3285 days to be mortgage free......

Clarity1972

Hello.
Time to take the plunge and start a diary to keep myself accountable as we try to pay off our mortgage in 9 yrs - by the time I'm 55. :eek:
I have already been overpaying for the last year using the overpayment calculator to work out what the balance needed to be at the end of the year. Last year we actually exceeded the target by £1k which was great.

So some figures:
Mortgage £149000
Official term left: 20 yrs
Rate: 1.59% fixed. Expires this autumn.
End of year target:£133000 (incl reg mortgage payments)

So far in January have overpaid £1080 - mainly due to a generous xmas cheque from a family member. Other months won't be so much!!

Other monies have come from a regular overpayment , cashback, a current account switch, tilly tidies, selling items on local faceb**k pages, some excess wages and the £37.60 from the child benefit (the rest goes in the holiday fund).

Now its that quiet time of month as theres not much mfw going on. Roll on payday!!! Especially as i was paid on 24th December. Makes for a very long month!!:o

TTFN.
C.

OhtobeMortgageFree

Welcome to the mortgage free boards and good luck on your journey!
That's a great overpayment for January! I need to have a proper blitz through the house and pull out items to list on Facebook this month. The house needs a thorough declutter and it would be handy to get some extra cash into the deal too!

Clarity1972

Thanks for the welcome OTBMF. I find selling on local faceb00k pages really good. Stuff sells quick and no faffing about with postage and fees. Its just getting motivated to sort it and photograph etc isn't it?

Made a small OP of £5.03 this evening from TT's and 94p cashback from tcb. Seemed a bit sad asking for a bank transfer for 94p but as I've read on here today: its 94p I'm not paying interest on anymore!

I've spent this afternoon with a cuppa or two and reading MFW threads - such useful and good advice on here. Off to calculate my daily interest rate next - another little incentive to keep me on track.

C. X

LeighofMar

Hi there. I like your title. It made me break out the calculator to see how many days until we are MF. Hopefully 1825 or less! Best wishes on your journey.

shangaijimmy

Welcome aboard. I too am scurrying away to work out how many days we can be free by!

Clarity1972

Lol! I like the sound of 1825 days!!!:j

Clarity1972

Last night I set up a spreadsheet to keep a record of OP's detailing what they were ie overtime, cashback, TT's etc. Also a running total and a % to target column. I'm rather pleased with it. :T

I also worked out the daily interest on the mortgage is £6.22. I don't think I will check too often as I suspect it comes down v slowly!!!

Won't be much MFW action today as busy with housework and ferrying the kids to and fro. But I do have a few ebay items finishing so maybe there will be a last minute flurry of bids.......

C. X

MissLemon

Great start to 2019!

Welcome to the board. I don't post very regularly in my diary but I do OP regularly which I guess is better than the other way around!

Clarity1972

So yes a busy and a bit of a spendy day as both kids needed some new school uniform which at their secondary school has to be a certain make from a certain shop = not as bargaintastic as primary school uniform which always came from Asd@!!

But a couple of items did sell on eb@y today totalling after fees a princely £13.80 which I transferred out of p@ypal straightaway. Another TT of 2.21 was added giving an OP total of £16.01 today and its winging its way to n@tionwide as I type!!

I have £26 in cash in a sealed jam jar (well mango chutney jar actually) from local fbay sales and also from selling eggs outside our house over the last 2 weeks. I'm torn between trying to fill it (reckon it would hold £100 in £1 coins) or getting it paid into bank and making an OP........... first world problem or what?!

C.x

Clarity1972

A bit more about wanting to be MF.

We have moved house a few times trying to work our way up the property ladder and went back to a 25yr term on the last move five years ago to make the mortgage more manageable.

DH only really had his LBM when we fixed a new mortgage deal in Oct 2017. He has always been a bits hands off come it comes to finances. So I tasked DH with looking for a new mortgage deal and it really got him on board.

So much so he boldly stated last year that he wanted us to be MF by the time he was 55 rather than 63. I would be therefore be 59. I thought s0d that - I want to be MF by the time I'M 55!!! I played around on the OP calculator and thought its doable ish. Hence the 9yr plan or 3285 days.

LeighofMar

Excellent goal! We have 15 years between us so hubby will be 60 and I'll be 45 by the time we are mortgage free. I feel bad for him but at the same time thrilled for me thinking Woohoo, mortgage free by 45!! Maybe I'll build him a small garage as a payoff present.