MF by 40!

in Mortgage-free wannabe
147 replies 8.2K views
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  • beanieloubeanielou Forumite, Ambassador
    84.4K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Ambassador
    That's lovely news  :smile:
    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 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 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.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 2 lbs.
  • South_coastSouth_coast Forumite
    4.2K Posts
    1,000 Posts Third Anniversary Name Dropper Photogenic
    Forumite
    Congratulations 😀! Now, what impact will that have on the OP's 🤣???
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Gem2889Gem2889 Forumite
    88 Posts
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Allowing myself to slip in to dream land …if I could maintain my £600 OP and put partners contribution in to the mortgage it would be gone in 7 years making me 38 🤯🤯🤯
    I know this is (very!) unlikely but it is a heck of a motivator! 
    Cleared 25k from mortgage in 4 years - now I need to do it again!

    Dec 2020 Balance: £127,000
    Dec 2021: Balance £121,500
  • Gem2889Gem2889 Forumite
    88 Posts
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Morning All,

    Setting some practice alarms in advance of my return to the office tomorrow!

    OH is settling in well and it’s lovely to have him here!
    August was not very MSE I splurged on shopping and took the brunt of expenses while OH paid last of bills from previous property.

    My credit card statement made me feel sick this month but it’s cleared now and I have approx £900 to live on after bills. In anticipation of OPs I have squirrelled away £500 and will aim not to dip in to it this month!

    In normal months I could be looking at approx £1400 left after bills come out which is crazy to me! As always got to watch the food spends but I’m not going to be too hard on us this month as we’ve both worked so hard to get here and deserve a treat or 10 ha!

    Hope you’re all safe and well!

    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
  • Gem2889Gem2889 Forumite
    88 Posts
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Oh gosh, Hi Team, it’s been a while! I hope you’re all keeping well! 
    Been slacking on the OP front and I’m back to rebuild some accountability.

    Good news; I signed the paperwork (electronically) today for a promotion to begin in January (yay!) 
    Will be team leader of my current team and ready for the challenge! In real terms will be approx £200 pcm better off, and I have been playing with the calculator: I tend to set unrealistic goals and become obsessive so new goal is to consistently OP £300 p/m as this will take me to 50% LTV (according to Zoopla!) in 2024 when remortgaging!

    Coming up to a year in the bungalow (how?!) and it’s emerging that we need more space and some improvements. So, the new OP target means we can save for both! 

    Challenging news: Both my mum and OH have had surgery this week and stress level is through the roof! All it has done is reaffirmed to me that I want the house paid off so that we are covered if either/both of us can’t work!

    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
  • Gem2889Gem2889 Forumite
    88 Posts
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Called the mortgage company recently for an updated balance (so frustrating that there is no online facility!) and my estimate of £122,000 was not far off, when this months interest is added should be £121,500 🙏🏻💪🏻🥳🎉
    Gives me a great starting point for the new year but for now I’m going to hibernate with movies- it’s been a brutal couple of years and feel very burnt out.

    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
  • Gem2889Gem2889 Forumite
    88 Posts
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Hi All,

    Got a letter from the mortgage company that my years overpayments mean the contractual payment will decrease by £15! 
    Will call to amend the DD in Feb to ensure payment stays the same!

    Hope you’re all keeping well; I have a dreadful cold and so have splurged on comfort food! 

    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
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