SF's road to mortgage freedom!

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slowlyfading
slowlyfading Posts: 13,429 Forumite
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in Mortgage-free wannabe
I can finally join in on this board!

Bit about me: I joined MSE way back in 2006, aged 20, as a student looking to make her money go further. Since then, I've graduated, done a post grad, got a job, made redundant, got a temporary job, moved house, then got a permanent job and bought a house!

Me and DH (we got married in 2012) moved in on 20/12/2012 and we begin our next chapter. The house is lovely, although there is still lots to unpack and sort out :o

Now, the numbers. We have taken on a mortgage of £123,000 (just typing that is scary!) over 25 years, and it follows the the base rate, so whilst interest rates are relatively low, our payments aren't too bad. However, if interest rates were to rise quickly, we would find it a bit more difficult! In an ideal world, I would love to be mortgage free by 40, which gives us just under 14 years to make it happen! After doing an SOA, we can make decent over-payments each month, on top of our monthly mortgage payment, so long as we're careful with spending during the month. We can make unlimited over-payments, and don't get charged for an early finish, which is great. In fact, I can see that this is going to become addictive! :rotfl:

So, at long last, this is SF's journey to becoming mortgage free!
Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
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  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
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    edited 15 January 2013 at 10:41PM
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    2013 Aims and Challenges
    - Overpay £7,500
    - Lose 20lbs
    - Get the emergency fund up to 30%


    Other numbers:
    - Emergency fund - 12.1%
    [New car fund - £0]
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
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    edited 1 January 2013 at 8:53PM
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    January Aims:
    - lose 4lbs
    - overpay £670
    - make a new type of loaf!
    - put at least £100 into emergency fund
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • skint_spice
    skint_spice Posts: 12,646 Forumite
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    Nice to see another DFW moving in :D good luck with your aims for 2013 and congratulations on your new home.
    Mortgage End Date: Apr 36/Aiming for Aug 28/Current Sep 35

    Mortgage OP 2024 £2250/7000

    Mortgage balance: £52660

  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
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    Thank you :D
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • postingalwaysposting
    postingalwaysposting Posts: 13,987 Forumite
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    Happy new year Mrs SF & Mr SF :j Welcome to your new home on MSE. I hope I can make myself comfy on the new chapter of your journey. I wish you all the sucess in the world for 2013 and enjoy your new job :D

    Take care!
  • Tilly_MFW_in_6_YRS
    Tilly_MFW_in_6_YRS Posts: 7,833 Forumite
    Mortgage-free Glee!
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    Hi SlowlyFading, I love the way you've taken your annual goals and broken them down by month.

    It does get addictive and the forum is realy supportive and helpful.

    Happy New Year to you both.

    Tilly
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • The_Dragon
    The_Dragon Posts: 9,749 Forumite
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    Good luck SF and happy new diary :beer:
    Do not meddle in the affairs of Dragons, for thou art crunchy and good with catsup :D
    NSD 15/20, OS WL 21-6 (4) :(C.R.A.P R.O.L.L.Z #44 Twisted Firestarter, VSP #57 - £39.43
    :p Every Penny's a Prisoner :p
  • taxi73
    taxi73 Posts: 20,815 Forumite
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    good luck SF and happy new diary x
  • edinburgher
    edinburgher Posts: 13,462 Forumite
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    Welcome SF - may 2013 be a great success.

    Mrs E and I are in a very similar boat - got married in 2011, bought a home in 2012, have a mortgage for about £115k and are only a few years older than you.

    It's always nice to see another person of a similar age following the road less travelled :)
  • poohbear59
    poohbear59 Posts: 4,866 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
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    Best of luck on your new road SFxx
    business mortgage £0))''(+ Barclay's business kitchen loan £0=Total paid off was £96105 PPI claimed and received £13527
    'I had a black dog, his name was depression".
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