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A northerner's MFW diary

Frugal_Financial_Freedom
Frugal_Financial_Freedom Posts: 20 Forumite
edited 6 July 2018 at 10:03AM in Mortgage-free wannabe
I got my first ever mortgage at the end of May and made my first overpayment today by phone.

Hoping to chuck around £200 a month extra at it during the good times (I'm self employed so income can be variable) and then chip away with smaller amounts during more lean times, but I've got the ball rolling and it feels great.

Reading other people's diaries on here is really helpful in reminding me that consistency is key in getting the debt down. Little by little over time creates excellent results.

I've no other debt, so keen to cut into this as quickly as possible and become MF!

So, after the latest payment that, my mortgage is now: £ 227,682.68 from £229,454.00 fewer than two months ago. Tally ho!

:beer: happy friday all :beer:
Mortgage as of 31/05/2018: £229,454.00 :eek:

Comments

  • Tropically
    Tropically Posts: 427 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Well done! Making your first OP so close to start of your mortgage is excellent!
    Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
    2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
    Total OPs: £29529
  • greent
    greent Posts: 10,798 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great start! :)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Welcome, excellent start so far! It's hard not to find inspiration on the MFW board!
    Emergency fund = £734.27 / £1000 :starmod:
  • Welcome aboard! Happy new diary:j
    Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.40
  • beanielou
    beanielou Posts: 95,911 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Great start :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    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.
  • julicorn
    julicorn Posts: 2,596 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Awesome start, and welcome! :)
  • thanks for the warm welcome everyone!
    Mortgage as of 31/05/2018: £229,454.00 :eek:
  • Another £200 paid on top of mortgage payments, and I'm planning on giving up drinking for good from September so that should hopefully = plenty more money to put towards it!
    Mortgage as of 31/05/2018: £229,454.00 :eek:
  • That's my £200 paid off this month. Really happy how consistent I've been with it. If I can pay off an extra £2,400 a year, that will be amazing. It'll get me MF five years earlier than not doing it!

    Reading around on here is helping keep the motivation up too!

    Now down to £226,139.48
    Mortgage as of 31/05/2018: £229,454.00 :eek:
  • Well done on another £200
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