!!My time to be mortgage free!!

happymum37
happymum37 Posts: 315
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edited 14 June 2021 at 8:32PM in Mortgage-free wannabe
Well its about time i finally set a thread up to record all my money saving exploits. My main reason is simple - to be  mortgage free by the time the hubby is 50 and i am 47!!!
i dont expect anyone to read it. I am highly boring.
Current situation:
Hubby is 43. Full time employment and earns 41k a year without bonus - which to be fair he has not got for the past 5 years loool.
Me, im 38 - will be 39 in spring. Im currently on a career break. I did pop back to work for 3 months but that stopped when the in laws got ill. I didnt save a penny from those pay cheques!!!  I have been on career break for an impressive 6 years. I'm back to work in June - that's contractual so its happening no matter what.  

From June i will earn £850 take home pay for the next couple of years until i hit service related pay increase.  In 4 years my take home pay should be £1400 ish as i will reach the top of my possible salary scale without promotion - and at the moment that is not going to be on the cards, i have caring responsibilities for my in-laws.

We have a mortgage currently at £47500. 
House value was 244k when we bought it. Valued at 350k now. We have always always overpaid. ALWAYS. So we are very fortunate in our very low mortgage

This is my diary of ramblings and overpayment plans/ reality.  We have 6 years in april to pay this off-so 6 years 3 months.    It has 9 years 11 months left on it, so its not that far off reality. Its hubbys dream to be mortgage by the time hes 50 in 6 years 3 months.



  


Part time worker.
 Plug that SAHM pension gap & Retire in style in 20 years. 
«13456727

Comments

  • becky170
    becky170 Posts: 855
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    Good luck on your journey to be mortgage free in 6 years. Being mortgage free at 47 sounds fantastic! 
    Mortgage-free wannabe #66 £105/4000
  • Very best of luck on your mortgage free journey :) Look forward to reading your diary!
    Debt Free Date: 24th October 2023! £7402.10 Paid Off In 6 Months!
    3 Month Emergency Fund: £3500 / £3500
    #60 2024 Mortgage-Free Wannabes: £200/£2500
  • twinklie
    twinklie Posts: 5,046
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    That would be an amazing achievement. Good luck. 
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Good luck, you have done so well already.
    New to all this!
    Mortgage balance 01/01/21 £181,400. Scheduled repayment date Aug 2036. 
    Target savings to overpay in 2021 £12,000
    Progress to date  £7105/£12,000 
  • caeler
    caeler Posts: 2,605
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    Good luck! Have you used the MSE mortgage overpayment calculator to see what overpayment is needed to hit your goal? @happymum37
  • MrsLovely
    MrsLovely Posts: 104
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    Good luck @happymum37. Liked your comment that your thread will be highly boring!! Made me chuckle, so maybe it wont be that boring ha ha! I will be 47 too when mortgage free. Good luck in your journey, will read with interest. 
    Dec 2010=£160k.
    Mortgage free date 9th Apr 22 😎
    E fund - £10,005/£20,000
  • happymum37
    happymum37 Posts: 315
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    caeler said:
    Good luck! Have you used the MSE mortgage overpayment calculator to see what overpayment is needed to hit your goal? @happymum37
    Yep i bloody love that thing! I think if we over pay by £150 a month and make a £2000 lump overpayment we will finish the mortgage in exactly 7 years.  Perfectly in plan!! This shouldn't be too hard.  I plan on over paying less at first and building up a bit more savings.   Then if the rate goes up we can pay off a lump quickly
    Xx
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 20 years. 
  • jenni_fer
    jenni_fer Posts: 529
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    Good Luck!
  • happymum37
    happymum37 Posts: 315
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    As I posted earlier I have been playing with overpayments and stuff.  To reach our 7 year nomortgagebytimehubbyis50 
    We need to overpay by a further 150 per month and a lump of £2000

    We have decided to try to over pay per month direct debit by 100 and then add extra into our savings per month to build up a safety net.  Then pay a lump at the end of the year. If we find out that isn't working we can re jig.

    We drive 2 bangers .. and we need 2 cars.  Hubby has a terrible pension.  So when I'm back at work im over paying my pension and we are going to try to build savings to plug his pension gap. 

    My thoughts are- how much savings should we keep?? Enough to replace 2 cars and  10k Incase hubby loses his job.  But how much we keep on savings I just can't decide ?!



    Part time worker.
     Plug that SAHM pension gap & Retire in style in 20 years. 
  • killerpeaty
    killerpeaty Posts: 2,614
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    Good luck on your mortgage clearing journey!

    The right level of savings is very personal. A lot of people suggest between 3 and 6 months of expenses, given your vehicles are older, I would probably aim to save enough for a replacement car too!
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