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You only live once- my journey to being mortgage free
chocolate_teapot21
Posts: 22 Forumite
I have been a long time lurker on the MFW boards but only took the plunge to join today. This is partly because I feel spending has spiralled lately and I need some accountability if we are ever to be mortgage free. I welcome all tips, advice and hope to join you on your adventures to freedom to!
So a little about me- the title says it all, I am all to aware that life can be too short so I am conscious that moneysaving doesn't come at the cost of having fun and living life to the full- however without the mortgage this would be easier!!! I would be both time and money (sort of!) rich.
We are, myself, husband and a lockdown baby! I am currently on maternity leave from my stressful teaching job (I can't decide whether this is a good time or bad time to be off from work) so spare money for extra payments is tight- I will post a SOA later on. I am also concerned about the costs of childcare that are looming over us- how brilliant would it be to not have to work! We also have lots of work to do on our house.
Mortgage details:
1.99% fixed until Oct 2022
Current end date Nov 2047 (!)
Standard payment £336
Overpayment £400
Balance £83500 or thereabouts- I will fund exact amount out!
MFW date- as soon as possible! (perhaps 15 years is achievable although it seems so long away - so 2036?)
We originally went for a long term to keep payments as low as possible as we didn't know what the future would hold but I am now thinking it might be an idea to change the term- once I know about my wages when going back to work. At the moment I like the flexibility.
Anyway enough for now I promise I will be back with more details and my ponderings on how I can achieve it shortly
So a little about me- the title says it all, I am all to aware that life can be too short so I am conscious that moneysaving doesn't come at the cost of having fun and living life to the full- however without the mortgage this would be easier!!! I would be both time and money (sort of!) rich.
We are, myself, husband and a lockdown baby! I am currently on maternity leave from my stressful teaching job (I can't decide whether this is a good time or bad time to be off from work) so spare money for extra payments is tight- I will post a SOA later on. I am also concerned about the costs of childcare that are looming over us- how brilliant would it be to not have to work! We also have lots of work to do on our house.
Mortgage details:
1.99% fixed until Oct 2022
Current end date Nov 2047 (!)
Standard payment £336
Overpayment £400
Balance £83500 or thereabouts- I will fund exact amount out!
MFW date- as soon as possible! (perhaps 15 years is achievable although it seems so long away - so 2036?)
We originally went for a long term to keep payments as low as possible as we didn't know what the future would hold but I am now thinking it might be an idea to change the term- once I know about my wages when going back to work. At the moment I like the flexibility.
Anyway enough for now I promise I will be back with more details and my ponderings on how I can achieve it shortly
2
Comments
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welcome!MFW #69 Mortgage remaining Jan 2021 £221,644; Jan OP £1000;0
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Hi @chocolate_teapot21 good luck with your journey. I think now is a good time to be on a break from teaching. Congratulations on your new addition.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/£12,0000 -
Happy shiny new diary.
A good time to be having a break I think!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 forumteam@moneysavingexpert.com. 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.0 -
Welcome! Looking forward to reading your diary entries
Debt Remaining: £8,781.53
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,0000
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