Mortgage Free by April 2017

hildosaver · 19 August 2015 at 9:43AM

Amazing effort so far guys - well done!

:j

turtlemoose · 19 August 2015 at 10:31AM

You've got me wondering about the average age Jim.

I found this from 2014 which suggests many people will be past retirement age before their mortgages are paid :eek: but it does seem to be about perception not facts.

I wonder if the average is going to go up with the longer terms that are now more common rather than the previously standard 25 years.

JimLad · 19 August 2015 at 10:37AM

turtlemoose wrote: »

You've got me wondering about the average age Jim.

I found this from 2014 which suggests many people will be past retirement age before their mortgages are paid :eek: but it does seem to be about perception not facts.

I wonder if the average is going to go up with the longer terms that are now more common rather than the previously standard 25 years.

Exactly the same! Everything im finding online is all based on guesswork and surveys, for example...

"The Post Office reveals more than a third of homeowners expect to be nearly 70 before they pay off their mortgage"

I guess its difficult to get statistics on.

MissWillow · 19 August 2015 at 12:40PM

Thanks everyone for such lovely responses. We are very excited about trying to achieve this, I think it helps that we both love spreadsheets so it is easy to keep track of our progress. I have a couple of work nights out this week and we are having some friends over for food at the weekend so it won't be a good week for saving/non spending but it's the summer:) (Although looking out our windows at work you wouldn't think so).

sp9567 · 19 August 2015 at 4:09PM

Well done guys. I am also aiming to be mortgage free (although more like June 2017 when Fixed Period ends).

I am 28 now so will be 30 when I am hopefully mortgage free. I have made some social sacrifices to be able to afford my property (along with some help from my parents). I look forward to being able to enjoy spending my money a little more freely once the mortgage comes to an end.

JimLad · 19 August 2015 at 4:46PM

sp9567 wrote: »

Well done guys. I am also aiming to be mortgage free (although more like June 2017 when Fixed Period ends).

You should start a diary! Would be good to see how someone with a similar timeline does!

Penny_Bridge · 19 August 2015 at 5:08PM

Looking forward to following your progress. You're so lucky to have both of you on board. I'm doing it alone, DH only wants to know when our mortgage is gone. When I told him our loan is going to be gone next week he hardly gave me a response.

Good luck to you both. It's nice to see that you're both financially switched on at a young age.

Miss_Moneysaver · 19 August 2015 at 8:46PM

Hi,

I love the husband and wife team too! It's great that you are both 'on board' this mission to pay off your mortgage by April 2017.

I wish I had done the same at your age! We were too busy buying new cars every year etc. It is a fantastic idea to pay it off before a family comes along. Believe me, we have lost so much money since we had children. Love them to bits (boy is 11/girl is 7) but whoooooo my salary and bank balance have taken a MASSIVE hit! I went part time when my eldest was born. We also had to pay childcare for both children from the age of 10 months when I returned to work. We have had ZERO family help (not even the odd night babysitting). We worked out that over the 10 years the total loss of income (due to my part time hours) and cost of childcare was over £220K! That is without the general cost of children (feeding them, school costs, clothes, toys, pocket money, savings for them blah blah blah). We also moved house when the youngest was 2 years. Our mortgage doubled and so did the payments.

So, I strongly encourage you to crack on with your mission. It will be so worth it! It will be great to have that mortgage disappear. Ours is almost gone as we have an endowment and savings to pay it off in 2018 - I can't wait!

I was 32 and 36 when I had my children BTW. Good ages to have them.

GOOD LUCK!

JimLad · 20 August 2015 at 8:54AM

Penny_Bridge wrote: »

Looking forward to following your progress. You're so lucky to have both of you on board. I'm doing it alone, DH only wants to know when our mortgage is gone. When I told him our loan is going to be gone next week he hardly gave me a response.

Good luck to you both. It's nice to see that you're both financially switched on at a young age.

Thats a shame. Is he on board with the money saving lifestyle to maximise your loan payments?

Miss_Moneysaver wrote: »

Hi,

I love the husband and wife team too! It's great that you are both 'on board' this mission to pay off your mortgage by April 2017.

I wish I had done the same at your age! We were too busy buying new cars every year etc. It is a fantastic idea to pay it off before a family comes along. Believe me, we have lost so much money since we had children. Love them to bits (boy is 11/girl is 7) but whoooooo my salary and bank balance have taken a MASSIVE hit! I went part time when my eldest was born. We also had to pay childcare for both children from the age of 10 months when I returned to work. We have had ZERO family help (not even the odd night babysitting). We worked out that over the 10 years the total loss of income (due to my part time hours) and cost of childcare was over £220K! That is without the general cost of children (feeding them, school costs, clothes, toys, pocket money, savings for them blah blah blah). We also moved house when the youngest was 2 years. Our mortgage doubled and so did the payments.

So, I strongly encourage you to crack on with your mission. It will be so worth it! It will be great to have that mortgage disappear. Ours is almost gone as we have an endowment and savings to pay it off in 2018 - I can't wait!

I was 32 and 36 when I had my children BTW. Good ages to have them.

GOOD LUCK!

Thanks Miss Money this is really encouraging! Not having a mortgage with that reduced income and extra outgoings will really help. If I ever talk about our mission at work people think im crazy or a scrooge (hence my avatar!). Sometimes the topic of mortgages comes up, and im looking forward to the day someone asks me what my mortgage rate is and i say "what mortgage?"

atypicalblonde · 20 August 2015 at 8:56AM

Hi Jimlad, I will follow your progress with interest. Inspired by your thread I took a look at Air BnB and am considering listing our spare room on there. We have two small children though so not too sure if people would be put off by that!

Best of luck with your quest x

Mortgage Free by April 2017

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