We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Starting the long road to mortgage freedom
Comments
-
Hi Mr Rush - Congrats on the prize for the biggest mortgage I've seen here currently. It's certainly a belter. How encouraging that you've already saved £20 a month by overpaying. Like you I think we're in the doldrums for a long time yet, so interest rates super low - what better a time to overpay and eat into your mortgage. The targets you set seem challenging but £290k target is certainly something to aspire to.
The very best to you in your pursuit of Mortgage Freedom.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 - 20370 -
Overpayment increased by £100 to £925/month now.0
-
I've got some interest-free payment on furniture from Habitat which will finish in a couple of months. Will raise overpayments to £1000 until the summer and then to £1100 from August when pay rise kicks in.0
-
We are not killing all luxuries - holidays remain a must - but we are trying to save on other areas - taking lunch into work. grocery shopping from larger Tesco rather than Sainsbury local etc etc...
Those sound like manageable sacrifices - I like your approach, disciplined but realistic
0 -
£11K on a new (2nd hand) car last month didn't help!0
-
A year since we took out our mortgage.
£19K paid off from lump sum. Now a little over £360K.
Increased overpayments to £1K/month.
Aim is £25-27K off the lump sum in total over the next 12 months - £12-15K overpayment.0 -
We are not killing all luxuries - holidays remain a must - but we are trying to save on other areas - taking lunch into work. grocery shopping from larger Tesco rather than Sainsbury local etc etc...
:T completely agree with this approach, still live a good life, but as cheaply as possible :T
Well done on what you've achieved so far, great result A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Morning all
Today I took out £10K from our mortgage - basically all of what we've overpaid.
But don't worry, it's not to spend, but to invest elsewhere.
I hold bank accounts in India - at the moment the rupee is very weak - getting 86.3 rupees to a pound - hasn't been so low for a long time. Fixed interest accounts will give me a 9.5% gross return.
It makes more sense making a lump sum investment there.
Clearly the indian rupee could continue to weaken but I am happy with this risk as I travel regularly to India and I will always be able to use up a 'lump' of money there.
My monthly overpayments will continue at £1000/month.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards