Mortgage Free by 40 Challenge!

Jock_Tight

#22 Jock_Tight - Jan 2013 - £36,199

We have been plugging away and the mortgage is currently £28,889.

On target to get the mortgage cleared by Dec 2012 :cool:

All the best to the rest who are trying to achieve MF by 40

cake21

Congratulations Pencekeeper! Seeing other people so close to the finishing line gives me inspiration to carry on

pencekeeper

Well, it's here. The moment I've been working towards for almost 9 years now, though only really going for it for 4 (since I bought my housemate out). It seems silly it took 7 years to pay the first £45K, but only 20 months to pay the last £91K.

Usually I wait for the payment to actually clear before posting, but I think I prefer to post now and post in the MF roll thread on Friday in 2 days time which is usually how long Nationwide take for it to hit the mortgage account. I might actually believe it by then too.

£1 nominal balance left to keep product open in case need to borrow back in the future.

£1630 overpayment + £7 mortgage payment (£3.47 of which is interest):

Old Mortgage balance: £1,665
New Mortgage balance: £1 (£27,123.94 paid off since start of 2010) - 99.94% balance payment this month

Milestone achieved: 0 days left.
Milestone achieved: Final payment
Milestone achieved: 0p interest a day (was 11.4p, now 0p)
Milestone achieved: £0 interest a year

Target achieved!: Mortgage Free 27/29th October 2010

Statistics:

Total house purchase: £134,750
Total interest paid: £25,278
Total payments: £160,027 (118.8%)
Duration: 8 years 10 months (3239 days)

Lowest yearly capital paid back: £884 (2002)
Highest yearly capital paid back: £64,009 (2009)
Largest capital pay back burst period: £91,000 (20 months from Jan 09 - Oct 10)

Lowest yearly interest paid: £272 (2010) or excluding this year, £1,488 (2009)
Highest yearly interest paid: £5,234 (2007) - £14.34 per day


Well done to everyone overpaying whether it's £1 or £1million, whether you have decades left or just 1 day. It's worth it.

I'll wait until Friday to post in the MF roll, but can't promise to leave out stats and might even include a graph or 2 (eek). Remember that maths help control the fun ™ - Pencekeeper 2010

pencekeeper

Oh yeah - I met the MF by 40 challenge as I'm 34! Good luck to everyone else.

bigbeff

Can I please join? I know I'm late. By June 2022 I hope to be mortgage free. To do this I need to pay off £89431.19 - thats about £640 a month...lets go for it!!

cake21

pencekeeper wrote: »

Oh yeah - I met the MF by 40 challenge as I'm 34! Good luck to everyone else.

Congratulations!! :beer::money::j

pencekeeper

cake21 wrote: »

Congratulations!! :beer::money::j

Thanks cake21

Norman_Bean

pencekeeper wrote: »

Oh yeah - I met the MF by 40 challenge as I'm 34! Good luck to everyone else.

:beer: Well done Pencekeeper! an inspiration! :beer:

Norman
MFB40#13

Norman_Bean

shangaijimmy wrote: »

Is this challenge not happening?

I'm still going Shangaijimmy !

I 'Celebrated' my 38th birthday and we are looking at MF springtime 2011 .... we have already paid off the largest of our 3 mortgages, meaning total mortgage payments have reduced from €1,100 per month to €400 per month - obviously the difference is now going to go towards the second biggest mortgage.
we have given notice to pay second on 1st Jan '11!!! and payments will then reduce to about €60 a month and we will owe about €3,000 on our last mortgage.

It feels sooo good to be this close ... I really can not wait to pay off the last bit

Anyone else still in the challenge? How is Welshlassie and Welshbaby?

Norman #13

lewdawg

Hi folks,

This thread has been neglected by the looks of it... by me too.

Righty, well I got mortgage statement in and results below, not in as much detail as others!

Balance this time last year: £88,000
Balance now: £83,500
Capital paid: £4,500

So, going ok I suppose. Got a pay rise at the start of the year, so tempted to up my overpayments from £150 to £200 a month. However, I think I need a kick up the !!! from people here. Starting to think what is the point of this, as chances are we will be moving house within the next 1-2 years (family expanding yet again) and feel like I'll be back to square 1 with bigger mortgage and I'll have nothing to show for my progress... OH has reduced hours to p/t so be interesting to see how this affects things, but would still like to overpay, but not be stretched.