Another mortgage free wannabe diary :)

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.
Debt Free since 2012
Current Savings £1,400
Current Mortgage £143,398.27

Replies

  • Zola.Zola. Forumite
    1.9K Posts
    Tenth Anniversary 1,000 Posts Name Dropper
    ✭✭✭
    Retiring by 55, you most likely need your money working in the stock market via pensions and a S&S ISA. How are you for those?
    "Save like a pessimist, invest like an optimist" 
    "The purpose of the margin of safety is to render the forecast unnecessary" 
    "The borrower is slave to the lender."
    "Money is not to buy stuff. Money is to buy freedom."
    "Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself"
    "Energy flows where attention goes"
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    Welcome. 10 years is an exciting and ambitious goal. But we're all ambitious here aren't we? Happy new diary!
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of July 2021 - $28,550.00
    Hope to be mortgage-free by 2023 
  • beanieloubeanielou Forumite
    77.8K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭✭✭
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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