MFW by 2019

RevolvingDoor

Wow, great news.:T

Gadfium

£10K paid in last week. Plus my usual £500 monthly OP means that my total debt now sits at around £85K. Thats a total of £47K paid off in the last 3 years

:T:T

Gadfium

My regular £500 went in this month. Thats me down to £82K, which is another psychological milestone passed- £50k paid off since May 2010.

bownyboy

You're making great progress Gadfium. We have similar amounts & timescales. I don't know about you but I have to remember not to wish the time away just so I can get to the mortgage free date!

Gadfium

bownyboy wrote: »

You're making great progress Gadfium. We have similar amounts & timescales.

Thanks bownyboy. :beer:

bownyboy wrote: »

I don't know about you but I have to remember not to wish the time away just so I can get to the mortgage free date!

I think that its important to enjoy life as well. There's no point scrimping and saving and then to drop dead of a heart attack at 65. Save, set realistic goals, try to achieve financial freedom (whatever that looks like for you) but most of all enjoy life.

My immediate goal is to get my savings and investments higher than my mortgages (probably this time next year) and then to pay off the smaller, higher-rate loan (£24k to go). This should be paid off by end 2015 assuming all remains as-is. The lower-rate loan will then be about £44k. I'll probably throttle back on the over-payments then to build up my savings and investments.

That's the plan anyway. Gawd knows what could happen between then and now though!

Gadfium

£500 regular O/P for October. Another £500 to go and I will reach my revised target of £16K of overpayments for the year.
The current mortgage stands at £80,880 so November's monthly payment will take it below the £80K mark.

lvm

Wow!!! You're doing soooo well! You're going to be mortgage free in no time at all!

Gadfium

Thank you...I've a long way to go yet!

Gadfium

Another £500 overpayment brings the mortgage down by just over £1200. The total debt has broken through the £80K psychological threshold. The next step is to get it below £70K, which should happen around about September 2014.

I'll not be making an overpayment in December or January as I have treated myself to a new toy (an EQ8 telescope mount) for my home observatory. Unfortunately, it cost £2500 :shocked: which needs paying for.....

Gadfium

Back in the saddle for 2014. First OP of £500.
Current status: Smaller mortgage = £22277 (at 3.49%). Larger mortgage = £54500 (at 1.49%). Total amount owing = £76823.

Planned OP for this year = £6K.
Planned total mortgage debt at calendar year end = £63.5K