Mortgage free mayhem

Options
mathilde
mathilde Posts: 43 Forumite
First Post First Anniversary Combo Breaker
in Mortgage-free wannabe
Hi everyone! 

Really excited to track my mortgage-free journey at 52.

Before becoming a uni lecturer this year, I've worked in charities my whole life. 

I've got a pension of £60K, an easy-access savings pot of £3000, and a mortgage of £84206. I want to see how quickly I can pay off the mortgage with my new higher income.

Currently I'm overpaying £1000 a month, and having taken up a side hustle of fitness instructor, I'm hoping to get an additional £300/month in that.

I'm hoping this will be a good way to stay accountable with others! I'm also going to add in personal goals because why not?

Goals for July 2023:

1. Overpay mortgage by £1500
2. Consolidate pension from previous employer
3. Get more cardio in my routine




Mortgage in July 2023: £84206
Mortgage in April 2024: £75889
«134

Comments

  • beanielou
    beanielou Posts: 90,310 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Wishing you well on your journey  :)
    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.
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    Options
    Sounds like you have a good plan. Welcome. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • savingholmes
    savingholmes Posts: 27,396 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Just wishing you well on your journey.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mathilde
    mathilde Posts: 43 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Hi everyone! Thanks for the encouragedment. As promised, an update:

    1. I overpaid mortgage by £1892, so now the balance is £81,786.

    2. Got cardio in 3 days/week and lost 5 pounds.

    3. I consolidated pension funds.

    This month's goals, August 2023:

    1. Start the Pilates instructor qualification course.
    2. Overpay mortgage by £1000
    3. Replenish savings account by £300

    X
    Mortgage in July 2023: £84206
    Mortgage in April 2024: £75889
  • savingholmes
    savingholmes Posts: 27,396 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Great achievements there.

    Good luck with your goals.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • MatyMoo
    MatyMoo Posts: 3,167 Forumite
    Name Dropper First Anniversary First Post
    Options
    Gosh, this is going to be an exciting journey! If you can maintain £1k a month as an overpayment you will be mortgage free in under 6 years if I have calculated it right 😉

    Good luck, will be following your journey!
    :j Proud Member of Mike's Mob :j
  • mathilde
    mathilde Posts: 43 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Thanks for the support! You've all really inspired me.

    Yes I'm trying really hard to live as though I'm still on my old income, and put the rest towards my mortgage.

    One hack that works for me is that I have all my mortgage accts and current accts on Nationwide. Any little amount I can spare each week goes into the mortgage as an additional overpayment. 
    Mortgage in July 2023: £84206
    Mortgage in April 2024: £75889
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    Options
    Excellent goals and achievements. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • mathilde
    mathilde Posts: 43 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Met my goal for the summer: Mortgage now at £80011. Got a work bonus and a refund from my energy supplier, both of which went straight into the Mortgage.

    I also put £250 into savings.

    Goals for September: 
    1. Pay off credit card bill of £800 after booking flight to see family
    2. £250 into savings 
    3. At least £100 Mortgage overpayment 
    Mortgage in July 2023: £84206
    Mortgage in April 2024: £75889
  • beanielou
    beanielou Posts: 90,310 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Well done to you 😊
    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.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards