Second Time Lucky!!

Hi all - I started my journey to mortgage freedom a few years ago but didn't / couldn't keep it up due to redundancies and illness.

I am looking to sell up my current property in the next year or two, to move to the forever home. However, I'd like to reduce the current mortgage just in case this move takes a while due to all the economic uncertainty.

So at the moment - my mortgage payment is £1098.54 and I will overpay to make this up to £1200 a month - the remaining term is 15 years. (The amount outstanding is £166k down from the original £247k when I bought the house 6 years ago).

I'm also looking to be much more moneysavingexpert with my spends and also to put any cash back / eBay - other income as an overpayment when I have it.

I'd like to pay off within 10 years - and hopefully be able to maintain that for the new property as well.

I'll try and be more organised and actually update my thread this time!!

Any tips and hints would be appreciated as life sometimes just gets in the way!:j:j

Replies

  • cat04cat04 Forumite
    644 Posts
    Part of the Furniture
    ✭✭
    Hello!
    Good luck on your renewed journey to mortgage freedom. I started a new diary yesterday, having started over paying etc a few years ago, but then we doubled the out standing mortgage to £60k have an extension and other renovations. Things happened and the diary fell by the wayside.

    Looking forward to following you on your journey!
    Extra savings aim for 2020 £4,000 £0/£4,000
    Original MF date Feb 2025. Currently Feb 2030:eek: Aiming for Jan 2025 :T
    Mortgage at [STRIKE]10/19 - £47,200[/STRIKE] 11/19 - £46,615
    :heart:My girls keep me going:heart:
  • rkd_999rkd_999 Forumite
    19 Posts
    Part of the Furniture 10 Posts Combo Breaker
    So spent some time yesterday - looking at my finances and arranging the extra regular overpayment. I have also cleared out the wardrobe and have loads of designer clothes to sell and will only use this money for buying anything new. Have also set-up a new email account and will close my old one - as I would like to try the no buy anything but essentials for the next few months (Xmas aside) and keep getting tempted by special offers when I’m bored!

    However, not had such a good day today as managed to spend on some new moisturiser and trainers - am pleased that I didn’t just nike it but have been to sports direct and bought some reduced ones. These items have been added to the list and will need to be funded by the eBay selling.

    Also started sorting out some jewellery as seem to have collected a load over the past few years - so will be looking to sell the costume stuff on eBay and may pop down to the jewellery quarter in Birmingham to see about the rest. Hopefully this can go towards my car loan as I’d like to pay this off before I get my next mortgage - it’s at 0% so am tempted to just let it run for the remaining 11 months but I’d feel better to pay it off and putting the money towards the mortgage.

    So an ok start but need to stop the spending!!
  • beanieloubeanielou Forumite
    77.7K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭✭✭
    Happy shiny new diary :)
    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.***
  • rkd_999rkd_999 Forumite
    19 Posts
    Part of the Furniture 10 Posts Combo Breaker
    A bit of a delay since my last update. Have been doing ok with eBaying and clearing the out the house / wardrobes. I have managed to pay off last months cc spending using my eBay money. :j:j

    I also have listed some more items and whenever there is a £1 max selling fee - I am listing anything that we don't need anymore. Anything that doesn't sell, I'm having a carboot in the new year to get rid.

    In terms of Christmas - we've agreed with the family to limit spend and its mainly gift vouchers so that they can purchase specific things they need, rather than filler presents. Same with the smalls in the family - even they want gift vouchers or specific things - so this should be good moneysaving! :T

    Still thinking of a minimum / no spend 2020 - so have bought a shiny new diary to help with this! :j

    Mortgage is currently standing at £163k :(:( - a little bit disappointed that its not under £160k but with Christmas and my contract finishing at the end of Jan 2020, it's unlikely to happen now! :(

    So setting a target for next year - if our house move doesn't happen - I'd like to get the mortgage reduced down to under £145k and £140k is the stretch target!

    Still need to sell the jewellery and will be using the proceeds for this to pay down more of the car - another job for the new year!!

    Hope everyone else is still having a moneysaving December!! :beer:
  • rkd_999rkd_999 Forumite
    19 Posts
    Part of the Furniture 10 Posts Combo Breaker
    A bit of a delay since my last posts due to life getting in the way as usual!  My contract has been extended until the beginning of May 2020, which is good but its difficult due to the current state of the world, as I'll need to get another job in the middle of a crisis! :neutral:
    As for the mortgage current outstanding balance is £160k - think my target of £145k will be a huge stretch but lets see how I go!  Have started other money saving things - changing broadband to cheaper, same with Sky packages, power, etc. 
    Also looking to move - so current home is being touched up so it's ready to sell after Easter / May time.  

  • rkd_999rkd_999 Forumite
    19 Posts
    Part of the Furniture 10 Posts Combo Breaker
    A bit of an update due to the current crisis - as have lost my job at the end of March  :(
    So have been re-looking at all my finances - I've had to stop the overpayments to the mortgage, with the current balance at £158k.  So my new target will be £149k for the end of the year, which allows some overpayment and a bit of a stretch.
    Job hunting - too be honest haven't started as I am asthmatic and need to wait until more of the lockdown is released and some normality is back in the world.  I am thinking of looking in June probably with hundreds of thousands of others that have lost their roles :'(    :'(
    Hope everyone else is continuing their push towards freedom!  With this crisis, its helping reinforce the need for no mortgage and making sure that we are very clear about what we need in a new property!
  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    180 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    Good luck- hope you find a suitable role soon x
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV. £221,100 Aug 19 £210,000 Jan 2020 £206000 April 2020 £204000 May £202,997, Aug 20 £199,554, Dec 20 £196,629
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