£170000 in 10 years

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try_harder
try_harder Posts: 1,527 Forumite
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in Mortgage-free wannabe
hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the £170000 in 10 years i am hoping to do this by overpaying £10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around £5000 a year off the mortgage then save the other £12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
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  • greent
    greent Posts: 10,671 Forumite
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    Welcome ! :)
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • muddywhitechicken
    muddywhitechicken Posts: 3,940 Forumite
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    Welcome to MFW and good luck :)
    Mortgage at highest (April 2008): ~£195,000
    Mortgage-free: January 2021
    Retired: June 2022 (186 months early!)
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Good luck Try Harder! I'm also starting out on this journey today. Just seeing your screen name is inspiring. Heres to the first overpayments.
  • newgirly
    newgirly Posts: 8,940 Forumite
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    It's never too late to start, you are by no means the only one on here with regrets of being bad with money and punishing yourself over money wasted in the past.

    Now is your fresh start and once you get going you may well find you enjoy the journey and the support you get from everyone on the mfw board, all the best :)
    2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.12
  • brizzledfw
    brizzledfw Posts: 7,302 Forumite
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    newgirly wrote: »
    It's never too late to start, you are by no means the only one on here with regrets of being bad with money and punishing yourself over money wasted in the past.

    Now is your fresh start and once you get going you may well find you enjoy the journey and the support you get from everyone on the mfw board, all the best :)

    As NG said...this is a great place to post and to keep yourself focussed on the goal.

    We have all made mistakes..me more than most..but the main thing is you're on track now.

    Welcome to these boards :T
    MFiT-T4 Member No. 96 - 2022 is my MF goal :D
    Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T
  • try_harder
    try_harder Posts: 1,527 Forumite
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    What a lovely surprise i had this morning to see the warm welcome i have been given thank you too everyone thank you greent muddy white chicken crazy lady 2009 newgirly and brizzledfw im not brilliant on the internet age thing sorry so i do hope i have written this correctly.I do not know where the day goes this morning i woke up to find that i had sold 7 items on ebay now since friday and have spent all morning firstly finding them big job then printing them for posting my hermes another big job and then wrapping them they are all small items mostly around 5 pounds one was 20 pounds these nicely covered my 10 pounds a day overpayment after i had ordered more bubble wrap and ink for my printer . I try very hard to use both my oh 20 free listings and my own and as many as i can of the 100 free listings we both get offered .My house is overflowing with things i have collected over the last 30 odd years i am a hoarder but i am hoping this will pay the 10 pounds a day overpayment on my mortgage and possibly more for this i keep another book which shows the sale and charges then the amount i transfer to the debt each day.For my savings i am using the money from any overtime my oh does and any sales i have myself from any of my various hobbies.I am so looking forward to this challenge but it does seem to be very time consuming but then you dont get anything for nothing in this life so you have to put in the time to reap the rewards so thank you to everyone and i will now continue with my listings as the offer ends today i believe
  • try_harder
    try_harder Posts: 1,527 Forumite
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    2 good days selling on ebay my ten pounds a day target is going well thanks to 20 free listings a month and 100 free listings offers but it is also very time consuming.I have opened 2 new current accounts and 2 regular savers i am very excited about these as i have never had savings before and never earnt interest only paid interest.I also have a budget and book for my food and fuel spending and will try quidco today to see if they have any offers on food shopping i saw a 12 pounds cash back offer on asda just before easter for new customers but sadly i forgot to do the list and missed it does anyone know if you can get regular coupons or codes off of food shopping if you are not a new customer please
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
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    Hi TryHarder :hello:
    Afraid I don't know the answe to the above grocery question but wanted to welcome you to the boards, you sound like you have some plans & are all organized. Best of luck :)
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • greent
    greent Posts: 10,671 Forumite
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    I take the sheets of bubble wrap from supermarket fruit boxes - there's usually quite a bit lying around in our local ones! I never buy it for ebay selling - and I hoard other packaging / newspaper to help it along :) But - then again - I don't do much selling nowadays - it's a bit different if you're selling a lot of items, I guess! :D


    Freegle/ freecycle sometimes has bubble wrap/ jiffy bags on when people have a clearout - perhaps worth a wanted post on your local sites?


    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • try_harder
    try_harder Posts: 1,527 Forumite
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    thank you kittenkirst for the welcome and thank you greent for the advice i have seen jiffy bags on freecycle before but have alwas missed out maybe i should put on a wanted ad great idea thanks. I have had a good week and have been very lucky making at least 10 pounds a day towards the mortgage .All bank accounts up and running and aprils savings have all been taken for the month its lovely to see how quickly they add up .My food budget is being kept to budget and i am happy that everything is going to plan i have written out a plan for this year also for 5 years time and then for 10 years time does anyone else write out a 5 or 10 year plan and have you kept to it more or less would be very interesting to hear
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