10 years to go .... maybe, with a fair wind

122 Posts


Hi,
I've been lurking on here for years, but finally decided I should post a diary - more for my own sake than anyone else's!!
So a little about me and my house ... I'm a 40 year old single mum with a lively 7 year old son. We live in a fairly ordinary terraced house on the edge of a large northern city, just a close walk to the countryside.
I've been overpaying the mortgage sporadically for a while - with the aim of overpaying £1,200 last year, which I managed, and hopefully £1,800 this year.
Ideally, I'd love to pay off the mortgage in around 10 years. That would make me 50, and be just before the small one sets off for uni if he chooses that route. Who knows what life will be like in 10 years time, judging by the changes in the last 10, but I'd love to go into my 50's with more financial freedom.
As at 01/01/2020 the mortgage stood at £69,701.80. House is worth around £175,000.
My monthly basic payment is £400, but I make a static payment of £450.
So far this year's ideas for squirrelling away money for overpayments are:
1. Quidc0 from insurance renewals etc
2. 2 x months when there are no DD's for Council Tax or Water
3. Interest from stoozing money on a 0% credit card
4. Ebay sales
5. Be my eye
6. prolific
7. random money left in cash in my account at the month end.
More ideas always welcome!
I've been lurking on here for years, but finally decided I should post a diary - more for my own sake than anyone else's!!
So a little about me and my house ... I'm a 40 year old single mum with a lively 7 year old son. We live in a fairly ordinary terraced house on the edge of a large northern city, just a close walk to the countryside.
I've been overpaying the mortgage sporadically for a while - with the aim of overpaying £1,200 last year, which I managed, and hopefully £1,800 this year.
Ideally, I'd love to pay off the mortgage in around 10 years. That would make me 50, and be just before the small one sets off for uni if he chooses that route. Who knows what life will be like in 10 years time, judging by the changes in the last 10, but I'd love to go into my 50's with more financial freedom.
As at 01/01/2020 the mortgage stood at £69,701.80. House is worth around £175,000.
My monthly basic payment is £400, but I make a static payment of £450.
So far this year's ideas for squirrelling away money for overpayments are:
1. Quidc0 from insurance renewals etc
2. 2 x months when there are no DD's for Council Tax or Water
3. Interest from stoozing money on a 0% credit card
4. Ebay sales
5. Be my eye
6. prolific
7. random money left in cash in my account at the month end.
More ideas always welcome!
Aiming for mortgage free by September 2030
Balance 1.1.20 - £69,701.80Balance 1.1.21 - £63,699.80
Balance 1.1.22 - £57,762.80
Balance 1.1.23 - £53,074.20
over payments 2023 = £1,420/£1,200 /// invested 2023 = £300/£1,200 = TOTAL (YTD) £1,720
3
Latest MSE News and Guides
Replies
**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.***
Aiming for mortgage free by September 2030
Balance 1.1.20 - £69,701.80Balance 1.1.21 - £63,699.80
Balance 1.1.22 - £57,762.80
Balance 1.1.23 - £53,074.20
over payments 2023 = £1,420/£1,200 /// invested 2023 = £300/£1,200 = TOTAL (YTD) £1,720
You could make it a challenge if that helps!
Aiming for mortgage free by September 2030
Balance 1.1.20 - £69,701.80Balance 1.1.21 - £63,699.80
Balance 1.1.22 - £57,762.80
Balance 1.1.23 - £53,074.20
over payments 2023 = £1,420/£1,200 /// invested 2023 = £300/£1,200 = TOTAL (YTD) £1,720
Re-mortgage Oct 2017 - 78,295 over 23 years
Re-mortgage Jan 2020 - 55,000 over 26 years @ 1.94%
Current Mortgage Outstanding Middle December 2020 - £47893.35 - a reduction of £42,652 in just over 6 years!
**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.***
No pressure 😆
Never mind. Just got £10 bonus from setting up a Chip account, and moved £6 something from Prolific.
Half term is a bit spendy so next week until payday is going to have to be a bit tighter!
Aiming for mortgage free by September 2030
Balance 1.1.20 - £69,701.80Balance 1.1.21 - £63,699.80
Balance 1.1.22 - £57,762.80
Balance 1.1.23 - £53,074.20
over payments 2023 = £1,420/£1,200 /// invested 2023 = £300/£1,200 = TOTAL (YTD) £1,720