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  • FIRST POST
    • longway2go
    • By longway2go 18th Jun 19, 2:18 PM
    • 168Posts
    • 368Thanks
    longway2go
    Mortgage free mum
    • #1
    • 18th Jun 19, 2:18 PM
    Mortgage free mum 18th Jun 19 at 2:18 PM
    Hi everyone,

    So I want to be mortgage free ASAP but also need to find the right balance for my young family. (my boys are 3 and 8 months).

    I am currently on mat leave so my funds are very limited but I figure if I go back to work and not get used to having all of my income it would be a great place to get some extra money for overpaying.

    We have a btl property and make money on that monthly so can also get funds from here.

    I am currently remortgaging to a 10 Yr fixed rate with a mortgage of 161k 😭. The term is 18 years but I definitely do not want it to take that long.

    I plan to start overpayment in January and looking at between 900 and 1100 a month.

    Atm I am trying to work out the best amount to overpay without impacting life but making it better for us in the future.

    Thanks for reading.

    Any tips appreciated.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

Page 1
    • SparkyGrad
    • By SparkyGrad 18th Jun 19, 3:04 PM
    • 88 Posts
    • 97 Thanks
    SparkyGrad
    • #2
    • 18th Jun 19, 3:04 PM
    • #2
    • 18th Jun 19, 3:04 PM
    Welcome, and good luck!

    There are plenty of good tips around on these boards with a little digging, and some famous names that I'm sure will pop up and help you out. Try reading some of the older diaries if you're short of ideas, and remember that any overpayment is a step in the right direction, they don't have to be massive to make a difference.
    • becky170
    • By becky170 18th Jun 19, 6:56 PM
    • 594 Posts
    • 4,509 Thanks
    becky170
    • #3
    • 18th Jun 19, 6:56 PM
    • #3
    • 18th Jun 19, 6:56 PM
    Hi Longway2go, I just wanted to say hello and good luck. I've got a 4yr old and a 10month old and have just returned off maternity leave, although all my wages are going on childcare at the moment so only making small overpayments. We owe a similar amount to you so will be watching your journey with interest!
    MFW 2020 #7 700/3000
    • longway2go
    • By longway2go 18th Jun 19, 9:05 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    • #4
    • 18th Jun 19, 9:05 PM
    • #4
    • 18th Jun 19, 9:05 PM
    Ahhh Hi becky170,

    Thank you for the welcome. Do you have a diary? Also can you help me edit my footer? What is the 904/1615 in yours.

    Childcare is so expensive isn't it �� we are very lucky to have parents who help otherwise my wage would be gone.

    So nice to hear from someone in a similar position �� we can do this. I just need help keeping focused I think.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 18th Jun 19, 9:50 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    • #5
    • 18th Jun 19, 9:50 PM
    • #5
    • 18th Jun 19, 9:50 PM
    Hi Spankygrad,

    Thank you for your welcome and helpful suggestions. I will keep in mind what you said about small op's.

    I thought I had replied earlier but can't see it for some reason. Do you have a diary/thread?
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • fresh cotton
    • By fresh cotton 18th Jun 19, 9:58 PM
    • 40 Posts
    • 109 Thanks
    fresh cotton
    • #6
    • 18th Jun 19, 9:58 PM
    • #6
    • 18th Jun 19, 9:58 PM
    Hey

    I kept asking myself the question, in terms of how much to overpay and trying to balance that with making the most of your time with your family.

    The issues clearly overlap and I would literally change my mind every month. The result was that I would hammer the mortgage for a few months, or even a year and then have blow outs when I needed them.

    It's not an exact science and I still think it's difficult to know how far to tip the scales.

    Best of luck x
    • longway2go
    • By longway2go 18th Jun 19, 11:23 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    • #7
    • 18th Jun 19, 11:23 PM
    • #7
    • 18th Jun 19, 11:23 PM
    Thank you Fresh cotton, such a difficult one but tbh your method may suit me 2 and knowing it works for someone else is great ������
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 18th Jun 19, 11:25 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    • #8
    • 18th Jun 19, 11:25 PM
    • #8
    • 18th Jun 19, 11:25 PM
    Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • OhtobeMortgageFree
    • By OhtobeMortgageFree 19th Jun 19, 10:22 AM
    • 169 Posts
    • 507 Thanks
    OhtobeMortgageFree
    • #9
    • 19th Jun 19, 10:22 AM
    • #9
    • 19th Jun 19, 10:22 AM
    Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.
    Originally posted by longway2go
    This is on my to-do list for this week too. Have you seen any templates available anywhere?
    I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older!
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 124,315.99 Current mortgage end date: June 2038
    Total overpayments so far: 1585
    MFW 2020: 60 / 5000
    Daily interest: 7.59 > 7.13
    • longway2go
    • By longway2go 19th Jun 19, 2:56 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    [QUOTE=OhtobeMortgageFree;75942639]This is on my to-do list for this week too. Have you seen any templates available anywhere?
    I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! [/QUOTE

    Thank you for your reply.

    I haven't seen templates but the easiest way would be mortgage balance x rate/365. If you do 1000 x rate/365 this will show you how much daily interest will be saved per 1000 you pay off.

    We are also potentially looking to add to our family so figure if we can really focus before that happens it will help. I imagine it will be in around 2 years so maybe I can work out what I could get down to for then. At that point I may ask for my monthly payments to be recalculated based on the original term so that my monthly payments reduce while on maternity and then focus again when back to work.... This is all in theory lol

    Good point about kids getting more expensive with age... One to add to my list of reasons I want to be mortgage free. Do you have a diary?
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • LeighofMar
    • By LeighofMar 19th Jun 19, 4:32 PM
    • 202 Posts
    • 489 Thanks
    LeighofMar
    Welcome. Finding the balance is key, isn't it? I'd love to wipe out my mortgage but we have to live in the meantime and travel while we're feeling good and able. It sounds like you'll be able to find what works for you and your family. Best wishes on your journey.
    • longway2go
    • By longway2go 19th Jun 19, 5:20 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Thank you leighofmar, yes balance is key and I don't really think I will know what that looks like until I return to work. I want to do enough to make n impact but not too much that it puts my hubby off the idea lol

    Good luck to you 2
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 20th Jun 19, 3:58 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Found a bit more money monthly which I can put towards the mortgage. This is another 37.60 from cb and 35 additional from rental income. Although I will need to reduce this to cover the annual insurance premium 1 month a year.

    Happy with that find.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 21st Jun 19, 12:00 AM
    • 168 Posts
    • 368 Thanks
    longway2go
    Have been reading a bit from some diaries and think I will be on the lookout for a mortgage pig in the charity shops and also going to find my second purse so that I can keep all of my food shopping money in it to separate it out from other spending. I will put all receipts in it so that I can evaluate it at the end of the month.

    The other thing I think I need to do is food plan so to save time and money. I have just reached out a lasagne that I previously batch cooked so thats one meal sorted ��
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • Savingtomove
    • By Savingtomove 21st Jun 19, 3:01 AM
    • 30 Posts
    • 73 Thanks
    Savingtomove
    Good luck mortgagefreemum I am looking forward to hearing how you get on because I am on mat leave to and hoping to do the same when I return to work!
    • becky170
    • By becky170 21st Jun 19, 3:40 AM
    • 594 Posts
    • 4,509 Thanks
    becky170
    Hi, to edit your footer you just need to go up and click on User CP and then there is an option on the side to edit your signature. The 904/1615 in my signature is because my aim for this year is to overpay 1615 (1% of my mortgage balance) and so far I've paid off 904 there's a MFW challenge every year where you state how much you aim to pay off that year and then post updates of how much you've paid off each month. You should take a look and join up as everyone is really friendly and it helps keep you on track. Think the thread is 2019 mortgage free wantabees
    MFW 2020 #7 700/3000
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 21st Jun 19, 6:54 AM
    • 169 Posts
    • 507 Thanks
    OhtobeMortgageFree
    [QUOTE=longway2go;75944006]
    This is on my to-do list for this week too. Have you seen any templates available anywhere?
    I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! [/QUOTE

    Thank you for your reply.

    I haven't seen templates but the easiest way would be mortgage balance x rate/365. If you do 1000 x rate/365 this will show you how much daily interest will be saved per 1000 you pay off.

    We are also potentially looking to add to our family so figure if we can really focus before that happens it will help. I imagine it will be in around 2 years so maybe I can work out what I could get down to for then. At that point I may ask for my monthly payments to be recalculated based on the original term so that my monthly payments reduce while on maternity and then focus again when back to work.... This is all in theory lol

    Good point about kids getting more expensive with age... One to add to my list of reasons I want to be mortgage free. Do you have a diary?
    Originally posted by OhtobeMortgageFree
    Yes, I'm keeping a diary here: https://forums.moneysavingexpert.com/showthread.php?t=5910157 It's been a bit sporadic in the past but I've really kicked in with the obsession of overpaying now so it's updated a bit more frequently!

    I would love a family of three, although I'm not sure husband is so keen, having come from a family of three himself! Throughout my pregnancy and early maternity leave (as a teacher, so I had a decent maternity package) we just lived off one salary and kept my husband's salary in the bank to use as our emergency fund which worked well for us at the time. If I was to go back to that time now I would use the money for overpayments though! Do you plan on going back to work full time?
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 124,315.99 Current mortgage end date: June 2038
    Total overpayments so far: 1585
    MFW 2020: 60 / 5000
    Daily interest: 7.59 > 7.13
    • longway2go
    • By longway2go 21st Jun 19, 5:02 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Good luck mortgagefreemum I am looking forward to hearing how you get on because I am on mat leave to and hoping to do the same when I return to work!
    Originally posted by Savingtomove

    Thank you. I think having kids really made the whole security thing more important for us. Also the thought of not having a mortgage when they get more expensive will be helpful. When do you go back?

    I'm back in October but really think by the time we find our feet enough to op it will be next year really although I can maybe start the money we make in rent from November.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 21st Jun 19, 5:20 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Hi, to edit your footer you just need to go up and click on User CP and then there is an option on the side to edit your signature. The 904/1615 in my signature is because my aim for this year is to overpay 1615 (1% of my mortgage balance) and so far I've paid off 904 there's a MFW challenge every year where you state how much you aim to pay off that year and then post updates of how much you've paid off each month. You should take a look and join up as everyone is really friendly and it helps keep you on track. Think the thread is 2019 mortgage free wantabees
    Originally posted by becky170

    Thank you. Signature changed.😁

    Ohhh I will definitely have a look at that. Maybe I will aim for 1k this year.

    Well done on your payment... We will get there and you are very nearly at 1k gone forever 😁
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • longway2go
    • By longway2go 21st Jun 19, 5:36 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    [QUOTE=OhtobeMortgageFree;75950999]

    Yes, I'm keeping a diary here: https://forums.moneysavingexpert.com/showthread.php?t=5910157 It's been a bit sporadic in the past but I've really kicked in with the obsession of overpaying now so it's updated a bit more frequently!

    I would love a family of three, although I'm not sure husband is so keen, having come from a family of three himself! Throughout my pregnancy and early maternity leave (as a teacher, so I had a decent maternity package) we just lived off one salary and kept my husband's salary in the bank to use as our emergency fund which worked well for us at the time. If I was to go back to that time now I would use the money for overpayments though! Do you plan on going back to work full time?
    Originally posted by longway2go


    Had a very quick look at your diary and plan to read all later when kids in bed. Do you know how I can subscribe?

    I note that you are with tsb, is it easy to make ops with them? That is who we are changing to.

    Tbh I always said 2 children as a maximum but we needed ivf to have our boys and have 2 frozen embryos which I feel as we have been through so much want to try them. If they don't work I doubt we will do another fresh cycle (it's so much money, no guarantee and very stressful).
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

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