Time to clear my only debt, the mortgage

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
12 replies 1.9K views
richardmoore9richardmoore9 Forumite
10 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hello,

I am long time lurker to these forums, and funnily enough the only other time i posted was about 5 years ago when i was concerned about getting a mortgage. Alot has happened in those 5 years.

-I managed to negotiate a reduced rate on a 3 bedroom semi to 117k on a house that is now worth well over 160k as it needed work

-Moved a lodger in on the government lodger scheme and used the funds to renovate the house as well as over pay on the mortgage sporadically

-I met the love of my life, moved her in and end up marrying her last year

-I cleared of every single debt i had except for mortgage and student loan

-Last week after years of working in the lower and middle tiers of my industry i accept my first senior job which i start on the 12/11

All of this combined means i am now in a position where i could seriously consider being completely financially dependant before my 40th birthday which is 8 years away. To do this i will need to clear off my last two debts, one being my student loan, which will clear before long anyway and the other is the mortgage which at point of writing this is just over 88.5k.

Me and my wife have spoken and with the salary from my new role as well as hers we may be in a position to over pay an extra £500 a month. This wont be easy and it will mean watching what we spend. We would also need to add extra to the over payments when we can to reduce the time frame under 8 years.

On top of this we have been saving for a while for a deposit on a second house to purchase as a buy to let. We have set a 20K minimum before we start looking for the right opportunity. We are close to this but the 20K is a minimum, it also serves as our emergency fund.

So heres to a new diary to keep track of where i am coming from and to where i need to get to :) :beer:
Mortgage start of 2019 = £87641.56
Overpayments 2019 = £1000
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Replies

  • beanieloubeanielou Forumite
    76.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • Mortgage_MinimiserMortgage_Minimiser Forumite
    235 Posts
    Seventh Anniversary 100 Posts Name Dropper
    ✭✭
    Welcome!

    I've also just started my own diary.... bit scary but hopefully motivating. Good luck, I shall follow your journey!

    MM
    x
    2016 MFW#46 O'Pd- £3641.26; 2017 MFW OP'd £7779.28 ; 2018 MFW OP'd £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    Mortgage at start (01/2/2015) - £243,750. @31/12/15 - £235,906.71. @31/12/16 - £224,120.98. @31/12/17 - £210,224.06. @31/12/18 - £190,821.21
    Mortgage today £157,719.83
  • Hi all,

    So I have just been handed my last full pay slip by my current employer as they pay every 4 weeks. This has always confused me a bit as to exactly what amount I could use for over payments as I would always have to hold onto those funds until mortgage and bills went out. I won’t miss this.

    I am going to aim for my first £500 over payment in the end of November. After that I aim to do it consistently. Luckily I am very organised so already have most of my x mas presents sorted so there shouldn’t be any hidden surprises.

    At this point I am also going to re asses my out goings and see where I can cut down as I am sure I will be able to focus more with greater structure to my salary income.

    The closest thing me and my wife have to children at the moment is two beagles so I am going to enjoy these last few years easy present buying before little feet come along :)
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
  • Hello all,

    So once my pay check went into my bank I overpaid £250 off right away. I was going to set a singnatjre to show where I have started but I think i will wait until January the first so I can keep track from year to year.

    I am getting very excited to start my new job on Monday though I did end up spending just shy of £200 last night in shoes and trousers. I currently work in a casual environment of t shirts and jeans so that was a shock to the system. Haven’t needed to buy a shirt for work in nearly 8 years.

    Me and my wife have been talking about next years holiday. We are both martial artists who train Brazilian jujitsu and at least once a year we like to go Somewhere new to train. There just so happens to be a training camp in te mountains of Warsaw Poland that caught our eye. It’s a custom built zen village. Would cost about £1400 total. Going to have to factor in ways to afford it and not eat into those planned over payments. Very tempted to cut back on gym memberships and things to claw some pennies back to core it
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
  • beanieloubeanielou Forumite
    76.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Hope new job goes well.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • Thank you beanielou I am very nervous and very excited at the same time. It’s a big step up in what I have been doing but I know I have the skills to do it.
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
  • So my first week at the new job went really well, settled in fast and already identifying operational issues which we can improve upon. Been traveling up and down between the labs which defiantly beats being stuck in an office.

    Me and the wife have booked the trip to the zen village next October. Put it on a 0 percent card so will chip away £50 a month, shouldn’t impact overpayments. I have also managed to keep £1200 from the last pay check. So all being well I might be able to throw another random
    Sum at the overpayments this month.
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
  • So its been a while since my last post, i have been settling into the new role and travelling the country. I am now in a position where i have expenses to claim back. This has thrown a small spanner in the works as i have had to put some money aside for this purpose. Sadly it means this month i have only just overpaid 174.89...every penny counts right?

    Next month i start the big 500 a month challenge and the more i look at it the more it is doable. I am saving money on driving as i get given a hire call for three days a week so spending less on petrol and my lunch and dinners are covered. Spending a lot less than i have previously. just need to claim back hotels and food.

    The down time in the evening has also allowed me to do some reading, something i have missed as my life became busier. Currently reading early retirement extreme by jacob lund fisker. It was recommended by a danish friend who now lives the dream with his family in the Caribbean. If it worked for him i can only hope right :)
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
  • nyc_451nyc_451 Forumite
    502 Posts
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    ✭✭
    Your diary is quite inspiring, and you seem to have a good mindset. Best of luck in achieving your goals. :)
  • Happy holidays all, hope you all had a good time. So tommorrow is the day I have been waiting for, my first full pay packet from my new job. So will be putting a signature on with my mortgage amount in 2018 which is £87641.56. Then on Monday once the money clears I will
    Out the first over payment in.

    If it all goes smoothly then I should break into the 70k range before the end of 2019.

    Also waiting on about £400 of espenses to be paid back, which I am guessing should be the January pay. If all goes well I might hope to go beyond my goals.

    Here’s to 2019 and achieving some goals
    Mortgage start of 2019 = £87641.56
    Overpayments 2019 = £1000
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