SF's road to mortgage freedom!

A question about : SF's road to mortgage freedom!

I can finally join in on this board!

Bit about me: I joined MSE way back in 2006, aged 20, as a student looking to make her money go further. Since then, I've graduated, done a post grad, got a job, made redundant, got a temporary job, moved house, then got a permanent job and bought a house!

Me and DH (we got married in 2012) moved in on 20/12/2012 and we begin our next chapter. The house is lovely, although there is still lots to unpack and sort out

Now, the numbers. We have taken on a mortgage of Ј123,000 (just typing that is scary!) over 25 years, and it follows the the base rate, so whilst interest rates are relatively low, our payments aren't too bad. However, if interest rates were to rise quickly, we would find it a bit more difficult! In an ideal world, I would love to be mortgage free by 40, which gives us just under 14 years to make it happen! After doing an SOA, we can make decent over-payments each month, on top of our monthly mortgage payment, so long as we're careful with spending during the month. We can make unlimited over-payments, and don't get charged for an early finish, which is great. In fact, I can see that this is going to become addictive!

So, at long last, this is SF's journey to becoming mortgage free!

Best answers:

• 2013 Aims and Challenges
• January Aims:
  - lose 4lbs
  - overpay Ј670
  - make a new type of loaf!
  - put at least Ј100 into emergency fund
• Nice to see another DFW moving in good luck with your aims for 2013 and congratulations on your new home.
• Thank you
• Happy new year Mrs SF & Mr SF Welcome to your new home on MSE. I hope I can make myself comfy on the new chapter of your journey. I wish you all the sucess in the world for 2013 and enjoy your new job
  Take care!
• Hi SlowlyFading, I love the way you've taken your annual goals and broken them down by month.
  It does get addictive and the forum is realy supportive and helpful.
  Happy New Year to you both.
  Tilly
• Good luck SF and happy new diary
• good luck SF and happy new diary x
• Welcome SF - may 2013 be a great success.
  Mrs E and I are in a very similar boat - got married in 2011, bought a home in 2012, have a mortgage for about Ј115k and are only a few years older than you.
  It's always nice to see another person of a similar age following the road less travelled
• Best of luck on your new road SFxx
• Hi and Happy New Year SF
  Another one aiming for a January health kick here - there are probably quite a few of us lurking!
  I guess less food/healthier food should technically mean less grocery spends too!
• Good luck! I kind of started my MFW journey last year but haven't made any overpayments yet as have been trying to fill the emergency fund! Thats all done now so the fun really starts now! I'm hoping to use my diary more and look forward to reading yours
• Hya SF, good luck with all your savings in 2013!
• Happy New Year and happy new diary SF.
  I shall subscribe and follow you here in your other new home!
• Happy shiney new diary for a shiney new year.
  Happy new house & happy new job
• Ohhhhh I've never been over here before lovely shiny new diary
  Wishing you & Mr SF a wonderful 2013 & best of luck with your plans
• Welcome and all the very best with your MOPs SF Plus I love that you have bought a few others from DFW board across....I often lurk over there as the diaries are FAB (and I often pinch ideas)
  NP
• Happy New Year SF!
  Good luck on the MFW journey - hope you reach all your goals!
  Lisa x
• Ooh thank you everyone for the warm welcome I must admit to being a bit excited about this whole overpaying lark
  I keep thinking to myself "If we try really hard, we could do it under 10 years..." but that might be a bit mad