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Keep calm and carry on....

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Keep calm and carry on....

edited 30 November -1 at 12:00AM in Mortgage-Free Wannabe
1.5K replies 48.4K views
South_coastSouth_coast Forumite
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edited 30 November -1 at 12:00AM in Mortgage-Free Wannabe
Good afternoon all

I have lurked for years and love reading all of your stories, but keep finding myself getting grumpy when you're not updating your diaries at the same time as I am available to read them (I tend to do a mega catch-up in bed on a Saturday morning, then you're all off being busy in real life); so thought I'd set up my own diary to keep me going until you post fresh news for me to consume!

I absolutely love my home (in an "only-a-mother-could-love" way, as there is work to be done once MF), so no plans to move. As of today, the mortgage balance sits at £32,978.14, with £700 currently in transit and £175 set aside to transfer next week (have to stagger the payments around month-end so they don't force a recalculation of the monthly payment). All things remaining equal, I could be looking at a balance of c£13k this time next year, although a job change is likely to be on the cards, making c£18k a more likely target. Hopefully I will end up somewhere between the two.

This makes MF in late 2021 a realistic possibility, rather than the mid-2022 I have been targeting. While this is a very exciting prospect, the numbers look pretty alarming - hence "keep calm and carry on" - stay focused, breathe, and don't lose your head!

I have just under £5k in an S&S ISA which serves as my emergency fund, pay the maximum that my employer will match into my pension, and save in advance for all annual bills, so think I have got most things covered off. Hopefully I'll be back to update this regularly, or I won't even have my own diary to keep me occupied!
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Replies

  • LeighofMarLeighofMar Forumite
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    Welcome with your new diary. That balance and target end date is amazing and will be cheering you on to make it. So exciting.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of September 2020 - $35,290.00
    Hope to be mortgage-free by 2023 
  • South_coastSouth_coast Forumite
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    Thanks, LeighofMar!

    I do feel a bit sheepish when I see some of the huge balances on here, but it still seems like a lot when I'm doing it on my own and have never had any "real" debt before (just student loan and 0% cards for stoozing). It's all relative though, and I'm very happy with my lot
  • Jessy103Jessy103 Forumite
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    Good luck! Will be cheering you on! :)
    Starting Mortgage Balance (June 2019) £72,000
    Mortgage Balance as of 31/12/19 £69,000
    2020 Overpayment Challenge: Jan £943.63, Feb £252.17, March £446.79, April £136.79, May £253.88, June £236.57, July £1046.79, August £415.31, September £158.29, October £418.69
  • South_coastSouth_coast Forumite
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    Thanks Jessy!
  • South_coastSouth_coast Forumite
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    Right, not a bad first day here....

    Low-spend day, £1.50 on groceries
    Told Consumer Pulse about 2 songs I'd "bought" from iTunes. Paid with a voucher I cashed out from Shoppix, so that will be £1.00 back from CP for a 0p spend
    Claimed an AGC from Shop & Scan and ordered a book which has been on my wishlist for ages. £1.00 left of the voucher and will be another 50p from CP when it arrives

    Don't worry, not normally this productive. Normal service will resume once I'm back to work on Thursday
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • newgirlynewgirly Forumite
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    :wave: found your diary! best of luck, I’ll be reading :)
    MFW 38

    2020 £14,466.48 / £18,000
  • shangaijimmyshangaijimmy Forumite
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    Welcome along for the obsessive mortgage OP journey!!
    MFW: Was: £136,000.......Now: £73,243.27......Reduction: £62,757.93... in 5yrs 6mths!
    Mortgage Neutral Target - Feb 2025...£65,665.23 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • South_coastSouth_coast Forumite
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    Thanks both, it's like being visited by MFW royalty!

    SJ - I have no doubt about the obsession. I can be quite an obsessive person anyway (to the point of not being able to sleep sometimes), but am telling myself this is at least something useful to obsess over and with a finite end - although I do wonder what will happen then!
  • savingholmessavingholmes Forumite
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    I think this is a healthy enough obsession as long as you make time to relax too. Good luck on your MFW journey.
    During 2020: Target 1) Reduce debt from £25.1K @ 0% Now down to £18.392 Target 2) Overpay mortgage - now @ £780 OP Target 3) Improve pensions Target 4) Declutter 52 bags - Done with help of skip & other regular charity collections. 5) Build/maintain EF/Savings pots at £1K or more by 31/12/20
  • Yellow_mangoYellow_mango Forumite
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    Just dropping in to cheer you on! I can’t wait until I’m that close to the end!
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