£142,000 over 23 years....OR NOT!!

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fruitloop04
fruitloop04 Posts: 294 Forumite
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in Mortgage-free wannabe
Hello! I have been lurking around on this forum for a little while and finally taking the plunge to set up my own MFW diary! We have had our house for approx 5 years and have just remortgaged at £142,000 over 23 years. Although I know this isn't our forever home (this is our first home and we are outgrowing it a bit now), I want to overpay as much as possible on this mortgage to get the best rate on our next home. No rush for the next home and with a potential redundancy on the cards for the other half it may have to wait a while. With the redundancy in mind, I am conscious that I need to save as well as overpay.

We ended up somehow with a month where we didn't have a mortgage to pay so we paid what we would have paid on our last mortgage on the new mortgage so straight away made an over-payment of £850 :beer: I have set up a regular overpayment of just over £200 a month. Playing with the overpayment calculator (I literally could spend all day messing around with this!!!) we should be mortgage free 6 years and 7 months earlier :T I am hoping to do better than this though!

I am currently saving £500 a month in case the worst happens with the other halves job. This doesn't really leave a lot for overpayments but whatever is left in my account will go on the mortgage.

I will post an overview of our finances in the next couple of days, but I must admit to being a spendy...:embarasse my main weakness are lotions and potions...we really enjoy a nice meal out too and are terrible at spending money when together. Many areas to work on!!
01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
MFW #52 £9000/£12000
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Comments

  • fresh_cotton
    fresh_cotton Posts: 40 Forumite
    Mortgage-free Glee!
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    Hello

    Those figures sound pretty good. My mortgage was £145,000 at the start, so similar to yours.

    good luck!
  • Runders
    Runders Posts: 292 Forumite
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    HI fruitloop04,

    Congrats on your shiny new diary! Sorry to read about the possible redundancy, it's great you are saving for it if the worst does happen.

    I look forward to seeing how you get on in your MFW journey.

    Good luck!
    MFW Start:[STRIKE] Sep 2014 - £110,844[/STRIKE], July 2019 New Home £190,995 :eek:
    Current: £82,999.69, £190,972.18, £188,091.57, £180,026.25
    2021MFW #97 OP Goal £296.36/£3000
    2020MFW #97 OP Goal £3104.09.09/£3000
    2019MFW #109 OP Goal £1024.99/£1000
  • beanielou
    beanielou Posts: 90,271 Ambassador
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    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.
  • LeighofMar
    LeighofMar Posts: 672 Forumite
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    Welcome with your new diary.
    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 
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Good luck with your overpayments. ��
    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, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • debtfreeoneday
    debtfreeoneday Posts: 4,814 Forumite
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    Happy new diary. Good luck!
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • fruitloop04
    fruitloop04 Posts: 294 Forumite
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    fresh_cotton wrote: »
    Hello

    Those figures sound pretty good. My mortgage was £145,000 at the start, so similar to yours.

    good luck!

    Thank you! How are you getting on? Good luck!
    Runders wrote: »
    HI fruitloop04,

    Congrats on your shiny new diary! Sorry to read about the possible redundancy, it's great you are saving for it if the worst does happen.

    I look forward to seeing how you get on in your MFW journey.

    Good luck!

    Thank you - slipping behind already on the updates front but been doing well with the overpayments :) We are lucky that my other half's store isn't one that is closing, but that might change in the future. Big sigh of relief for now though!
    beanielou wrote: »
    Happy shiny new diary :)

    Thanks beanielou!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • fruitloop04
    fruitloop04 Posts: 294 Forumite
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    LeighofMar wrote: »
    Welcome with your new diary.

    Thank you! Need to be better at updating it lol
    longway2go wrote: »
    Good luck with your overpayments. ��

    Thanks!
    debtfreeoneday wrote: »
    Happy new diary. Good luck!

    Thank you!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • fruitloop04
    fruitloop04 Posts: 294 Forumite
    First Post Combo Breaker First Anniversary I've been Money Tipped!
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    Hi Everyone...so not been great at updating this....but the mortgage overpayments are going well. So far £1,705.05 overpaid since May '19 :j Still saving too as although my other halves store isn't closing, it is still a possibility in the future.

    I do need to get a handle on my spending though...I try to stick to budget and by the second week of the month it's all gone south.

    Here is what our joint account budget looks like:

    In: £1700 (I pay in £1000, my other half pays in £700)
    Out:
    Water - £25.61
    Life Insurance: £11.35, £6.55, £6.66 (we have a couple of different types of cover with the same company)
    Council Tax: £136.00
    Mortgage: £850 (this is with an overpayment of £208.40 each month)
    Gas and Electric: £115 (we have just recently switched, the perks of living in an old, drafty house!)
    Internet and Phone: £18.00 (again, just recently switched - was paying £29.99 before :eek:!)
    Food: £70 budget per week. I know this is a lot for the two of us but that includes all lunches too...any tips on getting this down would be great! We do sometimes go over this though...

    So I get the total to £1,449.17. Leaving £250.83 spare a month. This account has taken a hit recently as our shower went, we bought new garden furniture and some house furniture....we could do with leaving it for a little while before spending but we have damp that really needs sorting...

    I just realised that we don't have building and contents insurance....this must have ran out at some point!!! Need to get on this!!

    I will post my personal spendings when I can bare to look at them...
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • savingholmes
    savingholmes Posts: 27,373 Forumite
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    Good luck on your journey. Definitely get insurance asap - mortgage normally requires at least buildings insurance.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
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