Mortgage free mum

longway2golongway2go Forumite
906 Posts
Part of the Furniture 500 Posts Name Dropper
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Hi everyone,

So I want to be mortgage free ASAP but also need to find the right balance for my young family. (my boys are 3 and 8 months).

I am currently on mat leave so my funds are very limited but I figure if I go back to work and not get used to having all of my income it would be a great place to get some extra money for overpaying.

We have a btl property and make money on that monthly so can also get funds from here.

I am currently remortgaging to a 10 Yr fixed rate with a mortgage of 161k 😭. The term is 18 years but I definitely do not want it to take that long.

I plan to start overpayment in January and looking at between 900 and 1100 a month.

Atm I am trying to work out the best amount to overpay without impacting life but making it better for us in the future.

Thanks for reading.

Any tips appreciated.
Mortgage Aug 2019 161,000 :eek::eek::eek:
Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
EF 0/12,000 (0%)😕

Our Mortgage is never going to be as high as it is today. :j
Onwards and downwards to a better life for our family. :j
Just keep swimming
«13456710

Replies

  • SparkyGradSparkyGrad Forumite
    100 Posts
    100 Posts First Anniversary
    Welcome, and good luck!

    There are plenty of good tips around on these boards with a little digging, and some famous names that I'm sure will pop up and help you out. Try reading some of the older diaries if you're short of ideas, and remember that any overpayment is a step in the right direction, they don't have to be massive to make a difference.
    Electricity industry background, now working in insurance forensics.
  • becky170becky170 Forumite
    759 Posts
    Part of the Furniture 500 Posts Name Dropper
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    Hi Longway2go, I just wanted to say hello and good luck. I've got a 4yr old and a 10month old and have just returned off maternity leave, although all my wages are going on childcare at the moment so only making small overpayments. We owe a similar amount to you so will be watching your journey with interest!
    MFW 2021 #7 £2526/£3500
    Savings goal 2022 £0/£6000
  • longway2golongway2go Forumite
    906 Posts
    Part of the Furniture 500 Posts Name Dropper
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    Ahhh Hi becky170,

    Thank you for the welcome. Do you have a diary? Also can you help me edit my footer? What is the 904/1615 in yours.

    Childcare is so expensive isn't it �� we are very lucky to have parents who help otherwise my wage would be gone.

    So nice to hear from someone in a similar position �� we can do this. I just need help keeping focused I think.
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
    EF 0/12,000 (0%)😕

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • longway2golongway2go Forumite
    906 Posts
    Part of the Furniture 500 Posts Name Dropper
    ✭✭✭
    Hi Spankygrad,

    Thank you for your welcome and helpful suggestions. I will keep in mind what you said about small op's.

    I thought I had replied earlier but can't see it for some reason. Do you have a diary/thread?
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
    EF 0/12,000 (0%)😕

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • fresh_cottonfresh_cotton Forumite
    40 Posts
    Mortgage-free Glee!
    Hey

    I kept asking myself the question, in terms of how much to overpay and trying to balance that with making the most of your time with your family.

    The issues clearly overlap and I would literally change my mind every month. The result was that I would hammer the mortgage for a few months, or even a year and then have blow outs when I needed them.

    It's not an exact science and I still think it's difficult to know how far to tip the scales.

    Best of luck x
  • longway2golongway2go Forumite
    906 Posts
    Part of the Furniture 500 Posts Name Dropper
    ✭✭✭
    Thank you Fresh cotton, such a difficult one but tbh your method may suit me 2 and knowing it works for someone else is great ������
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
    EF 0/12,000 (0%)😕

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • longway2golongway2go Forumite
    906 Posts
    Part of the Furniture 500 Posts Name Dropper
    ✭✭✭
    Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
    EF 0/12,000 (0%)😕

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    291 Posts
    Third Anniversary 100 Posts Name Dropper
    ✭✭
    longway2go wrote: »
    Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.

    This is on my to-do list for this week too. Have you seen any templates available anywhere?
    I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! :rotfl:
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £103,179.75 Current mortgage end date: June 2038
    Total overpayments so far: £12,160
    MFW 2020: £1855 / £5000
    MFW 2021: £8790/ £10,000
    Daily interest: £7.59 > £5.99
  • longway2golongway2go Forumite
    906 Posts
    Part of the Furniture 500 Posts Name Dropper
    ✭✭✭
    This is on my to-do list for this week too. Have you seen any templates available anywhere?
    I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! :rotfl:[/QUOTE

    Thank you for your reply.

    I haven't seen templates but the easiest way would be mortgage balance x rate/365. If you do 1000 x rate/365 this will show you how much daily interest will be saved per 1000 you pay off.

    We are also potentially looking to add to our family so figure if we can really focus before that happens it will help. I imagine it will be in around 2 years so maybe I can work out what I could get down to for then. At that point I may ask for my monthly payments to be recalculated based on the original term so that my monthly payments reduce while on maternity and then focus again when back to work.... This is all in theory lol

    Good point about kids getting more expensive with age... One to add to my list of reasons I want to be mortgage free. Do you have a diary?
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823🙂
    EF 0/12,000 (0%)😕

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    Welcome. Finding the balance is key, isn't it? I'd love to wipe out my mortgage but we have to live in the meantime and travel while we're feeling good and able. It sounds like you'll be able to find what works for you and your family. Best wishes on your journey.
    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 
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