Hello all...

mintymoneysaver

I bcame debt free late last year, so I now want to get my mortgage down. I don't think it will be any time soon, but just thought I would post here for a bit of encouragement.
Currently have a £49000 repayment mortgage with Bristol and West, 23 years left to run.
I have just sorted out a new deal through London and Country with Woolwich on a lifetime tracker with no penalties for early repayment, £50 a month more than I'm paying now, but it will get the term down to 18 years!
We can pay that comfortably but I would also like to be able to pay the odd chunk off here and there, my original aim is to have it paid off by Dec 31st 2019 so I go into the 2020s with no debt, but if I can make it less than this it would be fantastic, so my quest starts here....
I'm going to start off saving my £2 coins in a mortgage pig, and see how we go from there.

tryhard_2

hello! good luck in your quest to be mortgage free

phizzimum

welcome minty!

have you had a play around on the overpayment calculators? (links in a sticky at the top) I come back to them when I'm lacking motivation!

David_B_2

Good luck from me too.

You've started in the right place by coming to the 'Mortgage Free Wannnbe' section and by taking the step of paying extra each month. Already you can see the benefits of paying just £50 extra.

I have a similar approach, I like the security of having the money available to me so I save the majority of mine and then when the saving account(s) get to certain threshold I withdraw it and use it to pay off a lump sum of my mortgage.

2019 is a long time to keep motivated. I would suggest breaking this up into smaller intervals with goals and maybe these could be rewarded when reach.

All the every best.