I Want To Be Mortgage Free!
Jessy103
Posts: 1,819
Forumite
I've been reading a lot of inspiring diaries over the past few days (I've actually become quite addicted to reading them!) and thought I would have a go at my own.
In 2007 me and OH bought our first house for £86,000, we were in rented accommodation and desperate for our own home. As it was 2007 the bank was quite happy to give us a 100% mortgage (I know it was a silly thing to do but I was only 20 and hindsight is a wonderful thing!) and add any fees on to the mortgage but of course the banking crash happened a year later and our house is no longer worth what we paid for it. We are not in a rush to move home but I would like to repay as much of this mortgage and save up as much as we can so that when we do come to move it will be a lot easier and we don't get a LTV of 100% again!
Unfortunately I am not working at the moment due to health issues and my lovely mum suffers from MS so I like to be available to her when she needs me as it is a very unpredictable illness. The only income I have at the moment is from internet surveys. I am very lucky that I have a fantastic husband that earns a good wage and understands that I want to be there for my mum as much as I can.
I am trying to be very frugal so that we are able to overpay on the mortgage and save some money so any tips from you lovely people would be greatly appreciated! Thank you for reading!
Mortgage amount in 2007: £87,310.50
Mortgage as of October 2016: £70,486.38
Target for October 2017: £65,000 or under
In 2007 me and OH bought our first house for £86,000, we were in rented accommodation and desperate for our own home. As it was 2007 the bank was quite happy to give us a 100% mortgage (I know it was a silly thing to do but I was only 20 and hindsight is a wonderful thing!) and add any fees on to the mortgage but of course the banking crash happened a year later and our house is no longer worth what we paid for it. We are not in a rush to move home but I would like to repay as much of this mortgage and save up as much as we can so that when we do come to move it will be a lot easier and we don't get a LTV of 100% again!
Unfortunately I am not working at the moment due to health issues and my lovely mum suffers from MS so I like to be available to her when she needs me as it is a very unpredictable illness. The only income I have at the moment is from internet surveys. I am very lucky that I have a fantastic husband that earns a good wage and understands that I want to be there for my mum as much as I can.
I am trying to be very frugal so that we are able to overpay on the mortgage and save some money so any tips from you lovely people would be greatly appreciated! Thank you for reading!
Mortgage amount in 2007: £87,310.50
Mortgage as of October 2016: £70,486.38
Target for October 2017: £65,000 or under
If you haven’t already, join the forum to reply! [purplesignup][/purplesignup]
Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
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Comments
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Good Luck!!!GOAL:- £350k in Savings by September 2025 SAVINGS: – £229,971 COMPLETE GOALS - Debt Free, Mortgage Free, £200k Savings Save 12k in 2024 #12 = £1717 / £30,0000
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juststuff123 wrote: »Good Luck!!!
Thanks juststuff123! I appreciate it!Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.320 -
I've found you
Would you be happy to post your monthly budget? That way we could have a look-see and give some suggestions as to where you can save money.
Best of luck, I will follow your journey with interest xxMFW
[STRIKE]Mortgage 8.2.15 - [/STRIKE][STRIKE]£171,064.64[/STRIKE] Mortgage 1.5.2018 - £99,980.45Aiming to be MF 1.10.20200 -
atypicalblonde wrote: »I've found you
Would you be happy to post your monthly budget? That way we could have a look-see and give some suggestions as to where you can save money.
Best of luck, I will follow your journey with interest xx
Thanks ATB! That would be great, thanks. Budget below:
Nett income: £2,225
Mortgage: £291.40
Mortgage overpayment already set up: £50
Denplan (This is for both me and OH Dentist): £36.13
Water: £28.30
Council Tax: £84.00
Life Insurance £13.67
Gas & Electric: £70
Car Insurance: £56.51
Mobile Phone: £14
Pet Insurance for 2 dogs: £40.29
Broadband and Phone: £50
Car Service plan: £15.12
Home Insurance: £14
DVLA: £16
New Bathroom: £184.96 (This is only until May 17 and has 0% interest)
Shopping: £250
Savings: £250
Petrol: £150
TV License (Quarterly) £37.62
Total £1,652
Left Over Money should be about £573
This month we had £200 left so I've made an overpayment to the mortgage. We don't have a joint account and as OH supports me I don't like to pester him too much about what he spends any money on.
Any advice would be very much appreciated!! Thank you!Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.320 -
Good luck Jessy. I shall be reading with interest0
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Best of luck!!
JodlesMFW2020 #115 250/3000 J-250
1% challenge- /1525Save 1k in 2020- /3000
Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
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I am by no means a budgeting expert but the following jumps out at me:
- Water - are you on a meter? If so, is it read regularly? We pay £33 a month, but that is for a family of four.
- Food - this is a good amount, but could you challenge yourselves to lower it even further by say £50 per month by batch cooking, yellow sticker bargains, freezer surprise dinners? We spend around £250 including nappies, dog and cat food and wine.
- Savings - what rate are you getting on your savings versus what you are paying on your mortgage?
- Bathroom - as soon as this finishes, I would set up a regular OP to the mortgage for that amount
My other advice would be to Tilly tidy your accounts daily, i.e. send any stray pennies lurking at the end of your current account balance to the mortgage. Sounds daft but they do all add up.
I don't work per se either (I do DH work admin for him), but I see it as my job to run the household finances and make each penny do the work of 3.
Have a tinker with the overpayment calculator on here, its a great motivator. Above all, best of luck xMFW
[STRIKE]Mortgage 8.2.15 - [/STRIKE][STRIKE]£171,064.64[/STRIKE] Mortgage 1.5.2018 - £99,980.45Aiming to be MF 1.10.20200 -
atypicalblonde wrote: »I am by no means a budgeting expert but the following jumps out at me:
- Water - are you on a meter? If so, is it read regularly? We pay £33 a month, but that is for a family of four.
- Food - this is a good amount, but could you challenge yourselves to lower it even further by say £50 per month by batch cooking, yellow sticker bargains, freezer surprise dinners? We spend around £250 including nappies, dog and cat food and wine.
- Savings - what rate are you getting on your savings versus what you are paying on your mortgage?
- Bathroom - as soon as this finishes, I would set up a regular OP to the mortgage for that amount
My other advice would be to Tilly tidy your accounts daily, i.e. send any stray pennies lurking at the end of your current account balance to the mortgage. Sounds daft but they do all add up.
I don't work per se either (I do DH work admin for him), but I see it as my job to run the household finances and make each penny do the work of 3.
Have a tinker with the overpayment calculator on here, its a great motivator. Above all, best of luck x
Thanks ATB that's really kind of you!! We have tried to get on a water meter because there is only the two of us (and two dogs) but the water company said they weren't able to do it as we live in a very old terrace house where the pipes run through the cellars of all the houses on our row!
I am in the process of trying to reduce our shopping bill and we have had the good news that an Aldi is going to be built around the corner from us soon, as I don't drive this will be a big help in reducing the food bill because at the moment I am having it delivered (OH hates going shopping and there isn't a shop within walking distance for me).
I will have to check the savings rates and see if I can find a better one to switch too.
Yes that's a good idea regarding the monies when the bathroom has been paid off and I'm sure with savings in other areas I can get it rounded up to £200!
Thank you so much for the help, I really appreciate it!! I think it helps to have a fresh pair of eyes have a look for you!
Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.320
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