Mortgage and debt free before we are fifty?

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  • ceb1995
    ceb1995 Posts: 388 Forumite
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    GoingOn30 wrote: »
    Oh man a 40 year term sounds so long! I'm in a similar boat, our 4th ever mortgage payment will be coming out tomorrow and seeing the interest added is a BIG incentive to save and overpay.
    Hard in the first couple of months as we've had decorating and furnishing costs but we have now started to make small overpayments.
    Even small overpayments can make a big difference though when you're at the beginning of a long mortgage term!
    Yes 40 years would make us 63 and 67 so there's no way that we're intending on it lasting that long. Yes it is tricky with all the initial costs you have buying somewhere, it being our first home I haven't bought paint in years so I hadn't realised how expensive it was.
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    Scrimps wrote: »
    Good luck and you have a nice surplus to be able to overpay :j

    Have you thought of 'snowballing' those unsecured debts....get rid of the small ones first so it extra motivating/more of a relief as they're cleared. And you can focus on one at a time.

    Once you clear your non mortgage debt you would have an extra £300 a month to chuck at the mortgage without other pesky bits of debt getting in the way.
    Thank you :) Yes we are certainly looking at snowballing them, the 0% on my cc runs out in six months so we should hopefully get rid of what can of that and then look at the others, the other debts were for a kitchen, bathroom and windows which have yet to be fitted so we do have a few weeks before the payments kick in for those so need to make the most of that time.
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    tootallulah wrote: »
    I agree with the plan to attack the unsecured debt and just get rid of it. In addition make a payment extra to your mortgage every month, £20 makes a different, £50 will knock off a few years. Payments in these early years really pay off over time.
    We could certainly round our payments by £20 and not notice it, I think it's time I called the bank to change the direct debit :)
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    beanielou wrote: »
    Happy shiny new diary :)
    Thank you :)
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    So the past few days haven't been very savvy, I've ended up with some sort of virus and since we've only half a kitchen it's difficult to want to cook something cheap, so ended up spending £15 on a takeaway yesterday and with DH due a haircut this weekend, the entertainment budget will be half gone with just a week in.
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Set some monthly goals in your opening post. It really helped me in the first 12 months to feel like we were achieving something. Then as time has gone one I regularly visit the goals to revaluate. It also helps to keep me posting on my diary and seeing how others are going for tips and advice.

    Good luck, you will be obsessed in no time at all!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    shangaijimmy wrote: »
    Set some monthly goals in your opening post. It really helped me in the first 12 months to feel like we were achieving something. Then as time has gone one I regularly visit the goals to revaluate. It also helps to keep me posting on my diary and seeing how others are going for tips and advice.

    Good luck, you will be obsessed in no time at all!
    thank you for the brilliant advice, i ll think of achievable goals for us to work on for the next couple of months :)
  • slapmatt
    slapmatt Posts: 104 Forumite
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    Given your respective ages, what pension provisions do you have in place?

    Have you compared over-paying your mortgage with what you can accrue in a pension pot for a similar cost?
  • ceb1995
    ceb1995 Posts: 388 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
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    slapmatt wrote: »
    Given your respective ages, what pension provisions do you have in place?

    Have you compared over-paying your mortgage with what you can accrue in a pension pot for a similar cost?
    DH has a workplace pension in place and I'm opted out at the moment as I'm on less than full time hours at minimum wage as I earn much less I'd rather keep the £20 something a month and stick it into a lifetime ISA. With the mortgage having cost us £660 in interest last month , i m just not feeling a pension being a worthy investment as of yet.
  • ceb1995
    ceb1995 Posts: 388 Forumite
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    So there's no really much to report over the past week, went away to London for the weekend and although I tried to stick to keeping costs low it's looking like we need to reevaluate the entertainment part of our budget. I think living in a house that's having a lot of work done so that our bedroom is the only room that's remotely possible to relax in, makes it difficult not to want to go out and spend a few pounds here and there. We were hoping to be done by DH's birthday in a months time except the guest room but it's seeming very optimistic.
    So the plan for the rest of the week is to try and be motivated with doing surveys and to not go out for any food at all.
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