You'll remember me when the west wind moves upon the fields of Bali

MF2015

Right, I'm back at it. This time with a bigger mortgage!

This will be my third time of going for mortgage free and the biggest yet.

We've spent the last few years buying and extending our current house and other than the garden it's just about finished.

House value £525-550,000 with a mortgage of around £243,000 come October :eek:

Over the last few years I've been putting a decent amount into the pension of over £1100 a month with company contributions plus a lump sum at the end of the year. My wife has a decent pension too.

I'm happy with this amount at the moment and it should allow us to retire at 55 if we so wish.

I was all ready to give up of been mortgage free due to low interest rates and drop £50k on a camper van :doh:

Sence prevailed, I crunched the numbers, and I'm back again for the third and final time to mortgage freedom!

MF2015

Ahh, the title?

Well, the aim is to get the mortgage paid off and spend more time traveling. We love Bali and would like to spend more time out there.

If we make some cuts now we should be able to be in a position to spend a lot more time exploring that part of the world.

MF2015

We are due to remortgage in October but we're going to look at locking in rates for the next 5-10 years in the next month.

I've been going through the finances and cut/paid the following this month.

. Student loan - final payment :j:j:j
.Stopped Spotify, taken out Amazon Prime
.Paid Ikea 0% balance off
.Paid £750 overdraft off - expensive car repair couple of weeks ago


Things I need to cut/pay off

.Mobile - going to swap it to PAYG and use company phone, SIM ordered
.Road bike - £138pm til november, interest free
.Summer house - £27.92pm, interest free, ~18 months
.Credit card, £120pm, £4100 balance on interest free. Used to finish off house extension, will possibly pay this off in October from the remortgage if not before.
.BT Phone/Internet-£67.18pm, will switch to Virgin for £29pm with calls
.Lottery - £16pm, unsure of this one but it will probably go.

We also have a small BTL, it's currently on the market For Sale or To Let and has been empty for a while due to crappy estate agents. We've switched them and are getting interest now so hopefully that will get sorted. I'm hoping it gets sold as it's not worth the hassle anymore.

I'm very happy the student loan has gone. That will give me £220 to £550pm extra to go towards overpayments.

So far I have done £1200 of overtime this month with another £300 for next week booked in.

The next thing to decide is a 5 or 10 year fix. I'd like the security of a 10 year fix but the interest payments are a bit higher, that could go towards overpayments, and the other problem is that getting towards the end of the term we will be restricted to how much we can overpay each month.