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  • FIRST POST
    • MM10
    • By MM10 18th Feb 17, 11:31 AM
    • 57Posts
    • 173Thanks
    MM10
    Mortgage free in 2
    • #1
    • 18th Feb 17, 11:31 AM
    Mortgage free in 2 18th Feb 17 at 11:31 AM
    Hello everyone,
    I have been a lurker for up to 3 years now. I have enjoyed following several diaries and think it is time to start mine.
    We are a family of 4. Still a one income family, hubby is still looking for a job (OH got a part time cleaning job from mid 2017). We have been trying for baby number 3 with no success yet. So struggling with deciding on further IVF treatments or mortgage overpayment. I am going on 42 so time is of the essence and this will be hubbys first, so we really want to try.
    We live in a 2 bedroom flat which I bought in 2011 and developed a 6 year plan in 2014 to pay it off by 2020. I am now finally on track but want to motivate myself to pay off the main mortgage before end 2019.
    I also have a smaller local government loan which I may or may not payoff early.
    I hope this diary keeps me on track, motivated, helps me with tips and have people to share my journey with
    Last edited by MM10; 05-12-2017 at 6:41 PM.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
Page 2
    • beanielou
    • By beanielou 7th Mar 18, 8:26 AM
    • 55,039 Posts
    • 219,830 Thanks
    beanielou
    At the end of the day your health & well being is more important.
    (pot, kettle,black)
    Take care
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • MM10
    • By MM10 21st Mar 18, 9:35 AM
    • 57 Posts
    • 173 Thanks
    MM10
    Hi Everyone!!!
    Thanks Beanielou for your encouragement

    So I have been able to make a nice overpayment this month in spite of the set backs. I decided to sell some of my index funds (made about 7% on them).

    I just did not want to go so far off track .....

    So I have got a nice round number left now of the main mortgage £16400 ....and 12 more official payments to make.
    I am officially MFW in 1 year!!!!!!! Hopefully of course .. we shouldn't start counting our eggs now .. shd we!!!!!
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
    • beanielou
    • By beanielou 21st Mar 18, 6:54 PM
    • 55,039 Posts
    • 219,830 Thanks
    beanielou
    A year to go is just fab
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • MM10
    • By MM10 20th Jun 18, 4:18 PM
    • 57 Posts
    • 173 Thanks
    MM10
    I made a huge overpayment on Monday ( I took on some extra rig work over bank holidays that no one else wanted, so had to do overtime on top off it) and today my loan no longer appears in my account.
    I have just paid off my main mortgage....it is surreal

    Now I have to face the £30,000 lower interest loan that runs til 2036 or so ( need to check). It costs about £200 a month.
    I am thinking of making a 2 year plan to become debt neutral instead of paying it off.
    My index funds make about 7% ( not guaranteed of course) while the loan is at 2% for now.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
    • bexster1975
    • By bexster1975 20th Jun 18, 4:47 PM
    • 1,195 Posts
    • 5,645 Thanks
    bexster1975
    Many congratulations on main mortgage free!

    I think mortgage neutral on quite a small remaining mortgage is a great idea. Allows you to be flexible, and whilst rates remain low why not?

    If you try the IVF again, I wish you the very best of luck.

    Enjoy the newfound mortgage freedom!

    Bexster
    • julicorn
    • By julicorn 20th Jun 18, 6:24 PM
    • 79 Posts
    • 266 Thanks
    julicorn
    That's so awesome MM10, congratulations!
    • beanielou
    • By beanielou 20th Jun 18, 6:58 PM
    • 55,039 Posts
    • 219,830 Thanks
    beanielou
    Great news on being main mortgage free
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • greent
    • By greent 21st Jun 18, 7:11 PM
    • 7,081 Posts
    • 72,150 Thanks
    greent
    Fab news, MM!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £1068.37/£4000
    Net sales 2018 £522.39/£1000 PAYDOX18 (#15) £18564.38/£18918.90
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