Mortgage free asap

Tjh1412 · 9 January 2018 at 12:10PM

Have been lurking on this board for over a year whilst we saved and house hunted, now we have a mortgage of our own thought I would delurk. The intro may be long, I'll try not to ramble too much.

So we bought our house 3 months ago, and took out a mortgage for £121,500 on a 10 year fix at 2.94%. 75% LTV when we bought due to savings etc,but I don't want to be paying this til I'm 40. First few months were very spendy as we had to buy washing machine etc, though thanks to OH's pathological hatred of shopping we were without any laundry devices for 6 weeks :eek:

Would like to try and pay off in 10 years, then use the equity to find our forever home/ save up and extend here as we do like the area. Am hoping this will keep me on track, even if I just end up talking to myself :rotfl:

Jessy103 · 9 January 2018 at 12:24PM

Good luck with your MFW journey! There will be plenty of people here to give you tips and cheer you on.
Jess

Lauralou79 · 9 January 2018 at 7:36PM

Before your 40! Wow I’ve just got a mortgage and I’m 38 so that’s never gonna happen. But I do aim for 55. Ours was taken out 6 months ago at 85,000 with less than 50% LTV. Just started overpaying, but with a mind to savings and actually enjoying life a little!( otherwise debt free)
Good luck!

beanielou · 9 January 2018 at 11:05PM

Happy shiny new diary

Tradcob · 9 January 2018 at 11:22PM

Hi, welcome to the forum and good luck with your journey &#55357;&#56842;

Tjh1412 · 10 January 2018 at 1:18AM

Thanks everyone for the welcome

set up the overpayment facility today, but payday seems a long way off. Can I ask, how does everyone keep motivated/ find extra ways to chip away at it during the month?

My only MSE moment for today was free alcohol and chocolate from Shopium, otherwise OH's birthday so rather spendy

bexster1975 · 10 January 2018 at 9:21AM

Hi

I don't know how old you are but trust me, as a " just over forty" year old who paid off her mortgage just after 40, doing it faster than that will be mighty impressive. As for keeping motivated, making sure you live as well as save money would be my very best advice. Being mortgage free offers great opportunities. Not to be a harbinger of doom or anything tho, you could drop dead six months after paying it off. No one knows what's in store, try to live as well as possible. By all means appreciate the small things, but make sure you treat yourself ( and your OH) along the way.

If you are a twenty something, you could consider putting any wage rise/bonuses straight into mortgage OP. That way you maintain your current lifestyle but pay more off the mortgage each year.

Good luck

Bexster

Tjh1412 · 11 January 2018 at 12:49AM

Hi Bex, thanks for taking the time to reply. I am currently 26, just while OH was 27 yesterday, cue many complaints about him feeling old:rotfl:.
That does seem to be the hard part, balancing everything, what with all the advice about pensions, mortgages investments etc I sometimes get in a bit of a tizwas working out what to do

In mortgge news, tester payment of £1 overpayed so I am now (im)patiently waiting for account to update. Hard day back at work, the day off with OH was far too enjoyable

though I've just been chased by our HR department to book my 10 outstanding days by March, so hopefully a few more relaxing days off to look forward to :T

bexster1975 · 11 January 2018 at 8:43AM

Hi

I don't think there is a " best thing to do" largely owing to the fact we don't know how long we have got, and in what sort of health ( I swear, I don't normally talk about pegging it so much!). All you can do is find the best balance for you - that will change over time. Paying off the mortgage by forty may seem a lifetime away, but it will go by in the blink of an eye. In the meantime, consider having some fun ( not too much, the other half at the grand old age of 27 may have a heart attack :rotfl:) and save for your futures.

Glad OP has worked

Bexster

Kittenkirst · 11 January 2018 at 9:20AM

Tjh1412 wrote: »

Thanks everyone for the welcome set up the overpayment facility today, but payday seems a long way off. Can I ask, how does everyone keep motivated/ find extra ways to chip away at it during the month?

My only MSE moment for today was free alcohol and chocolate from Shopium, otherwise OH's birthday so rather spendy

I do various things to maintain momentum:
:heartpuls I have a spending app that I update religiously and contains all bills etc already planned in so there shouldn’t be too many surprises- helps me feel in control of it all
:heartpuls I do ‘tilly tidies’ where I overpay small amounts to round down our bills account, so if the balance is £41.22 I will overpay 22p or £1.22 (dependent where in the month we are).
:heartpuls I do Prolific academy, Pinecone, YouGov and Onepoll surveys which soon add up with regular completion (on break times at work when bored or in the evening watching tv!)
:heartpuls focus on making the most out of things I pay for e.g. I have gym and yoga memberships so I try to go regularly to get my money’s worth and also resist other spending.
:heartpuls cashback apps- shopmium like you but also Quidco etc

There’s loads of others but these are the ones that spring to mind!

Jelllibeanz · 11 January 2018 at 1:15PM

I like to track how much difference there is interest payments as well as celebrating when we hit certain milestones. One of my favourite points was when I'd taken a pound a day off of the interest! I also keep a special book with notes of the balance over the year.

Welcome to the board x

Mortgage free asap

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