Our MFW journey part 1

Lotti1982

Payment of 7757 made today but annoyingly won't show up online until Tuesday but should take the balance to 71004.29 until our interest is added tomorrow and our usual payment is taken next week. In approx October we should drop below £70000.

Lotti1982

I have decided I would settle for being mf by 2026 but would really love to be mf by May 2024. However this might not be possible as I would love to take the boys on a snowy holiday in 3 years and a sunny holiday in 6 so we'll have to see how we get on.

Lotti1982

Our overpayment finally cleared so we're at £71,261.49 our usual payment will take us under £71000 on the 7th and we should be under £70000 by the end of the year!!!

Lotti1982

Just worked out our ltv which is 64.19% which is fantastic, next target is 60% at £66600, then 55% at 61050 and 50% which is 55500.

Lotti1982

Have decided as the interest is more than the erc will be on 1st August of 2% that well overpay another 11500, the last of our overpayment savings. This should take us to around £59000 and give us a good chance to pay less interest over the next few years. Should save about £40 per month in interest.

Lotti1982

Decided to throw everything we possibly could off the mortgage sooner rather than later and the mortgage is now £ 59171 woohoo! This means we're back to minimal overpayments of about£150 pcm but under 55% ltv

SuperSecretSquirrel

Good going Lotti!

Rud0lf

Can't believe it's nearly 7 years since I started this thread, if got a new Mse account as I can't remember what my login details were. We now have just under £20000 left to pay off, hoping to be mortgage free in 3 1/2 years, on a much nicer rate of 2.89% now and over paying by 317 a month. 

Viking_mfw

Rud0lf said:

Can't believe it's nearly 7 years since I started this thread, if got a new Mse account as I can't remember what my login details were. We now have just under £20000 left to pay off, hoping to be mortgage free in 3 1/2 years, on a much nicer rate of 2.89% now and over paying by 317 a month. 

Excellent progress! 

Rud0lf

Thanks viking_mfw, we're now at £18163 with £317 overpayment due to go out on Thursday bringing us down to 17819, best of all only £45 interest is being added each months so we're reducing capital by £520 a month, approximately 2years and 10 months to go instead of 23 years and 6 months.  I expect to be mortgage free just after my 41st birthday and debt free by my 45th at the latest (hoping for sooner).

All those just starting on your journey good luck it is possible xx