Wanting to share my goals with you all!!

Bm1937

Hello! 

Sorry if this in the wrong thread??

im starting my debt free journey 😃 we are 30, engaged and no kids. 

current debt myself:
CC £10k 
PCP £12.5k - I sold my car today and made a profit after paying the finance off!!
overdraft £800

my partner:
overdraft £600 after recently paying off a loan 
PCP- £15k - he is overpaying as we plan to keep this car- it will be paid in 12 months 

Mortgage:
due to remortgage next year. Will have £110k left to pay plus HTB which we have decided not to remortgage in due to the interest rate for this being so low. We will be getting a 2 year fix. Original mortgage was approx 160k so we have made overpayments already over the 5 year fix.
when we remortgage our LTV should be approx 45% without HTB. - I think this is correct I did current mortgage remaking/house value x 100. HTB was originally approx 38k and will increase to 48k. We plan to pay the min payments on this and reevaluate in 2 years as we could potentially pay most of this off through saving or remortgaging to back in. 


our plan:
follow some of the Dave Ramsey steps. 

I’ve already started building my emergency fund.
both of us debt free by Feb 2026 apart from the mortgage.
then overpay on the mortgage by £500 a month combined - reduces mortgage by 14 years potentially 
£500 a month combined into joint savings to build 3-6 months of expenses

my plan:
do all of the above and save £500-700 a month in interest earning account. I hope to save 8-10k in 12 months.

we have made some questionable decisions over the past 18 months and I got into debt due to MH spiralling after seeing a family member pass. But the huge thing is we have recognised this and have a great plan. Before this we were great with money! 

I finally see light at the end of the tunnel! 

Any advice please send across, I’m looking forward to achieving the goals and revelling in no debt in 12 months!