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

fred246

I was mortgage free at 30 and then 48. I never really felt mortgage free at 30 though because it wasn't my 'forever house'. I just knew there was another mortgage on it's way. I always wonder on this forum how many people paying their mortgage off early expect to live in that house for the rest of their lives and how many will take on another mortgage. The house I paid off at 48 cost 7x as much as the one I paid off at 30.

Gem2889

Thanks for stopping by and apologies for the delay in updating!


Started my new job on monday and really enjoying it so far! I am saving £50pcm on travel and in another boost my energy company reduced my payments based on usage so thats another £20 saved.
I'm not committing these funds to anything else yet as I need the final pay from previous role due 19th Aug to last until end of Sep! I have emergency funds to use but will try my best not to touch these.


Nothing above my usual o/p sent to the mortgage yet this month as I rec'd a surprise £800+ maintenance bill for lift repairs from the management company for my flat - I realised there was no point fighting this and fortunate to have it saved but has seriously made me consider other property options e.g. bungalow. This is not realistic atm but is another goal to work towards.


Hope you're all doing ok x

savingholmes

Glad the new job is going well. Ouch to the lift fee. It's what's always put me off flats - you are at the mercy of someone else's timetable for repairs and to a degree associated bills

BachSoon

Welcome!
Congratulations on the start of your MF journey sorry to hear about the lift maintenance bill to potentially ward off this sort of thing in the future, is there a resident's management company that all the flats can pay into on a monthly basis and save up a repair and maintenance fund?

mortgage_girl

Ooh a shiny new diary. Best of luck on your mortgage-free journey, I'll be following with interest.



MGx

Gem2889

Oh dear, failed miserably with the regular updates! 

Hope you are all keeping well in these strange times; I’m a third of the way through 12 week isolation and fortunately able to WFH. Whilst it has its own challenges I appreciate how lucky I am to be in a relatively secure position. 

Following Base rate cuts have had a tidy of accounts and paid £1K to the mortgage over the past couple of weeks. Am (Im)patiently waiting for balances to update and genuinely thrilled at the prospect of being in the 80s by June!!

Stay safe all
xx

beanielou

Good news on the mortgage reduction 

savingholmes

Glad you can work safely at home. Great too that you have continued to reduce your mortgage

longway2go

Well done in the overpayments.the next 10k bracket is a fab milestone

jenni_fer

Well done on the overpayments! We just got to 5 figures and that was an amazing feeling, getting under each next £10k is fab!