Mortgage free by 2023 (!)

debtfreeoneday
debtfreeoneday Posts: 4,802
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edited 17 November 2022 at 5:50AM in Mortgage-free wannabe
Hello,

I'm usually found hanging out on the DFW diaries thread as you'll see from my signature we are still tackling debt..

However, my plan was always to start attacking the mortgage after that, but having just sat down and worked out how much we need to overpay to clear it in time for DH to retire at 65 latest, I think we need to start now!

I still have to focus on clearing the debt as it's on a slightly higher interest rate, but I don't see any harm in starting to overpay the mortgage a little bit here and there as well. I've found a debt free wannabe diary massively helpful in helping me to focus and curb any unnecessary spending, so here I am!

I don't expect masses of activity, but every little bit will help!

We have 14 years left on our mortgage with £118,031.21 left to pay wef today (I just realised I could access this online - will regularly stalk this from now on!) We want it gone by December 2023. We pay £921.60 a month which is effectively my wages - it feels a huge amount as it is, but I know we have to do more.

Would love some company for the next 9 years!!!
DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)
«134567333

Comments

  • shangaijimmy
    shangaijimmy Posts: 3,796
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    Count me in for supporting you. We're similar timescales to yourselves, in that realistically it'll be 11 yrs, working to make it 10yrs, but (not so) secretly think we with some good fortune (and the kitchen lasting) we can box it off in 9yrs.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • pinkteapot
    pinkteapot Posts: 8,037
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    We're aiming for 13 years (pay off by 2028), which will be half of the original term we took out (moved last year and original MF date was 2042 :eek:).

    So, I'm here for the long haul with you! :wave:
  • pinkteapot
    pinkteapot Posts: 8,037
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    We need some threads on this board along the lines of "MF by 2015-20", "MF by 2020-25", "MF by 2025-30", so that people working over a similar time horizon can get together to support and celebrate. :)
  • shangaijimmy
    shangaijimmy Posts: 3,796
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    Sounds like you're developing a role for yourself there...!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Lol pinkteapot!

    Thank you both for popping in, I will find both of your diaries later and follow you.. It feels long haul I guess, but we've been tackling our debt for over 8 years and that has flown by!

    Heres to the kitchen lasting for you Jimmy!
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • amycool
    amycool Posts: 866
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    Hi debtfreeoneday!

    I imagine it must get a bit tiresome paying off debts, whereas with a mortgage it seems somehow more positive. It looks like you've paid a huge amount off already and you have some good goals for this year.

    I don't really have a date in mind yet. It's supposed to be 2028 but I know we can knock at least a few years off that.
    Mortgage (Start Sep 2014)- £70,295/£0 - 100%
    Overpayments - £48829.37 :j:j:j
    Mortgage paid off Jan 2020
  • It's good in that it reduces every month and I look back now at how much we've paid off and how long it's taken, but I know we've worked really hard at it and done it as fast as we could, whilst still living a little in the process!

    Bit of juggling done with YNAb last night and I have £10 ready for the mortgage overpayment this month so far. Unlikely to get anymore as it's that post Christmas "will payday ever arrive this month" feeling at the moment!
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • amycool
    amycool Posts: 866
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    I was feeling the same last night! Loads of outgoings this month so my January total is a huge minus so far!
    Mortgage (Start Sep 2014)- £70,295/£0 - 100%
    Overpayments - £48829.37 :j:j:j
    Mortgage paid off Jan 2020
  • To reach £1000, it's £84 or so each month.. I won't reach that this month I'm sure, but hopefully will on some other months.. The other thing I'm mulling over is that DH has been put foward for an £8.5 k payrise which we were not expecting. It's great news if it goes through.. but we're debating to ignore the money as we don't need it to manage each month and it's whether we just fling it at debt for the next say 12 months..
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • Evening!

    Logged on to check our mortgage account and whilst I'm not an expert in mortgages, I guess the amount increases with interest over the month and then the payment is made so it reduces again. I didn't realise that my mortgage company had their own repayment calculator, so I've been playing with that as it's more accurate than the one on here as I've got a rate that will go up in a few years. I can't just make a repayment so I've set up a regular overpayment each month, but hopefully I can just go in and amend that depending on what I've saved up. First £40 set up to go next month.. YNAb is certainly doing a good job of focussing me on this.
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
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