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

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!

Aiming for mortgage free by September 2030

Balance 1.1.20 - £69,701.80
Balance 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
«13456714

Replies

  • beanieloubeanielou Forumite
    83.6K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    No more ideas but just popping in to say happy 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.***
  • LauraebradLauraebrad Forumite
    122 Posts
    Part of the Furniture 100 Posts Name Dropper
    Forumite
    So on a stormy Sunday another £5 ebay sale and £10 from opening a 'chip' app.  Also not been outdoors to spend any money!  Hoping to get a hefty chunk of this year's £1,200 target overpaid in the early part of the year, so I can put some extras towards a holiday later in the year ..... all about balance!

    Aiming for mortgage free by September 2030

    Balance 1.1.20 - £69,701.80
    Balance 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
  • GroggedGrogged Forumite
    865 Posts
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Forumite
    Have you thought about saving extra on payday and seeing if can live without it, especially if you have random money at end of the month.
    You could make it a challenge if that helps!
    If it's not adding up, compound it!
  • LauraebradLauraebrad Forumite
    122 Posts
    Part of the Furniture 100 Posts Name Dropper
    Forumite
    Thanks Grogged - that's probably a better idea than waiting to see what's left over!! I'll try it in March and see how it goes ... 

    Aiming for mortgage free by September 2030

    Balance 1.1.20 - £69,701.80
    Balance 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
  • Bargainhunter30Bargainhunter30 Forumite
    249 Posts
    Eighth Anniversary 100 Posts Name Dropper
    Forumite
    Good luck, sounds like you're doing great already. I've just started matched betting and team casino, influenced by mse and so far it's a great way to make tax free extras, £700 for me so far in just 2/3 months and not much time per day x
    Mortgage start date Nov 2014  - £90,545 over 25 years
    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!  


  • BennettxoxoBennettxoxo Forumite
    137 Posts
    Third Anniversary 100 Posts
    Forumite
    Great start Lauraebrad! I'll be following along with you :smile:
    Mortgage start: £121,500 Dec 19
  • savingholmessavingholmes Forumite
    23.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Good luck. 50 would be a great age to be mortgage free. Wish I'd started earlier.
    Target 1) Prioritise health & social connection 2) Write regularly 45,509/70,000 words Book 2 and 10,787/70,000 Priestess book, 30,000/95000 Memoir Prep 3a) Get to £10K EF/Savings Now £5,641 3b) £1.6K Savings for DD Car (Achieved) 4) MFW starting at £201,999 Nov 21 with 264 248 payments to go. Now £191,648) Mortgage neutral progress via pension £2,787 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
  • beanieloubeanielou Forumite
    83.6K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Also wish I had started earlier.
    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.***
  • GroggedGrogged Forumite
    865 Posts
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Forumite
    How's the March planning going Lauraebrad?
    No pressure 😆
    If it's not adding up, compound it!
  • LauraebradLauraebrad Forumite
    122 Posts
    Part of the Furniture 100 Posts Name Dropper
    Forumite
    Not too badly Grogged.  Decided to make a list of all likely expenses and see what's left over.  Since I did that I've then remembered loads of extras such as Mother's Day, school dinners, dentist etc  :'(
    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 - £69,701.80
    Balance 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
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android

MSE App

Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools