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Mortgage Free Journey
Financialwizard
Posts: 70 Forumite
Well last year I moved and had to take out another mortgage after becoming mortgage free. Then my children moved out (they are late teens) and so I am left in a 3-bed with my partner and dogs and occasionally SS eow.
Anyway I am now mortgaged until I am 70 ... ugh. Getting married next year so at the moment I have decided to use 33% of bonus for paying off mortgage / 33% of bonus for paying towards wedding and 33% for savings (still have a panic over not having enough savings).
I'd like to repay my 30 year mortgage off within 20 years, but also know that I am going to have to plough money into retirement at this stage as well.
At some point I know that I will be getting an inheritance as I am an only child and grand child but I don't want to rely on this as parents/grandparent may need care (and actually I think they should spend their money on enjoying themselves now anyway).
I think I will just need help keeping on track.
Anyway I am now mortgaged until I am 70 ... ugh. Getting married next year so at the moment I have decided to use 33% of bonus for paying off mortgage / 33% of bonus for paying towards wedding and 33% for savings (still have a panic over not having enough savings).
I'd like to repay my 30 year mortgage off within 20 years, but also know that I am going to have to plough money into retirement at this stage as well.
At some point I know that I will be getting an inheritance as I am an only child and grand child but I don't want to rely on this as parents/grandparent may need care (and actually I think they should spend their money on enjoying themselves now anyway).
I think I will just need help keeping on track.
Mtg Balance £147,000 : Savings £7,000 / £10,000
Getting married in October 2018 :beer:
Getting married in October 2018 :beer:
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Comments
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Happy shiny new diary
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Thanks beanie.Mtg Balance £147,000 : Savings £7,000 / £10,000
Getting married in October 2018 :beer:0 -
Happy new diary thread
I find the regular posting really helps to focus the mind and make small regular adjustments to my spends to overpay the Mortgage best of luck! 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!!!!!!0 -
Thanks, I think I need it right now. Money being chucked at a wedding and all sorts as well but I really need to shift this mortgageMtg Balance £147,000 : Savings £7,000 / £10,000
Getting married in October 2018 :beer:0 -
We're paying for our wedding as we OP the mortgage too! :T. Congrats on the wedding.
We're OP'ing £500 each p/m towards the wedding fund, and then any extra income from surveys / cashback / TT's etc., goes towards mortgage OPs. We've got a target of £3000 for OPs this year from extra income, so it's certainly doable.
Best of luck on your jouney :j0 -
Thanks Blibble, and youMtg Balance £147,000 : Savings £7,000 / £10,000
Getting married in October 2018 :beer:0
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