Mortgage free by 2023 (!)

PopcootMFW

Count me in for support too. I'll be sticking it out here for the next 10yrs as well! We have a 14yr term left and aim to reduce it to 10yrs.

Well done on your debt repayments, I can see you have been working incredibly hard.

debtfreeoneday

PopcootMFW wrote: »

Count me in for support too. I'll be sticking it out here for the next 10yrs as well! We have a 14yr term left and aim to reduce it to 10yrs.

Well done on your debt repayments, I can see you have been working incredibly hard.

Thank you Popcoot, that's kind of you!

Glad to have the company and to have people aiming for the same timeframe is good! Will find your diary as well.

kitjos

Count me in too! .

We have 30 year's left on mortgage term but trying to reduce it to 7 years. Will take us to 2022 (hoping for anywhere between 2021-2023), so were working around the same date as you! .

Congratulations on the debt reduction, luckily ive never dealt with debt so can not relate completely but WELL DONE!

You can see my mortgage figures in my signature .

Onwards and upwards to MF! Xx

shangaijimmy

Its good to have people on similar journeys and similar numbers. We're in the midst of remortgage and i have some ambitious plans afoot! When we start our shiny new one i'm setting a target of a minimum of 132 payments to be MF, so 11 years. Overall that will have shaved off 11 years from the original term when we bought in 2006.

Then we stretched ourselves to the absolute limit, so the for the first 3 years we only paid the interest as we waited for pay increases to take effect. By Feb we'll be at the stage that our overpayments are 60.12% of the actual standard payment value. A mini target is to match the standard payment with the same overpayment, though i suspect this is about 4 years off yet!

Needless to say i will be starting a diary of my in the next few weeks, so there's real commitment once its written in stone!

debtfreeoneday

Thanks Kitjos and SJ for popping in, I will find your diary Kitjos and subscribe. and will do the same for SJ when you set it up!

kitjos

I dont have a diary (well not online, just keep a home diary). I am part of the "mfw 2015" thread, its a group collection. Ask Lomcevac for a number and give him a yearly hopeful OP target. It keeps me focused . I love it.

X

debtfreeoneday

Will have a look thank you!

Slight change of focus for me in that I think I have a way to clear the main debt by the end of this year by using the little people's savings..

Then I can clear the credit card next year and focus on the mortgage towards mid 2016.. I am going to keep this diary going as I want the focus and the mortgage repayments might start earlier than that depending on nursery payments ceasing, pay rises etc..

4 days to mortgage payment for this month!

debtfreeoneday

Mortgage payment made for this month and although I'd decided to not overpay on the mortgage for now, I was too late to stop the overpayment, so £40 paid extra. Not much I know.

0.7% of the outstanding balance paid off this month and we are down to £117 something!

Every little bit adds up I guess!

shangaijimmy

That's £40 you'll never pay interst on again! Take that bank...!

debtfreeoneday

shangaijimmy wrote: »

That's £40 you'll never pay interst on again! Take that bank...!

So true - thank you for putting the little things into perspective for me!