Mortgage Free by 40 Challenge!

MarieAAP

Blimey its been ages since I have updated on here, and I don't rellay know how much I have OP'd.

But after a visit to the Mortgage Advisor, I have been told, that I have only £2,099 plus the £175 ERC is all that is left to pay

I am soooo close....

I have also been told, that dependant on:

a) my OH getting a permanent job
b) my salary is at the pension sacifice amount (a fair bit less)
c) 10% deposit
d) paid off the mortgage completely,

we can get a new mortgage of £150k, :rotfl: I was only thinking of £110-130k

and ofc, this has too all happen before I get pregnant :T

kingster_2

Hi,

Can I join the group?

I'm not going to be able to pay our mortgage off before my 40th (in only 40 months). But my younger wife's 40th is another 129 months away (April 2021).

We've just had our first child and would love to pay off our mortgage before she starts secondary school. Just paid £6,750 off today and got our mortgage down to £190K.

Currently just started the last year of our three year stepped fixed rate at 5.99%

Hopefully will be able to keep paying chunks off. Also reduced the term to 18 years today, so mortgage increased to £1450 per month.

Need to increase it to at least £1750 per month to stand a chance I think, but will have to wait until the OH goes back to work.

shangaijimmy

We're still plugging away and now under the 154k mark. Hoping to have it below 150 by December. Keep going all

pencekeeper

The nearer I get, the more obsessed I seem to be with being MF. Now the daily interest is low, I usually know what my mortgage balance is to within a pound or so. And the closer you get, the longer each payday seems to take to come around! Job still holding out for now.

£1900 overpayment + £31 mortgage payment (£17.10 of which is interest):

Old Mortgage balance: £8,210
New Mortgage balance: £6,300 (£20,800 paid off since start of 2010)

Milestone achieved: 3 months to go at current repayment rate
Milestone achieved: <£0.50 interest a day (was 57p, now 43p)
Milestone achieved: Monthly mortgage payment < Monthly Building/Contents insurance payment


Current target: Repay mortgage by end of October. (if job holds out)

shangaijimmy

Is this challenge not happening?

pencekeeper

shangaijimmy wrote: »

Is this challenge not happening?

I'm doing it even if no one else is

pencekeeper

The nearer you get, the longer between each payday (it seems). It's now not years and months, but days and hours (<1400).

£2000 overpayment + £600 savings + £24 mortgage payment (£13.17 of which is interest):

Old Mortgage balance: £6,300
New Mortgage balance: £3,675 (£23,325 paid off since start of 2010) - 41.5% payment this month

Milestone achieved: <60 days to go
Milestone achieved: <£0.30 interest a day (was 43p, now 25p)
Milestone achieved: <£100 interest a year & <£10 interest a month

New Target: 29th October 2010 (59 days)

cake21

pencekeeper wrote: »

I'm doing it even if no one else is

I'm here too, currently on target to have it paid off at age 39

skaps

Me too, I increased my overpayments this month to £160.11. Am expecting to get a statement next month so I'll wait and see how much I have paid off.

pencekeeper

Number 12 checking in for penultimate payment.

Now at the 1 month to go mark, it's hard to believe I'm almost there. What am I going to obsess about when the mortgage is paid off? I'm sure I'll think of something!

£2000 overpayment + £14 mortgage payment (£7.66 of which is interest):

Old Mortgage balance: £3,675
New Mortgage balance: £1,665 (£25,335 paid off since start of 2010) - 55% balance payment this month

Milestone achieved: 1 month left
Milestone achieved: Penultimate payment
Milestone achieved: <£0.20 interest a day (was 25p, now 11.4p)
Milestone achieved: <£50 interest a year & <£5 interest a month

Target: 29th October 2010 (30 days)

Well done to everyone overpaying whether it's £1 or £1million.