You only live once- my journey to being mortgage free

chocolate_teapot21 · 4 January 2021 at 3:18PM

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