Don't want to do this job for ever 19 May 2019 at 3:01PM edited 6 November 2019 at 12:43AM in Mortgage-free wannabe 44 replies 5.2K views

diggingdude

So I am a couple of months into having my mortgage now and on the whole really like my house and realistically wouldn't need to move for many many years. I don't enjoy my job however and at the age of 35 don't want to be doing it for the rest of my working life. So the plan is to pay off this house whilst still having a disposable income. The mortgage was £117104 after deposit and currently on a 5 year fix. The first month I didn't make an over payment whilst last month I made £101. I have upped this now to £301 a month on top of the £529 monthly payment.

Making this thread less to ask questions but more to remind myself of where I started and to keep myself motivated. I am aiming for 15 instead of 25 years. I could do more but still have a load of other things to buy at the moment. Hoping I may motivate myself to a 10 year mortgage term in time

LeighofMar

Welcome. You have the right idea. My husband's been sick for 3 weeks. The only reason we are okay is because we are self-employed and our house note is low. But even so, it would be so much better with no mortgage whatsoever. Best wishes on your journey.

mumof3.12kindebt

Good luck on your journey I'll be following and cheering you on x

fresh_cotton

Good plan.

Your current overpayments will make a big difference, but if you increase them over the next few years, then your mortgage will be done in no time.

beanielou

Happy shiny new diary

diggingdude

Thank you all the first 301 pound overpayment went out this month with the next one going out on the 1st. I have had to pay for a couple of things in the house this week which cost quite a lot but I have got the best part of 6 months savings now so might try and a bit to £400 a month overpayment. Own over 12% now

Youthgonewild

Keep going digging! I find it hard to stay motivated but coming on here, even if just to read other people's diaries is so inspiring. Wishing you well

diggingdude

Well I haven't managed to up the amount yet, decided to buy things to make the house nicer - pictures, tumble drier etc. The next payment should come out about the 3rd October. If the overpayment calculator is working properly that should out me in a position where I would have been Feb/March without the overpayments it's tempting to raise the overpayments feel as a single chap I should be living my life a little as well

diggingdude

Feb/March 2020 that should read

prosaver

I done the same, didnt waste it on new fashion fads for the house, bought things that last and penny pinchef on food, bargin holidays , clothes cars, my morgage when down really quick.
Your on the right path , good luck

inigma

My motivation was working out how much sooner the mortgage would be paid off. My starting year was 2011 and due to pay off in 2036 now my mortgage end date is 2024, so I reverse 25 years off that and look at it as though I've had my property since 1999. Sounds stupid but each op I would try and remember what I was doing on my revised start date. (In 1999 I was doing my A levels, with no possibility of buying a property)