Jumping on the MF train

edited 29 March 2019 at 7:56AM in Mortgage-free wannabe
6 replies 409 views
Tom200Tom200 Forumite
3 Posts
edited 29 March 2019 at 7:56AM in Mortgage-free wannabe
Hello everyone! Been a lurker on here a while and reading all the diarys it really has motivated us to get our finger out and tackle our mortgage. We got married and moved into our first house last year so things were a bit hectic money wise.

We are both 30 y/o and 1 year into a 25 year mortgage with the balance currently at 115,000 so we would be 55 when it ends. After using the MSE overpayment calculator and putting in what I think we could afford extra each month it cut it down by a whopping 13 years and 16k in interest! To be mortgage free in our early 40s would be amazing!

Here is some figures we have come up with for a month. We have 1.5k in savings each.

£1400 take home pay.
£250 mortgage
£150 s&s isa.
£150 subscriptions
£300 Shopping, petrol, me
£250 OP

£1650 take home pay
£250 mortgage
£150 savings
£350 subscriptions
£300 petrol, shopping, me
£250 OP



Do you think this is a bit ambitious? Is there any bits of advice you would give? Do you think it's better to OP each month or save as much as you can in a year and make a lump sum? We don't want to constantly be thinking and worrying about money everyday. I stress out enough about life as it is :( 13 years is a long time how do you remain disciplined :rotfl:

Thanks

Replies

  • chunkytfgchunkytfg Forumite
    838 Posts
    Part of the Furniture 500 Posts
    What's the £500 of subscriptions per month between you!? Is that the bills? Council tax, gas electricity etc?
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
  • edited 29 March 2019 at 8:12AM
    Tom200Tom200 Forumite
    3 Posts
    edited 29 March 2019 at 8:12AM
    Yes things like mobile phones, sky tv, gas, electric, health insurance, home insurance etc.
  • chunkytfgchunkytfg Forumite
    838 Posts
    Part of the Furniture 500 Posts
    Ahh okay cool. I was wondering if Netflix had put there prices up!!! Hahaha

    Have you done all your typical switching suppliers to save money on them all? And money then saved add to your OP's. it all add up.
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
  • AnotherJoeAnotherJoe Forumite
    19.6K Posts
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Forumite
    How much are you putting into your pensions?
  • GoingOn30GoingOn30 Forumite
    229 Posts
    100 Posts Third Anniversary Name Dropper
    Are you planning on having a wedding or having children?
    Are you planning on staying in this property for the next 13 years?
    You might want to put more into savings where you can get at it later.
  • Tom200Tom200 Forumite
    3 Posts
    We got married and got our house last year so that's why savings are down :rotfl:

    We have no plans for kids for the foreseeable future.

    This house isn't our forever home. I'm quite lucky In that I will be giving the family home when that time comes.

    Come next autumn/winter time I might try and get a part time/seasonal job in a supermarket. Summer time is for hobbies :D
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