MFW by 2019

Gadfium

I'm still plugging away at this. Total mortgage debt is now at £71.7K. £60K paid off the total since I started this challenge.

The smaller debt is now at about £18-and-a-bit-K. All things going as planned that will be paid off in December 2015. 18 months to go!

Gadfium

Total mortgage debt now stands at £67,667. I've increased my regular OPs to £600 per month so I can clear the smaller mortgage by December 2015. 15 months to go!
Octobers mortgage payment will should see me at exactly 50% of the original mortgage. Another milestone to look forward to :-)

gallygirl

You're going great guns - and it's always good to have milestones to keep your enthusiasm going :T

Gadfium

Total mortgage debt now at £64.8K, which means that I've now paid off 51% of the debt. :beer:

The smaller mortgage now stands at £14K, so since starting this challenge I've paid off a smidge under £30K on this mortgage. In total, in four and a half years I've cleared over £66k of mortgage debt.

I'm pleased with this! All things going well, by this time next year the smaller mortgage will be just about cleared and the larger mortgage will be at about £44.5K. As I am paying a very low rate of interest on this mortgage (1.49%) I am quite content to just make the normal monthly payment on this one. The monthly interest is only about £60, so it's pennies in the great scheme of things.
From there on (unless the interest rates go bonkers, which I doubt they will do) I'll be concentrating on building up my investments and savings by pushing what was the smaller mortgage payments and over-payments into investments. That's a whole other challenge and a new set of goals!

gallygirl

Fantastic progress, well done :T

Gadfium

Thank you for those of you that have followed this thread and taken the time to comment. It is appreciated.

OK, so here's the December 2014 update. It's 2 years since I decided to get real about shifting the mortgage debt. It really doesn't seem that long ago to be honest.
Total mortgage debt now sits at £63.5K, down from £103.6K two years ago which is a £40K reduction. Since taken the mortgages on 4.5 years ago I've paid off £68.5K.

The smaller debt is now £13.1K and the larger £50.3K. The next significant goal is breaking the £60K mark which will happen in March 2015 and then repaying all of the smaller mortgage by this time next year.
Ever onwards and upwards!

bownyboy

Great progress and end of year update. You've pulled away from me now; I decided to focus on putting money into Pensions (fearful of the 40% rebate on contributions being lowered next parliament) and ISAs as I have a new found zeal of early retirement!

Gadfium

Holy thread resurrection Batman!
The smaller mortgage has now been paid off!:j

The other one sits at £41k. With a low interest rate of 1.24% I am honestly not too bothered about paying that over and above the normal monthly payments. I could pay it off tomorrow, but I am getting a higher return by keeping the money in investments.

I am very pleased to get rid of this. My advice (FWIW) to others:

• Keep chipping away at it. Even small overpayments will make a difference over time as they accumulate up.
• Make sure you are on the lowest interest rate possible.
• Enjoy your life at the same time. Don't become obsessive to the extent that you are forgetting to enjoy life. We are only on this planet for a short time- make the most of it!