Our journey to a mortgage free world!

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Comments

  • Dobbibill
    Dobbibill Posts: 4,134 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Hi MerryGoRoundAvoider,

    Congratulations on the exciting news of a new arrival.

    You seem to be off to a good start with the Mortgage OP's and have made fantastic progress since 2012.

    I have read your diary and it looks to be an interesting journey for you and your family so I'm off to subscribe.

    All the best

    DB
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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    Just be better than you were yesterday.
  • Mrs_Rachel_Trelfa
    Mrs_Rachel_Trelfa Posts: 404 Forumite
    First Post First Anniversary Combo Breaker
    Thanks for baby advice. When it happens we will just make it work. I know my sister has already said we can have her baby stuff as she isn't planning on having any more so that will help loads.

    Keeping my fingers crossed that your remortgage goes through.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: April 2030- £48,719. 75
  • MerryGoRoundAvoider
    MerryGoRoundAvoider Posts: 28 Forumite
    First Anniversary First Post
    Remortgage went through! After lots of chasing and substantial delays, things were swapped over mid July (6-7 weeks after when it should have been).

    There is however a bit of a gap before regular payments start again in September, so I've been continuing to 'overpay' our new mortgage payment amount plus whatever we can afford. I think we are currently down to around £170,000ish, however I need a mortgage statement to confirm exact amounts.

    Anyway, I'm so pleased we've managed to pay off £36,000 in 3 years!
    Mortgage debt status:
    Jun 2012: £ 206,749.00
    Jan 2015: £ 175,919.14
    Jan 2016: £ 164,248.62 (target was 166,000)
    Jan 2017: £ 150,206.48 (target was 150,000)
    Jan 2018: £ 137,500
  • MerryGoRoundAvoider
    MerryGoRoundAvoider Posts: 28 Forumite
    First Anniversary First Post
    edited 4 August 2016 at 10:37PM
    It's been a year ... and what a year! Now 2 kids, bit still trying to focus on and bury the mortgage. Balance currently sitting at ~£155,000 and have (until recently) been able to consistently overpay by around £500/pm which makes a massive difference.

    2 kids in nursery now, so it will get tougher!
    Mortgage debt status:
    Jun 2012: £ 206,749.00
    Jan 2015: £ 175,919.14
    Jan 2016: £ 164,248.62 (target was 166,000)
    Jan 2017: £ 150,206.48 (target was 150,000)
    Jan 2018: £ 137,500
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Don't tell us then ?? DS or DD :)
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • MerryGoRoundAvoider
    MerryGoRoundAvoider Posts: 28 Forumite
    First Anniversary First Post
    edited 25 August 2017 at 7:02AM
    Another year has flown by.

    A DS, and he's been great. Completely different to our DD.

    Didn't quite hit the target of £150,000 in January (it was £ 150,200 though, so not too far off). Current balance is £142,800 by my calculation ... I got a statement through a month or two ago and my calculations were pretty much bang on ... I was maybe £5 out so I've not needed to adjust that.

    Right now our childcare bill is mental, £1000/pm (with Tax Free Childcare that reduces to £800/pm to us, but still). We are burning through savings keeping that up with that with the mortgage overpayments (£500pm), although I'm reasonably happy with that as things are starting to become more 'certain' - there are less unknowns related to kids, jobs etc. If I lost my job a few years ago it would have been a bit of a crisis. In a few years time that scenario would be an inconvenience.

    Our old car died back in May and we had to get a new one in a hurry. Bought a year old one for £15,000, of which we borrowed £7,000 from the wife's parents which is going to take 3 years to pay back (we didn't need to borrow this money but my wife was adamant we should borrow it from them as to not insult them or something). It's a total luxury but we spend so much time in the car and hopefully this one will last 8-10 years (looking at the long game). I've now incorporated into our budget savings so we can just buy our next car outright with no worry or stress (assuming that's in 6-8 years).

    Our target for Jan 2018 is £137,500. It's coming down quick!
    Mortgage debt status:
    Jun 2012: £ 206,749.00
    Jan 2015: £ 175,919.14
    Jan 2016: £ 164,248.62 (target was 166,000)
    Jan 2017: £ 150,206.48 (target was 150,000)
    Jan 2018: £ 137,500
  • MerryGoRoundAvoider
    MerryGoRoundAvoider Posts: 28 Forumite
    First Anniversary First Post
    Just a status update: Balance as of this moment is around £127,000. Hoping to get under £125,000 by the end of 2018.
    Mortgage debt status:
    Jun 2012: £ 206,749.00
    Jan 2015: £ 175,919.14
    Jan 2016: £ 164,248.62 (target was 166,000)
    Jan 2017: £ 150,206.48 (target was 150,000)
    Jan 2018: £ 137,500
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