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    • JimLad
    • By JimLad 18th Aug 15, 3:29 PM
    • 833Posts
    • 1,194Thanks
    Mortgage Free by April 2017
    • #1
    • 18th Aug 15, 3:29 PM
    Mortgage Free by April 2017 18th Aug 15 at 3:29 PM
    Hi everyone! Long time lurker on these forums! I have previously posted in my wifes diary, and whilst our OPís have continued we have been a bit slack there. Our plan has changed a fair amount since she first posted so I have decided to kick off this new diary to chronicle the (hopefully) final 20 months of our mortgage.

    A little bit about us. I am 29 and the wife 27. We both have decent jobs and we have no kids (we want to pay off the mortgage first). We got married in January this year and in true MSE fashion we kept it bang on budget. We bought our 3 bed detached house for 200k in October 2011 with a 150k mortgage and have since overpaid it down to approx 86k.

    The planÖWe have a 5 year fixed mortgage at 3.99% with Santander which currently limits us to 10% overpayment a year. We have already made the 10% for this year, so we currently are saving for next yearís 10% and then for a big overpayment in October 2016 when the mortgage drops onto a SVR and we can do unlimited. After this lump sum, we should be down to about 20k and then itís just as much monthly as we can do until its gone (April 2017 is the target). Im a nerd for a good spreadsheet and have it all planned out month by month.

    Other than our salaries, we have a few different things that we do to boost the overpayment coffers which I call our side hussle. We rent out our spare bedroom on a short term basis on Airbnb, we have solar panels on the roof which provide a small quarterly income, and I run a technology youtube channel which brings in a few quid each month from adverts and affiliate sales. I plan on posting monthly updates on the amounts these generate.

    Thatís it for now as I have rambled on a bit! If you see MissWillow on here, thatís the wife!
    Paying off the Mortgage as fast as we can. 73k to go!
    MissWillow is my OH!
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    • Moneyfordreams
    • By Moneyfordreams 8th Oct 16, 10:09 AM
    • 567 Posts
    • 2,533 Thanks

    can't wait to be in your position, but I doubt my savings will reach that until after our mortgage is completed
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £169310
    Car loan finished oct 16
    h@lifax CC £5460 0% until May 2018.. will pay minimum for now, slow stooze
    • JimLad
    • By JimLad 10th Oct 16, 10:03 AM
    • 833 Posts
    • 1,194 Thanks
    Have to say I'm a bit envious! We've just broken the £60,000 outstanding mark, down from over £94k three years ago. 18 months until our fix ends and we can overpay without penalty, but don't think we'll have quite that much saved by then! Your side hustles are an inspiration!
    Originally posted by mikenolan
    That is still an amazing acheivement! Over 10k a year is cracking! HOw many years has that shaved off?

    can't wait to be in your position, but I doubt my savings will reach that until after our mortgage is completed
    Originally posted by Moneyfordreams
    We would be nowhere near it without doing Airbnb. Is it something you could do?
    Paying off the Mortgage as fast as we can. 73k to go!
    MissWillow is my OH!
    • mikenolan
    • By mikenolan 11th Oct 16, 7:20 AM
    • 31 Posts
    • 42 Thanks
    Technically we've not reduced the term at all because Accord recalculate regular payments each year to maintain the same end date. In reality we're aiming to be done 5 years from now instead of ~18.

    Airbnb not really possible where we live now. Briefly considered moving house to one nearby with five double bedrooms plus a granny annex that would've been the ideal Airbnb property but couldn't face the extra £60-100k on the mortgage.
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