£142,000 over 23 years....OR NOT!!

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  • fruitloop04fruitloop04 Forumite
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    Hello! Just made another OP of £500, I was keeping it in my account as a reserve but I decided that is what my emergency savings are for!

    I have joined the 3 year mortgage group on here too...I have pledged to get my mortgage down to £99,999 by January 2022. It's a tall ask but getting out off the £100,000's will be a massive psychological boost. I am not considering revising my previous mortgage free date to 2027...this would mean that I would be mortgage free before my 40th birthday which would be amazing! It's going to take a lot of determination to do it and a lot of assumptions (both of us remaining in employment, house prices not falling, interest rates staying low...) but I think it's just about doable. Well, it should be a challenge right?!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • julicornjulicorn Forumite
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    Great to see you've joint the 3 year challenge as well! We're goal twins by the way (aiming for the same balance by January 2022). :D
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £88,850 (-£26,000 savings pot)
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
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    julicorn wrote: »
    Great to see you've joint the 3 year challenge as well! We're goal twins by the way (aiming for the same balance by January 2022). :D

    The 1 year challenge has really focused me so thought I would join this one alongside it! Whoop, good luck with your goal! How nice will be be to only see 5 figures instead of 6?! You are doing so well!
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • julicornjulicorn Forumite
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    The 1 year challenge has really focused me so thought I would join this one alongside it! Whoop, good luck with your goal! How nice will be be to only see 5 figures instead of 6?! You are doing so well!
    Thank you, so are you!
    Ours is a little bitter-sweet overall because we won't be truly mortgage free for a long time. We're currently in a 1-bed flat, and are overpaying as a means to save up for a house (the prices down here are ridiculous). So our mortgage will like go down a lot, and then up again lots more! But still, it means we can reach our goal quite a bit quicker than probably any other way. :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £88,850 (-£26,000 savings pot)
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    julicorn wrote: »
    Thank you, so are you!
    Ours is a little bitter-sweet overall because we won't be truly mortgage free for a long time. We're currently in a 1-bed flat, and are overpaying as a means to save up for a house (the prices down here are ridiculous). So our mortgage will like go down a lot, and then up again lots more! But still, it means we can reach our goal quite a bit quicker than probably any other way. :)

    Wow you must live in or near London?! We are lucky where we are house prices are reasonable! I do think we will end up moving at some point, but like you, we will be in a better position if/when we do. VioletBlue sent me her spreadsheet which automatically reduces your overpayments and it is definitely going to be a challenge!! I should get to 999999 by Dec 2021 :rotfl:
    01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
    MFW #52 £9000/£12000
  • julicornjulicorn Forumite
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    Wow you must live in or near London?! We are lucky where we are house prices are reasonable! I do think we will end up moving at some point, but like you, we will be in a better position if/when we do. VioletBlue sent me her spreadsheet which automatically reduces your overpayments and it is definitely going to be a challenge!! I should get to 999999 by Dec 2021 :rotfl:

    Not quite London, but Brighton. Looking at about £500-£550k for a 3 bed house, so yeah, the end is not in sight just yet for us, but I think this forum is really helping us celebrate the little milestones along the way. :) I also love a good spreadsheet! Great to hear you're on track :money:
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £88,850 (-£26,000 savings pot)
  • Our figures are similar in terms of mortgage remaining, and overpayments. Thanks for the inspirational post!
  • fruitloop04fruitloop04 Forumite
    294 Posts
    100 Posts Third Anniversary Combo Breaker I've been Money Tipped!
    ✭✭
    julicorn wrote: »
    Not quite London, but Brighton. Looking at about £500-£550k for a 3 bed house, so yeah, the end is not in sight just yet for us, but I think this forum is really helping us celebrate the little milestones along the way. :) I also love a good spreadsheet! Great to hear you're on track :money:

    I have never been to Brighton but I have heard it is a lovely part of the world! I think, at most the step up house will £300k for us! I am torn between staying here..we do like it, the neighbours are great, 10 minute walk in to town, but we would really like a drive (parking permits outside ours) and our reception rooms are quite small and it's a squeeze when all the family come round even to sit in the living room! People have to sit on dining chairs dotted around the room!

    I agree that this forum is great for focusing and celebrating success! I really have become obsessed with the spreadsheet! Cheering you on! :j
    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!
    ✭✭
    Our figures are similar in terms of mortgage remaining, and overpayments. Thanks for the inspirational post!

    Glad my posts have helped! Have you got a diary? When would you like to be mortgage free by?
    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!
    ✭✭
    I haven't that great on MS front this week. I have done a lot of travelling for work this week and ended eating a lot of (unhealthy) food at service stations, along with the price tag....I need to rein this in. Anyone have any ideas for lunches that can last the next day and not be refrigerated? I am annoyed because that money could have gone off the mortgage!
    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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