MF by 40! 18 July 2019 at 8:37PM in Mortgage-free wannabe 147 replies 8.2K views

Gem2889

Hello



I have been a long time lurker here and must thank you all for your inspiration and encouragement.


I am on the wrong side of my mid 20s crisis and it has dawned on me that I do not want to be paying my mortgage forever - I need to get serious about my overpayments!
I live alone in my lovely little flat, work full time (new job in Aug - YAY!) and the mortgage is my only debt apart from Plan 1 student loan which am happy to consider a graduate tax at this stage due to v low interest rate.


Happy with pension etc - I just need to get stuck into mortgage.
Have had some health issues recently so will be a massive psychological boost to know my home is mine...


What have I done so far?
Starting bal: 112,000 in Oct 16 :eek:- current bal: £96,940:T
Currently rounding up my mortgage payment to the nearest £200 - approx £170 pcm regular overpayment but if I want to be knocking on the door of 50% LTV by the time my fix ends in Aug 21 I need to do better.


Food is my weakness - I am tired and lazy after work so spend more than I should and can barely boil water :rotfl:



That's enough rambling for now - will check out some diaries

AnotherJoe

What is your pension?

Gem2889

Apologies -



Should have pointed out that purchase price was £132K so original LTV = 84%

If Zooooopla to be believed current LTV = 67%
Target LTV by Aug 21 = 50%
Current lender has dire retention rates so will need to factor in remo costs.


Feel free to join the marathon!

Gem2889

Hi, thanks for joining



I work in FinServ so cant say with too much detail but workplace at 8% and AVC approx 4K adding 150 pcm

Nichelette

Happy New diary! Food is my weakness too

savingholmes

I can relate to the "food" as a "weakness" - its typically been our biggest financial downfall. Good luck on your journey.

beanielou

Happy shiny new diary

Gem2889

Nichelette wrote: »

Happy New diary! Food is my weakness too

Figuring out this quoting thing as I go along!!
Thanks so much for stopping by - your signature is so impressive :eek::beer:

Gem2889

beanielou wrote: »

Happy shiny new diary

OMG - thank you for popping in - I have loved reading your diary! Always my first port of call when I need motivation!:j

Gem2889

Hi All,


Lovely to have some visitors


Did some overtime this morning (better to be earning it than spending it!) - won't add up to a great deal but all helps.


I will keep all extra money back this month to tide me over the gap until my first payday in my new job - as soon as August bills are paid I will split OT money between savings and OP.
Must also remember to cancel my bus pass as there will be no 'travel' to work required as of 12th Aug. I will be able to 'walk' - even typing that feels odd - I am a wheelchair user - what I mean is I will get to work by myself!!


Hoping for NSD tomorrow as I'll be visiting the folks - hope you all have a lovely weekend
x

LeighofMar

Welcome and Happy Diary. I can relate to having a chronic illness and wanting a paid off house for peace of mind. You'll get there. Have a great weekend.