Always moving forward

edited 26 May 2019 at 6:04PM in Mortgage-free wannabe
9 replies 957 views
OnemanandtwolittleladiesOnemanandtwolittleladies Forumite
37 Posts
edited 26 May 2019 at 6:04PM in Mortgage-free wannabe
Good evening all.

I'm a long term user of the forum but wanted to start this thread with a fresh name.

I'm hoping this will motivate and inspire me to work towards being mortgage free. It's not going to be a quick process. My wife works part time and we have a 1 year old and a 4 year old. The nursery fees alone for the youngest would make your eyes water, they do mine! Nevertheless, it's very true that every little helps.

I've always overpaid on previous mortgages. Looking back I've been a bit nomadic in my adult life and never really settled into a house for one reason or another. My wife has been similar. I've lived in 9 houses since I was 18 (almost 20 years ago) so that's pretty good going I think!

My wife and I have talked a lot about this recently and we're both agreed that our current house (of just over a year) is a long termer and we'd like things to be settled for a good few years. This is a must for the kids I think, especially as our eldest is in a primary school she loves and it's just down the road.

Our last move was a big one to be closer to my wifes mum and things have gone great since. I relocated (with same company) and love my new job and my wife has her dream job too so things are all set for stability now.

On to our mortgage, it's 2 parts due to a port over from our old house with some additional borrowing.

Part 1 - £61,931.19 - 2.04% - Fixed till 31/10/2019
Part 2 - £47,826.70 - 2.54% - Fixed till 31/05/2020

Total - £109,757.89

We paid £167,000 for our house so currently at 65.72% LTV based on this value.

Currently over 23 years. Repayments are £512.23 per month though we currently pay £520.00 (always round up) + bits and bobs when we can.

We don't have much disposable income atm but I'm hoping this will change in just over a year as nursery fees will reduce dramatically. Ideally I'd like mortgage paid off by the time I'm 50 (12 years 3 months) though I think this is too ambitious. Got to aim high I guess though!

I think it's important to enjoy life too of course. I do have to keep checking myself though because I do sometimes become a bit obsessive when I don't want to be. I'd like to be mortgage free of course but not to the detriment of our lives.

Thanks for reading.

Replies

  • julicornjulicorn Forumite
    2.2K Posts
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    Forumite
    Happy new diary! :) Looking forward to following your progress.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £223,500
  • To add we currently have the following debt:

    £3,500 on credit card - 0% until 07/20. This is from stoozing.

    Currently have £7,900 in savings.
  • beanieloubeanielou Forumite
    82.9K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    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.***
  • Shakey87Shakey87 Forumite
    17 Posts
    Third Anniversary
    Forumite
    I totally get what you mean about a tendency to obsess - I’m exactly the same when I get an idea in my head about something. Also understand the need to balance paying it off vs enjoying living life right now.
    Nursery fees are extortionate aren’t they! Our daughter will need to go into childcare in October & we’re currently trying to figure out the best route, I keep wincing whenever we get quotes though!
  • That's right Shakey, there's no cheap nursery. And even if there were, it's nowhere you'd want looking after your kids.


    Our youngest is currently in on a term time basis due to my wifes job but this means we pay the most expensive day rate. We do however get some tax credits because of the cost. This is something worth looking into if you haven't already. All in all, even with the tax credits, we pay about 50% of my wifes salary in nursery fees! It's a good one though and little one seems settled there which is worth its weight in gold.
  • It has been a really expensive couple of weeks for one reason or another so only tiny overpayments. Every little helps though so I've just paid each part to round down to nearest £10. After Junes mortgage payments the balances are:


    Part 1 - £61,750
    Part 2 - £47,690


    Total - £109,440


    65.53%
  • Thank you to anyone who has read. This diary has been great so far for keeping me focussed.

    I've not made massive overpayments this month as I don't want our quality of life to suffer just to overpay. After Julys payments the figures are:

    Part 1 - £61,567.03
    Part 2 - £47,516.13

    Total - £109,083.16

    65.32%
  • LeighofMarLeighofMar Forumite
    514 Posts
    500 Posts Fourth Anniversary Name Dropper
    Forumite
    Welcome. Rounding up plus bits and bobs is a perfect way to start.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of December 2022 - $20,500.00
    Business Savings $53,765/100k
    Hope to be mortgage-free by end of 2023 
  • zcrat41zcrat41 Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    Hi and welcome.
    Good luck on your journey.

    Are you doing all the tricks for childcare eg tax free childcare or vouchers?
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