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Don't want to do this job for ever

edited 6 November 2019 at 12:43AM in Mortgage-Free Wannabe
25 replies 2.6K views
diggingdudediggingdude Forumite
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edited 6 November 2019 at 12:43AM in Mortgage-Free Wannabe
So I am a couple of months into having my mortgage now and on the whole really like my house and realistically wouldn't need to move for many many years. I don't enjoy my job however and at the age of 35 don't want to be doing it for the rest of my working life. So the plan is to pay off this house whilst still having a disposable income. The mortgage was £117104 after deposit and currently on a 5 year fix. The first month I didn't make an over payment whilst last month I made £101. I have upped this now to £301 a month on top of the £529 monthly payment.

Making this thread less to ask questions but more to remind myself of where I started and to keep myself motivated. I am aiming for 15 instead of 25 years. I could do more but still have a load of other things to buy at the moment. Hoping I may motivate myself to a 10 year mortgage term in time
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Replies

  • LeighofMarLeighofMar Forumite
    331 posts
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    Welcome. You have the right idea. My husband's been sick for 3 weeks. The only reason we are okay is because we are self-employed and our house note is low. But even so, it would be so much better with no mortgage whatsoever. Best wishes on your journey.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of July 2020 - $36,835.00
    Hope to be mortgage-free by 2023 
  • mumof3.12kindebtmumof3.12kindebt Forumite
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    Good luck on your journey I'll be following and cheering you on x
    June 2017 £16,000 debt ~ Nov 2018 DEBT FREE
    June 2019 Homeowners ~ June 2019 mortgage £123,500.00
    July 2020 mortgage £117,500 ~ loan £12,000 ~ emergency fund £5000
  • fresh_cottonfresh_cotton Forumite
    40 posts
    Mortgage-free Glee!
    Good plan.

    Your current overpayments will make a big difference, but if you increase them over the next few years, then your mortgage will be done in no time.
  • beanieloubeanielou Forumite
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    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "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.***
  • diggingdudediggingdude Forumite
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    Thank you all the first 301 pound overpayment went out this month with the next one going out on the 1st. I have had to pay for a couple of things in the house this week which cost quite a lot but I have got the best part of 6 months savings now so might try and a bit to £400 a month overpayment. Own over 12% now
    An answer isn't spam just because you don't like it......
  • YouthgonewildYouthgonewild Forumite
    152 posts
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    Keep going digging! I find it hard to stay motivated but coming on here, even if just to read other people's diaries is so inspiring. Wishing you well
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    Mortgage balance January 2019: £88200.00
    Mortgage balance June 2020: £79561.39
  • diggingdudediggingdude Forumite
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    Well I haven't managed to up the amount yet, decided to buy things to make the house nicer - pictures, tumble drier etc. The next payment should come out about the 3rd October. If the overpayment calculator is working properly that should out me in a position where I would have been Feb/March without the overpayments :) it's tempting to raise the overpayments feel as a single chap I should be living my life a little as well
    An answer isn't spam just because you don't like it......
  • diggingdudediggingdude Forumite
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    Feb/March 2020 that should read
    An answer isn't spam just because you don't like it......
  • prosaverprosaver Forumite
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    I done the same, didnt waste it on new fashion fads for the house, bought things that last and penny pinchef on food, bargin holidays , clothes cars, my morgage when down really quick.
    Your on the right path , good luck
    “Life isn't about finding yourself. Life is about creating yourself.”
    ― George Bernard Shaw
  • inigmainigma Forumite
    143 posts
    Tenth Anniversary 100 Posts Combo Breaker Debt-free and Proud!
    My motivation was working out how much sooner the mortgage would be paid off. My starting year was 2011 and due to pay off in 2036 now my mortgage end date is 2024, so I reverse 25 years off that and look at it as though I've had my property since 1999. Sounds stupid but each op I would try and remember what I was doing on my revised start date. (In 1999 I was doing my A levels, with no possibility of buying a property)
    Original mortgage free date 01/09/2036
    Current mortgage free date 01/09/2023
    Dream mortgage free date 01/09/2021
    JUST BRING IT
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