Mortgage free by 40?

Retire_at_50

Mortgage_Reduction_Novice wrote: »

Wishing the numbers on the mortgage balance sheet to reduce and knowing a certain age is your goal... well that's just like hoping to be older! I couldn't do THAT!!!

Tee hee - I suppose it is! But I rather be older with no mortgage than younger with debt...

Started with some proper MFW today.:j In anticipation of my first full pay packet in 9 months, I have increased our monthly mortgage payment to £800 (making our monthly op to £200).

Will update my sig with new numbers.

Ra50

Retire_at_50

Paid off the last of my student loan yesterday. It has taken me 11 years of working to finally pay it off! The last £500.33 came out of my account yesterday so now I can concentrate fully on the pesky mortgage.

I have one more month before I have to start paying for childcare so I reckon I could put £500 extra to the mortgage next month at least.

Ra50
x

Retire_at_50

First large payment made of £3,500. It was a great feeling to make the phone call and make the payment.

I have, of course, kept the monthly payments the same making an extra £23 per month towards the overpayment. I'd completely forgot about that little bonus!

Ra50

sweetdaisy

That's a great overpayment :T. I am 33 and hope to be mortgage free by 40 years old too.

Retire_at_50

Thanks Sweetdaisy. Join the MF@40 club!

No sooner was I feeling pleased with myself for the overpayment was I shelling out £40 for the removal of a wasps nest..grrrr... We were going to wait and see if the colder weather sorted them out but I opened the curtains yesterday to a swarm outside the window!

Ra50

Retire_at_50

Not posted for ages but now is a great time to start again. We've just sorted out our remortgage and have reduced our term from 19 years to 11! That feels great! We are keeping our payments around £800 but now they are contractual rather than £520 + overpayments. Scary!