Money and Life - my journey so far

Sea_Shell

Well done, nearly there!!!

We took a similar path to you and have been MF for some years now. It's a great feeling to make that final payment!!

We're now looking at Pre-50 retirements and have already reduced hours significantly.

Time really is a precious commodity.

We've worked out we only need between £13-£15k pa and we keep being told our numbers stack up!!

fresh_cotton

Sea Shell,

That's really interesting because I was thinking about what I would need in retirement, and was thinking that I could happily live on the figures you quote.

Can I ask, did you invest in pensions ?

fresh_cotton

Today, I thought about what we will do once the mortgage is paid off (December this year). Without a doubt, if we do indeed achieve this, we will be completely broke!

We decided to visit London for the day, because its our favourite city. We will drive part way and take the train to save on costs. Its an important city to us, because when we first got together (11 years ago) - we used to always go (back then, we used the coach which was even cheaper and stayed in travelodges when they had £12 sales on).

We actually visited London after getting married (or civil partnership technically) instead of a 'honeymoon' because we couldn't afford a holiday then.

And by the way, our 'wedding' was super MSE - we basically just got hitched at the Town Hall and then took the coach to London straight after. I think we only paid the £48.00 fee and that was it. We just had two people there as witnesses.

So London is a special place for us. It's exciting as I'm making plans for becoming mortgage free, its far away, but starting to feel real.

NorthernMonkey1

When I paid mine off, it was on the 23rd of December. I remember thinking, if I pay it off, I'll only have about £200 to last all of January, and that a more sensible idea would be to wait until January payday.

But I went ahead and paid it off anyway. For me, the first few weeks of being mortgage free definitely didn't feel like I had more money.

[Deleted User]

You are doing so well and though December seems a way off, it will be here before you know it. You're very sensible to consider saving for early retirement. Enjoy your celebration in London - you'll have earned it. I can't wait to read all about it

Askalaba

fresh_cotton wrote: »

My mortgage started in 2013 with a balance of £145k. Today the balance is approximately £15,500. I should have it paid off by Christmas this year, or very soon after.

.

Wow that's amazing - great work!

I read somewhere that you can pay off up to 10% of your outstanding mortgage without being charged any extra fees. I plan to do this every year (if I can). 3% interest on £30,000, for example, is £900, so anything I can do to pay this off I will do

fresh_cotton

Yes the 10% rule applies to me too, although I saved anything extra and put it into the mortgage when a fixed period came to an end.

I'm sure however that there have been some overpayments beyond the 10%, presumably any charges will be demanded once the mortgage has been paid off.

debtfreeoneday

What awesome progress you have made. Some food for thought as well for life post mortgage.

Askalaba

fresh_cotton wrote: »

Yes the 10% rule applies to me too, although I saved anything extra and put it into the mortgage when a fixed period came to an end.

I'm sure however that there have been some overpayments beyond the 10%, presumably any charges will be demanded once the mortgage has been paid off.

Are you able to extend the fixed period once it comes to and end? Or are you forced to opt for variable rates once the fixed period ends?

I’d have assumed charges for overpayments would have occurred when the overpayments were made. As it’s easier for the mortgage provider to charge you there and then as a pose to the end of the contract where they may need to chase. I may be wrong though :money:

fresh_cotton

I have called my mortgage provider (Halifax) - and they have given a redemption figure today which suggests that there has been no overpayment charges on my account. Having looked back, I know that we did go over the 10% allowance over the years.

Fingers crossed that they fail to notice.