Simple, sustainable and slow: Glenda's MF marathon

in Mortgage-free wannabe
83 replies 5.4K views
I've been lurking about the mortgage and debt-free boards on here for a while, so decided it was time to start my own diary :).

Background: after a few rocky years due to kids and illness, I'm now in possession of my own home (finally, in my mid 40s) and a shiny year-old mortgage with a 25 year term. As I'd prefer to be without mortgage payments into my late 60s, I've started OPs. I'm the main wage earner for my little family, the mortgage is in my name only (DH covers part of the household bills), and I don't have a huge amount of cash to spare. Hence the theme of simple, sustainable and slow (much like my RL exercise routines :rotfl:).

Simple: I started with a regular £37 monthly OP (rounding my monthly DD to £800), and after a year I have now upped this to £850. I'm topping it up with weekly TT, aiming for around a tenner a week. If I can find more spare in my monthly budget I will up this again.

Sustainable : rather than throwing everything at the mortgage (much as I'd like to), I'm also building up my emergency fund and have savings pots for home maintenance, holiday spending, Xmas and birthdays. I've also cleared my CC and overdraft and do not intend to get into any more debt if I can possibly help it!

Slow: One year on, and if I carry on with the current OPs my mortgage term reduces by about 3 years. I'm not going to be able to pay it off quickly without some major windfalls. So the aim of this diary is to keep me focused and accountable as I slowly chip away at the total.

Will be back later to update my plans for the rest of the month :).


  • Toolkit: the usual stuff! Weekly tidying of the pennies into an OP pot using YNAB, keeping a close watch on the grocery budget, NSDs and LSDs. Managed my first NSD of the week today. I also use Monzo for my weekly spending, and round up any spends into a separate savings pot.

    Trip hazards: impulse spending, especially on requests from the kids. I work full-time, so it's tempting to spend on fun activities at the weekends. We have loads of free entertainment options, so I need to make better use of them.

    Status report:

    Mortgage £166,037.20 / £171,000

    Emergency fund £1620 / £5000
  • NorthernMonkey1NorthernMonkey1 Forumite
    339 Posts
    Seventh Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
    If you get a yearly pay rise, every year, increase what you pay off by your pay rise amount. You wont notice that you didn't get a pay rise, but your mortgage will :)
  • Kat78MFWKat78MFW Forumite
    231 Posts
    Sixth Anniversary 100 Posts Name Dropper
    Hi Glenda - love the name of your diary. You are making fab progress and I will be following with interest.
    Current mortgage (Dec 22) £9946 (5yr fix since Jan 18 Interest Only 1.99% - max overpayment of £11800 per year)Current monthly payment £899 (£109 interest only minimum payment and £790 repayment)Opening mortgage balance June 2002 - £114 000Re-mortgage May 2007 £118 000 (borrowed extra £14 000 to pay loan back to BIL+SIL)Balance March 19 £54 943Balance March 21 £28 012Balance Dec 21 £21 827Balance Dec 22 £9 946 Expected balance Jan 23 when overpayment limit ends £3 409Agreed repayment date May 2027 - planned repayment date March 2023My diary
  • Northernmonkey: that's a good idea, but my pay rise this year has gone to increasing my pension, as I need to make up for a few years of part time work and low contributions. Now up
    to 8% (which my employer matches), so next year I'll think about splitting it - good plan :).

    Kat: it feels like very slow progress! Bit if I can find an extra £50 a month, I'll be OPing 1% of my mortgage over the next year. It's s start!
  • Have paid that pesky £36.20 off, making the mortgage a nice even £166,000. A week until I get paid but I have cash left over for groceries and a bit extra.

    Next pay day will show my increased mortgage DD but the pension changes don't kick in until the month after, so no idea what my take home pay will look like (maths, not my strong point).

    Now at £46.20 OP so far this month :).
  • It's been a mixed couple of days, weekly grocery shop cafe in under budget but I've had a few unexpected spends and still on 1 NSD this week. Must do better!

    Will think of cheap and cheerful party ideas for the weekend as we are hosting Eurovision :beer:.

    I hate the week before payday. The less spare cash I have, the more I want to spend.
  • I'm using the Monzo app to round up my spends into a mini savings pot - at a whopping £3 so far this week :cool:
  • Chugging along until I get paid next week and the New Plan can commence :).
  • A_Frayed_KnotA_Frayed_Knot Forumite
    3.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Great idea - rounding off and rounding down - it all helps.

    Every time I op'd, I thought to myself, "I'll not be paying interest on that - ever again" :j
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • That's a great motivator A Frayed Knot. I think I need to play around with some interest calculators.

    Confession time: budget has had to be tweaked due to a slight overspend ... on our Eurovision party :rotfl::rotfl::rotfl:
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