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  • FIRST POST
    • longway2go
    • By longway2go 18th Jun 19, 2:18 PM
    • 167Posts
    • 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 5
    • BVic28
    • By BVic28 8th Nov 19, 5:52 AM
    • 91 Posts
    • 167 Thanks
    BVic28
    Read your thread during nightfeeds - Iím the sand in that Iím just starting my mortgage free journey while on mat leave so I canít wait to follow how you balance overpaying with enjoying life with a young family
    • longway2go
    • By longway2go 8th Nov 19, 6:08 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Ahhh thanks for reading. I have just commented on yours. Welcome and lots of luck
    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 19th Nov 19, 9:18 AM
    • 167 Posts
    • 368 Thanks
    longway2go
    Been a little quiet lately., I think that's because I didn't have any OP funds.

    I am working on getting my accounts straight after signing up to Ynab. I have sorted 1 and have 2 more to go... There is light at the end of the tunnel!

    I have had some money come in from my second job so will be making an OP today of 261.47 to bring my balance to 165500 and total Ops to 2151.85. I have run some figures and so far saved 1287 in interest. I would obviously like the Ops to be higher but its important to get myself in a good position should anything happen and also enjoy life.. Its always been about the balance for me and I am getting there.

    I haven't felt well since Thursday, achey and sickness unfortunately. Hopefully that will change soon.

    I am going to talk to my mortgage lender about upping my monthly payment and see how quickly it can be changed back if needed.

    Getting there with Christmas and excited for all the plans we have made.

    Onwards and downwards
    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.

    • shopaholicnumber1
    • By shopaholicnumber1 19th Nov 19, 10:25 AM
    • 122 Posts
    • 403 Thanks
    shopaholicnumber1
    Oh no lwtg! Sorry to hear you feel rubbish - it must be the time of year You are doing so well on your OP's - I'm stuck with regular ones as I am still having trouble logging into my online mortgage account and have spent so long going round in circles trying to actually speak to a real live person that I've had to abandon it several times! Why don't real people ever answer the phone anymore? Drives me nuts!
    Mortgage: £81,154.58 (03/19) - £78171.71 (12/19)
    Emergency savings: £2500 (08/19) - £2500 (12/19)
    NSD's - 9/15 (01/20)
    1p challenge - £11.86/£671.67
    • longway2go
    • By longway2go 19th Nov 19, 2:16 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Hi shopaholic,

    Yeah it must be the time of year.
    ..oh has started feeling sick today 2. Hope we are all better soon.

    OP of 261.47 made. Looking forward to a December money shuffle like you.

    I have upped my monthly payment by 64.81 to round it up to 1k a month. I can stop it at anytime and also use the ops to make monthly payments if I needed to (hoping that won't be the case). Mad that my mortgage will be reduced by 1yr 5 months and we will save 3659 in interest by this little adjustment.

    I have my first mini goal of 155k in sight and it's almost touching distance now :-)
    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 10th Dec 19, 9:35 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Hi,

    Have been a little, OK a lot preoccupied by Christmas and a course I have been doing but the course is now finished and Christmas is very nearly there.

    I have had a stroke of luck so I thought I would come in and give an update and try to renew my focus.

    We have recently received some good news of a ppi payment. Which means that as well as putting some savings back we have made an OP to the mortgage of 3062.38 plus the 64.81 I have made by increasing our monthly payment.

    We have hit out mini target of 155k and the balance is now 152780 which I am delighted with.

    My next target is to get the mortgage under 150k and to get my main savings account up to 5k so I need 3105.20 to hit it.

    I have been looking at my families ages when we finish our mortgage and its not where I want it to be so it's given me an extra push.

    Onwards and downwards
    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.

    • BVic28
    • By BVic28 11th Dec 19, 1:38 AM
    • 91 Posts
    • 167 Thanks
    BVic28
    Yay for the PPI payment and hitting your mini goal, it’s so motivating ticking off those little milestones isn’t it.
    • longway2go
    • By longway2go 11th Dec 19, 1:46 AM
    • 167 Posts
    • 368 Thanks
    longway2go
    Yes, I think I need to look at it in small chunks otherwise it gets overwhelming.
    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 16th Dec 19, 9:33 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Today I was off work with my little boy and saw a friend this morning who came to mine so no spend involved. I made mushroom soup for lunch and then a pasta dish for tea so managed a no spend day. I have spent some time looking at the next 8 weeks and have put a meal plan together, tomorrow ls job is to sort out a shopping list and make a bit of a plan as to when I can batch cook or double up on cooking etc.

    I have also been having a think about additional money earning and have come up with the following (nothing Earth shattering just things I have not explored before) to look into when I have time:
    Match betting
    Selling on ebay (someone mentioned having a search in charity shops and selling on which I hadn't thought of previously)
    Amazon product reviewer.

    Life all seems a bit crazy atm as I am sure it does with everyone. By the time the little ones are in bed I am currently to tired to do anything but if I don't put it down somewhere I will forget.
    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 Dec 19, 10:05 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Have done quite a big shop and some batch cooking today which will all help with the Jan budget.

    Also found my last remaining Christmas gifts so I have one more to pick up tomorrow and then I'm done.
    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 24th Dec 19, 9:22 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Merry Christmas all, last week has been a bit crazy. Just waiting for the smalls to drop off so that we can sort the presents. I'm so excited to see my eldest child's reaction in the morning.

    My ynab is behind so will catch that up ready for the new year, nothing much money wise to report.
    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.

    • BVic28
    • By BVic28 25th Dec 19, 2:32 AM
    • 91 Posts
    • 167 Thanks
    BVic28
    Merry Christmas, hope you and your family have a great one
    • longway2go
    • By longway2go 30th Dec 19, 11:07 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Thank you.

    Today I decided to make next year's Christmas tags out of Christmas cards more for reusing purposes that saving money.

    I have now got Ynab up together and tbh a little disappointed as Dec money seems to have gone a little out of control... But glad I'm back in control.

    Tomorrow will be a small spend on some nibbles and drinks to take to a friends for new year but less expensive than going out and don't really fancy that anyway.

    I have today been looking at wallpaper and paint as we are hopefully going to decorate the living room. We haven't done much decorating to the house so we are far from experienced but going to give it a go.. What's the worst that can happen.

    I am not sure I will have any overpayment funds this month... Its more about recovering from December ready for a good year.

    Happy New year everyone.
    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 2nd Jan 20, 4:19 PM
    • 10,171 Posts
    • 21,189 Thanks
    savingholmes
    HI - great news on the ppi reclaim and blasting through your mini-goal. What's your next goal and are you going to update your signature?
    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 2nd Jan 20, 10:33 PM
    • 167 Posts
    • 368 Thanks
    longway2go
    Thank you savingholmes. My next mini goal is to get under 150k and have 5k in a savings account. I started a new diary (1 brick at a time) and will update my signature. I always forget lol
    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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