Mortgage Free in 15 Years..... 2025

South_coast

Ahh yes, the old "lucky" comment 🤣!

longway2go

How annoying for you., like you say not luck just determinination and hard work 

didabuf

Just got the mortgage statement through the other day and it just seems so close now. 
Extension is done, we spent £30k, we now have a 4 bedroom house and a brand new bathroom which is amazing. It wasn't plain sailing, but nothing ever is.
However it makes you realise how much other parts of the house need a tart up and now i need to decorate the kitchen.......it can wait. I am so over decorating for now.
So anyway back to the mortgage. Took out the new mortgage deal a year ago, now we have 4 years left before it would be up for renewal again.. We are still and even more so aiming for it to be gone. £662 a month is our mortgage payment and every money we have continued to OP £500 extra. Mortgage sits now at around £64K, we have 31 more payments before it is up for renewal again. A lot can change in that time i know but this is our goal and we are determined that September 2024 we will be able to clean the balance, it will about £15k. Its not going to be an easy task. It means we need £15k in overpayments and also save another £15k (approx.) in 3 and a half years.  
Aim: Mortgage Free before i am 40. January 2025.......Lets do this

didabuf

2021 the year of the overpayment.
I did it. I sent £500 to the mortgage as an overpayment every month in 2021, thats an extra £6000 paid.

Mortgage statement through and its sitting at just under £52k. 
Daily Interest under £2.50.

The plan....to carry on doing what we are doing. £500 a month, on top of the standard £662 payment. Still aiming for September 2024 so a little over 2.5 years. 

A year has gone by since the extension was built. 2021 wasn't an easy year, we lost both our dogs within 3 months of each other. It wasn't easy, they were our children before our children and they are very missed. It came as a shock, Dave 14y Patterdale passed away 5 days after becoming ill, 2 weeks later Jim 12y Lakeland was diagnosed with a Tumour on his jugular, he defied the odds and despite being given just days to live made it through the next 3 months). We have a playful puppy now who is tearing up the house and terrorising us....but its all good fun.
July brought Covid into our house and we all spent 3 weeks locked up as 2 out of 5 of us got it. But what that lockdown did was get us thinking about the house. We toyed with the idea of moving....a house across the road that we love. But we've got a new plan.
We are saving up. Once the mortgage is gone we are going to save to renovate the downstairs of our house. Currently our backroom has a step down to our kitchen (that we only put in 4 years ago). We are going to raise this and knock through into our bedroom, making a large L shape kitchen/dining/living area and move our bedroom into the back room. Add a utility room and change the downstairs loo into an ensuit.
BIG CHANGES, BIG PLANS. It's going to involve a lot of work, raising floors, raising roofs, building walls and knocking some down. But that means that our house will see us through the rest of our life and we aren't ever going to have to move. I cant wait. I'm excited. I'd like to hope that we can do it the year after the mortgage is gone but realistically I have no idea how much it will cost or how long it will take us to save for it.
The triplets are growing up and certainly cost is more now then they every have. Almost 12 and into all the expensive stuff.....its only going to cost more.

2022 I'm coming for you. Save Save Save
Our home is our Happy Place and we want  to make it work for us and unfortunately that doesn't come cheap.

didabuf

Merry Mortgage Free Christmas.

Yep, thats right. It's gone.

On Friday we were sat on the sofa and we just decided there and then to pay the rest of the mortgage off.

We've took a hit, it had a bit of a fee with it as it was still in a fixed period and yes the interest rates on savings is high, so financially it didn't make sense. But we had the money sat there, so to use in makes perfect sense.

We own every single square inch of the house now and it feels amazing.

It'll take a little while for the paperwork to come through with the bank holidays but my banking app no longer shows my mortgage so i know its gone.

Life really begins now. I'm 38 and my partner 37. We can't wait to see what the future holds.
We still plan on saving up for the renovations, i hope that we can do that in just a few short years, Maybe 2025, who knows. For now, we will just save and enjoy knowing the house it ours.

Merry Christmas.

twinklie

Wow. That’s amazing. Congratulations. 

fjireland

Congrats 🥂 

Well done on plugging away and making it happen

Enjoy the sense of achievement over the holidays now 😊

matt_j

Well done!

Ive not seen your diary before, but read it today. It’s great to see your progress towards being mortgage free.

eat_that_frog

Huge congratulations!

Not seen your diary before, have just read through it. Well done on all your hard work and perserverence getting to a mortgage free position (no it's definitely not 'luck'!!!!)