£140000 in seven years

in Mortgage-Free Wannabe
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try_hardertry_harder Forumite
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I feel i have let my old diary slip somewhat so time for a new one

I will have £155000 to pay at the end of seven years .I have £15000 saved after spending around £5000 on improvements to the house .
This will leave a difference of £140000 so this will mean I need to save around £385 a week or £1666 a month to pay off my mortgage completely in seven years . Good news is it has been valued again at just over £300000 so I wont be homeless hopefully.

Now just to keep my mind focused !
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Replies

  • MovingForwardsMovingForwards Forumite
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    10,000 Posts Third Anniversary Name Dropper Photogenic
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    Good luck, keep focused, talk to yourself as much as you need to and find some higher interest accounts as that will help you achieve your goal :)
  • Busy_Mee1Busy_Mee1 Forumite
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    Hi Try Harder great to see you with a shiny new diary. Good news about your house valuation too x
  • beanieloubeanielou Forumite
    77.8K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
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    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.***
  • myamyamoomyamyamoo Forumite
    54 Posts
    Fourth Anniversary
    Will be following. Good luck.
  • LeighofMarLeighofMar Forumite
    459 Posts
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    Sounds like an exciting challenge. We will be cheering you on. Is 7 years a significant number for you? I understand because I want to be MF by 45. Is it a certain age or milestone for you too? Best wishes.
    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 
  • Throwaway1Throwaway1 Forumite
    501 Posts
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    try_harder wrote: »
    I feel i have let my old diary slip somewhat so time for a new one

    I will have £155000 to pay at the end of seven years .I have £15000 saved after spending around £5000 on improvements to the house .
    This will leave a difference of £140000 so this will mean I need to save around £385 a week or £1666 a month to pay off my mortgage completely in seven years . Good news is it has been valued again at just over £300000 so I wont be homeless hopefully.

    Now just to keep my mind focused !


    Good luck! My husband and I are currently having to pay £1666.66 a month to keep in sight of our goal of paying the maximum 10% allowed this year.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £3,313.28/£10,626.55
  • try_hardertry_harder Forumite
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    Thank you all. It has not been a good week personally but somehow I have still managed to stay focused on the money side of things which is something I guess .

    Week 1.
    All bills paid ,food and diesel for two cars.
    Savings £529.52. A win on the Premium Bonds and a bank switch plus a £50 cheque from Populuslive helped to push up the savings this week and I am very happy with this , I don't expect other weeks to be as good but I have beaten my target of £385.

    Total savings £15529.52

    I have lots more ideas for making money from nothing for this coming week I just need to stay focused , I have several bits to list on Ebax too
  • themadvixthemadvix Forumite
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    Part of the Furniture 1,000 Posts Name Dropper
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    Hey TH, nice to see you back. Good luck and hope the focus stays with you!
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
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    Wow! I am so impressed you are going to pay your mortgage off in 7 years! We owe about the same - £142,000 from 1st May 2019 over a 23 year term. We are going to move in the next couple of years and there is likely to be a mortgage increase but hopefully that will be the our forever home. Determined to pay off as much as we can off this house to get the best rate on the next! You have inspired me to try harder :)
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • try_hardertry_harder Forumite
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    Thank you both for the support.

    Week 2
    All bills paid , food and diesel for two cars
    Savings £563.13 mostly made up from my husbands overtime as usual , ebax sales and another bank switch oh plus a cashback from switching electric companies.

    Total savings £16092.65

    I am so pleased with the amount that I have saved this week . I definitely need to cut back on the amount I am spending on food so that will be one of my main aims for week 3 plus getting more items listed on ebax .
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