Team Remote_Control: Mortgage-Free before I'm 63

remote_control Posts: 615
First Anniversary First Post Name Dropper
edited 1 April 2021 at 7:29AM in Mortgage-free wannabe
Edited April 2021

I have decided to start a mfw diary as I enjoy reading everyone else’s and find them inspirational. Hopefully by adding my journey to the forum I might be able to give something back and it will also give my lovely husband a break from me talking about this all the time.

So we took out a mortgage for £132,249.00 at the beginning of 2008 and are fixed for 5 years at 5.85%. Each year we’ve paid off aprox. £900 of capital and £7,500 of interest so it is time to do something about it! It is a 40 year mortgage due to end when I am 63! It would be nice to get under £100,000 before I'm 30 and it would also be nice to be mortgage free by 40 (in my dream home).

I am 26 and he is 30 and at the moment we are in the process of changing careers and so are both earning minimum wage _pale_. Hopefully in the next few years we’ll be back to normal and can do some serious overpaying.

So we started 2011 with a mortgage of £129,247.27 and have so far overpayed £62.

We already run a pretty tight ship and for me it is about finding ways to either make what we have go further or getting extra income. I enjoy lists, spreadsheets and challenges so suggestions are always welcome.

So there you go. Thanks for reading and hope you have a nice day :)

2021 update: We have a house now and children, we are finally able to start overpaying the mortgage.
Mortgage: £375,905.86
Daily interest ~ £20.30
Debt on 0% £13,597



  • yukkibear
    yukkibear Posts: 5,556
    First Anniversary Combo Breaker
    Good luck with your journey
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    Contact your mortgage company and ask to increase your monthly payment by £5 or just round it up to the nearest pound. Then just save this money in other ways during the month and you will overpay pain free =)
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • bugslet
    bugslet Posts: 6,874 Forumite
    edited 8 June 2011 at 10:24AM
    Wish I had your nouse at your age!;). Well done and I agree with Phelpsie, add it to your DD and it just goes. I 'forget' that I overpay and just think it is the mortgage payment.
  • LilB_3
    LilB_3 Posts: 135 Forumite
    Like us, you have your youth and a lot of years ahead of you. You won't always be on minimum wage, so although it looks like a long hard slog now, it could reduce a lot over the years as your circumstances change.

    This thread is brilliant - Clicky

    Good luck!
  • Well done too, good to see you thinking long term about making small steps for long term gain :)
    The thread linked above is brilliantly encouraging in order to keep you focussed, and helps you realise one small step at a time is all it needs to make giant steps forward!
    As you say, stats like 7k in interest and £900 off capital makes you think the sooner you can eat your capital up, the better. Sobering isn't it.
    I'll be subscribing to this thread too.

    all the best
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • GeorgieFTB
    GeorgieFTB Posts: 437 Forumite
    Welcome RC

    My mortgage is currently due to end when I'm in my 60s too... I'm not sure I can cope with the thought of that but ... well nevermind it will just have to be got rid of!

    If you like challenges have you looked at the debt free wannabe section, if you don't already lurk over there, they have several really good challenges, weekly spend challenges/NSDs/Sealed pots etc I find it well worth getting involved.

    Mortgage at 08/10/10: 110k:eek:
    Current Mortgage:... £109,200 :eek:
    OPs 2011: 100.50/4000
    Current MFD: 02/10/45 :shocked: (will be 63!!!)

    Make a payment a week challenge TW 100/123.79
  • Hi all,

    Thanks for your responses, some good ideas and tips there.

    MS News:
    Used the 15% off voucher when you sign up to GAP newsletter as I needed a pair of trousers. They also came up £10 cheaper at the till which was mysterious! Total saving £14.55 so I'll put that in the mortgage.
    Challenge 1: Enter 50 competitions by Sunday (34 done so far - bit exhausting!) Aim - win something! Then either sell it, use it as a present or have it as a treat.
    Challenge 2: Go as many days as possible wearing something different to work (5 days done so far) Aim - extend my wardrobe as much as possible and stop me from wanting to buy new clothes.

    Do Toluna vouchers take ages to come? Just got enough points for my first one.

    Have a good weekend
  • katsu
    katsu Posts: 4,942
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Do Toluna vouchers take ages to come? Just got enough points for my first one.

    In my experience - yes they do.
    Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.
  • June update

    Mortgage: 127,802.97
    Overpayments in June: £79.55

    MSE endeavours:

    Needed a new passport which is painfully expensive but used this awesome website to get mega cheap passport photos. £2.99 for 6 photos. :money:

    Had a lot of free food from various places this month which has been good. Still spent a lot of money so am going to write down what I spend on food in July.
    Survey websites : £5
    Topcashback: £13.11
    Nectar: £2.50
    Free Olay sample
    Entered 58 competitions

    Am paying off the last of a credit card so not much in the way of overpaying yet.

    Small steps eh. Any hints and tips welcome.
  • Sepa74
    Sepa74 Posts: 962 Forumite
    Goody! A new diary, yippee! I'll look forward to reading it - I'm another person who won't pay off my mortgage until I'm in my 60s, and I'm really keen to bring that number down too.

    Good luck on your journey!
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
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