe £114,850 85% LTV.

    santander have lower rates at 85%
    If you overpay
    £100pm £112,400 83.25%
    £200pm £109,948 81.44%

    If we add on a little price rise say 2% you will hit 80% LTV

    something to aim for and if prices go up a bit more maybe 75% will be a new target
  • good luck with you journey :) me and my partner are putting a plan in place to make over payments as we bought last march and are similar ages to yourself. I look forward to reading :)
  • labradorlovelabradorlove Forumite
    65 posts
    Second Anniversary
    Thank you, and good luck with your over payments! :j
    Mortgage left: £110,341.77
    Savings: £5,000/£1,900
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,000
    Emergency fund: £1,000/£779.85

    Christmas pot: £660/£240
  • labradorlovelabradorlove Forumite
    65 posts
    Second Anniversary
    Ahhh I'm already slacking!


    5 weeks it has taken me to come back, I think it's because I feel bad about all the spending I've been doing


    The £300 car savings is now gone, we felt guilty about leaving the dog for our 2 weeks holiday at the end of this month, so we booked a UK holiday for this Autumn so we can take him with us. But I'm in no rush for a car so I'm not too bothered, I will just start saving again now that the mini break is paid for.


    Also I didn't overpay in March as I needed new holiday clothes which went a bit wild, I budgeted £50 a month for this over 3 months but over all I've spent around £300-£350. I have no self control when it comes to online shopping I did use 10%-30% discount codes and student discount, plus free delivery by signing up to various newsletters so I did kind of save. :)
    I do feel a bit bad not sticking to over paying and I do feel a little disappointed in myself. But now I'm all shopped out I can start fresh on payday next week, and overpay on the day so there's no temptation.


    Food shopping budget is going very well. £60 each a month me and my partner contribute in the shared 'Shopping Purse' and we always have a couple of pounds leftover which is sometimes used to buy the odd scratch card (got to be in it to win it). Buying meat in bulk from the local butchers and tubbing leftover meals for work pack ups works for us both as there's almost always leftovers from our meals.


    Anyway, sticking to the £200 a month O/P target from Monday....


    Mustn't be distracted by clothes and I've forbidden myself from holiday shopping until the end of the year
    Mortgage left: £110,341.77
    Savings: £5,000/£1,900
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,000
    Emergency fund: £1,000/£779.85

    Christmas pot: £660/£240
  • labradorlovelabradorlove Forumite
    65 posts
    Second Anniversary
    Oooo and EON got in touch, energy bills will be reduced from £62pm to £42 as of June and we're due a refund of around £150-£200


    Will keep that sat in the joint account though as it comes in handy in emergencies


    Also taken out joint life insurance for £22 a month so the money saved from the energy bill will just about cover this :)
    Mortgage left: £110,341.77
    Savings: £5,000/£1,900
    OP Total 2019: £1,900
    OP Target 2020: £2,400/£1,000
    Emergency fund: £1,000/£779.85

    Christmas pot: £660/£240
  • E.ON_Company_Representative:_MalcE.ON_Company_Representative:_Malc Organisation Representatives - Private Messages may not be monitored
    6.6K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Oooo and EON got in touch, energy bills will be reduced from £62pm to £42 as of June and we're due a refund of around £150-£200


    Will keep that sat in the joint account though as it comes in handy in emergencies


    Also taken out joint life insurance for £22 a month so the money saved from the energy bill will just about cover this :)

    Morning labradorlove and glad we were able to give you a bit of good news. Sounds like the payment arrangement is coming up for its annual review.

    Not sure if you know but you can take more control over this arrangement through the Direct Debit Manager on our website? Provided you've registered with our website, you can use this tool to change the monthly payments to better suit different circumstances. If the account is billed up to the latest meter readings, payments can be changed by up to 20 per cent up or down. By up to 5 per cent up or down without readings. Before confirming the new amount, we'll let you know by how much we think the account will be in credit/debit by the annual review if the payments are changed but usage doesn't alter as expected. There's more about this tool on our website.

    Hope this is of interest labradorlove and good luck with the saving.

    Malc
    Official Company Representative
    I am an official company representative of E.ON. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to [email protected] This does NOT imply any form of approval of my company or its products by MSE"
  • dcfc67dcfc67 Forumite
    147 posts
    100 Posts Second Anniversary
    Why stick with Eon. MSE are promoting a collective have a look at that it may be cheaper. I've always stayed away from the big 6 standard/fixed tariffs. Currently on a special collective deal through my trade union until July.

    Have a look at the matched betting thread on MSE. By following very strict rules you can easily earn £2-£3000 with a few hours work each week.

    Best of luck in your quest to be mortgage free
  • GoingOn30GoingOn30 Forumite
    165 posts
    100 Posts Second Anniversary
    £350 on clothes for a holiday??! That would be my total spend on clothes for an entire year!
    Maybe you can sell some older clothes on ebay/fb to help recoup your losses?
    Keep up the saving, it will be so worth it in the end. Are you saving for a wedding too?
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