Mortgage Free in 5 - 10 years

savingholmes

Good you have some legal advice. By all means put in a claim - just don't let it stop you moving on mentally and getting something better for yourself. I like the Sumo book - for coming to terms with sudden change... 

LegoHead

Long time since my last update. Still technically debt free, I use a credit card and pay off in full every month.

£2000 NSI Emergency fund
£4000 SSISA 
£124000 Mortgage

Have been rounding the mortgage down to the nearest £500 every month as it looks like a nicer number.

Not sure where I was a year ago, will check after posting this. 

Someone talk me out of buying a camper van? This is the main reason I came back here. Someone may talk sense into me. 

Did dip back into debt for a few months as I bought a motorbike on interest free credit card, but paid that off in a few months. Now sat here wondering if it is sensible to buy a camper I have dreamt of for years or save up and wait another year before buying. OR.... stick to the plan, save every penny and try and pay the mortgage off quicker.

Oh I also remembered buying an ebike a year ago. Spent the best part of £7000 on it. Interest free Klarna loan paid off as soon as I could.

Now I realise why I dont have as much savings as I should have. 

South_coast

LegoHead said:

Now I realise why I dont have as much savings as I should have. 

At least you know now 🤣!

ladysummerisle

I’ve just read from the beginning. Assuming you’ve got a similar paying job, still have a lodger, your potential to overpay is massive. I’m sure you said at one point something along the lines of not wanting to spend the rest of your life working. Your mortgage fix will be up in a couple of years, likely at a higher rate than now. If I was you I’d be saving as much as possible to then pay off a massive chunk. Maybe even start paying off chunks for the mental boost it may give. 

We never know what life is going to throw at us so protect yourself and start saving!!

You don’t need a camper van. Not until the mortgage is paid off. Then, freedom!

LegoHead

South_coast said:

LegoHead said:

Now I realise why I dont have as much savings as I should have. 

At least you know now 🤣!

doing these posts helps to jog memory and keep myself mildly accountable...

LegoHead

ladysummerisle said:

I’ve just read from the beginning. Assuming you’ve got a similar paying job, still have a lodger, your potential to overpay is massive. I’m sure you said at one point something along the lines of not wanting to spend the rest of your life working. Your mortgage fix will be up in a couple of years, likely at a higher rate than now. If I was you I’d be saving as much as possible to then pay off a massive chunk. Maybe even start paying off chunks for the mental boost it may give. 

We never know what life is going to throw at us so protect yourself and start saving!!

You don’t need a camper van. Not until the mortgage is paid off. Then, freedom!

yes correct, I don't need one. Still have a citroen berlingo sat on my garden i keep intending on turning into a camper again. I have everything I need to do it too. Have suffered loads of health issues recently, just struggling through sciatica now so wanted a treat. 

The thought of higher interest rates when my fix ends in 2027 is worrying. I will go from roughly £130/month interest to possibly £500. Luckily on a low fix now. 

My job pays me better than the old job, but mostly into pension with 15% contribution. I have really good health insurance and income protection with new job so fairly secure now and don't have to worry too much if bad stuff happens.

I have approx £2k spare every month with the lodgers rent. I really struggled mentally when I was paying my debt off before, but just need to get my head back in that space again. 

I came back here as I usually get pushed back on track by all you helpful people. So thanks again to everyone tht reads and comes along for the journey too.

savingholmes

It sounds like you have had fun along the way - and that the money from the lodger has helped balance your spending. 

You know yourself if you should buy the campervan or not and it sounds like you are leaning towards no. How likely is it that you will do up the other van? If not - do you need to let it go?

Does having the lodger mean you could reduce your hours and improve your health - even if it slows your mortgage free journey?