Mortgage Free @ 40! That's the plan

mortgage.free.at.40 · 4 November 2012 at 8:23PM

My story.

Bought my first property in 2003 Borrowed 60,532.00 over 25 years. Mortgage due to finish in 2028

After 3 years (when the fixed term ended) in 2006 I moved my mortgage to another provider. I was able to reduce the term by 3 years whilst paying provider 2 the same monthly payment provider 1 wanted because their rates were so much better.

I have overpaid 25 pound a month since 2006.

I then got a very well paid job overseas and was able to pay 12,000 extra off my mortgage in 2011. That's a 1000 extra a month.

I got a nice little lump sum when I left that job & paid it off the mortgage.

At present I am paying 300.26 a month mortgage payment, plus a regular overpayment of 25 a month.

My mortgage is due to end Dec 2025 but according to my calculations I will be mortgage free in the summer of 2016 - not long after my 40th birthday.

Unfortunately I don't want to be in this property for the rest of my life so I will probably start over at some point - but hopefully with a smaller mortgage than if I had not made all these overpayments.

I am presently unemployed and whilst that is okay till the summer not having work for Sept 2013 could cause a few financial problems.

Glad I'm not alone in my quest.