MF by 40!

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 :D
Cleared 25k from mortgage in 4 years - now I need to do it again!

Dec 2020 Balance: £127,000
Dec 2021: Balance £121,500
«13456715

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622
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    What is your pension?
  • Gem2889
    Gem2889 Posts: 88
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    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!
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • Gem2889
    Gem2889 Posts: 88
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    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 :)
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • Nichelette
    Nichelette Posts: 2,090
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    Happy New diary! Food is my weakness too :o
    Finally bought a home
    Starting mortgage £289,500 31.01.19 - Current outstanding £207,243.66
    Overpayments since 27.03.19: £46,161.46
  • savingholmes
    savingholmes Posts: 26,853
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    I can relate to the "food" as a "weakness" - its typically been our biggest financial downfall. Good luck on your journey.
    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
  • beanielou
    beanielou Posts: 89,384
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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 [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.
  • Gem2889
    Gem2889 Posts: 88
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    Nichelette wrote: »
    Happy New diary! Food is my weakness too :o


    Figuring out this quoting thing as I go along!!
    Thanks so much for stopping by - your signature is so impressive :eek::beer:
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • Gem2889
    Gem2889 Posts: 88
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    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
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • Gem2889
    Gem2889 Posts: 88
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    Hi All,


    Lovely to have some visitors :D


    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
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • LeighofMar
    LeighofMar Posts: 672
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    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.
    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 
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