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I'm gonna smash the mortgage!
rootom
Forumite 2 Posts
Hello. I've been a member of MSE for as long as I can remember but this is my first post, eek. I'm a mum of two (11 and 12yr old) and run a dog walking company with my husband. I'm 41 and he's 51. Last year, hubby and I tackled our debt. In March 2018 we were sick of working like dogs but struggling to pay the bills. We knew we had some debt- I thought around £10k - so one day we added it all up. The figure was £21k!! It was the shock we needed to sort ourselves out financially. We worked overtime, I got a side hustle, we budgeted and lived frugally and paid the whole lot off within 8 months. Now I've set my sights on the dreaded mortgage. It stands at £149k and there's no way I can tackle it without some sort of accountability so here I am! I can overpay by 10% a year. Currently, it is part interest only, part repayment and is £534pm. I want to overpay £600pm as the bare minimum (£1134 in total) and more on top if I can. It seems so unachievable but I am determined. We came close to losing our home twice so the thought of owning it outright fills me with joy. We currently have 11 years left on the mortgage. I hope I can shorten it! I love reading all of your stories. I hope some of you may be interested in my journey and keep me motivated!
I'm not sure how you do the 'signature' thingy at the bottom so I'll just do my own thing ha ha
Debt as of March 2018 - £21k
Debt as of Nov 2018 - £0
Start of mortgage 2006: £196k
Current mortgage (Dec 2019) £149.183
I'm not sure how you do the 'signature' thingy at the bottom so I'll just do my own thing ha ha
Debt as of March 2018 - £21k
Debt as of Nov 2018 - £0
Start of mortgage 2006: £196k
Current mortgage (Dec 2019) £149.183
Debt at largest - March 2018: £21k
Debt at Nov 2018: £0
Mortgage start date - July 2006: £196,000
Current amount outstanding - 22/12/2019: £149, 183
Debt at Nov 2018: £0
Mortgage start date - July 2006: £196,000
Current amount outstanding - 22/12/2019: £149, 183
0
This discussion has been closed.
Replies
I’m a newby to, will follow with interest.
Pocket poor X
Mortgage Neutral Deficit: £54,331.22... Mortgage Neutral Savings: £13,871.45
MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
1% Mortgage Challenge - £411.69 of £705
You can update the signature by clicking on your name, then view public profile, then User CP at the top. It should then give you a list on the left, which includes signatures.
MFW 2020 challenge #35 £94.62/£750; Jan running total - £94.62
Save 12k in 2020 challenge #34 £560.20/£6000; Jan running total - £560.20
Jodles
1% challenge- /1525
There's an old Chinese proverb. A man who wishes to move a mountain starts by carrying the smallest stones first.
The power of compounding (reducing the amount of interest paid) over the years does add up.
Debt at Nov 2018: £0
Mortgage start date - July 2006: £196,000
Current amount outstanding - 22/12/2019: £149, 183
Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
… Mortgage £96500
Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675 🙂
EF 8540/12,000 (71%)
Our Mortgage is never going to be as high as it is today. :j
Onwards and downwards to a better life for our family. :j
Just keep swimming
I also love the 10k a year increments as a goal. January sounds like a great time to make your plans. Best wishes.
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance end of February 2021 - $32,130.82
Hope to be mortgage-free by 2023