#dreamer - mortgage free maybe

K11m

Hi all
So stumbled across this forum today and I have spent a good few hours reading threads! Looking at the old ones from 5/6 years back and then flicking to the end page to see where and what happened to the present day. It has provided me with inspiration!

My plans, I have a few, not sure what is do able as yet so just dreaming of my options

I set a goal last summer that by the end of my fixed term - june 2020 - I would like to be at 220k mortgage.

I began paying small over payments with the goal of Jan 2019 seeing those increase to 334 per month OP. TICK! first one of those went out yey!

I am currently sitting at £225,609.11 (today) at basic £794.16 pay back per month with OP of £334.84 (I like round figures!) so total going out per month is £1129

Now, I had only ever dreamt that I could maybe get to the stage I could get my regular OP to be the same amount as my direct debit. But I have learnt so much and so many ways of looking at it that I now think I **could** wiggle a way to doing that. I am looking to achieve an OP extra £459.32 per month or £5511.84 per year

So a post here really to say thank you for the other threads! I am going to delve into excel and see what I can come back with.

Lots on the horizon for me this year. I think my best plan of attack is to save per week with a lump sum payment goal by the end of the year. That way if the SHTF I can stop and breathe

Watch this space

A_Frayed_Knot

Hello, and welcome.

Sounds you have a good plan, and I'm with you on the 00.00 at the end of your mortgage :j

beanielou

Happy shiny new diary

K11m

So I have done some thinking and some spreadsheet playing and some general online calculator planning.

My 2019 plan -

I have 225,6011.09 outstanding. Current fixed term ends 30th June 2020 so 17 payments left.
I am currently on track to making overpayments that should (obvs interest is a guessed calc) see my debt be 211k by June 2020 end date.

My plan is to keep to this but increase over payments with a view to hit 200k debt at end of June 2020

Excited, nervous and ready to go - just paid off my £11.09

LeighofMar

Welcome. Congrats on the plan. It sounds ambitious and bold.

K11m

As of today I am down to £224,700 nothing extra left to squeeze that further as it stands so I will see where I am at the end of the month just in case there are any extras left.

In other news, budgets. I have always had 'budgets' but I am starting to feel the need to really try and refine mine to account for every expense.
Anyone have any good tips on working a proper weekly budget plan that covers food, ad hock expenses, children's activity clubs etc etc or is it a case of counting up everything I pay out over say a year and then taking an average?!

iquit

Well done K11m :T. I'm subscribing to your thread so I can cheer you on and be motivated.

K11m

Thank you

Nothing exciting to report this week I am busy with work this month so hoping Feb's spreadhseets will be looking good in favour of additional funds lurking after the bills! Fingers crossed

K11m

So I have sorted all my budgets and payments ahead of pay day this week as won't have chance to do them at the end of the week. I have £5 left from feb - naughty but I am taking this and getting a few extra treats in the shopping budget instead of saving it.

I am scheduled to make a payment of £42.51 extra on mortgage ontop of the regular £334.84 monthly over payment I make which assuming I have calculated my interest charges correctly leaves me a balance of £223,800 on 1st March - happy with that!

I have also been playing with some estimations and given current availability (I know these are likely to change) I have worked out in June 2020 when my current fixed term ends I should be able to re mortgage and decrease my term to 15 years! I had not thought to look at this side of things before but it has really cheered me up today that it could be an option if I keep my self in line over the next 15 months. It would also be possible (again assuming figures aren't wildly different in 2020) that with my additional over payments added I could then maybe work to getting that 15 years down to 12

Lots of what ifs and maybes in there but without any dramas on paper its looking like my ducks could all line up - yey!

Back to concentrating on the now, I am in budget, have extra to pay as well as savings added to emergency fund, Feb wasn't half bad.