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
Balance 1.1.24 - £47,902.00

over payments 2024 = £270/£1,200 /// invested 2024 = £200/£1,200 = TOTAL (YTD) £470
«13456717

Comments

  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    No more ideas but just popping in to say happy new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • 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
    Balance 1.1.24 - £47,902.00

    over payments 2024 = £270/£1,200 /// invested 2024 = £200/£1,200 = TOTAL (YTD) £470
  • Grogged
    Grogged Posts: 865
    First Post Photogenic Name Dropper First Anniversary
    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!
  • 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
    Balance 1.1.24 - £47,902.00

    over payments 2024 = £270/£1,200 /// invested 2024 = £200/£1,200 = TOTAL (YTD) £470
  • 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!  


  • Great start Lauraebrad! I'll be following along with you :smile:
    Mortgage start: £121,500 Dec 19
  • savingholmes
    savingholmes Posts: 26,853
    Name Dropper First Anniversary Photogenic First Post
    Forumite
    Good luck. 50 would be a great age to be mortgage free. Wish I'd started earlier.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Also wish I had started earlier.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Grogged
    Grogged Posts: 865
    First Post Photogenic Name Dropper First Anniversary
    Forumite
    How's the March planning going Lauraebrad?
    No pressure 😆
    If it's not adding up, compound it!
  • 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
    Balance 1.1.24 - £47,902.00

    over payments 2024 = £270/£1,200 /// invested 2024 = £200/£1,200 = TOTAL (YTD) £470
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