My quest to be mortgage free by the end of 2012

edited 29 January 2010 at 7:12PM in Mortgage-Free Wannabe
450 replies 26.5K views


  • pammyj74pammyj74 Forumite
    3.3K Posts
    wow I am sooo jealous of your mortgage amount lol how long have you had this morthgage? You are doing really well, me on the other hand would be really impatient to pay that amount off!! So near yet so far :)

    good luck
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • getmore4lessgetmore4less Forumite
    44.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Good target <3 years. but you need to plan ahead to when the mortgageis paid off.

    What is your total payment?
    Are you curently filling your ISAs each year?
  • craftingmadcraftingmad Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Well done mummyofone. We too are aiming to be MF after the inspiration of this site. However with a mortage of just over £92k left we are hoping to be free in 6 years (by the time I'm 40!).

    As Tesco's says every little helps so we are currently throwing £500 a month at ours and doing loads of little things to cut back, earn etc to try and increase our monthly OP to £1000 a month.

    I am certain that you will do it so the very best of luck to you.
    Mortgage - [STRIKE]£125k[/STRIKE][STRIKE] £32k[/STRIKE] £24k OP Made 2010 £29320 OP 2011 £4200
    BTL Mortgage £81K BTL Mortgage £82
    No Craft Spending in 2020 53/366 Stash Busting Challenge 2020 244/2020

    1% club member 17,18& 21 - 100% reached 3 times £10k :j New Target £300.57/£5000 6%
    NSD JAN 10/20
  • Hi

    Thanks for your good wishes, yes pammyj74 I am very impatient to be this close to the end and not be able to pay it off yet but at the beginning of 2010 the balance was £21000 so I will get there in the end. We do need a life as well and I have bought a shiney new TV to watch Formula One on (well not quite, other things as well) :D I have had this mortgage since 2002 it was for £25000 as we had alot of equity in our old house. If it is paid off by end of 2012 we will have saved 5 years of payments as well as 8 years of endowment payments.

    getmore4less, The current payment is about £350. This includes building and contents insurance as well as ASU. I do have an isa but it is not full. The mortgage interest rate is 4.24 so would be difficult to beat this? I do have 3 months salary as an emergency fund but as my husband is disabled for me having the security of having the mortgage paid off is important to me.

    Craftingmad, I have been reading your thread since it started and has made me chuckle. The thought of you lost in your craft room tidying up. You have done so well in cutting back and making over payments. A small amount now will be an even bigger saving later. Keep going. If only i could make £500 a month in overpayments but back to the tortoise and the hare :rotfl:

    Hope everyone had a lovely easter and well done so far :T:T:T
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • wantabetterlifewantabetterlife Forumite
    1.3K Posts
    Part of the Furniture
    Welcome MOOC- have just found your diary, well done on all your progress so far:D....i would love a mortgage of 9K!!!!. Looking forward to reading your updates :j:j
    Mortgage [strike]£177,750[/strike]£149,488
    Overpayments 2016 £2053.58 2017 £3417.70 2018 £5180.78 #26 2019 £2435.35
    Daily interest £19.91:eek: £15.28 :eek:£8.94
    BUY TO LET MORTGAGE [STRIKE]£111408 [/STRIKE][STRIKE]£109975[/STRIKE] £94,779
    14.9 % paid
  • Thanks WABL

    I suspect this £9000 will be the longest part of the mortgage to shift. You have done so well to reduce yours by the amount you have in such a short space of time. How long have you had your mortgage for?
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • Back to work today after 4 days off over Easter. Payday on Friday, I have already made my overpayment for April which comes out by Standing Order. It is unlikely that I will make any further overpayments this month as the car needs a service and mot this month :( Did have a no spend day though :)
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • wantabetterlifewantabetterlife Forumite
    1.3K Posts
    Part of the Furniture
    Hi MOOC, car servicing is such a pain isnt it :mad: . When we bought our first house just over six years ago the mortgage was taken out over 30 years....the funny thing is we had sooo much more disposable income then as we had no children and a smaller mortgage of 77k, we should have taken the mortgage out over a much shorter say we were green is an understatement...hadnt the first clue about compound interest and couldnt even have told you what interest rate we were paying :eek::eek:. Anyhoo another house move and a few stupid mistakes with a property investment that went belly up seen our mortgage increase to 167k at its highest. Recently we have reduced the term and have 19 years and 10 months left. I know it is going in the right direction it just seems to be going sooooooooooooooooo slowwwwwwww....hence my obsession with this forum to keep me motivated :D:D
    Mortgage [strike]£177,750[/strike]£149,488
    Overpayments 2016 £2053.58 2017 £3417.70 2018 £5180.78 #26 2019 £2435.35
    Daily interest £19.91:eek: £15.28 :eek:£8.94
    BUY TO LET MORTGAGE [STRIKE]£111408 [/STRIKE][STRIKE]£109975[/STRIKE] £94,779
    14.9 % paid
  • Well I did'nt realise it has been a month since I updated my diary. We are still plodding on. Car has been duly serviced and MOT'D so should carry on for another year. Dear daughter who is now 10 is certainly "challenging" at the moment and I am getting towards the end of my tether with her behaviour.The next overpayment has automatically been taken, although how long will it be now the election is over until interest rates start to climb I don't know. I am old enough to remember mortgage rates of 15%. On a brighter note I have today joined the Virtual Sealed Pot challenge having read about it in Pammyj74's diary. The pot has a grand total of £7.33 in it but we have to start somewhere.

    Hope everyone is well.
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • greentgreent Forumite
    9.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    OOh - just found this diary. Good luck with the continued OPs!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2021 £267.31/£500 Decluttering 2021: 750/1000
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