So it begins!

Fresno66

After stalking these boards for some time, I've decided to bite the bullet and have put in a plan to be mortgage free in five years.

I've started by making swaps and looking for cheaper options and keeping a list of the difference to be overpaid. For example, I saw a gorgeous jacket in North Face in town, but found a used one on eBay saving £100 which I've paid down against the mortgage.

On top of this, we've recently remortgaged with a reduced term, and last year set up a direct debit for overpayments which we increased everytime either me or my husband have had a pay increase.

I'll update my signature soon and look forward to reading everyone else's money saving tips and tricks. Here's to a mortgage free future!

powerspowers

Welcome to the board and good luck with your mortgage free quest fresno 
I find that the routine overpayments make the biggest difference and the ad hoc ones keep me interested! Keep checking your progress, break into steps and you’ll be there in no time. Have you joined any of the challenges? It would help break your goal into shorter instalments. 

Fresno66

Thank you! I've not joined any of the challenges but will check them out

Fresno66

I had a meeting with a financial advisor this week who threw a spanner in the works by advising that we should top up pensions and ISAs before overpaying the mortgage. I've got a good plan in place with him to cover all three so it will be slower progress on the mortgage mountain unfortunately!

jimjames

Fresno66 said:

I had a meeting with a financial advisor this week who threw a spanner in the works by advising that we should top up pensions and ISAs before overpaying the mortgage. I've got a good plan in place with him to cover all three so it will be slower progress on the mortgage mountain unfortunately!

Definitely a good idea. I seem to be very much in the minority here but it makes a lot of sense to pay in to pensions as early as possible to give maximum time for growth.

Fresno66

No overpayments this month but I've set up a nutmeg ISA with £600 (and get £60 cashback from quidco). I've also spent out on new running shoes which were an expense, but I've stepped up my running for a marathon at the end of the year, and overall it's a fairly cheap hobby.

jimjames

Good luck with the marathon! Agree it's a cheap hobby even with shoes it's less than gym membership

kr147

Nice work! I love seeing people's saving journeys - they are so inspiring. Running is a great cheap hobby!