FtbDreaming wants to clear £69,700 before Im 40 (2027)

FtbDreaming
FtbDreaming Posts: 1,118
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edited 28 August 2020 at 11:45AM in Mortgage-free wannabe
Hello!!! Well I joined MSE in 2016 in the DFW forums and I’ve finally progressed through to my ultimate goal as a Mortgage Free Wannabe! 

My house purchase has gone through today and the £69,700 is showing up in my online banking so a good motivation to get it paid off. Ive bought the house I currently live in from the housing association so no moving to do but lots of big plans for renovation starting with a loft conversion to get the much needed 4th bedroom. 

I’m not sure what my strategy is going to be yet as far as getting the mortgage down as a large chunk of my money will be going on the loft etc for the next year or 2 but I do have an obsession with round numbers so will definitely be rounding it down every week/ month to have a nice clean number. 

My mortgage payment is a low £269 over 30 years (2 year fix) but I’m hoping to pay more in the region of £500-£700 and bring the term down significantly. I’m 33 this Week and hoping I can get it all paid off before I’m 40...
Mortgage started August 2020 £69,700
Mortgage ends Aug 2050 MFW: Aug 2027 
Current Balance: £60,700
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023 £785
MFW 2024 £174.73

Determined to make it! 
«13456763

Comments

  • Congratulations! It sounds like you have great plans and motivation; good luck with your journey!
    May 2020 opening: £181,500, 21 year term. £14k additional borrowing December 2021
    Current balance: £153,493 (inc. offset in savings)
    MFW #37. Aiming to pay off by December 2033
    2023 OPs: £2,049.05
  • Welcome and congratulations on the new house. That sounds very doable. Our numbers are very similar. House purchase 67k. Aimed to pay it off in 8 years total. 36,600.00 current balance and 3 years to go. You will love seeing those numbers come down. Best wishes. 
    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 
  • Welcome and well done on getting DF.

    Lovely feeling having your own house, if just a bit scary at times.  Your goal should be achievable,  I was a little less, but on my own and managed.  Could have done so much better had I started on the day I received my mortgage, so you are well ahead.

    I can only advise reading all the diaries on here where you will learn so much and even if you think " that won't work for me" as I did, ended up trying it and boy did it work for me.  Love your obsession with round numbers - I truthfully believe this was one of  my biggest contributor to becoming MF !!! 

    Good Luck with it all.
    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
  • FtbDreaming
    FtbDreaming Posts: 1,118
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    So day 2 and I’ve already made my first overpayment 😁 paid £50 today. I’m gonna pay £200 this month and get the odd £700 paid by the end of September. 

    I joined the MFW 2020 thread which is good motivation for me as I am quite competitive so I’ll keep making payments to keep up with the others lol. 

    Ive just been for all you can eat buffet on the eat out to help out. Was £35 for the 5 of us. We ate 3 times that lol. Now I need a good nights sleep. 

    My loft conversion is stressing me a bit because that’s the next milestone. Ive had a rethink and instead of swapping the bathroom and a bedroom over to make way for the stairs I can just create 2 bedrooms in the loft which would work out cheaper and less messing around. It would probably be a bit warmer having 4 smaller spaces rather than one giant bedroom. 

    I really need to find a structural engineer to advise me on the integrity of the loft (making a good load bearing floor and keeping the ceiling structurally sound). This is my first hurdle as I don’t know anybody in that kind of career and I don’t wanna be ripped off. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • MovingForwards
    MovingForwards Posts: 16,819
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    Have any of your neighbours done a conversion? If so, it may be worth a quick chat to see who they used and have a look at what the work was like.

    Also, post your ideas on the 'in my home and DIY' section as quite a few people have done loads of work on their homes, one is in the building trade and currently building her own home (DoozerGirl), potentially you could get recommendations.
    Mortgage started 2020, aiming to clear it in 2026.
  • FtbDreaming
    FtbDreaming Posts: 1,118
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    No ive just bought off the Housing Association so most of our neighbours are still council houses. I know of one or 2 with the lofts done but not to proper liveable standards. Ive got 3 kids so not taking any risks doing a bodge job. 

    Its my birthday Thursday and I’m going out for afternoon tea tomorrow with my friend so once that is out of the way I am gonna go up to the loft, Move out the Christmas decorations and get rid of all the fibreglass and any other junk that’s up there and tape off my areas like grand designs do to see if my plans are doable. Ive been doodling a bit of possibility today lol! 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • FtbDreaming
    FtbDreaming Posts: 1,118
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    My daughter just reminded me that a few people at the school have had loft conversions and quite a few of the dads are in different trades so I’ve just asked on the school whatsapp group for recommendations haha! 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • Congrats on the mortgage and your goal to pay it off!
    Aug 2020 - Total Mortgage Balance £110,716.08 (£38,840.81 home, £71,875.27 BTL)
    Target Zero Balance - May 2024
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