Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dark^knight
    • By dark^knight 16th Jan 16, 10:16 AM
    • 454Posts
    • 909Thanks
    dark^knight
    Little big milestones
    • #1
    • 16th Jan 16, 10:16 AM
    Little big milestones 16th Jan 16 at 10:16 AM
    I am starting this thread to post little/big milestones on our planned journey to be mortgage free within the next 3 years.

    We bought our dream house 9 years ago for £200k...and took on a £170k mortgage.

    At the time interest rates were rocketing, and our monthly interest payment was £900.

    Had light bulb moment five years, and decided to OP as much possible, when the interest rate dropped to the current low.

    And today I will be able to OP £200, which will take the mortgage down below £100k for the first time

    This is a major milestone for us. It will mean that we can really attack the mortgage now to get it paid off within the next 3 years.

    Will be taking the family for a nice meal this weekend to thank them for sticking with me on this.
    Aiming to be mortgage free by Dec 2018.
Page 4
    • dark^knight
    • By dark^knight 27th Apr 17, 12:40 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi all,

    Hope everyone has been enjoying the longer, brighter days...I certainly have.

    So it has been a normal month, so have been able to OP the budgeted amount of £1,772...which is great

    20 months to go...
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 5th Jun 17, 3:02 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi all,

    Quick update for May...

    Managed to OP £1320...a little bit less than planned, but hoping for better in June.

    19 months to go...
    Aiming to be mortgage free by Dec 2018.
    • Kittenkirst
    • By Kittenkirst 3rd Jul 17, 8:22 PM
    • 1,594 Posts
    • 8,235 Thanks
    Kittenkirst
    Hi Dark Knoght, how did your June go?
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months-Aug: £212.52 Sep £206.32 Oct: £176.97

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • dark^knight
    • By dark^knight 4th Jul 17, 3:38 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi everyone,

    Was a little busy, hence have not been able to come on here.

    So, in June managed £1660 OP, which was the planned figure. Very happy with that

    How is everyone else getting on?

    18 months to go...
    Last edited by dark^knight; 04-07-2017 at 3:40 PM.
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 4th Jul 17, 3:39 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi Dark Knoght, how did your June go?
    Originally posted by Kittenkirst
    Hi KK, thanks for asking...didn't think anyone reads this boring thread

    ...we managed to OP the budgeted amount of 1660.

    How are you getting on?

    Thanks
    Last edited by dark^knight; 04-07-2017 at 3:42 PM.
    Aiming to be mortgage free by Dec 2018.
    • Kittenkirst
    • By Kittenkirst 14th Jul 17, 3:52 PM
    • 1,594 Posts
    • 8,235 Thanks
    Kittenkirst
    It's been going good this year, however not sure any more OPs will happen this month as money's a bit tighter this month and next, am surveyinglike mad to gain a bit extra and frugalising where we can to stretch the pennies

    Your mortgage figures are so inspiring!
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months-Aug: £212.52 Sep £206.32 Oct: £176.97

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • dark^knight
    • By dark^knight 27th Jul 17, 10:23 AM
    • 454 Posts
    • 909 Thanks
    dark^knight
    It's been going good this year, however not sure any more OPs will happen this month as money's a bit tighter this month and next, am surveyinglike mad to gain a bit extra and frugalising where we can to stretch the pennies

    Your mortgage figures are so inspiring!
    Originally posted by Kittenkirst
    Thanks kk...it has been a ten year journey...the first five years were very tough...and the last 5 have been easier. Feel so blessed to be where we are right now.

    You are doing really well...there will be tough months, but you have to keep your end goal in sight and keep going.
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 27th Jul 17, 10:39 AM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi everyone,

    I was thinking I have been a little dry on these posts, so I am going to try and add a bit more info from now on.

    We had a mortgage of £170k when we bought the house in 2007, and when the fixed rate ended in 2010, we kept our original monthly payment, so the additional money became an OP.

    I really had my light bulb moment in 2012, when I decided to try and OP more than the monthly payment that we'd always had. So over the next 3 years the monthly OP went from £500 to £1,000 to £1,500.

    Then at the start of 2016, we managed to get it down to less than £100k. This was a huge milestone for us. At this point I decided to try and aim to clear the mortgage in 3 years, and broke it down into 36 months, hence this thread and the monthly countdown.

    And the thing is, even if we don't reach the target in the 18 months, we won't be too far.

    So, in July we managed to overpay £1670, which was the budgeted figure.

    So right now the balance is £71,400.

    Actually, when I look back through the numbers, we've come a long way

    17 months to go...
    Last edited by dark^knight; 27-07-2017 at 11:06 AM.
    Aiming to be mortgage free by Dec 2018.
    • hanb
    • By hanb 27th Jul 17, 3:33 PM
    • 437 Posts
    • 1,048 Thanks
    hanb
    Just caught up on this diary and wanted to say well done before running away again


    I like to come and have a read but we've already maxed our 10% allowance for the year so can't OP any more until Jan


    However, focussing on the savings to be able to OP the 10% in Jan - and keep doing so until the end of the fix and then be able to pay off that one mortgage! (We have 2 as one is a benefit from work on a very low rate but a regular mortgage to top up to what we needed which is what we're trying to get rid of!).


    Good luck!
    • dark^knight
    • By dark^knight 27th Jul 17, 3:42 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Just caught up on this diary and wanted to say well done before running away again


    I like to come and have a read but we've already maxed our 10% allowance for the year so can't OP any more until Jan


    However, focussing on the savings to be able to OP the 10% in Jan - and keep doing so until the end of the fix and then be able to pay off that one mortgage! (We have 2 as one is a benefit from work on a very low rate but a regular mortgage to top up to what we needed which is what we're trying to get rid of!).


    Good luck!
    Originally posted by hanb
    Thanks hanb...appreciate your support.

    Sounds like you are on the path to mortgage freedom and you have a plan...so good luck to you as well
    Last edited by dark^knight; 27-07-2017 at 3:45 PM.
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 27th Aug 17, 9:45 AM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi everyone,

    Hope you're all well...we've been away this week, had a few days down south...took the family to legoland and visited family around London.

    The update for this month...managed to OP the budgeted £1770.

    This has brought the balance down to under the £70k

    ...a little celebration will need to be arranged.

    16 months to go...
    Aiming to be mortgage free by Dec 2018.
    • enthusiasticsaver
    • By enthusiasticsaver 27th Aug 17, 10:35 AM
    • 4,438 Posts
    • 8,251 Thanks
    enthusiasticsaver
    I am seriously impressed you are managing to make those sorts of overpayments on your mortgage in particular if your family is young and presumably your partner on maternity leave.

    We started making overpayments on our mortgage in our twenties back in the 80s/90s but interest rates were then much higher (although mortgages smaller) and we also focussed on overpaying pensions. Presumably you are also considering that in your fortunate position? Eventually we repaid our mortgage in 2007 when I was 47 and my husband 49.

    It will be a great feeling once it is gone. Also you will have so much disposable income once your children are at the age for university, houses, weddings etc (that put our retirement plans back a bit ) We will both be retired by 58 though so we managed our dream.
    Countdown to early retirement on 21.12.17 2 months to go.
    • Lexi-lu
    • By Lexi-lu 28th Aug 17, 7:27 AM
    • 149 Posts
    • 717 Thanks
    Lexi-lu
    Hello dark^knight,

    You are making excellent progress, enjoy your well deserved celebration.

    LL
    Mortgage Balance £49,230
    Savings for O/P Sept £20,320
    • EatingTheElephant
    • By EatingTheElephant 28th Aug 17, 9:12 AM
    • 1,128 Posts
    • 6,066 Thanks
    EatingTheElephant
    Congratulations on the milestone, what options are you thinking of for the celebration?
    • dark^knight
    • By dark^knight 30th Aug 17, 3:56 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hello dark^knight,

    You are making excellent progress, enjoy your well deserved celebration.

    LL
    Originally posted by Lexi-lu
    Thanks Lexi...appreciate your support!
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 30th Aug 17, 4:01 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    I am seriously impressed you are managing to make those sorts of overpayments on your mortgage in particular if your family is young and presumably your partner on maternity leave.

    We started making overpayments on our mortgage in our twenties back in the 80s/90s but interest rates were then much higher (although mortgages smaller) and we also focussed on overpaying pensions. Presumably you are also considering that in your fortunate position? Eventually we repaid our mortgage in 2007 when I was 47 and my husband 49.

    It will be a great feeling once it is gone. Also you will have so much disposable income once your children are at the age for university, houses, weddings etc (that put our retirement plans back a bit ) We will both be retired by 58 though so we managed our dream.
    Originally posted by enthusiasticsaver
    Thanks enthusiasticsaver,

    Yes, it has been a balancing act between enjoying life and trying to pay down the mortgage...however, as you say it will be worth it in the end and should allow us to prepare for helping the kids down the line.

    And congratulations on paying off your mortgage and realising your dream
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 30th Aug 17, 4:03 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Congratulations on the milestone, what options are you thinking of for the celebration?
    Originally posted by EatingTheElephant
    Thanks ETE...we normally have a meal to celebrate.
    Aiming to be mortgage free by Dec 2018.
    • dark^knight
    • By dark^knight 6th Oct 17, 12:27 PM
    • 454 Posts
    • 909 Thanks
    dark^knight
    Hi all,

    Apologies I am a bit late for the September monthly update...have been away from home for a work event this week...

    So in September, we managed to OP £1900 in total, which was the budgeted amount...so very happy.

    The balance stands at £67600.

    15 months to go...
    Aiming to be mortgage free by Dec 2018.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

156Posts Today

1,605Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin