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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 749Posts
    • 2,845Thanks
    try harder
    170000 in 10 years
    • #1
    • 27th Mar 16, 4:39 PM
    170000 in 10 years 27th Mar 16 at 4:39 PM
    hi first post on mortgage free wannabe site -i have a 170000 mortgage on a house valued at around 230000 we have an interest only mortgage on 155000 and repayments on the other 15000 paying 676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the 170000 in 10 years i am hoping to do this by overpaying 10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around 5000 a year off the mortgage then save the other 12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
Page 2
    • EatingTheElephant
    • By EatingTheElephant 25th May 16, 6:30 PM
    • 1,281 Posts
    • 7,004 Thanks
    EatingTheElephant
    That's a fantastic amount to pay off your mortgage in 3 weeks, try not to beat yourself up over the food! You're doing great
    • try harder
    • By try harder 25th May 16, 8:31 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Thank you eating the elephant for your encouragement .I hope i can carry on at the same pace.
    • try harder
    • By try harder 27th May 16, 9:27 AM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Good morning everyone its a beautiful day here today just hung all the washing out on the line which for some strange reason makes me feel very happy.Today i have made another 242.30 weekly overpayment towards my mortgage i have really struggled this week to get to target and have failed so this weeks overpayment had to come from a several sources my oh extra money ebay sales etc but mostly from my savings i have several plans in place and luckily one is saving so the difference has to come from there unfortunately i dont want to do that too often though so i have to think of other ideas i dont work so i am thinking maybe a few hours a week i am not very fit though so im not sure how i will get on with that but it would bring in the extra money im missing have to put my thinking cap on .
    • try harder
    • By try harder 31st May 16, 1:59 PM
    • 749 Posts
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    try harder
    Well i shall be looking forward to june and hoping that it will be a better month for me ,may has been a struggle and didnt meet my target this week for my mortgage overpayment hit my savings target for the month though so im very pleased about that net month must try harder!!
    • Busy Mee1
    • By Busy Mee1 31st May 16, 4:45 PM
    • 572 Posts
    • 2,553 Thanks
    Busy Mee1
    Don't be too hard on yourself, you have hit your savings target and you said that you have never saved before - so that is real progress. It does take a while to get into budgeting, but you will get in to it and your Eb@y sales have been awesome. Just keep chipping away at it and maybe set yourself some mini targets, rather than aiming at something so big and 10 years in the future.
    • try harder
    • By try harder 31st May 16, 11:51 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Ah very wise words busyme1 you are so right it is always better to look at the bigger picture .tThank you so much for your encouragement i have written out several smaller aims too as you say it is better to break it down and then you can see how well you are doing .You are doing amazingly well too well done .Lets hope june will be a great month for us all.Thank you
    • brizzledfw
    • By brizzledfw 1st Jun 16, 7:42 AM
    • 7,275 Posts
    • 35,683 Thanks
    brizzledfw
    Well done on keeping on going on OH. Every penny you transfer across will mean a smaller mortgage debt. That's a great achievement, even if sometimes it's a smaller OP than you'd ideally like .

    X
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 25/500 NSDs Target 10 for March 02/10 Trying to be a Frugalista
    • shangaijimmy
    • By shangaijimmy 1st Jun 16, 8:22 AM
    • 2,582 Posts
    • 12,500 Thanks
    shangaijimmy
    You've mad a great start and in less than 1 week the obsession/addiction has begun! Don't think too far ahead, I have a dream ending, a realistic ending and then targets over 1 and 2 yrs which I focus on more intently.
    MFW: Turning June 2036 into March 2023... 37//120 Payments Challenge, Diary Reduction 39,897.62
    Aug 2009: 163,051 // Current: 96,102.38 // Avg Daily Interest 4.32
    MFiT-T4 #8 - 64.95% of 41,000
    • try harder
    • By try harder 2nd Jun 16, 11:00 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Good evening everyone ,thank you very much brizzledfw for your encouragement ,love the declutter target i am going to add that to my lists ,maybe one item out per day either bin or cs or ebax thats a great idea my house is full to the brim.Thank you shangaijimmy yes i have become very addicted thats for sure i cant believe i am accomplishing so much i cant help thinking how well i could have done ha i started years ago .I have written out a 10 year plan and as you say a 1 and 2 year plan too,i am trying to find out how to do spreadsheets online if anyone can help me please.
    • Busy Mee1
    • By Busy Mee1 3rd Jun 16, 6:58 AM
    • 572 Posts
    • 2,553 Thanks
    Busy Mee1
    Hi Try Harder, I have downloaded ISpreadsheet onto my IPad. You can create some simple spreadsheets using that, but you do need some basic Excel knowledge. There are basic excel tutorials on the Internet.
    • try harder
    • By try harder 4th Jun 16, 7:38 AM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Thank you for that busymee1 i will take a look at those but may have to wait for one of my children to set it up for me they know what they are doing far better than me.
    • Moneyfordreams
    • By Moneyfordreams 4th Jun 16, 7:56 AM
    • 935 Posts
    • 4,602 Thanks
    Moneyfordreams
    Good luck with you're plans

    We have a similar amount to shift. My OH is in his mid 50's and me mid 40's so 9 year (loose) plan for us. I'm hoping for 7 but that needs serious knuckling down and frugality which may be a tad too challenging.

    Finding a right balance will help sustain your efforts. Don't chastise yourself too much. Be happy you've started
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • try harder
    • By try harder 4th Jun 16, 2:59 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Thank you moneyfordreams,strangely enough i had just started reading your diaryand you are doing really well/I know i shouldnt be upset and i try not to dwell on it but im cross with myself to think how hard i but mostly my husband has to work to pay off this mortgage that has stood still for years whilst we have just been paying the interest .I am trying hard to look on the bright side,it is beautiful here today so thats cheered me up. On a positive note i have paid my weekly o/p of 242 so that is positive ,i realised today that i could over pay one account only rather than have the overpayments divided equally between the 4 sub accounts so i have decided to start on the smallest one first.The smalles has around 1400 owing on it so should have it paid in 7 weeks then the 16 interest i pay on that can go towards the 2nd sub account.
    • michelle09
    • By michelle09 4th Jun 16, 5:19 PM
    • 773 Posts
    • 4,219 Thanks
    michelle09
    Hi try harder! Looks like you are doing really well, every little really does help. Will hang around and try to offer encouragement.
    • EatingTheElephant
    • By EatingTheElephant 4th Jun 16, 6:07 PM
    • 1,281 Posts
    • 7,004 Thanks
    EatingTheElephant
    I like the plan of getting rid of the smallest one first, 7 weeks will soon fly by
    • try harder
    • By try harder 4th Jun 16, 7:44 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Thank you michelle09 and eatingtheelephant for your kind words i hope everyone has ha a good week.Yes it will be so lovely to see one paid even though its by far the smallest one ,sub account 2 is over 14000 but thats small compared with the last 2 ,feeling very motivated now also stuck to food budget this week too i really cant believe this is me i have gone from one extreme to the other.
    • lippy1923
    • By lippy1923 5th Jun 16, 1:52 PM
    • 1,241 Posts
    • 3,460 Thanks
    lippy1923
    Hi try harder. Looks like you're off to a great start. I look forward to reading more updates on your progress.
    Total Mortgage OP 17,500
    House Value 275,000 Mortgage 90,288
    Emergency Fund 28,100

    • try harder
    • By try harder 5th Jun 16, 2:10 PM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Thank you lippy1923,looks like we have similar overpayments going on there hopefully we can encourage each other.No sales much this weekend i think its because its beautiful weather although may not be in the rest of the country of course.Washings all out on the line and my oh is out in the garden today, it is all looking very pretty in the sunshine.I have been sticking to my food budget very religiously this week and am very pleased also i ring my phone and internet provider and threatened to leave and they reduced my overall bill almost in half from now on great result.Hope everyone has a good day and its shining wherever you are.
    • EatingTheElephant
    • By EatingTheElephant 5th Jun 16, 5:32 PM
    • 1,281 Posts
    • 7,004 Thanks
    EatingTheElephant
    Great result on getting your bills reduced, it still amazes me that they will reduce it if you phone up, we have just got our breakdown cover reduced that way too!
    • try harder
    • By try harder 7th Jun 16, 9:33 AM
    • 749 Posts
    • 2,845 Thanks
    try harder
    Yes i am so pleased ,its definitely always worth trying eatingtheelephant ,the worst they can say is no so nothing to lose.
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