Another mortgage free wannabe diary :)

ElizabethJH · 17 April 2019 at 1:26PM

So I just checked and I originally signed up to MSE Forums back in 2008! Back then I was looking to be debt free, which I managed in 2012. There’s a lot that’s happened since then and my current situation is as follows:

Married in 2015

H born Sept 2017

B due Aug 2019

Brought our house in 2014 for £205,000

Have £135,583.83 O/S and am on a fixed rate mortgage at 1.79% until 31 Oct 2019 (remaining term 21 years 5 month)

Took out an extra £10,000 in 2016 (New kitchen, boiler and bathroom!)

Have £7,562.56 O/S and on a fixed rate of 2.49% until 31st Oct 2020 (remaining term 7 years 5 months)

Work part time and take home about £1,200 a month

Currently pay £300 into Joint account to cover mortgage and bills/expenses/petrol

Pay £340 Child Care

Have about £60 of bills myself

Phone £8.22

Gym £25.00

Contact Lenses £13

Interest free Credit Card £25 (This is enough to pay back within the time limit and was to pay for new carpets)

Pay £300/£400 a month into savings (depends on whether we need to pay for something like a weekend away or car service)

We have 2 cars and a camper van to maintain.

Savings have diminished as I had to replace my car in January this year, so that used up £8K of savings.

I’m almost 37 and have dreams of retiring by 55. Is this possible?

Come August I will be back on maternity so plan is to get a contingency of £3,000 savings for that period.

But I’m challenging myself to get this mortgage gone within 10 years.