Pawlala's MFW diary (Part II now underway in earnest!)

edited 2 January 2017 at 9:42AM in Mortgage-Free Wannabe
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  • pawlalapawlala Forumite
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    Morning everybody

    I can see light at the end of the tunnel! I'm in a bullet train and I'm chuffin' nicely along the the track leading to MF-Central platform 1 :D

    I overpaid almost £2700 in November which leaves me a mortgage of just £6000. It has become easier to work out all the numbers and figures now the end of the year is closer; my MFII date is still bang on 31st December 2013 and taking into account one more payday, incoming finances and the savings I current have in my current account, less one more lot of bills (council tax, water rates, elec/gas etc) I will pay off that £6k at the end of the month and have more than enough for emergency fund.

    I've maxed out on Stressco double exchange vouchers (you should see my finest wine stash, it would have given Oddbins a run for their money) and Nectar points and am pretty much ready for Christmas, give or take a couple of fresh food shops.

    I have enjoyed chipping away at the mortgage (almost every day an online overpayment), I will be lost when the process comes to an end.

    Will be back for another update before the end of the year........
  • Wow you are so close to being mortgage free. Well done ..
    What do you plan to do when you are, ? Is this your forever house ?
    £176,000 January 2014
  • 115K115K Forumite
    2.7K Posts
    pawlala wrote: »
    I overpaid almost £2700 in November which leaves me a mortgage of just £6000.

    :D That must feel fantastic!:T
    HOUSE MOVE FUND £16,000/ £19,000
    DECLUTTERING 2015 439 ITEMS
    “Don’t let your happiness depend on something you may lose.”
  • pawlalapawlala Forumite
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    Wow you are so close to being mortgage free. Well done ..
    What do you plan to do when you are, ? Is this your forever house ?
    I have my eye on a holiday home, smaller property by the coast. I'm looking for something that I could extend or add value to. I don't believe in forever homes yet as I am too young to think that I'll be in this house until beyond retirement (I'm only in my 30's).

    I have thought about renting properties out but I still have a long way to go to research everything that entails.

    Other than that my immediate plan is to max out on pension contributions, it seems the best way to invest at the moment.
  • pawlalapawlala Forumite
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    115K wrote: »
    :D That must feel fantastic!:T
    It kinda does but not as good as when I achieved MF1, but once bitten forever smitten! :D
  • pawlalapawlala Forumite
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    Morning + happy new year everyone,

    I'm mortgage free! :D

    I made my last payment this morning after ringing to find out closing balance. I have cleared my £71,000 mortgage in 12 months after some careful money management involving high interest accounts, ISAs, reward accounts, lots of money saving coupons, glitches, ditching and/or switching, frugal (but not overly so) living, one or two successful parking appeals :rotfl: and overpayments.

    What my MFW2013 payment calculations haven't taken into account are the monthly payments less interest, which reduced my mortgage by £1619.69 before overpayments. This leaves required overpayment for December of £6233.39 which I completed this morning with a final overpayment of approx £350. Spreadsheet updated, target reached 100%.

    This has been my second mortgage I have cleared. I haven't joined MFW2014 but who knows in the future, I might be joining MFW2017 or something - I don't consider this house as my forever home so I may climb the housing ladder yet further. But I intend to save a fair bit over the next few years before that happens. And even do things I've never done before like dabbling in stocks and shares. Improving my pension is a must too.

    Hope everyone has a great night for NYE, I might grab some bubbly from stressco's, I'm sure I have a money off coupon somewhere........ _party_

    P.
  • pammyj74pammyj74 Forumite
    3.3K Posts
    Well done, your OPs are amazing, your monthly OPs are most peoples annual target!!
    Im very impressed :D
    Congratulations
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • pawlalapawlala Forumite
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    Afternoon all :wave:

    I thought I'd update on stuff since my last post. I've been mortgage free for nearly a year now and still searching for different properties and thinking about different property ideas. I really miss overpaying (it really was addictive and now I'm detoxing for a bit lol). Once ive built up a decent deposit I'll see how the land lays about getting a 3rd mortgage and a second home.

    The other thing I have been doing is increasing pension contributions and topping up S&S ISAs, just to make money go further. Interest rates beyond high interst current accounts are shockingly bad at the moment.

    Apart from that im just enjoying a little bit of financial freedom to buy a new PC and DSLR camera, nothing extravagant though.

    Enjoying reading through people's diaries, hope everyone is well :cool:
  • edited 31 December 2016 at 8:46PM
    pawlalapawlala Forumite
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    edited 31 December 2016 at 8:46PM
    OK I’m resurrecting my diary because...

    I’m no longer mortgage free :rotfl: and I predicted this moment would come!
    pawlala wrote: »
    I haven't joined MFW2014 but who knows in the future, I might be joining MFW2017 or something

    If you are not aware of my journey since 2009 I have paid off two mortgages before. The first 8 years ago and the most recent was four years ago today when I paid off the mortgage of my current property (New Year’s Eve 2013 :D)

    Since then, I have saved up a deposit to purchase an investment property locally, which will be rented out in the new year. Apart from a lick of paint and the relevant safety checks and certificates, it is ready to move into.

    My current mortgage is now approximately £150,000 and I aim to pay it off by end-December 2019. This will be a very tight deadline, but I like pushing myself to achieve stuff quickly, so I will be giving it my all. For 2017 and 2018 I can only pay off 10% per year so I will continue to invest money elsewhere until the shackles of a fixed term rate are removed. Hopefully rental income will also help me achieve my goal much quicker.

    My overpayment target for 2017 is £23k, which included some overpayments for this week before the 10% restriction kicks in on 1st Jan.

    Happy new year everyone! :D :beer:
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