£70k - 2 years and counting - NOW PAID 08/04/22!!!!!

MrsLovely

happymum37 said:

Hello!!!! I finally figured out how to find your blog thingy.  Bloody hell at 38 in horrific at computers!! Read your previous posts and we are very similar apart from the age of the kids.  I have 2 under 8.

If the new house is meant to be it will be.  I must admit my hubby wouldn't move full stop unless we came into big money.  If we got given 100k he would prefer to retire early.  

Keep going your doing so well. The end is in sight. Can i ask how do you decide how much savings to keep? That's what we can't decide on.  
Best wishes
X

Hi Happymum37, only 2 months delay in replying to you, apologies! Re savings, well we are not good on that front!!!  The aim is £10k, but tbh I'm addicted to mortgage overpayments so never have any savings!! But the aim is £10k, so when mortgage free, will be a good 5 months living costs. Have you decided how much to save now? X

L9XSS

MrsLovely said:

L9XSS said:

Hey just checking back in on your thread. You must only be 11 months away from paying off the mortgage now? Did you resolve the “moving house” thoughts fully?
ive got 14 months to go to be mortgage free (if I do the same thing, ie use some pension at 55 to pay off the 30k that will be left at May 2022). My dilemma is do I use the pension money, savings or keep on plodding away for another 2.5 years, remortgage with the NatWest, reduce payments by £200 but keep the repayments the same and clear the term late 2024.
Decisions decisions!

Hi, what a nice email to see on my way to work!!
Thanks for asking,  but I know too we are on similar timelines. Yep....11 payments to go!! Husband and I beside ourselves with excitement! Work so busy just not had time to do my usual 1st of the month update. 
Well, we put the house up for sale, had lots of viewings, then went into xmas lockdown.  Then we thought 'do we really want to move?'. Move house or live life to the full, with no worries? So we chose the latter. So pleased, just looking forward to lockdown being over!! Freedom!
For you,  do you want complete freedom in 14 months, or stash your pension 25% in savings, or leave your 25% in? I know financially taking husbands 25 % may not be the most cost effective decision,  but we have saved thousands over the years in interest on the mortgage overpayments,  but I also don't feel we lose much on monthly pension payments if we were to leave it in.
So, in November we will be filling in the pension form to apply. We've worked so hard, saved so hard, made sacrifices (although have never felt we've done without), been clever with money, made do....so, it's getting done. Goodbye mortgage! Let me know what you choose to do. 

Thanks for the reply. Just having a quick catch up on email and forums(,I’ve been busy with DIY around the house today(keeping busy whilst on holiday). I think you have made a sound decision giving you lots of lifestyle choices. As you say you have worked hard and made some sacrifices along the way. On balance I think I’m going to do the same and clear the mortgage in 14 months. I’m already lavishing time and money on my house, so to be mortgage free will be an amazing feeling. I then have the choice where the extra disposable income will go, savings, travel etc. I know your MFW diary has helped me come to some decisions. Had I not done some of the hard work from 2008 onwards then as I write this my term would have an additional 11 years to go!
Yes I want to feel the result when I make the last payment in May 2022.
Anyway best of luck for the next 11 months. L9XSS 

MrsLovely

4 days off for bank holiday weekend,  lovely! Time for my monthly update. I've broken the £40k barrier and am now at £39,956!! Woo hoo!  With £30k mortgage neutral we have 10 payments to go. Amazing!! 
Some other good news in the lovely household is that I secured a decent pay rise giving me and extra couple of hundred pounds a month extra income which will go towards the emergency fund account, and just waiting to see what the bonus scheme pays out this year. Any bonus money will pay for a new main bathroom. It's in desperate need of being replaced, it's the original from the 80's and is dire!! 
In other news, we still have 2 abroad holidays booked for this year that were moved from last year, it's not looking overly promising that foreign holidays will even be possible this year, so will move to next year instead and make ths most of our Norfolk holidays instead and save the money towards the emergency fund and more overpayments. 
Last bit of good news is I have had both my covid vaccination jabs now and husband has had his first one.  
Hope everyone enjoys their Easter break! Mrs lovely x

caeler

What a fantastic feeling! I’m on countdown too. I owe £43K but won’t get to break into the £30s before I repay. It’s so nice to start planning for the future isn’t it! I’ve got a foreign holiday rebooked this year from last year, it seems unlikely doesn’t it so I’m just waiting to see what happens. 

MrsLovely

caeler said:

What a fantastic feeling! I’m on countdown too. I owe £43K but won’t get to break into the £30s before I repay. It’s so nice to start planning for the future isn’t it! I’ve got a foreign holiday rebooked this year from last year, it seems unlikely doesn’t it so I’m just waiting to see what happens. 

Not long though before you hit the £30's! The silver lining of no foreign holibobs is money saving though! Keep it up 😃

ladysummerisle

I’ve just read from the beginning. I’ve only just started a diary but will otherwise have 10 years to go. Reading this, it’s like you’re kicking into a sprint as you round the curve towards the finish line and will be worth the effort. 

MrsLovely

ladysummerisle said:

I’ve just read from the beginning. I’ve only just started a diary but will otherwise have 10 years to go. Reading this, it’s like you’re kicking into a sprint as you round the curve towards the finish line and will be worth the effort. 

Thanks Ladysummerisle. Hope my diary did not ramble on too much! Yes, certainly on the last leg now. Not really sure where the last 10-15 years have gone, but certainly committing to mortgage freedom and making changes in 2008 and discovering this forum has given us so many opportunities and a different outlook on life. My work situation has improved significantly and am actually thriving and enjoying my job too, contrary to early on in my diary (thank goodness,  it's not been easy at all) .Will follow you 10 year journey with interest!! 😃

MrsLovely

It's monthly update time😁. 9 payments (yes, 9 payments!!!) to go (£30k mortgage neutral), and now sitting at £38,927. 

Not much other news to report, just enjoying a lazy, dreary Bank Holiday Monday.  Getting lots of life admin done and just about to try and get ahead of the working week and get some work work done. 

Cheering everyone else on. Keep up the great work. 
Mrs Lovely x

L9XSS

Great news!  Im 3 months behind you! I still keep pinching myself!
I won’t catch you (LOL) but will be a close second. (LOL).
Keep posting along the way as it does help and support others on the MFW journey which can be long and winding, but does achieve so much!

MrsLovely

L9XSS said:

Great news!  Im 3 months behind you! I still keep pinching myself!
I won’t catch you (LOL) but will be a close second. (LOL).
Keep posting along the way as it does help and support others on the MFW journey which can be long and winding, but does achieve so much!

I've posted routinely every month for the last two years now so am definitely going to continue! Like you, documenting the journey is very cathartic to see how far we've come.  You keep posting too,  enjoying your progress too! 😁