2033 the year I am going to be free!

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mrsmsebastian
mrsmsebastian Posts: 195 Forumite
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edited 15 August 2020 at 5:47PM in Mortgage-free wannabe
I am hoping thirteen years from now I will enjoy a debt-free life - fingers crossed!
I would like to start a diary to help me stay focus on my goal and to find support and inspiration from other people here in this community.
Me and my husband started saving money for deposit year 2016 as we realised the house rent will go nowhere but up and we hate it every time the landlords decides to sell after so many years living in the property.  I said to my husband we need to buy our house so no one can kick us out anymore and although it was a struggle and  a very difficult journey, and with a little boost from Help to Buy ISA we managed to save 30+k.
Early this year we bought a house quite similar to our first rented property, a 3 bedroom semi-detached bungalow with massive front, back garden and long driveway. Although we are only in our 40's we prefer bungalow in preparation of our old age as we intend to live in the house forever. The house was in the market for 215k as it needs modernisation, interior of the house is a mixture of 70s and 80s style but the structure is quite solid and no sign major repair needed. I haggled it down to 187k and borrowed 162k from the bank.
We moved in April with 3k left and  no money to fully modernise the house but we thought it's fine. The house is livable and it's ours, enough reason to be joyous! 
From 3k it is now down to 1500 due to expenses we incurred when we bought materials to paint and re-decorate our lounge, hallway and masters bedroom. We also bought materials to put up a 17 meters fence which we did by ourselves with the help of YouTube videos.
I want to extend our kitchen but I will only do that if I will manage to save some money as my current priority is to clear our mortgage by 2033. From 25 years term down to 13 years is my ultimate goal.
We are quite frugal and I am raising my children to be the same so we can all be in the same boat heading to just one direction.

At the moment we have a mortgage debt of 161,232 with 24 years and 6 months left, our monthly payment is £682.41 at the rate of 1.84% for 1 year and 6 more months and I worked out we can pay the debt in 13 years if we overpay by £500 per month as long as we can find similar rate or less every time our fix ends.

I look forward for the years to come and any progress we might do for the house without breaking the bank and if I can still stick to my £500 overpayment plan, I hope this diary and your support will keep me focused!




save for the rainy days
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  • LeighofMar
    LeighofMar Posts: 672 Forumite
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    Welcome. Sounds like you have a very good plan and attainable goals. Enjoy your bungalow. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Freein45by45
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    Hi - sounds like a good plan to own your forever home!
    Aug 2020 - Total Mortgage Balance £110,716.08 (£38,840.81 home, £71,875.27 BTL)
    Target Zero Balance - May 2024
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Just wanted to wish you luck. 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • mrsmsebastian
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    Happy Sunday everyone!
    Today we decided to concrete our 18m x 4m driveway. We will do it portion by portion so we won't overwhelm ourselves.
    The weather is not very promising and we do not know how long (days or could be weeks!) it will take us to finish it so we will put tarpaulin to protect the concrete from the rain. 
    We have not done this before but I thought if we managed to put up a 17 metre fence then this should not be a problem! (well I am hoping so).
    Wish us luck:)
    save for the rainy days
  • KP74
    KP74 Posts: 45 Forumite
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    Good luck.
  • FtbDreaming
    FtbDreaming Posts: 1,121 Forumite
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    Hi. Good luck in your journey I’m starting mine too! I bought my house yesterday. Ive already lived here 8 years but have a list of jobs as long as my arm to do. You’ll have to post a pic of your driveway when it’s done. I wanna open ours up so we can fit the 2 cars on the garden but I don’t wanna spend money on the drive until the inside is mainly sorted first. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,200 (59.9% LTV)
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
  • mrsmsebastian
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    Hi. Good luck in your journey I’m starting mine too! I bought my house yesterday. Ive already lived here 8 years but have a list of jobs as long as my arm to do. You’ll have to post a pic of your driveway when it’s done. I wanna open ours up so we can fit the 2 cars on the garden but I don’t wanna spend money on the drive until the inside is mainly sorted first. 
    Hi congrats on your purchase, it is really a nice feeling to be living in the house knowing that it is yours and you can do it up according to your liking. 
    Since moving in on April we have not hired anyone to do our house up due to budget limitation hence we are doing DIY.
    We needed to put up a fence but we were qouted for £1800 so we did it ourselves with the help of you tube, only costs us £480 for the materials. We want to concrete our driveway 18mx4m and qouted £9000 so we are doing it ourselves as well. We decided to do it by portion and we finished the first one, we will pour concrete in the middle part on Sunday and start boxing up the front and last portion of the driveway. So far we have spent £330 for the materials. I think £250 more of the material cost for the last bit and then that will be it, that is huge difference compare to 9k qoute on us.
    save for the rainy days
  • FtbDreaming
    FtbDreaming Posts: 1,121 Forumite
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    oh you’ve done a good job of the concrete and the fence! My fella is handy so I’m hoping we will be doing the majority ourselves. I’m stuck with a start because we need a structural engineer and architect to design and plan the loft so it meets building regs and I don’t know where to find one lol. Ive tried asking people for recommendations but had none and the Internet is full of dodgy conmen you don’t know how to source a good one. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,200 (59.9% LTV)
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
  • mrsmsebastian
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    oh you’ve done a good job of the concrete and the fence! My fella is handy so I’m hoping we will be doing the majority ourselves. I’m stuck with a start because we need a structural engineer and architect to design and plan the loft so it meets building regs and I don’t know where to find one lol. Ive tried asking people for recommendations but had none and the Internet is full of dodgy conmen you don’t know how to source a good one. 
    Thank you! Yes we were so pleased considering this was the first time doing it. I think when you don't have money to pay trades people but you seriously wants your property to look nice then you will find a way to make it happen. 
    And you are right finding good trades people is a little bit hard now a days but you can start by talking to your neighbours and ask for recommendations who they actually had a dealings with, or maybe ring your local council for recommendations.
    Good luck with your renovations and I hope you keep me posted with your pictures of improvements as well :)
    save for the rainy days
  • A_Frayed_Knot
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    Oh Hello and welcome.
    Lovely to read you are now in your forever home and already doing so many improvements.  Which I have to say look very professional.  o:)    <3
    Hope you don't mind asking as I am doing the garden at present and need a new fence at the back - did you concrete the bottom part of the fence then use the wood? can you tell me who you used on Y0utub3 - I would like to watch and see if my skills are up to a part of it at least.  After my artifical grass was down I said - should have done the path first.  Grrr.
    My top tip is to round down your mortgage to 00's once the payment has been taken every month - it really helps.   >:)

    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
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