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  • FIRST POST
    • MrsWW
    • By MrsWW 10th Nov 19, 9:54 PM
    • 25Posts
    • 13Thanks
    MrsWW
    Trying to make the impossible possible one day at a time
    • #1
    • 10th Nov 19, 9:54 PM
    Trying to make the impossible possible one day at a time 10th Nov 19 at 9:54 PM
    Hi all,
    After reading many diaries, I have decided that it's time to commit to accountability and really focus on paying off the huge mortgage!

    I bought a property for £310,000 last March. My mortgage stood at £276,899! We took out the longest term that we could in order to make sure we could afford the monthly payments (£989) and, after a couple of months we found that we could and so we now make a regular over-payment of £211.

    As of today, we have £272,430 outstanding - it seems like an impossible dream to pay this off as quickly as we would like!

    Here is a list of things we are currently doing to add to the over-payment fund:
    - Swagbucks turned into Paypal cash
    - Selling lessons online (I teach)
    - Saving all coins
    - Hubby working overtime when available
    - Ebay for odd and sods
    - Cash for books

    Our plan is to pay off as much as we can before January 2021 so that we can remortgage at the end of our fixed rate.

    We bought this property really quickly as it came on the market unexpectedly and it has sentimental value for us and we had no clue about mortgages! We are so happy with the place but really afraid of the debt!

    Any tips that anyone has will be really gratefully received and I will update this diary regularly to keep myself accountable and track the total!
Page 1
    • BVic28
    • By BVic28 11th Nov 19, 9:20 AM
    • 22 Posts
    • 27 Thanks
    BVic28
    • #2
    • 11th Nov 19, 9:20 AM
    • #2
    • 11th Nov 19, 9:20 AM
    Hi, welcome to the MFW journey! Iíve only recently started my own journey so Iím not sure on long term tips but the two things that are keeping me motivated so far are the over payment calculator, so you can see how even small overpayments can shave off time/interest and weekly Tilly tidies of all my bank accounts (rounding down to the nearest £1/£5 each week and putting the excess into one of my saving/OP pots) - this becomes quite addictive and I find myself looking forward to my next tilly tidy haha.
    • MrsWW
    • By MrsWW 11th Nov 19, 2:49 PM
    • 25 Posts
    • 13 Thanks
    MrsWW
    • #3
    • 11th Nov 19, 2:49 PM
    • #3
    • 11th Nov 19, 2:49 PM
    Thanks for the tips! God luck on your journey - do you have a diary?
    • MrsWW
    • By MrsWW 11th Nov 19, 2:51 PM
    • 25 Posts
    • 13 Thanks
    MrsWW
    • #4
    • 11th Nov 19, 2:51 PM
    • #4
    • 11th Nov 19, 2:51 PM
    I've had a good MFW day today!

    Managed to sell a couple of chests of drawers that the old tenants left behind for £50 so that will be paid off the mortgage as soon as I get home! I also made my daily target on Swagbucks and managed to sell a lesson for a couple of pennies - nearly at £10 so I can withdraw!
    • supersaver1000
    • By supersaver1000 11th Nov 19, 5:21 PM
    • 2,170 Posts
    • 13,510 Thanks
    supersaver1000
    • #5
    • 11th Nov 19, 5:21 PM
    • #5
    • 11th Nov 19, 5:21 PM
    Hello MrsWW

    love your positive outlook and am going to tag along if you don't mind.

    We are planning to take on a large mortgage too. It is so scary, especially as we are a bit older and so max term is currently 19 years.

    We are looking at a five year fix, so are planning to do the same as you so we can get a good rate at the end of the fix.

    We haven't even got the house yet, so fingers crossed it all goes through.

    Supersaver

    Completely Debt-free by April 2019 Jan 2019
    Flylady & Grocery Challenge Lurker
    Millionaire, Fashionista and Career Woman wannabe
    • CosmoCat
    • By CosmoCat 11th Nov 19, 7:56 PM
    • 649 Posts
    • 421 Thanks
    CosmoCat
    • #6
    • 11th Nov 19, 7:56 PM
    • #6
    • 11th Nov 19, 7:56 PM
    Hello MrsWW, I'm now following your thread, as we have a very similar mortgage and I only started last week. All the best with your overpayments!
    MFW Newbie - #116.
    New Mortgage at Nov 19 - £273 499
    Current Balance - £272 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • BVic28
    • By BVic28 11th Nov 19, 9:22 PM
    • 22 Posts
    • 27 Thanks
    BVic28
    • #7
    • 11th Nov 19, 9:22 PM
    • #7
    • 11th Nov 19, 9:22 PM
    I do have a diary - it’s night feed dreaming
    • MrsWW
    • By MrsWW 11th Nov 19, 9:47 PM
    • 25 Posts
    • 13 Thanks
    MrsWW
    • #8
    • 11th Nov 19, 9:47 PM
    • #8
    • 11th Nov 19, 9:47 PM
    Wow - I have replies!

    Thank you all and the best of luck on your journeys - I'll be following you all!

    We struck lucky tonight and managed to sell off another couple of pieces of furniture so that's another £50 to overpay tomorrow - every little helps!
    • MrsWW
    • By MrsWW 11th Nov 19, 10:00 PM
    • 25 Posts
    • 13 Thanks
    MrsWW
    • #9
    • 11th Nov 19, 10:00 PM
    • #9
    • 11th Nov 19, 10:00 PM
    Best of luck!
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
    • MrsWW
    • By MrsWW 14th Nov 19, 11:40 AM
    • 25 Posts
    • 13 Thanks
    MrsWW
    Well, another few pieces of furniture sold this week means that I have just been able to make another £100 over payment and have reduced my term by a month!!

    Sat down with the hubby last night and took a serious look at what we are spending and we have both agreed that we need to make a few cutbacks. We want to overpay the mortgage as much as we can but we also want to enjoy life as well and so the little trips to McDoanlds and grabbing a coffee from Pret have to be sacrificed!

    Hoping to be in a position to overpay another £50 by the end of this week when my eBay sales clear and TES money arrives.

    Hope you're all doing well!
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
    • LeighofMar
    • By LeighofMar 14th Nov 19, 6:45 PM
    • 175 Posts
    • 422 Thanks
    LeighofMar
    Congratulations. You're doing wonderful already. I love the idea of selling furniture and other odds and ends. You are so right. Every little bit helps and makes a difference, even with a big mortgage.
    • Cornish_mum
    • By Cornish_mum 14th Nov 19, 8:01 PM
    • 38 Posts
    • 47 Thanks
    Cornish_mum
    Welcome MrsWW, I just wanted to pop by to wish you well. We started with 250,000 4 and 3/4 years ago and are down to 197,000 as all the little bits overpaying started to add up.

    Good luck with your journey. CM
    • MrsWW
    • By MrsWW 15th Nov 19, 10:26 AM
    • 25 Posts
    • 13 Thanks
    MrsWW
    Amazing! Gives me hope that we can actually do it - it seems such a daunting amount!
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
    • MrsWW
    • By MrsWW 15th Nov 19, 10:28 AM
    • 25 Posts
    • 13 Thanks
    MrsWW
    Thank you! We were lucky as the previous tenants left behind a lot of furniture and we thought that we might be able to make a few pennies from it!
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
    • MrsWW
    • By MrsWW 15th Nov 19, 10:31 AM
    • 25 Posts
    • 13 Thanks
    MrsWW
    Another flurry of sales and cash payments clearing today so another £80 paid off.

    I also paid for my transfers for our trip to Iceland in February - it broke my heart a little bit when I thought that I could have used that money to overpay a little more. But I have to keep on reminding myself that I have to live too and being able to afford a mortgage and a few little trips is a very good position to be in!

    Looking forward to a weekend of eBay listing, painting and marking! Hope you all have a great weekend
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
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