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Baby Steps to a 10 year plan!
HappyFriday05
Posts: 42 Forumite
Today is the brand new day of my 10 year mortgage free plan!
I love my home but I hate the fact that we will be paying it until my DH is 78 😳
Today I have taken the baby step of setting up a small regular overpayment. My plan is to gradually increase this regular overpayment as well as paying one off overpayments as much as possible.
starting stats below:
mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 2046
I love my home but I hate the fact that we will be paying it until my DH is 78 😳
Today I have taken the baby step of setting up a small regular overpayment. My plan is to gradually increase this regular overpayment as well as paying one off overpayments as much as possible.
starting stats below:
mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 2046
Wish me luck!! Any hints and tips welcome 🥰
mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 2046
mortgage end date as at March 24: Jan 2046
2024 overpayments £769/£1000
Daily interest rates: £8.16/£3.37
Daily interest rates: £8.16/£3.37
3
Comments
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I haven't got any hints or tips, but did want to wish you much luck on your journey.2
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Happy shiny new diary ☺️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.2 -
First lump sum overpayment of £100 made today 🥰 had a really good month with my business for Mother’s Day orders.
3 baby items listed on Facebook today that DS has grown out of so they will go straight to overpay as well if they sell.
little and often!!mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 20462024 overpayments £769/£1000
Daily interest rates: £8.16/£3.372 -
Tracking daily interest paid seems a great motivator.
All the normal meal planning, bulk cooking, cashback etc are all often mentioned on here.
I have personally found my budget has hugely tightened up since using ynab - there is an annual fee but its amazing for seeing where you can cut and OP.DON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest1 -
Thank youLadyWithAPlan said:Tracking daily interest paid seems a great motivator.
All the normal meal planning, bulk cooking, cashback etc are all often mentioned on here.
I have personally found my budget has hugely tightened up since using ynab - there is an annual fee but it’s amazing for seeing where you can cut and OP.
I’m a bit confused by the daily interest thing, what is this and how do I work it out? mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 20462024 overpayments £769/£1000
Daily interest rates: £8.16/£3.371 -
Oh I found your diary @HappyFriday05 ! Good luck - selling baby items is a good one where you can put the funds to good use!Yes I only just discovered daily interest too - it never occurred to me before!I’ve calculated it as:
Mortgage balance x interest rate (as decimal - e.hi 3.02% is 0.0302) = annual interest
Annual interest/365 = daily interest
Hope that helps - happy to be corrected if my calcs are wrong!Mortgage: £363,959.10 as at beginning of November 2024 (re-start of diary following house move)
Next goal: sub £360k by March 2025
Daily interest at end of November 2024: £36.251 -
Ooh I’ve just done it @save_dog, it’s quite scary seeing it like that!!!mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 20462024 overpayments £769/£1000
Daily interest rates: £8.16/£3.371 -
Another £10 paid today. Proceeds from spare cakes mortgage amount as at March 24: £164,467
mortgage end date as at March 24: Jan 20462024 overpayments £769/£1000
Daily interest rates: £8.16/£3.371 -
It is isn’t it - mine’s at £15.11 currently! Imagine what I could do with that spare money!
Well done on your £10 OP! 🤗Mortgage: £363,959.10 as at beginning of November 2024 (re-start of diary following house move)
Next goal: sub £360k by March 2025
Daily interest at end of November 2024: £36.251 -
Making small but regular payments can make an impact. I generally used to save then pay off an annual lump sum but that was years ago when it was harder to make overpayments. Good luck. Yes definitely paying a mortgage until 78 sounds horrific.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts 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 and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
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