Mortgage free by 2025

Mickyh-s

It's payday on Friday so ns until then. I have petrol in the car and will do a food shop on Saturday. I have purchased some birthday gifts/cards for this month.

It's dh birthday next week. My parents are taking us out for a meal at the weekend and my sister is making a birthday cake so a very mse weekend too!

Have taken the cc out of my purse so I can't spend. It's going to take approx. 3-4 months to pay off the cc and N3xt account from my overspending! 🤦🏻‍♀️

savingholmes

Ouch. As someone's diary says tomorrow is a new day with no mistakes in it.

Mickyh-s

My ns week is going well but I can't say that for the rest of the week...

I picked up my car on Saturday and it came up with another fault on Monday morning so it has gone back to the garage. I purchased it 6 weeks ago and had it in my possession less than 48 hours!  

My FIL died last week at the age of 79 after a short illness - at least he's not i pain or suffering now. Yesterday, my father (81) was told he may have skin cancer so is awaiting an appointment at the skin clinic and DH is still awaiting a diagnosis for suspected prostate cancer. The car is the least of my worries at the moment!

The monthly interest has gone onto the mortgage today - £69.20 which I don't think is too bad as we have a low interest rate and a small mortgage.

I have a job interview next Tuesday for a position closer to home (6 miles away, instead of 20). It pays more than my current position too so I'm keeping my fingers crossed.

Lovely and sunny here in Cambs today - hope you all have a good week.

savingholmes

My condolences - sounds like you have a lot on.

Good luck for the interview. Make sure you check the holiday and pension entitlement too in your comparison of benefits.

Mickyh-s

Thank you @savingholmes and yes, will definitely ask regarding pension/benefits and holiday. The move needs to be worth it!

missy-

I’ve just read all your diary entries. So great to hear your journey. Sorry for the loss and difficulties you have experienced recently and good luck for the interview. You have inspired me to get on with op on my mortgage again as I had become rather complacent. Looking forward to seeing what happens to you in the next 6 months ☺️

HelenaPinky

I wanted to comment as I am on a similar journey to you @Mickeyh-s and also to @Martas, who I know commented the same. It’d be good to have the moral support when the light at the end of mortgage tunnel seems far. I’m so sorry to hear of your recent sadness in your family. 

We have £68,800 left - this has come down from £86,000 at the start of the year when I put the majority of my savings into OP, after careful consideration and following MSE article ‘should I overpay my mortgage?’. 

I’m allowed to OP 10% of original mortgage, which feels like a saving grace, and I would definitely look for a mortgage in the future that allows 10% of original, rather than 10% of remaining. Aiming for £16,000 in total per year (this might be unrealistic, who knows!!) which would take us to approx 2026 (rather than 2040 which is the current term). Also need to reduce the term at some point, as it’s still on the original 25 year term which is now over cautious. 

Feel free to ask any questions or point anything out…I haven’t spoken to anyone about this, as my extended family and friends are not into all of this, and I think they’d think I was bonkers for being frugal in my day to day lift and putting all of my money into the mortgage!  Like @Ma@Martas, I am a newly converted minimalist and have done a huge decluttering journey over the past 6 months. I gave away most of our stuff rather than sell, which, although the money could have gone into overpayments, has given me the space, time and clarity to focus on pursuing a path outside of the consuming, wanting, overspending daily life that I’ve always seen as the norm. 

Mickyh-s

Thank you @missy- and @HelenaPinky for commenting and reading.  Do either of you have your own mfw diaries?

My inspiration comes from reading other diaries. I find if I stop reading, I stop the overpayments! 

@HelenaPinky I once had a mortgage with Coventry where I could op as much as I wanted with no penalties but there rates are not quite as good as others because of this and I am still only able to afford to op 10% of remaining balance next year. Once the fix is up July 2023 then we will have a look at what's best for us as we hope to pay it off by 2025. Dh is a mortgage advisor so I will leave it to him come the time as he will know best.

Mickyh-s

Dh received a cheque in the post today for £65 for a tax overpayment so I have paid this off the mortgage - every little helps!

Mickyh-s

I got my car back today - third time lucky?! I am nervous to drive it to be honest in case a light comes on again and it reverts to 'limp mode' (15 mph).

Out for dinner with my family tonight. My Dad is treating us all for dh's bday. His birthday is on Thursday which is the day he's been called in to get his test results back and discuss treatment. 

We are going to the cinema tomorrow to see 'Maverick' and I have lunch with an old friend on Monday then dh is back at the cinema on Monday evening with his friend to watch the Elvis film whilst I stay home and prepare for my interview on Tuesday. Need to decide what I'm wearing as I don't want to buy anything new. I also need to hide a couple of tattoos I have as I don't think they look good for this role. 

Enjoy the rest of the weekend!