I wanna be mortgage free!

cupid_s

twinklie wrote: »

Incidently Cupid, how are you doing on your mortgage free date? I wish we could get rid of ours in 3 yrs.

I'm well pleased to have paid off 1/3rd of the mortgage in 1 year it involved a lot of hard work (and some luck) though.

However we're now undecided whether all the spare money should go towards the mortgage or whether to open ISAs as well. If we put it all towards the mortgage we will finish the challenge exactly on time. But I don't really want to miss out on 2 years tax free savings so we might fill our ISAs first and take slightly longer to become mortgage free.

DH and I were students when we started the challenge so it was always going to be struggle to complete the challenge (I still am!) but next month I hopefully start work, and DH has been employed since january so we'll be able to really start tackling the mortgage when I start bringing money in.

Once you are both working maybe you will be able to pay off the mortgage in 3 years - or at least try

twinklie

Hmmm....that would be lovely. I reckon 3 yrs would be a bit too much of a challenge (not willing to give up my snowboarding trip every yr), so perhaps a 5 yr plan or slightly more would be more realistic. Certainly much less than the current 17 yrs remaining on our mortgage.

What you studying Cupid?

I've got my ISA for last yr and am opening a new one for this yr (that I will transfer existing funds into) with a better interest rate. It's more of a backup fund at the mo, but if we don't need to touch it then it can go toward the mortgage in the future! Fingers crossed!

Having said that if I keep up exam marking, I could earn a good few bob extra every yr which would quite nicely fit into the mortgage pot! Hmmm...

I think you've inspired me!

cupid_s

There are things I wouldn’t give up either – you do have to have some sort of a life as well. In fact DH and I are on the verge of booking a cruise to the Galapagos islands for our 5 year anniversary in march. That might hinder the 3 year plan slightly cos although I have allowed quite a lot per year for holidays I haven’t allowed that much!

If we did complete the challenge we’d pay off the mortgage 19 and a half years ahead of schedule! But we will need to move at some point to somewhere bigger and then start all over again.

I am studying neuroscience at the moment. And can’t wait to finish – it’s been very stressful for me L

twinklie

OOOh Neuroscience, I can imagine. Thats pretty tough.
I only did neuropsychology (1 module - not quite the same I know) and that messed with my head! Lol.

Wow, 19 and a half yrs ahead of schedule! That is amazing! Good for you! Yeah, we'll need to move to somewhere bigger too, which is a little upsetting. I quite like my lil house. Not that keen on the area but the house is nice. Ha ha.

OOOOh Galapagos, I'd love to go there. We are going back to where I used to live in the US for our holiday over christmas. It's quite nice really cos it means I won't have to figure out where to go or anything...which usually eats up a couple of days of your holiday!

twinklie

Yey my ISA with A&L has been approved and I already have 2K to ship over to it, so it's just a matter of time.

Still waiting for my student loan payment though. My partner always gets his first which is a little unfair but nevermind.

Time to crack on with work today...upsettingly! Still, needs must and all that.

cupid_s

Surely your partner getting his loan first is good - means he has to pay for things until yours comes through!

I am exactly the same as you about my house. I love it to bits, but the area isn't great and we'll outgrow it once we have kids. But I will be sad to move.

And thanks for reminding me I have work to do. I can't start my job and start earning some money if I still have an entire thesis to write!

twinklie

The first of my friends off my course has a job. She got it at the school she did her first placement in, which is ace cos she loved it there.

I'm hoping it's a good sign and that the rest of us hear something soon.

twinklie

Argh! Why is it that when you do your washing on a nice glorious day....the weather turns so that you can't hang it out! Very annoying. I am truly annoyed now.

I'm debating whether to just risk it and hang it out anyway....hmmmm. I need to pay off my credit card too. £180. Sob. Mind you it does pay for a weekend away for my two very good friends wedding. I'm so excited! Bless em.

I've been very productive today too so I can't feel too down on myself! Just wish some money would appear in my account (hint hint student loans people)!

twinklie

Feeling cheesed off today. Trying to mark the coursework handed in by my yr 10's. But having had no guidance, I'm a little lost as to what I"m doing and it's taking AGES! I've only got 6 left though....nearly there.

Plus I need to sort out this form thing so I can email it to my tutor but its a very long winded and boring thing....yawn.

My mum owes me a small fortune now and STILL hasn't paid, my loan hasn't come through....I'm having a proper grump today! Not feeling happy at all.

twinklie

I used to play bingo AGES ago and have loads of bonus points in the bank that I can convert into money for games. So I figured I can't cash it out so I'll use it because I'm bored.

I won a tenner! I was well chuffed! Yey me.