£142,000 over 23 years....OR NOT!!

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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Replies

  • fresh_cottonfresh_cotton Forumite
    40 Posts
    Mortgage-free Glee!
    Hello

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

    good luck!
  • RundersRunders Forumite
    292 Posts
    Sixth Anniversary 100 Posts
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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
  • 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.***
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
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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 end of July 2021 - $28,550.00
    Hope to be mortgage-free by 2023 
  • longway2golongway2go Forumite
    909 Posts
    Part of the Furniture 500 Posts Name Dropper
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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🙂
    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
  • debtfreeonedaydebtfreeoneday Forumite
    4.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
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    Happy new diary. Good luck!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £53,802.47
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    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
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
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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!
    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
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    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
  • savingholmessavingholmes Forumite
    16.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Good luck on your journey. Definitely get insurance asap - mortgage normally requires at least buildings insurance.
    During 2021: Target 1) Clear CC debt - £1788 to go (but debt neutral) @ 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
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