MFW for 2021

asc99c

Spent a bit of time reading the posts on here the past week, and finally got the motivation to actually call the mortgage company. My MFW journey starts today!

I'm currently 31, and my aim is to clear the mortgage by age 40. Unfortunately, we bought our house late 2007, so it's a big mortgage to get through. Shortly after moving in we had our daughter and my wife gave up work, and we've now got a son as well, so until now, we've just been making the standard repayments.

We've now dropped onto Nationwide's base mortgage rate which is max 2% over base rate - so currently 2.5%, so I want to start clearing the mortgage before rates go up.

Remaining mortgage: £209,000 (house value now ~239k)
Remaining term: 20.5 years
Standard monthly payment: £1085

Rang up Nationwide, and as of June, I'm paying £1500 / month in to the mortgage. That will reduce the term to around 14 years, but since my aim is 9 years I'll need to do more in the future. Hopefully this MFW diary will motivate and remind me!

asc99c

First overpayment has been made ouch

Feels good but going to have to get used to having a lot less money.

asc99c

Just over one year gone, mortgage balance is now showing as £193k.

As of next month, will be upping the repayments to £1600, getting a bit closer to the aim...

originalmiscellany

Well done you And congrats on being so consistent in paying off your mortgage for the past month! May I suggest you post monthly after every overpayment so we can virtually support you in your journey?!

I found it good to see what the cost of my mortgage dropped to, every time I overpaid - How much would is it npw per month?

If you started out at a Standard monthly payment: £1085

it now must be something like £950 a month? Good overpaying indeed.

asc99c

Thankyou and good to have support from someone who's been through it!

I'll try to post more often in future. Will have more updates coming, as my wife should be able to start earning some money again in September when the youngest starts nursery.