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  • FIRST POST
    • angelicious
    • By angelicious 11th Feb 18, 2:56 PM
    • 214Posts
    • 1,515Thanks
    angelicious
    Financial Freedom - I'm coming for you!!!
    • #1
    • 11th Feb 18, 2:56 PM
    Financial Freedom - I'm coming for you!!! 11th Feb 18 at 2:56 PM
    Hi all

    Been around these forums for a while now but need to get myself cracking and get rid of my mortgage and get myself financially free.

    So I rang up last Monday and mortgage was £160,306.48, scary!!!!!!! What's even scarier is the mortgage is interest only and only has 9 years and 4 months to run, GULP!!!!!! So i need to get my !!! in gear sharpish and gets this under control.

    We currently pay an over payment of just over £200 a month but need to up this substantially to make any kind of a dent in the mortgage over the next few years. Have made 2 over payments this week, one of £307.48 and another of £19 so total now at £159,980.

    I know it's gonna be tough but it can totally be done, failure is not an option lol!!!! so here we go I'm on the road to financial freedom
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
Page 1
    • Kittenkirst
    • By Kittenkirst 11th Feb 18, 4:34 PM
    • 1,891 Posts
    • 10,128 Thanks
    Kittenkirst
    • #2
    • 11th Feb 18, 4:34 PM
    • #2
    • 11th Feb 18, 4:34 PM
    Good start with your two additional overpayments this week

    Best of luck with your mortgage free journey
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • beanielou
    • By beanielou 11th Feb 18, 5:19 PM
    • 54,069 Posts
    • 214,307 Thanks
    beanielou
    • #3
    • 11th Feb 18, 5:19 PM
    • #3
    • 11th Feb 18, 5:19 PM
    Good start with your two additional overpayments this week

    Best of luck with your mortgage free journey
    Originally posted by Kittenkirst
    From me too
    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.
    • try harder
    • By try harder 11th Feb 18, 5:31 PM
    • 784 Posts
    • 3,017 Thanks
    try harder
    • #4
    • 11th Feb 18, 5:31 PM
    • #4
    • 11th Feb 18, 5:31 PM
    Best of luck .My mortgage is around £166,000 with around £10,000 on a repayment and £156,000 on interest only and i have just under 8 years left to pay it off so we are in a very similar situation.
    • A Frayed Knot
    • By A Frayed Knot 11th Feb 18, 10:57 PM
    • 2,367 Posts
    • 10,554 Thanks
    A Frayed Knot
    • #5
    • 11th Feb 18, 10:57 PM
    • #5
    • 11th Feb 18, 10:57 PM
    Well done with your 2 o/p's so far.

    Nice to see you making knotty o/p's Keep a zero at the end of that mortgage balance

    Good Luck
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • greent
    • By greent 13th Feb 18, 8:05 PM
    • 7,010 Posts
    • 71,580 Thanks
    greent
    • #6
    • 13th Feb 18, 8:05 PM
    • #6
    • 13th Feb 18, 8:05 PM
    Hello and welcome!

    I feel your pain - albeit on a smaller scale - we have an IO mortgage (on the BTL) of just under 60k with 4y 10months left to go

    Great start with your OPs this week!
    x
    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) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • angelicious
    • By angelicious 15th Feb 18, 8:06 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    • #7
    • 15th Feb 18, 8:06 PM
    • #7
    • 15th Feb 18, 8:06 PM
    Thanks everyone for your welcome. I can't believe I've dallied about for so long without making any real actual attempt to pay this mortgage off.

    Anyway, I'm a bit obsessed now I have to say, hopefully this enthusiasm stays with me lol

    Another payment made since my last update of £430. Patiently waiting now for payday to get all bills and budgets out the way and I and pay more off.

    Ideally i'd like to be able to pay £1000 a month off the capital, scary stuff!!! I plan to take on all the overtime I can, sell as much as I can (we literally have a a house full of stuff we don't want or need!!!) and by just generally being more frugal. Don't how achievable this total is but it's good to have something to aim for.
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • angelicious
    • By angelicious 15th Feb 18, 8:08 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    • #8
    • 15th Feb 18, 8:08 PM
    • #8
    • 15th Feb 18, 8:08 PM
    Best of luck .My mortgage is around £166,000 with around £10,000 on a repayment and £156,000 on interest only and i have just under 8 years left to pay it off so we are in a very similar situation.
    Originally posted by try harder
    Hi try harder, thanks for your reply. It's nice to know there are other people out there in the same position we are. Do you have a diary on here? I'd love to follow it you do. Maybe we can keep each other motivated and egg each other on xx
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • angelicious
    • By angelicious 15th Feb 18, 8:11 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    • #9
    • 15th Feb 18, 8:11 PM
    • #9
    • 15th Feb 18, 8:11 PM
    Hello and welcome!

    I feel your pain - albeit on a smaller scale - we have an IO mortgage (on the BTL) of just under 60k with 4y 10months left to go

    Great start with your OPs this week!
    x
    Originally posted by greent
    Hey Greent,

    IO seemed like a great idea at the time and to be honest was probably the only way we were going to a mortgage to buy the house we wanted, I'm just sorry it didn't dawn on me earlier to start paying more off it. Good luck on your journey xx
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • greent
    • By greent 15th Feb 18, 8:24 PM
    • 7,010 Posts
    • 71,580 Thanks
    greent
    I think £1000/ mth is a great target to aim for

    And don't beat yourself up about not repaying it before now - you're taking action from this moment onwards - and that's the great bit. Hindsight is a wonderful thing, and all that.... xx
    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) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • caeler
    • By caeler 15th Feb 18, 8:37 PM
    • 1,958 Posts
    • 1,779 Thanks
    caeler
    Good luck! I'm pretty focused on overpayments now - I must admit I quite enjoy getting the letters adjusting my term!
    MFW | DF| NSD Fan | LC
    • angelicious
    • By angelicious 15th Feb 18, 9:04 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    [QUOTE=A Frayed Knot;73867538]Well done with your 2 o/p's so far.

    Nice to see you making knotty o/p's Keep a zero at the end of that mortgage balance

    Good Luck[/
    Hey A Frayed Knot

    Yeah I like round figures lol, it's always nice to have a zero at teh end of it.
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • angelicious
    • By angelicious 17th Feb 18, 7:30 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    Not much to report unfortunately. Have had a few sales on fleabay, nearly at £100 so hopefully over the next few days will make it up and get it paid off.

    Sitting at work at the minute and have to say I'm thoroughly bored and fed up and just do not want to be here lol!!! So I've started daydreaming to myself and have decided that June 2025 would be a nice year to be mortgage free, it has a nice ring to it don't you think 2025 and Mortgage Free!!!! So that gives me 7 years and 4 months to clear just over £159k, may be a tad unrealistic but you gotta have something to aim for. Off now to daydream a little bit more.

    Angel x
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • shangaijimmy
    • By shangaijimmy 17th Feb 18, 8:25 PM
    • 2,719 Posts
    • 13,382 Thanks
    shangaijimmy
    We were in a very similar position to yourselves. £163,000 over 30yrs IO mortgage. Our only way to get the house but my oh my what where we thinking!! We moved to repayment 3 yrs ago (we did have 21yrs left, as opposed to your 9) and i started my diary. Fast forward 3 yrs and we have paid off £35k and our now on our 2nd 2yr fix.

    Trust me your mortgage anxiety will literally melt away with every OP. The feeling of control is amazing. Like us all you will count down the days to OP day, and become obsessed with spreadsheets, targets and OP's!

    So welcome aboard!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • angelicious
    • By angelicious 17th Feb 18, 9:29 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    Hi Shangaijimmy

    Thanks for your message. IO was the only way we could the house too but as you say what were we thinking lol!!!! Your figures are AMAZING - £35,000 is 3 years - WOW!!!! I've only made 3 over payments since starting my diary but the feeling is amazing and I have to say quite addictive, long may it continue.

    Off now to snoop on your diary if you don't mind and best of luck on your journey xx
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • angelicious
    • By angelicious 17th Feb 18, 10:44 PM
    • 214 Posts
    • 1,515 Thanks
    angelicious
    Another OP of £80 this evening, all from fleabay sales, YEAH for fleabay!!!!
    Make £10 day '18: March '18 £1479.50/1000 Feb '18 £2638.52/1000, Jan '18 £960/1000
    2018 1% challenge - £228 - 4% @ 07/02 (912/22800)
    Make £10 day say 2017 total £5256.25
    MFW: £160,306.48, now £158, 600 @07/02 Paid £1386.48
    Decluter 2018: 79/2018
    • try harder
    • By try harder 3rd Mar 18, 2:45 PM
    • 784 Posts
    • 3,017 Thanks
    try harder
    You are doing so well on Ebax ,my sales have gone completely flat sadly
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