Impossible challenge

Tummylove

Hello! Trying to keep motivation so decided to stop lurking in the shadows and start my own thread. 

Family of 4 (2 adults and 2 children) with a very large mortgage of now £470k over with just over 23 years left. 1.5 years into a 5 year fix (thankfully a cheap one). OH and I are fortunate to have well paying jobs but family issues mean this might not be possible for long so trying to balance paying down mortgage fast with savings and living life.  

OH has long suffered my talking about money which he has no interest in so thought I’d post here to find some like minded people and start tracking my progress as it feels such tiny steps sometimes!

PermacultureGirl

Best of luck @Tummylove I'll be following you. Good luck on the motivation hunt!

beanielou

Happy shiny new diary    Keep posting.

Tummylove

It feels like it’s going nowhere fast but it started at a whopping £525k in October 2022. We started overpaying off the mortgage directly but now the interest rates are higher we have a savings account instead. It is now at £490.5k with another £18.6k in savings so currently the balance is £471.9k. I’ve just worked out we’ve made £26.1k extra payments so far which is more than I thought!

Tummylove

@beanielou I’ve been reading your posts for years so exciting to stop lurking and just post. 

@PermacultureGirl we’ve moved into a house with no fruit/veg and at some point I want to change that so will be reading with interest!

debtfreewannabe321

Good luck Tummy love, you've made amazing progress already! 🙂

Tummylove

Ooof what a couple of weeks that’s been at work. On holiday now for a few days.  Time to rest, think and plan. Love a holiday planning session. 

PermacultureGirl

Happy holidays and planning 😊 Tummylove, sounds like it's come at the right time. 

Tummylove

Yay managed to get to £464,980 in August. I can’t wait to get this paid off… it feels so slow but then I come to update here and that’s £6.6k off in 2 months which sounds like a lot and it’s double what
would have come off if I hadn’t made overpayments. It’s all about how you look at it isn’t it!

To make it easier I’m going to report the outstanding balance as if I’d made the overpayments on the bank account even though they are in a savings account rather than explaining each time. 

Tummylove

End of October update is £458,897.  We also managed to decorate one of the rooms too over late summer so that is now a nicer room to spend time in especially over winter when we are indoors more!

Tummylove

Hello! Long time no message but that’s when you both work full time with 2 children. No time to breathe it feels. Mortgage now stands at £435,735. It looks like we are currently paying it off quickly but we are lucky in that we have a pretty low rate but only for another 2 years. I know I might have to reduce my hours at some point so trying to load up the overpayments whilst we can.