Mortgage free by 2023 (!)

Moneyfordreams

Fab OP :T:T:T

debtfreeoneday

A bumper day for OPs it seems. fleabay sales mean after posting, I've just sent another £53.17 making July up to £1319.67.

Randomly found 5 pairs of jeans I didn't know I had, all in next two sizes down. Next size down just about fit, so I've sorted two pairs to sell, one that was an old pair and falling apart has gone in the bin.

I forgot to say I hit my 1 stone loss yesterday, so in 28 days I lost 14 pounds. Feeling really motivated this time and hopeful I can keep going with the loss. Hubby isn't far behind me on 12 pounds lost! Feeling so much better for losing it!

debtfreeoneday

Moneyfordreams wrote: »

Fab OP :T:T:T

Thank you!

debtfreeoneday

End of the month round up and mortgage figure has reduced to £81,756.55 which includes our usual monthly OP of £22.84. Extra pennies in from the lump sum DH received earlier this year and so I'm able to send another fairly decent OP of £454.50 to the mortgage bringing July to £1798.01!

Need to wait for that all to update in a few days to see exactly where we are and how much I need to clear to try to get under £80k Monthly interest is still to be applied!

debtfreeoneday

Mortgage updated to £80,703.38 and I reckon getting under £80k will be too much for this month but excited that it will happen next month!

Ordered the stones for our garden this weekend and a local farmer is giving us some top soil for free to fill our new planters, so that will be the garden hopefully done this week!

Pile of washing to tackle tomorrow thanks to little miss returning from camp!

heston2014

Joining this thread as we are aiming to pay off our mortgage by 2023/24!
Background, we have 85k with 20 years to go.. our fixed term ends next month and we have approx. 30k debt we want to clear! We are looking to remortgage with additional borrowing but this time mortgage term of 5 years instead of 20. The additional borrowing is to pay off our debts, we have good credit and income, have worked out the numbers and it would cost us 2k a month on mortgage payments over 5 years. We wanted to take advantage of our good income and pay off our mortgage sooner than later. So then we would own our property outright, rent it out or sell it to move to a new home. We're both in our 40s, have a good paying jobs which is why we want to make the most of it whilst we can and aim to retire without being tied to a mortgage or any debts. It's going to be tough especially ensuring we don't access credit cards but we think it's doable and the end goal of being mortgage/debt free is what will keep us motivated to make this happen! We almost entered into a two mortgage situation recently as we wanted to rent out our property/release equity/buy a second home. This would have resulted in two mortgages worth 650k! It was a scary thought, but thankfully, our let to buy application got declined which was a blessing in disguise if I'm honest. It got us thinking to re-evaluate and focus on what would make more financial sense to us. Although having nice house was a dream for us (we live in a flat), the thought of being tied to two mortgages for 24 years was just too stressful before we even got there.

So OP thanks for starting this thread

CathT

Great weight loss debt free.

Home renovations are stressful and time consuming so hope you find that balance with what you want to do to your home.

Jimmy, I love your marathon with lots of routes analogy. Sometimes I feel like I'm running on the spot!

debtfreeoneday

So monthly mortgage repayment has reduced by £21.99 a month as result of recent OPs. My formal OP takes us up to £851 ( set it up on a day when I wasn't concentrating!!) So we now OP £43.83 automatically on payment day.

Sending the first if August's OPs over from a few tidies in the account, pcone surveys and fleabay sales. It's £38.87.

Had a nice week so far, fairly quiet, but chilled. Currently watching a film with the littlies.

CathT

Love the snowball effect overpaying. A chilled week sounds good, little ones need down time as much as we do.

Great start to August overpayments!

debtfreeoneday

Another £18.47 sent today because DH's credit card seemed to have a moment and sent us a cheque for fees not applied to his account properly - who knows what that is all about, but I'm not complaining!

August OPs - £57.34.