Taking Control and Making It Happen

MissLemon
MissLemon Posts: 112 Forumite
First Anniversary Mortgage-free Glee! First Post Combo Breaker
in Mortgage-free wannabe
I've been a bit of a lurker on these forums but now I'm getting serious as my light bulb moment happened this week!

My household is me, my OH and our pooch. For the last 3 years we have been planning to move to Wales. The plan all depended on OH getting a transfer with his work and me finding work once we moved, so we have been saving up to cover my salary for the first 3 months, moving costs, solicitors costs etc.

At the beginning of the year OH put in for a transfer and since then we've been in a bit of limbo as there's just not any openings for him to transfer to at the moment.

And then this week it hit me. If we could move as cash buyers, without the need of a mortgage, we wouldn't need to wait for a transfer to happen!

So this is the start of our mortgage free journey. The transfer still might come through at any point but I now feel a bit more in control instead of having to wait for someone else's decision.

To start our MF journey today I am going to the bank to find out our exact balance and then I can work out our MF date.

It feels a bit wrong to be this excited about a bank visit....
Original MF Date January 2035. MF Date February 2022
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Comments

  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Exciting when you have your LBM.

    Hope your visit to the bank goes well. If you can, I would consider online banking, that way you can watch the balance go down as you o/p. It's a great incentive.

    Was wondering how being MF means you could move without the transfer. Are you both considering retiring there, and therefor not need to work once you moved?

    Good luck and will watch out for updated info.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • MissLemon
    MissLemon Posts: 112 Forumite
    First Anniversary Mortgage-free Glee! First Post Combo Breaker
    Oh what does LBM stand for?

    I'm definitely going to set up online banking, I think it'll be so much easier and I'll be able to check the balance when I want instead of having to wait for the annual statement! Hopefully I can get that sorted today too.

    We wouldn't be able to retire when we move but it would mean our outgoings would be less so we wouldn't need to earn as much! Which would mean getting a transfer wouldn't be as essential.
    Original MF Date January 2035. MF Date February 2022
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
    LBM Light bulb moment!

    Sounds like a plan to me. Very best of luck

    Bexster :)
  • MissLemon
    MissLemon Posts: 112 Forumite
    First Anniversary Mortgage-free Glee! First Post Combo Breaker
    Bank sorted after a long queue at the bank (you'd think they'd have more staff on a Saturday!).

    I now know our balance is £96491.74 :eek:

    We are on a fix term mortgage and so have a fee free over payment allowance each year. We already make regular monthly over payments which we set up when our last fix finished and the interest rate went down so we carried on paying a similar amount (what you never had you don't miss!).

    So taking into account our regular payments up to November when the next allowance starts we could overpay by £7855 with no fee until November.

    Up to now we have both been managing to save £300 per month which went into our moving fund. We've decided that as we now have a healthy fund we will start using this money to make over payments.

    So at least £600 per month extra into over payments straight away.

    According to the MSE Overpayment calculator this means we'd be MF in just under 7 years :j

    I'm going to set myself a challenge to see if I can make additional payments over this by cutting down on our grocery spends and sorting out some of our bills (including an electricity swap as we are currently spending £173 per month as we went into debit over winter :eek:).

    First stop the July Grocery Challenge!
    Original MF Date January 2035. MF Date February 2022
  • beanielou
    beanielou Posts: 90,186 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Great start :)
    Keep going!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
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  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Off to a good start.

    2nd stop you may like to look at is

    http://forums.moneysavingexpert.com/showthread.php?t=5571367

    A thread run by the lovely hiddenshadow. Always good to have a target - certainly keeps me motivated :)
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • MissLemon
    MissLemon Posts: 112 Forumite
    First Anniversary Mortgage-free Glee! First Post Combo Breaker
    Thank you! I didn't see that thread. That means I really do have to set a 6 month target and that will definitely help!
    Original MF Date January 2035. MF Date February 2022
  • newgirly
    newgirly Posts: 8,928 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Hi Miss lemon welcome and good luck :)

    It may be worth thinking about joining the mortgage free in 2017 thread, you can set a target for the year and update monthly. Everyone here is so kind and helpful, if you stick with it, keep posting and read other diaries, you can't fail :D
    2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.12
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Hi Miss Lemon! Wanting to move to a different part of the UK is definitely a good motivator to be mortgage free! Good luck and I have subscribed so looking forward to following your journey!
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
    Shiny new diary...! What was your original MF date out of interest?
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
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