Is anyone else aiming to be MF before age 40?

maureen100

Hi

I currently have 36k left on my mortgage. We are building up savings to pay this off by next summer (2014). By then I will be 38.
I bought my first house at age 22 and currently have a tracker mortgage with just 0.99% interest. We don't have children & both work full-time.

My aim is for freedom and to be able to reduce my working hours for a better quality of life.

Does anyone else on here expect to make it to freedom before age 40?

Calfuray

With no OPs, we would be MF at age 54 and 59!!

So certainly hoping to be MF before 40

That's an amazing interest rate!

Good luck

Youknowme_2

Long time lurker here, but yes that is our aim. We have twenty years left on our mortgage and would like to half that term.

Not so easy with two young pre school kids and my OH working part time but we are up for challenge.

maureen100

Calfuray wrote: »

With no OPs, we would be MF at age 54 and 59!!

So certainly hoping to be MF before 40

That's an amazing interest rate!

Good luck

Hi

Yes that rate isn't available anymore. I took it out with Woolwich back in 2003. Looks like I made the right decision, we started off on about 5% and it's dropped so much since then enabling us to pay extra off it.

OS_QS

We are certainly trying to be mortgage free mid to late thirties. Ideally 35 but more realistically 37. Still have a pretty big mortgage but we are determined

With no OPs we would be 48/49

We also both work full time, have no kids and bought in our early 20s, but it took us 5 years before we started overpaying. I've got the OP bug now though :T and hopefully also making best use of the low interest rates.

sarahevie

I'm aiming for 35 but I'd be very happy with 40, as we have to add £40K onto the value of our mortgage to pay back my parents for helping us get our 'forever home.'

(May even be a bit more depending what we sell our current house for.)

YoungBusinessman

Myself and gf got our keys 2 weeks ago today. Our mortgage is over 20 years repayment. We are 21 so that would make us 40. With OP we are going to go for 9 years time, by age 30. Same again for next place so 2 mortgage free houses by 40.

somethingcorporate

Given it is only 12 years away it is unlikely for us to pay off our £350k in such little time. I think we'll aim for 45 or so but need to get cracking on OPing which has almost disappeared recently for us.

ultrarunner

I would like 40 as well, but realistically looking more like 45, I would need a big increase in salary to do it much earlier.

sillyinthepast

I haven't even made my first mortgage payment yet! as it shanks I would be 56 when we pay it off (30 now). I am aiming for 45 but I will be so pleased if we can get it before I am 40.

Good luck on your journey.

Southernman

If I could get mine paid off by 30 then I'd be so happy. It would be tough going on just my income but it's worth the challenge!

Only £82k to go in 6.5 years...uhhhhhh