Time to knuckle down, mortgage free by 45

happytails

After a traumatic couple of years moving house and getting a whopping mortgage (for us!), we are ready to get all our debt tackled and pay off the mortgage early.

We are currently 30 with a 30 year mortgage but aim to be mortgage free in half the time, by the time we are 45 ��

Current totals of all debts (not in order of importance)

Mortgage - £183,637.21
Loan £21,000 - Completely paid off 09/19
CC £10,300
O/d (3 lots) £6300 total - Aiming to pay off half of this in 2020, ideally all of it.
Bank of mum - £2000 now £1700 - will be paid by end of Feb 2020
Bank of dad - £1130 - now £0
Bank of MIL - £500 - will be paid by end of 2019

My parents helped us out with a holiday and the last 2k in the house move and they need to be paid back by March 2020 so this takes priority even though it’s obviously 0% interest.

We over pay our mortgage by £6 a month currently, which just rounds it to £700 p/m - not much but for not that’s all we have.
Credit card is 0% and we are making minimum at the moment.
Overdrafts are up to £15 each a month depending how much we are into it.
The loan is a steady monthly payment and will be ignored until the other debts (minus mortgage) are tackled, it has 7 years on it.

So I suppose after writing all that there won’t be much to report on the mortgage side of things, but this is my most used forum for reading so hoping I can write it all here

Happytails

sammy70

Welcome happytails!

£6 is a start, and every little really does make a difference

Set yourself mini challenges is my tip, for example cutting the grocery spends by £5 a week, and using the money to pay off the mortgage..

fresh_cotton

It's all about the psychology of overpaying and as long as you're in habit, you'll do brilliantly.

Buying a house is expensive and overpayments are difficult starting off so good luck.

happytails

Thanks Sammy70 and Fresh Cotton!

Today I signed up to one poll and made £4.30! Once it hits £30 I can withdraw it and it will go to paying off one of these debts! Most probably one of the overdrafts.

Stayed in with the kids today (half term) and managed to not go anywhere expensive with them!

Sarah

happytails

11 months - figured i needed a little update!
Paid off a fair bit, had to reborrow, paid off some more.
Debts are currently
£17,800 Overdraft, CC and Argos card. (aiming to pay off fully by end of 2022)
£4000 Mum (will be paid by end of 2020)
Mortgage is currently approx £179,000 - Still on track to pay this off by 2035, once i'm debt free I will be slinging a lot to the mortgage overpayments.
Happytails