Davilown and family's attempt at being MF!

Well, having had a LBM in 2007, paid off in 2010, became deposit savings the following month, then finally purchasing our own place this month, we have now to become MFW.

£224,995 outstanding, with an aim to over pay £300 pm and an additional lump sum payment in Oct 2020 - This will, if we're lucky, allow us to pay the mortgage in 12 years (Oct 2023).

Trying at first to do it without affecting our lifestyle - once we get used to mortgage payments and other factors, we hope to pay a bit more.
30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.

Comments

  • davilown
    davilown Posts: 2,303
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    Quick update needed - didn't manage the op's as planned but did manage to increase the payment by £200pm thus reducing the mortgage to 19 yrs voice or take a month.

    It's be hard paying the extra but worth it. Hope to add £3000 lump next Jul to help catch up to where we should be. Going to keep this years payrises to keep on top of food etc inflation

    Good luck all
    30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.
  • greent
    greent Posts: 10,663
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    Hello :) Good luck on your journey :)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    Good luck on your quest to become mortgage free :).
  • davilown
    davilown Posts: 2,303
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    So 6 years on and not much has changed - spent 5 years overpaying the mortgage to get it down to £180,000 only to buy a forever home which needs loads of work!

    Went back up to £230,000, currently on £225,000 with some canny saving but now to tackle the 2 extensions. Role on November when I'll have a little more to pay off the mortgage but will also overpay by £237 a month.

    Mortgage free - maybe by 2034!
    30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.
  • try_harder
    try_harder Posts: 1,527
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    Sounds lovely hope all goes well with the extensions
  • davilown
    davilown Posts: 2,303
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    So I know I'm not the most prolific poster on my diary to become mortgage free but I thought an update may be worthwhile. After spending and exorbitant amount on renovating the dream house (upwards of £135,000 for 2 extensions increasing the size by 100%, and full renovation), in the most lovely location we've had a reality check that neither of us are actually that bothered with it.

    How does this correspond to to being mortgage-free?  Well we've managed to sell the property for a really good price that will enable us to potential be mortgage free from next year!  This of course depends on us sticking to the budget but we're going to move into rented accommodation for 6-12 months and see what happens to the market.  Not completely against having a small mortgage if there's work to be done, but the SouthEast is an expensive place to buy.  We have thought about moving locations but not sure on jobs etc.
    30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.
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