Excited to try and be mortgage free

hiddenshadow · 4 October 2015 at 12:23PM

chumpy45 wrote: »

We are probably being very over-ambitious trying to overpay £2000/month :eek: We are very fortunate to be in this position however there is a big 'but' DH is self-employed and these figures are dependant upon current levels of income. I am employed on an hourly paid contract which is also subject to change. We will see what happens. Can't do any harm to try !! Still waiting to hear from mortgage company :mad: Wish they would hurry up so I can pay in their compensation cheque and also have a clear starting point. Feeling very motivated to try and do this.

Good luck! We're planning on £1,400/mo OPs (on top of increasing our regular payment to shorten the term to just under 12 years down from 23). Should get us paid off in 5 years, I hope!

chumpy45 · 10 October 2015 at 8:51AM

So, I finally had to ring the mortgage company again to chase the letter and the compensation cheque. As of today, letter still not arrived grrrrrrr, but the cheque has arrived in the form of an electronic payment to my account

This will be transferred to the OP pot asap. Still not received the letter but will keep on the case. Have become a massive fan of TCB - why had I never got round to using this? We have just changed internet provider so pocketed a massive £101! Mustn't get too excited and start buying things just to get the cash back tho as it would rather defeat the object, but with Christmas approaching will certainly be checking this out daily. Had a weekend away last week which was already booked and paid for before our MFW journey began. Lovely time was had by me, DH, DS x2 in the sunshine. We ate out once and had a couple of coffees but most of the time catered for ourselves and were much more aware of our spending. Funny how your priorities change once you have a goal and a plan. Feel so much more in control of our spending since we have joined this forum!! Off to write meal plans and try and get sorted for next week!

hiddenshadow · 10 October 2015 at 6:39PM

At least the money's arrived, that's probably the more important bit.

I quite like self-catering on holiday. We usually go out for dinners, but having the flexibility to eat whatever you like for breakfast, pack a lunch before you head out, have snacks on hand, etc, is really nice.

Also a fan of TCB and wish I could get more cashback. Not worth changing the spending habits just for the cashback, though, as you've said.

chumpy45 · 11 October 2015 at 10:16AM

Completed a big review of life insurance last night with DH. We seemed to have lots of little top up policies where we had increased our mortgage over the years. Have now replaced these with one joint life policy for the full outstanding mortgage amount which is much cheaper on a monthly basis. However, before we celebrated too much we also had to take out some critical illness insurance as DH is now self-employed. This policy cancelled out the saving

but the positive side is we are now covered and protected for everything at no extra cost per month. It is one of those jobs that we kept thinking about but never getting around to. However, in my new focused MFW zone, I am tackling everything. My calculator is my new best friend!! DH and youngest DS off at Sunday league footie, I am cooking a roast this morning for when they return. Also of course, checking overpayment calculators and spreadsheets galore to see if I can squeeze any more OP from anywhere

chumpy45 · 12 October 2015 at 10:04PM

Yippee - finally after over 4 years of hourly paid contract work for the same employer, I have managed to secure a fixed term contract for 12 months :j Whilst still not the security of a permanent position, at least it means the next year is taken care of! Should make MFW planning much easier. Was not expecting this - what a relief!

hiddenshadow · 13 October 2015 at 7:14AM

Congrats!

chumpy45 · 13 October 2015 at 10:51PM

Ho ho ho - just saw a TCB offer of 8.4% on a well known store's christmas shop, so bought a few festive gifts and used my supermarket credit card to bag a few extra loyalty points too. I do love a bargain

chumpy45 · 17 October 2015 at 8:35AM

Just a quick post to check my signature has worked, created with the help of my 12 year old DS no. 4! Very excited to have made the first official OP, and really hoping we can manage the task ahead

Have developed an unhealthy interest in TCB which I must keep under control after the festive period !! Menu planning and cooking for the week ahead today. Had to make an unscheduled spend in local corner shop in the week which was very annoying and down to lack of planning. Only a small amount, but want to try and avoid it. Onwards and upwards - feeling motivated :j

sweetdaisy · 17 October 2015 at 8:41PM

Just popping in to wish you well on your MFW journey

. I will be reading with interest - to be mortgage free in 2 years sounds amazing. Also, congratulations on securing a 12 month contract.

chumpy45 · 18 October 2015 at 7:28AM

Thank you so much sweetdaisy. Once you get the MFW bug, it really makes you wish you had done it years ago! Hopefully, everything crossed, the end might just about be in sight

Excited to try and be mortgage free

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