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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 2
    • longway2go
    • By longway2go 21st Jun 19, 10:32 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Ohhh some good news tonight ��

    I am currently in the process of starting my own business as a hypnobirthing teacher and someone contacted me about doing a course. That's the second course I have booked in which will be paying back the teaching course I did but once that's paid back this will be mortgage overpayment money so the more I can do the better.
    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 22nd Jun 19, 9:51 AM
    • 168 Posts
    • 368 Thanks
    longway2go
    I have some good news 😁 I have recently trained to teach hypnobirthing and have had contact from someone who would like to do the course with me. That's the second course I now have booked in which means that I can use the Money towards paying back the course. Once the course is paid back then the money I earn doing the course will all go off the mortgage 😊
    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 22nd Jun 19, 10:13 AM
    • 169 Posts
    • 510 Thanks
    OhtobeMortgageFree
    [QUOTE=longway2go;75953681]
    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).
    Originally posted by OhtobeMortgageFree
    Yeah if you type in the advanced view, scroll down past the emojis and there should be a drop-down box for thread subscription. 😊
    TSB are easy enough now. When we first had the mortgage I couldn't access the online details without setting up a bank account with them (which worked out alright in the end as they had a 5% savings account) They seem to have improved their online systems since then though. I usually ring up to overpay but you can transfer direct from your bank account or pay in branch as well.
    Yes, it would seem a shame not to give the embryos a chance. I can't even begin to imagine how stressful that must have been.
    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 22nd Jun 19, 11:44 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    [QUOTE=OhtobeMortgageFree;75955631]
    Yeah if you type in the advanced view, scroll down past the emojis and there should be a drop-down box for thread subscription. 😊
    TSB are easy enough now. When we first had the mortgage I couldn't access the online details without setting up a bank account with them (which worked out alright in the end as they had a 5% savings account) They seem to have improved their online systems since then though. I usually ring up to overpay but you can transfer direct from your bank account or pay in branch as well.
    Yes, it would seem a shame not to give the embryos a chance. I can't even begin to imagine how stressful that must have been.
    Originally posted by longway2go

    Ahhh thank you so much 😊

    I'm looking forward to switching over now. I feel like it will be a nice fresh start.

    It wasn't easy but we are incredibly lucky to have our boys 😊
    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 23rd Jun 19, 9:01 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    So today we have managed to sell a few bits via fb which has made us £25. Although we are not in a position to op atm this will help us to pay for some shopping and helps to protect the savings.

    I appreciate the update is not very exciting but the more I post the more I think about how I am spending my money which can only be a good thing.

    I must admit that I am scared I will loose the momentum by the time I can actually op so that's another reason for me posting.
    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 25th Jun 19, 5:18 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    OK so a few positive updates.

    I wasn't sure what the redemption amount was for my old mortgage but thought it was 161k. I called them today and will be more like £158,970 so once the extra is paid to me (borrowing 161k from new lender) I will immediately pay back the difference.

    I also realised today that during my mat leave as the end part of it is holiday days I have taken that I will start getting paid earlier than I thought so may not have to wait until next year to start overpayments ��

    I have pulled out my life ins paperwork do that hopefully tomorrow I can call them and actually understand what we have. In relation to protection to cover the mortgage I am guessing as I will be making large ops I should review this maybe once a year to make sure I am not over covered or would people do this more frequently. The op will be between 1000 and 1350 pm.
    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 25th Jun 19, 10:05 PM
    • 169 Posts
    • 510 Thanks
    OhtobeMortgageFree
    So today we have managed to sell a few bits via fb which has made us £25. Although we are not in a position to op atm this will help us to pay for some shopping and helps to protect the savings.

    I appreciate the update is not very exciting but the more I post the more I think about how I am spending my money which can only be a good thing.

    I must admit that I am scared I will loose the momentum by the time I can actually op so that's another reason for me posting.
    Originally posted by longway2go
    I try and check out the boards most days even if I don't post. It keeps me motivated and helps me remain enthusiastic about making overpayments and staying on task when it still seems like there's so long to go!
    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
    • Needhelpsaving
    • By Needhelpsaving 29th Jun 19, 10:06 AM
    • 954 Posts
    • 3,611 Thanks
    Needhelpsaving
    Thanks for dropping in on my thread - now I've found yours, I just wanted to wish you luck on your MF journey x
    2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £51,737.26
    • Hettyhound
    • By Hettyhound 29th Jun 19, 1:49 PM
    • 371 Posts
    • 2,171 Thanks
    Hettyhound
    Hi, Iím a single mum to a six year old. I decide to get rid of my mortgage while the boy is cheap to run and also heís grow up with experiences rather than things so heís never known any difference. I keep my motivation up by imagining what I will be able to do with all the extra cash each month, including going really part in work, although at the moment considering going back full time to help getting rid of my mortgage. Iíve also become a serial budgeter, especially with food plans. I have a range of really cheap meals that will freeze well and come out that last week before pay day. So far Iím not quite a quarter of the way through my mortgage term but Iím already nearly a quarter of a way through the balance. A tip Iíve got from these boards is to work out your daily interest each month and a) realising just how much you hand over each day to the bank and b) how itís reducing all the time meaning more of your money is working for you not them.

    Good luck
    Feb 2020 Grocery challenge £0/£150
    SPC #120 SPC 12: £125.86
    MFW #90 Mortgage start Dec 2015 £79,950; January 2020 £57,942.91; 2020 OP £100/£3000
    • longway2go
    • By longway2go 17th Jul 19, 9:32 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Thank you.

    Sorry for the delay

    You sound like you are doing fantastic. Are you able to share details of your freezer meals. I really do need to get more organised.

    I will definitely look at my daily interest amount.
    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 17th Jul 19, 9:33 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Thank you need help saving
    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 17th Jul 19, 9:55 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Just a quick update from me, I'm still waiting for the remortgage to go through which will be end of the month. I haven't been on for a while but feel that is because my mat leave money has dropped significantly and we are having to use savings which I hate but I just need to remember I am not getting anywhere near my normal salary.

    I did make some no purchase presents for my sons teachers today which felt good.

    My business is gaining a bit of momentum with 2 booked clients, one has paid and more work lined up in Nov, Dec and Jan 😊

    I have also been having thoughts about splitting the amount I owe by the rooms in my house. I have 10 so each is allocated 16k each. The first room in my house I want to 'own' is my living room 😁

    So still need to:
    *get a mortgage pig
    *calculate daily interest

    I need a little bit of information about tax for my business and other house. Does anyone know if there a board I can ask on please?
    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 17th Jul 19, 10:52 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    OK so based on a rate of 2.64% and a mortgage of 158970. The interest we will pay is:
    Year £4196.80
    Month £349.13
    Day £11.49

    Hopefully these figures will reduce soon!
    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.

    • BachSoon
    • By BachSoon 18th Jul 19, 8:02 AM
    • 172 Posts
    • 340 Thanks
    BachSoon
    Hi longway 2go

    Sounds like you are making great progress, even whilst on mat leave. The Hypno birthing is very cool
    I wanted to do Hypno birthing when I had my son, but just read up on it in the end. Plus it all went out the window in labour :-s

    Congratulations on the remortgage!
    • longway2go
    • By longway2go 18th Jul 19, 12:50 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Thanks for stopping by.
    I absolutely love the hypnobirthing, feel so blessed to be involved in a couples life at such a special time and make a difference. I think it's getting really popular which is fantastic for women and also business 😊
    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.

    • savingholmes
    • By savingholmes 18th Jul 19, 9:39 PM
    • 10,269 Posts
    • 21,520 Thanks
    savingholmes
    I like the idea of allocating your mortgage mentally by room. I may give that a go myself. My dream is to one day own a home in the country with some land. Have a way to go before that though.
    During 2020: Target 1) £25,121 to be repaid in 2020 (0%) Now down to £24,703 Target 2) repay £1450 off (OP £102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
    • longway2go
    • By longway2go 20th Jul 19, 4:19 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    Saving Holmes good luck with your dream, you will get there just have a plan ��

    I think for me the room allocation breaks it down a bit more and makes me feel like I have achieved something.
    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 29th Jul 19, 4:49 AM
    • 168 Posts
    • 368 Thanks
    longway2go
    Loving mat leave but definitely looking forward to getting my salary back.

    We are now days away from the remortgage and still feel that I want to reduce it as quickly as I can but may need to sort my accounts out a bit before we can do that. I do now feel that actually making an overpayment is in touching distance.
    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 2nd Aug 19, 12:07 AM
    • 168 Posts
    • 368 Thanks
    longway2go
    Remortgage completed today and the outstanding amount is less than we thought.

    161,000 borrowed
    159522.17 owed to old lender
    1,453.83 due to us (fee taken)

    The amount we get back will go straight back against the mortgage:
    159522.17 - 1453.83 = 158068.34 owed

    Interest (2.64%)
    Annual 4173, month 347.75/day 11.43

    Mini target 155k which brings interest to :
    Annual 4092, month 341/ day 11.21
    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 14th Aug 19, 10:26 PM
    • 168 Posts
    • 368 Thanks
    longway2go
    OK so a little update from me. I am now the proud owner of a mortgage pig, not sure what money will go into him. What do other people tend to do? Change? Money you would have spent?

    Forgot to include a booking fee in my figures and also the fact that we are basically making an extra mortgage payment due to the remortgage timing and now paying in advance for the month. So we now owe £160,424.50 which is a bit frustrating. I haven't yet made an op as need to see where we are after the next mortgage payment with me being on mat leave. Mortgage payment due on the 1st.
    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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