Mortgage free by 2030!

jwil

Welcome back to the forums, sounds like you've made loads of progress since you were last on here!

Good luck with becoming mortgage free, I'd love to do the same in a similar timescale, but think I've got a long way to go yet before I can start overpaying with a vengeance.

It makes absolute sense to realise value in items you are getting rid of.  Ignore the haters, they'll be just as envious when you are mortgage free several years early!

griffinsaver26

Hi jwil! Thank you for popping in! You are right, lots of progress since my last diary and I’m so pleased to be in the position to start focussing on the mortgage. And I know you always had loads of success selling items you no longer wanted, I just can’t understand why people feel the need to make comments!  

@Competsoph - how’s the house purchase coming along? Soon you will be overpaying! 

So, end of the month and I’ve tallied up my totals. Drum roll...overpayment of £557.71! Made up of my regular OP on the monthly payment, another payment on payday, a good TopCashback withdrawal then lots of little sweeps of my accounts and TTs. The smaller payments have totalled over £150 and I haven’t missed the money doing it that way, but it has meant I’ve become a bit obsessed with making payments and I think I need to find a slightly better balance. Maybe a weekly sweep and that’s all! 

Competsoph

@griffinsaver26 no progress at the moment and with things becoming slightly difficult where I currently live it couldn’t come soon enough! I’ve had my broker chase the solicitor today so hoping we can get things in motion.

Im very impressed by your OP, do you have a tactic or particular plan each month or not? I can imagine it can become obsessive and some fun is lost when this happens. 

griffinsaver26

Buying a house is stressful at the best of times @Competsoph, can only imagine how hard it is at the moment. Hope things start moving along soon! 

My strategy is to reduce the mortgage balance by £1000 per month. This means an OP of approx £450 which is a stretch! I have a bit more spare money than usual at the moment with no travel or going out, but as the restrictions ease a bit, I think spending will increase! This month I got some backdated expenses in my salary though so should be okay to make the £450. I think I might try a slightly different approach this time, pay more at the start of the month and then just a smaller payment at the end of each week when I tidy up my balances etc. See how that feels. 

I’ve also progressed with some of the other plans. Set up the AVCs to my pension today so that should come out next month and have done some more research on Investments. I’m so impatient though. I set up an S&S Isa in May but now want to start one with another company but have to wait until April. It’s driving me mad! 

LeighofMar

Way to go Griffin. You're doing great. I also try to bring the balance down $1000.00 a month, though some months are more successful than others, of course. And the little TTs or sweeps do make such a difference over time. It is addicting, but it's a good addiction. I just hope that we don't find it anticlimactic when we finally pay the mortgages off and then wonder what to do with ourselves for the rest of our lives

griffinsaver26

You’re right, all of the little payments really do make a difference. Having said that, I’ve just done my YNAB budget for the month and paid an extra £200 to the mortgage, so to meet my target for July I just need to find another £85 or so. 

I’ve cashed out my first Prolific payment of £15. Also got a £25 win on the premium bonds (my first month holding them!). My cash savings are now all pretty much pennies in interest, Tesco are reducing their rate to 0%! I have quite a few current accounts which I opened when you could get some decent interest. Just holding onto them now to do a switch for some cashback if that’s ever offered again in the future. 

In other news, we’ve had a plumbing and draining problem which was pretty gross! I think the soil pipe must have been accidentally damaged by our chap doing the paving. We used the insurance on my OHs bank account for the emergency call out but have to pay for the repair. Found a local guy on Facebook so that will be done tomorrow. Nothing is ever straightforward is it?! 

Adamr8965

Hi Griffinsaver,

One of the best ways i saved for my over payments was,

When i got paid on a Thursday i moved what i had left to a savings account, repeated for a few months until i had some spare money left over. Then what was left i paid off the mortgage it takes time but when you see the overall debt slowly dropping it spurs you on.

I took a £115k mortgage on in 2004 and it was gone 6 years later. I've now spent the last 10 years with a mortgage.

I would try this it really worked for me.

griffinsaver26

Hi @Adamr8965, thanks for your comments. I’ve realised that one of my problems is spending my savings! Whether that be on the actual thing I’ve saved for or to pay a bigger amount to the mortgage! I think in the past having never had savings, I’m quite attached to them now!  That’s why I’m better just paying straight off rather than keeping aside for one lump sum. But I do follow your rule of moving whatever is left after payday into several pots, one being the mortgage. 

Chuffed with my overpayments so far this month. Also made another £50 on eBay but that’s going straight towards the home improvements. Looking to see what else I have to sell! 

griffinsaver26

Well my new strategy of paying bigger chunks less often is working okay but has meant I’ve not come here as much as I did at first with updates! I’ve made 3 payments at the end of the week as well as the bigger one on payday. Will meet the target again this month, just waiting until Friday for the final update. 

Been looking at my finances and I’m barely spending anything at the moment. Although lockdown is easing, we’ve not been out for any meals or breaks away and I haven’t really bought anything while sitting at home either! Obviously this level of frugality won’t continue indefinitely but I’m happy with things as they are for now. 

Finally out work outside is complete, but we’re now considering spending some on boring facias and soffits but with no holiday to pay for, it should be okay. Feel good to get some work done on the house - although not the most exciting of things I must admit! 

LeighofMar

Yeah, sometimes the less glamorous things on the house have to be spent on too. But the satisfaction of having a solid house while boosting your curb appeal or back garden area is priceless.