How do you repay your mortgage?

I follow a couple of frugal bloggers whose aim is to pay off their mortgage in the next couple of years. They overpay on it as regularly as they can and see their short term thriftiness in relation to the fabulous financial freedom they will gain form being mortgage free. They are really frugal compared to me (I mean really hardcore) but a few of them still seem to have loads of fun, holidays, good food etc.

I need to study these more frugal (than me) bloggers carefully. I have some things to learn from them I think in terms of frugal cooking and  make do and mending. I’m not a very practical person and I would say these are the areas my thriftineess could be much better.

I can totally see how having no mortgage would free you up hundreds of pounds each month to have fun with and as the children grow and possibly university fees for them and perhaps travel for you may be lovely options.

Sadly I am not in this position. When I had my first gorgeous baby he was teeny tiny and I was advised not to go back to work for a year. That year became six as I fell in love with being a stay at home mum and had my little girl too.

To fund my time off it the area of mortgages we turned to first. Primarily we asked for a six month mortgage break which we got with the six months payment s just being added to the end of our mortgage life. Then we made a big decision. In order to fund me staying off work we decided to  go ‘interest only’ with our mortgage repayments. This hugely reduced our payments and enabled me to have time off. Sadly though it means we are in our 40s with no mortgage paid off. A situation we need to start remedying.

So I need to investigates mortgages now and see what we need to do. I also need to become one of those bloggers with a mortgage plan. I would love it paid off in 5 years.  Do you think that is doable? I know it’s asking a lot but you have to plan BIG I believe.  Can you imagine how brilliant it would feel to reach that goal.

It’s important to me though that my kids have a great life in the mean time too so I need a good plan that builds in lots of fun too.If you have any good ideas please share them with me!

Watch this space. Some mortgage aims will be in place very soon.

 

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1 Comment

  1. March 24, 2013 / 11:20 pm

    I love the name of your book Becky! I know lots of people who say that they ‘need’ to go back to work because they ‘need’ the money, but I wonder if they’ve ever looked at the prospect of changing their lifestyle slightly in order to be able to afford to have time off with their baby? I really cherished the time off I’ve had with my 2, and I believe my job is now to help save the family money where we can so we can continue spending time together (although I do work from home part time now too). Am visiting from Gammon and Chips as a fellow MAD Blog Award Finalist (Best Writer and Best Family Fun). I love your blog! Well done on that and your books! Maddie 🙂
    Maddie Sinclair recently posted..Marbellous fun in the freezer!My Profile

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