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£140000 in seven years

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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Comments

  • MovingForwards
    MovingForwards Posts: 17,153 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    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 :)
    Mortgage started 2020, aiming to clear 31/12/2029.
  • Busy_Mee1
    Busy_Mee1 Posts: 1,015 Forumite
    Hi Try Harder great to see you with a shiny new diary. Good news about your house valuation too x
  • beanielou
    beanielou Posts: 95,883 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • myamyamoo
    myamyamoo Posts: 54 Forumite
    Fourth Anniversary
    Will be following. Good luck.
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Throwaway1
    Throwaway1 Posts: 528 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    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: £10,626.55/£10,626.55
    2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
    2024: mortgage neutral!
  • try_harder
    try_harder Posts: 1,532 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    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
  • themadvix
    themadvix Posts: 8,867 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
    Hey TH, nice to see you back. Good luck and hope the focus stays with you!
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • fruitloop04
    fruitloop04 Posts: 294 Forumite
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    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_harder
    try_harder Posts: 1,532 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    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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