Mortgage free by 50...

patrick_bs15

Hi
Am moving in to a house on Friday... most exciting part for me will be having a decent back garden so I can get a dog after years of waiting :j

Have completed part 1 of mortgage challenge (£76,000 paid off in just under 10 ten years), now it's time for part 2 - similar figure to shift: £66,000 owed to First Direct on 2.99% 5 year fix(plus £3000 each to mum & sister). So £72,000 in total.

Again, time scale is 10 years and the plan is for me to work part time when I hit 50 and clear the mortgage...

I'll update this regularly as it really motivates me to see the debt slowly shift...

icontinuetodream

Yay!!!:jPuppies are fab:D:D:D

Good luck with the house move and the MF clearing....will be cheering you on!!:T

gallygirl

Good luck Patrick and happy moving :T

black_taxi_2

im single 52 an will be MF next year,like you im cutting my work hours and treating the rest of my life like semi retirement once MF

It will feel slow at first seeing your capital go down,but its amazing how time passes,i still remember my 1st post saying I wanted to be MF



best of luck

patrick_bs15

Thanks for all your encouragement

1st mortgage payment made Oct 1st, plus £400 overpayment (& £500 paid back to sister!)...

£65,180 to go...

gallygirl

So below 64k in no time at all :T. When will you break 60k?

patrick_bs15

Thanks, Gallygirl

£400 overpayment

£64,489.01 to go...

Should break £60,000 barrier by June, hopefully

patrick_bs15

£400 overpayment today

Just under £63,800 to go...

now half way through the money I owe my sister (£500 / month for next 3 months). When that's out of the way, mortgage will go much faster.

patrick_bs15

£400 overpaid today


£63,100 to go... (plus £1000 left to pay back to my sister!)

patrick_bs15

£400 overpaid today
£62,408 to go (last £500 payment to sister next month, then will look to overpay mortgage by £600 a month minimum!)

gallygirl

Great stuff Patrick, well done :T