mumof3.12kindebt - mortgage free by 40!

mumof3.12kindebt Posts: 1,474
First Anniversary Photogenic First Post Name Dropper
edited 28 July 2020 at 10:53AM in Mortgage-free wannabe
hello my beautiful diary friends ,

so here we are ... homeowners !

abit of background ...
we are a family of five , three children ten and under.
myself and DP are 26 years old .
we relocated to a cheaper but lovely area (with SIL round the corner) to be able to buy our dream home. a 5 bedroom victorian terrace.
we previously lived in a two bedroom ground floor housing association flat.
i became a mum at 16. i had my second at 21 and i left the boys dad at 23. it was a very unhealthy relationship and in the end i had to get my dad involved to get my partner out. soon after i met my current partner.
nearly 4 years later we have added a third child to our family (she is now a toddler), we have become debt free, got engaged and brought our forever home. life is good. after a lot of struggles since the age of 14 and being kicked out of my family home at 15 life is well, amazing. i am living the life i always dreamt about but never thought possible,
its been a rollercoaster. but its been worth it.
edit... i have gave a bit of my background for people who may currently be in the situation i was once in to help them see ... life can get better :o

in may 2017 i started my first diary .. last month the month we got the keys marked two years since we started our journey.
in those two years we have
cleared around £16,000 of debt
saved £12500 to get us on the property ladder and cover our moving costs

once all our expenses left our account we were left with around £3000 in savings

as of today we have £3500 (we have had to buy a cooker today, as the one we were given after ours broke a few days before we moved has broken on us) previous to this it was £4500 .

here is our mortgage breakdown
house purchase price £130,000 (5% deposit of £6500)
Mortgage amount
£123,500 over a 40 year term
2 years fixed rate

Total amount payable

Fixed rate of 3.34%
Standard mortgage rate currently 4.24%

First payment £824.52
23 payments £466.65
455 payments £531.96
Final payment £538.62

40 year mortgage means comfortable repayments but alot of interest.
the truth is i dont want to be paying a mortgage into my sixties . so we are building an emergency fund and getting rid of this mortgage as soon as possible.

to be mortgage free in 10 years we need to make an over-payment of £750 a month

so £750 a month overpayment is our aim .

if our income stays the same without luxuries we could crush it in 10 years. but my eldest will be an adult then and his childhood over so im going to allow some money for experiances and holidays and the like and we hope to be mortgage free by 40 ! that gives us about 13 years (we both turn 27 this month)
i forgot to add about my partners background.
my partner is from a poverty stricken family and has worked since he was 13 - 19 to help support his family. he moved out and worked all the hours under the sun working 3 jobs to support himself, until he moved in with me a month before our daughter was due to be born when he finally got rid of the last of his debts and went down to 50 hours a week. when she was 3 months old, we decided to swap roles , he became the house husband and i became the working mum. two of our children aren't in school, the toddler .. well because shes a toddler.. and ds2 because he has additional needs and currently can only cope on a reduced time table so he does 2-3 hours a day at school and at our old location and here there is no one that can support his needs when he is not at school so that we are both able to work.
he enjoys being at home. hats off to him because ds2 alone can be really hard work and when ds2 and DD are together .. well lets just say my job is easier and as much as i absolutely love my job its hard work, rewarding but hard. i have the utmost respect for my partner knowing what he does everyday. together we make an incredible team.

now ive told you our life story. lets get this part of our journey started.

i hope you all enjoy our next chapter, love, peace and happiness to you all :A
my previous diaries .. to get an insight into our beautiful journey so far .. - debt free diary - debt free and saving for a deposit diary

Update July 2020

£6000 in emergency fund
£12,000 (loan money) in house renovations fund
£380 in car fund
Life time isa £344.
Help to save £500 + £250 bonus

Mortgage balance £117,697.98
Loan balance £11,869.64
Very £990
June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046


  • Hello my beautiful diary friends,

    I hope you have all had a wonderful weekend.

    Today is a no spend day ! :)

    My dad visited and saw the house for the first time. He absolutely loved it . I'm so pleased :)

    We took the kids to the park and came home for ice cream :)

    Eldest is now washing the car for me.

    House was blitzed this morning so all the last bits have been unpacked now and mostly everything is sorted.

    Salad to use up in the fridge and no working cooker until our new one comes so going to have to switch my brain on and come up with some ideas for dinners until the new cooker arrives.

    Ds2 first session at his new school tomorrow. A meeting on Friday and hopefully he will start part time in September (he will be in year one)

    Overall its been a nice weekend.

    Have a lovely evening everyone :)
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    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 [email protected]. 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.
  • Thank you beanielou :j
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • Morning my beautiful diary friends,

    I hope you are all well. Hugs love happiness peace and positivity to you all.

    Yesterday was a NSD . :)

    Today hopefully will be too. :)

    Work this afternoon.

    Partner took eldest to school and DD to baby group this morning.
    I've got some jobs done round the house .

    We can overpay the mortgage upto 10% of our balance before being charged while on our fixed rate . So that's about £12000 a year . So this is what I'm going to aim for. :j

    So the minimum aim is £750 a month with a maximum aim of £1000 and if we ever have more than £1000 I'll put it into savings to pay as a lump sum when our fixed deal ends.

    So for now it's about making the small changes to be enable us to save up as quick as possible so we can start throwing extra money at the mortgage. :money:

    For example I don't use as much washing powder as they suggest and the clothes still wash great but the washing powder lasts longer.

    99% of the time we take food and drink with us when leaving the house .. but I'm going to ensure we do it everytime.

    I'm also going to work on making a meal plan and taking a list food shopping as we have been spending way to much on food and I know we can bring that down to a lower amount than we have budgeted by as much as 1/3.

    I just need to get back into the mindset I was in when we were paying off the debts.

    Oh and it will be as many free activities as possible throughout the summer holidays.

    I have lots of little things we can work on in my head to get our spending down even more.

    Each day I'll log even the smallest achievements so it creates a clear picture of how we made becoming mortgage free possible. :money:
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • Our mortgage is now displaying our end date.
    June 2059

    So I've set up a regular overpayment.

    A small amount of £33.35p to round it up to £500 a month but it's a step in the right direction
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • BachSoon
    BachSoon Posts: 172 Forumite
    Happy New diary!

    I just wanted to say, and this is in no way intended to be patronising, but merely a plaudit to your hard work and determination, how well you have done in overcoming adversity and your initial circumstances.

    You look like you have an excellent plan. I look forward to your tips, especially for the days out and generally having children around! One costs me a fortune, so can imagine what having 3 is like :rotfl:

    Good luck!
  • shangaijimmy
    shangaijimmy Posts: 3,796
    Name Dropper First Anniversary First Post
    A shiny new diary/adventure to follow. Welcome aboard...let the OP obsession begin!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Hello my beautiful diary friends,

    BachSoon thankyou :D I suppose everyone has their hurdles in life. Being so young and put down and knocked back and told I wouldn't make anything of my life really made me more determined to achieve everything I wanted to. It became the fuel of my fire. And I was determined to keep my promises to my kids. I said I would always be there. That I would be raising them and that I would give them the best life I could.


    Thankyou . I became addicted to paying off my debts seeing the amount go down every month was a brilliant feeling so I'm hoping I become a mortgage overpayment addict too.

    My self and DP have been talking and we have decided we are going to treat it like one big 'game' for everything we do to get this mortgage gone and hopefully sooner than the ten years if possible.

    I won't be doing overtime at work. As much as it would help with our journey I'd rather just cut back as much as possible instead. Time with my kids is precious and I won't get it back. I already work 38 hours a week and spent 15-20 hours a week commuting to work. :o I spend enough time away from them.

    I'm really hoping we get £10k in savings by December if not before so we can really start throwing a decent amount each month to the mortgage.

    Even my partner was shocked and excited to know we could get it gone before we turn 40! He should know better , as if I would have a mortgage for 40 years :o . My bank loan I had on the past was supposed to be 5 years and I cleared it in 10 months :money:

    Originally I took out a long term so we had comfortable repayments incase on of us became ill etc. Now I'm thinking just get it gone then you don't have to worry if you become ill and have no mortgage.

    One thing I love about our home is we have a spare room so if my kids became parents and wanted to continue there studies or save up or whatever they can stay with us untill they are ready to move out. I don't want them having the struggles I had for years of using my credit card to make sure my kids are fed etc.

    Anyway today is another NSD I could easily get used to that :money:

    Hope you all have a lovely day. :D
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • Oh yesterday was also a NSD
    June 17 £16,000 debt ~ nov 18 DEBT FREE •June 21 £16,308 debt / july 22 debt free •Original mortgage free date 01/06/2059 current mortgage free date 01/05/2046
  • savingholmes
    savingholmes Posts: 26,853
    Name Dropper First Anniversary Photogenic First Post
    Congrats on your achievements so far. Look forward to seeing you knock the mortgage down.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
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