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  • FIRST POST
    • Makethedayscount
    • By Makethedayscount 29th Apr 19, 9:54 AM
    • 134Posts
    • 508Thanks
    Makethedayscount
    Can I do it? Mortgage-Free in 5?
    • #1
    • 29th Apr 19, 9:54 AM
    Can I do it? Mortgage-Free in 5? 29th Apr 19 at 9:54 AM
    Have been a lurker for a long time, enjoying the mortgage-free journeys of fellow MSE forumites (who have massively inspired me), so have decided it is time to chart my own journey to mortgage-free heaven, in the hope it will keep me going and give me the will to succeed. In January our mortgage was 170,000 with 14.5 years to go at a fixed interest rate of 1.84% with 4.5 years remaining on that deal. Fortunately we are able to make unlimited OPs. Since January I have been trying to overpay as much as I can. I have taken a second job, tried to cut down on unnecessary spending, and started to sell stuff that we no longer need. As a result, my mortgage now stands at roughly 160,000.
    However it has not been easy, BUT here's the thing: the more we achieve the more I am determined to push towards the goal of being mortgage-free. So...I am planning to set myself a target of being mortgage-free in 5 years. There! I've written it down - so no going back! Am I mad? Can I do it? I'll keep you posted...

Page 2
    • Makethedayscount
    • By Makethedayscount 10th May 19, 7:03 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    DH paid another 400 off today so my worries about not keeping on target this month are receding a little. Am going to be able to pay off 550 from my second job pay soon too. Though tiring, the second job has a twofold benefit: can't spend money while I'm working and stops me snacking so I might actually lose the weight I've been promising to for ages. I'm actually enjoying it too as it is so different from my 'main' job. Unfortunately my aim to clear the clutter and sell what we don't need is taking longer than planned as I don't have so much energy. However tonight the sun is shining and it's giving me the lift I need, so off I go...

    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th May 19, 7:27 AM
    • 137 Posts
    • 355 Thanks
    OhtobeMortgageFree
    Following with great interest. My mortgage total is a little less than yours at just under 130k but I would love to be able to pay it off within 5 years!
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 125,916.86 Current mortgage end date: June 2038
    Total overpayments so far: 1385
    MFW 2019: 1285 / 3000
    Daily interest: 7.59 > 7.23
    • Makethedayscount
    • By Makethedayscount 11th May 19, 4:51 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Thanks Ohtobemortgagefree! It's not easy but I know we are fortunate that we are able to make overpayments by cutting down on spending and having a second job. We're really only at the beginning of this challenge with no real way of knowing if we'll achieve it but we're determined to give it a good shot. Good luck with your mf journey! Every little bit of overpayment means less interest and less money for the bank

    • Makethedayscount
    • By Makethedayscount 15th May 19, 11:43 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Paid 525 off the mortgage this morning. Was hoping to make it 550 but unexpected payment for DS1's school trip meant I was 25 down. Great weather means the vegetables and fruit are really beginning to grow. Am planting out the beans today and hardening off the tomato seedlings. Clearing of the garage not going as well as I would like, but hey ho! DH didn't manage to reduce the mobile phone bills but did get the data usage up to 1GB so a little victory even if it doesn't really help the mortgage. Had the usual annual house insurance madness: insurance provider gives us new premium quote 250% higher than last year, got on to comparison websites, found similar policy for 75% of last year's costs, so at least can readjust SOA to reflect saving. Just wish we didn't have to go through the same ridiculousness each year. It's crazy.
    Especially as car insurance is due soon and yet again I'm going to have to get on the comparison merry-go-round. Nevermind, I suppose, it's relatively easy to do. As I walk a lot and try not to use the car if I can help it have joined an app that rewards you for walking. It's not going to pay huge rewards but anything I can get to help with the bills would be a good idea, especially as I don't have to change my life too much to do it. Right, off to batch cook some meals, they won't cook themselves (more's the pity )

    • fresh cotton
    • By fresh cotton 15th May 19, 7:37 PM
    • 31 Posts
    • 67 Thanks
    fresh cotton
    I see you have the MF bug! its so surprising how many ways you can save money when you focus in your finances. I think having a big goal really helps. I have been OP for over 5 years and iv really enjoyed it.

    There have been times when we have felt a little fed up with it (few and far between) and we had mini blow outs and treated ourselves, if this happens, don't worry about it, as long as you get back on track.

    good luck with it, it sounds like you are doing really well
    • Makethedayscount
    • By Makethedayscount 15th May 19, 7:55 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Thanks fresh cotton! It's good to hear from someone who has been doing it for a while. Thanks for the encouragement and the advice to be realistic. It is going to be difficult but we just have to keep reminding ourselves of the progress we are making. Good luck with your overpaying. I hope in 5 years time we are both far closer to our goals

    • OhtobeMortgageFree
    • By OhtobeMortgageFree 15th May 19, 9:02 PM
    • 137 Posts
    • 355 Thanks
    OhtobeMortgageFree
    Ooo, what's the app that rewards walking please?
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 125,916.86 Current mortgage end date: June 2038
    Total overpayments so far: 1385
    MFW 2019: 1285 / 3000
    Daily interest: 7.59 > 7.23
    • Makethedayscount
    • By Makethedayscount 15th May 19, 9:20 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    It's betterpoints. See this week's MSE email. Just joined so don't know if it's any good in the long term but anything to get me more active and if I can earn vouchers for things all the better.

    • OhtobeMortgageFree
    • By OhtobeMortgageFree 17th May 19, 9:23 AM
    • 137 Posts
    • 355 Thanks
    OhtobeMortgageFree
    It's betterpoints. See this week's MSE email. Just joined so don't know if it's any good in the long term but anything to get me more active and if I can earn vouchers for things all the better.
    Originally posted by Makethedayscount
    Ah great, thank you! I walk everywhere and am a long distance runner, so off to check this out now!
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 125,916.86 Current mortgage end date: June 2038
    Total overpayments so far: 1385
    MFW 2019: 1285 / 3000
    Daily interest: 7.59 > 7.23
    • Makethedayscount
    • By Makethedayscount 19th May 19, 6:25 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    So much for all my MF plans this weekend, am stuck in bed with heavy cold feeling miserable DS2 has house full of friends coming to visit this afternoon so going to have to make a miraculous recovery in the next few hours. On positive MF side eBuy sales are still going well and might be able to pay another 50 off mortgage this week. DH put poles up for the runner beans and frame for peas, and rhubarb is almost ready to pick. Yummy! Tomato plants still need a lot more TLC but things are positive. With all the overtime, I have been doing I have not been looking after myself as well as I should, so going to make that a priority this week. Put a load of nice, free me-time suggestions in a jar and going to dip into it randomly in coming week. Looking forward to the 'take a nap' suggestion
    Get paid at end of week so more overpayments to come ...

    • mumof3.12kindebt
    • By mumof3.12kindebt 20th May 19, 6:48 PM
    • 680 Posts
    • 1,863 Thanks
    mumof3.12kindebt
    Amazing goal. I'm inspired.

    Will be following your journey good luck
    June 2017 16000 debt
    Sept 2018 Loan paid off
    Nov 2018 DEBT FREE
    • Makethedayscount
    • By Makethedayscount 21st May 19, 12:47 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Thanks mumof3! Good luck in your journey

    • Socajam
    • By Socajam 21st May 19, 1:09 PM
    • 497 Posts
    • 687 Thanks
    Socajam
    As someone who have been mortgage free since 2014, I would like to say good luck who those who are trying.
    A great weight is lifted off your shoulders when you make that final mortgage payment.
    • Makethedayscount
    • By Makethedayscount 24th May 19, 7:28 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Paid the 50 from eBuy sales into mortgage on Monday and have paid 775 off today which takes monthly payments to target. It's been a challenging month because of birthdays, insurance and one off charges that have sprung up, but probably won't hit home till next month. So already bracing myself for possibility of lower payments next month. On positive side DH has overseas trip which means extra pay and don't have to feed him. Win win!
    Watching the runner beans plants steadily climb the poles feels a bit like the journey we're on. It seems to take forever when taken day by day but seen over the month the progress is quite substantial. Got to keep reminding myself that. Food bills have been kept to a minimum, which is helping keep spending down. With changes to pay, insurance premiums and sundry costs going to do an updated SOA to eek out a few more pounds. Sort out of kids drawers and wardrobes this week and toys.

    • Makethedayscount
    • By Makethedayscount 24th May 19, 7:31 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Thanks Socajam! Can't wait for that feeling

    • Makethedayscount
    • By Makethedayscount 3rd Jun 19, 8:52 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Had the half-yearly mortgage statement today and it's given me a boost. Wish we'd been a bit more conscientious years ago (but heyho! can't dwell on what might have been, better to focus on what I can do something about, the future) So, at beginning of December mortgage stood at 172, 881.37 and now at end of May stands at 158,130.43. Still seems a huge amount, but if we can get it down below the 150,000 mark I'll feel I've achieved a really significant landmark. Extra job is making a significant impact on the total, if making me feel truly exhausted at times too. All the plans for sorting things out have gone by the wayside and I need to set myself some daily goals to try to get me motivated again (and hopefully reinvigorate me). Had a rhubarb crumble made from home grown rhubarb yesterday, which felt very satisfying; though rest of the fruit and veg are not growing very rapidly, probably me being impatient. Going to try this week to set myself some tasks that I hope to achieve by end of week. Nothing too big: sort out kitchen cupboards and collect stuff together for car boot sale. Let's hope I've got the energy

    • Makethedayscount
    • By Makethedayscount 6th Jun 19, 8:32 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Beginning of a new month and the mortgage now stands at 157,239.63. It's going down slowly but still, it's the right direction. Had a couple of competition wins: small ones just books but it has given me a bit of a boost. Started swagbucking again after a long time away and now I've got the app on my phone it makes it so much easier to earn points when I am at a loose end. Going to be a difficult month I'm thinking to keep to my target of OPing so many extras to think about

    • Makethedayscount
    • By Makethedayscount 13th Jun 19, 4:31 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Well I knew the bubble would burst at some point but didn't expect it to be so soon. Car went into garage for MOT and needed lots doing including new brake pads and shoes Means that 520 of the OP money will have to be diverted. Have had a slight pay rise in 2nd job and doing more overtime this month, but it won't off set the outgoings this month. The weather is not helping the plants in the garden, except that I don't have to go out and water them. Haha! Taken to using up my crafting stash, knitting hat and gloves for the winter and making Christmas gifts a) because it feels like October and b) in the hope that somehow or other OPs this month won't be quite as bad as I think they're going to be if I take my mind off them

    • Makethedayscount
    • By Makethedayscount 14th Jun 19, 7:36 AM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    Made a load of bunting for a work event this week and knitted hat almost finished, so feel like I am achieving something even if my monthly overpayment goal seems ridiculous this month. However did manage to pay off 400 after being paid for second job and mortgage went below another thousand so little chinks at that massive goal. Other MFW diaries are giving me the motivation and inspiration to keep going, knowing that it's not just us on this crazy journey. DS brought yet another letter home from school for 'optional' trip (which really is not optional ) I need to factor more into the monthly budget I fear. Heyho!

    • Makethedayscount
    • By Makethedayscount 16th Jun 19, 5:31 PM
    • 134 Posts
    • 508 Thanks
    Makethedayscount
    DH paid off 200 from mortgage today and we cut up loads of wood for the burner ready for the winter months, hoping to keep the central heating bills down. Scarf and hat have been made from the wool in the craft stash, so feel like I am having small gains even if it doesn't really affect the mortgage. DH has found a local repair cafe so going to try taking my CD player there which isn't working so I can avoid buying a replacement one. Clearing of the garage is making progress and I can actually see the back wall (even if getting to it is very precarious :0 ) Managed to cut the lawn once the sun had come out and dried up all the rain, so feeling good. Know we're going to miss OP target this month but not feeling too glum as the total is still coming down.

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