Mortgage free mum

longway2go · 18 June 2019 at 2:18PM

Hi everyone,

So I want to be mortgage free ASAP but also need to find the right balance for my young family. (my boys are 3 and 8 months).

I am currently on mat leave so my funds are very limited but I figure if I go back to work and not get used to having all of my income it would be a great place to get some extra money for overpaying.

We have a btl property and make money on that monthly so can also get funds from here.

I am currently remortgaging to a 10 Yr fixed rate with a mortgage of 161k 😭. The term is 18 years but I definitely do not want it to take that long.

I plan to start overpayment in January and looking at between 900 and 1100 a month.

Atm I am trying to work out the best amount to overpay without impacting life but making it better for us in the future.

Thanks for reading.

Any tips appreciated.

[Deleted User] · 18 June 2019 at 3:04PM

Welcome, and good luck!

There are plenty of good tips around on these boards with a little digging, and some famous names that I'm sure will pop up and help you out. Try reading some of the older diaries if you're short of ideas, and remember that any overpayment is a step in the right direction, they don't have to be massive to make a difference.

becky170 · 18 June 2019 at 6:56PM

Hi Longway2go, I just wanted to say hello and good luck. I've got a 4yr old and a 10month old and have just returned off maternity leave, although all my wages are going on childcare at the moment so only making small overpayments. We owe a similar amount to you so will be watching your journey with interest!

longway2go · 18 June 2019 at 9:05PM

Ahhh Hi becky170,

Thank you for the welcome. Do you have a diary? Also can you help me edit my footer? What is the 904/1615 in yours.

Childcare is so expensive isn't it &#55357;&#56877; we are very lucky to have parents who help otherwise my wage would be gone.

So nice to hear from someone in a similar position &#55357;&#56833; we can do this. I just need help keeping focused I think.

longway2go · 18 June 2019 at 9:50PM

Hi Spankygrad,

Thank you for your welcome and helpful suggestions. I will keep in mind what you said about small op's.

I thought I had replied earlier but can't see it for some reason. Do you have a diary/thread?

fresh_cotton · 18 June 2019 at 9:58PM

Hey

I kept asking myself the question, in terms of how much to overpay and trying to balance that with making the most of your time with your family.

The issues clearly overlap and I would literally change my mind every month. The result was that I would hammer the mortgage for a few months, or even a year and then have blow outs when I needed them.

It's not an exact science and I still think it's difficult to know how far to tip the scales.

Best of luck x

longway2go · 18 June 2019 at 11:23PM

Thank you Fresh cotton, such a difficult one but tbh your method may suit me 2 and knowing it works for someone else is great &#55357;&#56833;&#55357;&#56833;&#55357;&#56833;

longway2go · 18 June 2019 at 11:25PM

Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.

OhtobeMortgageFree · 19 June 2019 at 10:22AM

longway2go wrote: »

Been reading through a diary and inspired to look at creating a house to colour bricks in for every 1k op, add council tax non payment months money to ops and look at targets of reducing daily interest along the way.

This is on my to-do list for this week too. Have you seen any templates available anywhere?
I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! :rotfl:

longway2go · 19 June 2019 at 2:56PM

OhtobeMortgageFree wrote: »

This is on my to-do list for this week too. Have you seen any templates available anywhere?
I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! :rotfl:[/QUOTE

Thank you for your reply.

I haven't seen templates but the easiest way would be mortgage balance x rate/365. If you do 1000 x rate/365 this will show you how much daily interest will be saved per 1000 you pay off.

We are also potentially looking to add to our family so figure if we can really focus before that happens it will help. I imagine it will be in around 2 years so maybe I can work out what I could get down to for then. At that point I may ask for my monthly payments to be recalculated based on the original term so that my monthly payments reduce while on maternity and then focus again when back to work.... This is all in theory lol

Good point about kids getting more expensive with age... One to add to my list of reasons I want to be mortgage free. Do you have a diary?

LeighofMar · 19 June 2019 at 4:32PM

Welcome. Finding the balance is key, isn't it? I'd love to wipe out my mortgage but we have to live in the meantime and travel while we're feeling good and able. It sounds like you'll be able to find what works for you and your family. Best wishes on your journey.

Mortgage free mum

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