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  • FIRST POST
    • Makethedayscount
    • By Makethedayscount 29th Apr 19, 10:54 AM
    • 188Posts
    • 906Thanks
    Makethedayscount
    Can I do it? Mortgage-Free in 5?
    • #1
    • 29th Apr 19, 10:54 AM
    Can I do it? Mortgage-Free in 5? 29th Apr 19 at 10:54 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 7
    • Makethedayscount
    • By Makethedayscount 1st Jan 20, 9:06 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Happy New year to all MSErs! Start of 2020 mortgage stands at 142,692.09. This year our aim is to get it below 115k. Another big challenge but I have been given lots of overtime in January so that should help get a head start on that challenge. Making it a priority to declutter this year as I was so abysmal last year. Hope you all have a good money saving year ahead!

    • Makethedayscount
    • By Makethedayscount 4th Jan 20, 8:37 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Right another year has started and it's time to pull up my socks and get going again. Going to sit down tonight sort out what overpayments we can make before tackling the utilities renewal/switching. Will keep you posted

    • Jessy103
    • By Jessy103 4th Jan 20, 10:49 AM
    • 606 Posts
    • 2,446 Thanks
    Jessy103
    Hi makethedayscount! I've just read through your diary and it's so inspiring. Well done and good luck with your target for 2020!
    Starting Mortgage Balance (June 2019) 72,000
    Mortgage Balance as of 31/12/19 69,000
    2020 Overpayment Challenge: Jan 836.45
    • kaycastle
    • By kaycastle 4th Jan 20, 2:44 PM
    • 129 Posts
    • 300 Thanks
    kaycastle
    This is so inspiring, it's really pushed me to set high goals this year looking forward to reading your updates!!
    Oct 2017: 228,041.09
    June 2019: 209,941.93
    • Makethedayscount
    • By Makethedayscount 5th Jan 20, 8:29 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Thanks Jessy103 and kaycastle! I won't lie, it's been tough and having two jobs is not always convenient, but it's the MSE community who I owe the inspiration and motivation to. Without all of you, I wouldn't have started and certainly wouldn't have continued

    • Makethedayscount
    • By Makethedayscount 5th Jan 20, 9:00 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Had a look at finances and made first overpayment of the year of 100 to the mortgage and decided to put another 100 in EF just in case. Monthly mortgage payment comes out soon so should have an updated total in next few days. Joined the declutter challenge as I was so poor at it last year and as well as getting rid of several bags of clutter, have also managed to find several things to put on auction website Will put those on this evening and hope for some gains. Need to make meal plan for the week and start making as I'm working everyday this week, more overtime which is good but also quite demanding on house cleaning and food preparation time. Looking to have a good day's organisation today to make the week easier. Off to write lots of lists

    • South coast
    • By South coast 5th Jan 20, 9:08 AM
    • 58 Posts
    • 172 Thanks
    South coast
    Well done Makethedayscount, you're making amazing progress. I love a good list, difficulty is actually motivating myself to do the stuff that's on them! Good luck
    • savingholmes
    • By savingholmes 5th Jan 20, 3:36 PM
    • 10,236 Posts
    • 21,372 Thanks
    savingholmes
    Just caught up again. I think you've paid off a phenomenal amount
    During 2020: Target 1) 25,121 to be repaid in 2020 (0%) Now down to 24,703 Target 2) repay 1450 off (OP 102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
    • Makethedayscount
    • By Makethedayscount 6th Jan 20, 8:01 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Thanks South Coast and savingholmes! Funnily I too often don't get round to completing my lists, but just add them to the following day to ignore/forget them again

    • Makethedayscount
    • By Makethedayscount 6th Jan 20, 8:00 PM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Mortgage at start of January is 141,677.34. Feels tantalisingly close to 130ks but won't get too excited.

    • Makethedayscount
    • By Makethedayscount 9th Jan 20, 8:56 PM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Feeling bit frustrated this month already as DH has unexpected tax bill to pay that hasn't been budgeted. Aah! Probably going to wipe out most of our overpayments this month. Trying to stay positive but could have had a major meltdown about it as he 'forgot' to tell me. Deep breaths! Sometimes I feel I am struggling on this aim on my own. Must however try to get things into perspective, no-one is hurt or injured or, god forbid, worse, the world is still turning and there is always hope

    • Makethedayscount
    • By Makethedayscount 11th Jan 20, 8:34 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Interest per day down to 7.07. At least there is something that I can be positive about

    • Makethedayscount
    • By Makethedayscount 13th Jan 20, 7:45 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Continuing with the decluttering, I've managed to make 100 on auction site. It's come off the mortgage. I've got lots of overtime this month, so am trying hard to find ways to make overpayments.

    • HotDog2020
    • By HotDog2020 13th Jan 20, 7:08 PM
    • 9 Posts
    • 15 Thanks
    HotDog2020
    Hi Makes the days count, nice name and fitting, you are an inspiration, good luck to you, I look forward to reading more.
    • Makethedayscount
    • By Makethedayscount 14th Jan 20, 7:23 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Thanks HotDog2020! Nice of you to say such kind words. I don't feel much like an inspiration if I am frank, there must be better ways to bring the mortgage down than I am doing, but am glad that you are inspired. That's the beauty of MSE. Good luck!

    • savingholmes
    • By savingholmes 15th Jan 20, 7:00 AM
    • 10,236 Posts
    • 21,372 Thanks
    savingholmes
    Boo to the tax bill. Well done for handling it.

    Have a fab week
    During 2020: Target 1) 25,121 to be repaid in 2020 (0%) Now down to 24,703 Target 2) repay 1450 off (OP 102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
    • kaycastle
    • By kaycastle 15th Jan 20, 7:54 AM
    • 129 Posts
    • 300 Thanks
    kaycastle
    I feel for you on the tax bill. Well done for handling it. It's a challenge when one person is more into mortgage overpaying than the other. I have that too but am starting to make progress there.
    Oct 2017: 228,041.09
    June 2019: 209,941.93
    • Makethedayscount
    • By Makethedayscount 15th Jan 20, 8:03 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Paid from second job and paid 100 off mortgage, the rest went to top up EF which was seriously depleted after tax bill. It's slow going this month and feels like an uphill battle but have to be realistic. Expecting much more money from second job next month due to number of extra hours I've worked, so need to focus on that

    • Makethedayscount
    • By Makethedayscount 16th Jan 20, 7:41 AM
    • 188 Posts
    • 906 Thanks
    Makethedayscount
    Thanks kaycastle and savingholmes! It's really tricky when one of us is more into mortgage overpaying, but it does give me hope, kaycastle, when you say progress can be made. I just need to find some way now of disabling the one-click purchase button for Amazon on his phone without having a major disagreement

    • savingholmes
    • By savingholmes 17th Jan 20, 11:31 PM
    • 10,236 Posts
    • 21,372 Thanks
    savingholmes
    Sympathise on amazon - although I am the main culprit. I have 2 things to return just from the last couple of days.
    During 2020: Target 1) 25,121 to be repaid in 2020 (0%) Now down to 24,703 Target 2) repay 1450 off (OP 102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
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