Mortgage free by thirty three?

Rabbits<3

I hope to be able to do it. Currently 22 and owe 67k on the mortgage, currently looking at about 25 years to pay it off but on a 40 year term (for now! was the only mortgage I could get on short notice) however we sat down and looked at our finances as they have changed for the better and we can pay off way more and it could be possible to pay it off by the time we're 33, picked that because it has a ring to it and im nearly 23. I owe my mum 7k which we borrowed for the deposit and im paying her back at 300 pcm once thats paid we will be putting that 300 on the mortgage as we wont miss it as we've never had it. Both of us are in jobs with opportunities to go up the pay scale so even now it looks feasible to pay off we may be able to do this

Muser1

Good luck what a fantastic position to be in. X

Winter_Jasmine

Hello! Good luck with your journey, I think it's amazing that you've got yourself into such a good position so young, well done you! I'm new to this bit of the forum too and have subscribed to your diary - looking forward to your updates!

Lotti1982

Good luck with your journey, hope it's a short one.

Rabbits<3

Back with an update, I got a payrise at work which after extra tax, nat ins, pension, share scheme etc works out at £50 in my pocket which is surplus (we live canny frugally tbh) so new SO set up to put that straight on the mortgage

cattie

Good luck & I have to say how very refreshing to hear from somebody so young who has such a good attitude towards finance. And one who understands that any sacrifices made now to get the mortgage whittled down & paid off in a relatively short time, means that you can be mortgage free whilst still young & in a position to enjoy the freedom & financial benefits that being mortgage free gives to you.

May your journey towards being MF be a much speedier one than you could ever hope for.

Rabbits<3

Thanks @Cattie :-)

More good news potentially on for 10% bonus (of yearly not monthly pay), no im no banker just a lab tech but its related to company performance and they're having a good year. Half of that would go on flooring the loft the other probably savings or mortgage depending on what I decide at that point, and due an inflation pay rise in July (our bills havent actually gone up and we can manage so that'd be put on the mortgage or possibly into the savings pot for a new kitchen we shall see, current one is liveable its just stupidly laid out and does not remotely utilise the space available properly, me and my dad have fitted several together so only need a few new cupboards and doors and a new bit of worktop not a big job at all .. oh and smashing a wall out again no biggie really).

kitjos

Hi Rabbits . Good to see that your committing yourself to becoming MF, its a big jump isn't it! I'm also in the same age group as you (26yo, planning to be MF at 34), don't know if you've discussed this with any of your family or friends but they've often looked at me like I've got two heads when I've mentioned it, good job we have MSE to write on!


All the best with the OP'ing, that pay rise will help!


xx