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MF by 40!

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  • caeler
    caeler Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
    Gem2889 said:
    Oh Lord back to T4 we go! 
    Demotivated but plodding on 
    T4 here also. Such a pain but a good excuse to save money and out it towards the mortgage! 
  • Gem2889
    Gem2889 Posts: 88 Forumite
    Second Anniversary 10 Posts Name Dropper
    Well, that whole ‘updating more often’ plan went well! Ha!
    Mixed News- the access adjustments will cost £5k, however, I have that saved!
    I also misconstrued what my broker told me in terms of loan amount - mortgage is £127,000 total with the £999 already added.
    First official payment goes out on 1st Feb but sent my first OP of £600 today!
    YAY!

    Stay safe 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
  • caeler
    caeler Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
    Totally amazing that you’ve sent your first OP! Well done! @Gem2889
  • Gem2889
    Gem2889 Posts: 88 Forumite
    Second Anniversary 10 Posts Name Dropper
    Thank you @caeler - it’s all about personal preference but given (no) spending habits in lockdown I felt comfortable putting that money into the mortgage; that will now be my OP target every month!! If I could do that consistently I could be MF at 40 after all! 😮
    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
  • ruby_eskimo
    ruby_eskimo Posts: 4,792 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Congrats on the first OP even before you're first payment!  That's an amazing amount!
    Emergency Fund - £8572.39 / £10,000 :: Mortgage OP 2025 - £
    LISA 24/25 - £3200 / £4000 :: NSD 2025 - 2 / 150 :: Books Read: 1 / 52 :: Decluttering - 4 / 1000
    Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 2017
  • caeler
    caeler Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
    Gem2889 said:
    Thank you @caeler - it’s all about personal preference but given (no) spending habits in lockdown I felt comfortable putting that money into the mortgage; that will now be my OP target every month!! If I could do that consistently I could be MF at 40 after all! 😮
    x
    @Gem2889 , I think it was about last September that my spending habits had totally changed and if I tried just a little bit harder the mortgage could really benefit from it.  I think I'd lost some of my money saving ways over the years so Lockdown has been a really good reminder (trying to find the silver lining!). 
  • Congratulations on your bungalow. That is wonderful news. And great start with the OPs. I'm sure you will reach your goal whatever you set it to be. 
    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 
  • Gem2889
    Gem2889 Posts: 88 Forumite
    Second Anniversary 10 Posts Name Dropper
    Thank you @ruby_eskimo and @LeighofMar - so lovely to have visitors and I am pledging to do better at visiting your diaries too!

    I’m hibernating with family as bungalow doesn’t have WiFi yet - luckily they are my support bubble and can work here! Have taken the opportunity to start access adjustments and builders started today!
    Every now and then I get disheartened at the thought of effectively signing away 30 years- but I will make sure it doesn’t take that long!!
    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
  • ruby_eskimo
    ruby_eskimo Posts: 4,792 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Good luck with getting the adjustments done - sounds like pretty good timing if you can stay in your bubble while the works are done.  Also don't worry about the 30 year term, we'll have the same left to go in November but hoping like you to have paid it off by then!
    Emergency Fund - £8572.39 / £10,000 :: Mortgage OP 2025 - £
    LISA 24/25 - £3200 / £4000 :: NSD 2025 - 2 / 150 :: Books Read: 1 / 52 :: Decluttering - 4 / 1000
    Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 2017
  • I've been reading posts here for weeks and finally signed up for an account so I can join in - then I spotted your title 'MF by 40' and it felt like a sign as that's my goal too! It may be a bit pie in the sky for me as I'm currently 35 and still have £111k outstanding as my overpayments ground to a halt thanks to Covid and lots of expensive maintenance that all seemed to come at once (but doesn't it always?!). Still, I'm paying it off with my partner so I guess technically I only need to find half of the amount! But anyway, I just wanted to say thanks for sharing the diary and maybe I'll get this figured out so I can start one too :) 
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