Mortgage free by 2023 (!)

debtfreeoneday

Monthly mortgage payment made with the first overpayment of £20 meaning the balance today is 116,773.16, that's 1.1% paid off.

Have submitted the request to up the overpayment to £40 as of next month.. on the overpayment calculator, that's cuts off 9 months and just over £2000 in interest. I have a little (and I mean little) pot building of a lump sum overpayment to make at some point, which is currently standing at £30..

In my debt free land, I'm working hard on the loan and having decided to use the last of the kids savings (with the intention of repaying this in time), the loan should be down to £2500 ish this month - hopefully that's overpaid by August latest and then I can start to focus a little more on the mortgage, mindful of the 0% balance I need to clear..

Feeling in a good place with money at the moment.. that's probably more to do with being in control..

kitjos

Glad you're still pushing through


Its nice to feel in control of money - I have that feeling most times (until credit cards come through the post - usually only a £100 or so but its still money to find!).


Are you still on track for 2023? I had a look at OP calculator the other day and we're still on track for that year (possibly 2021/2022 if we keep pushing OP's).


Keep it up xx

debtfreeoneday

Hi kitjos.. yes that would put us on track for 2023.. although I will be in a better position to assess this after we have cleared the loan and pesky credit card..

Thinking is very much then we pay what we need to to hit 2023, but with less compromise on life as we are very much putting a lot on hold this year to clear the debt.. that said every month earlier we clear it, means we can save the money towards a saving pot bearing in mind DH is hopeful of retiring in 2023 after the mortgage has gone!

andrewmp

debtfreeoneday wrote: »

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!!!

I'm hoping to be mortgage free at the same time. I've got 24 years remaining but hope to pay it off in 8 years maximum. Hopefully we're both happily mortgage free in 8 years time.

Luckyinlife

Great job on the mortgage overpayment it is mad how just £20 an make such a difference great work :]

How do you find it when it sucks up all yours wages in one go do you manage ok

great job either way very motivational :]

debtfreeoneday

Whoa Andrew - that would be fantastic to drop from 24 to 8 years!

Hi Lucky - I don't think about it taking all my wages, one / both of us have to pay the mortgage somehow and if I wasn't working, the mortgage wouldn't be getting paid. Thanks for popping in!

debtfreeoneday

Been jigging about with mortgage overpayment figures again an I reckon as we stand now, I could easily find £400 a month to pay off once the last of the debt and the credit card is gone.. I'm aiming for this to be done by the end of this year which is a MASSIVE ASK! but still earlier than April next year which we were looking at.. it means SUCH a frugal year in terms of holidays (ie none), Christmas and birthday presents (very little).. so we will see how it goes. I don't mind not having presents, but the little people will have to have some of course, I'm just going to try and build them up thoughout the year..

Confirmation of regular £40 overpayment received, so will hopefully up this again after April when I know what my pay rise looks like.. not getting too excited.. probably about £15 a month!

kitjos

Glad to see all is well still


A £400 OP per month will be amazing - you'll soon see your mortgage capital figure shoot down! I believe in pushing ourselves past what we think our limits are. If you think you may be able to be debt free by the end of the year - THEN GO FOR IT.


Although my goal is not the same as yours, i have the same principle. My huge goal would be to reach 99k on mortgage by the time our fixed rate runs out (Oct 2016) - that's OP'ing by nearly £30k in 24 months; this will then give us a LTV of 60%. In normal terms there is no chance of making that amount of money - especially with baby #2 making an appearance next month(!!) ---- BUT, it does look doable if I live frugal like you are.


I'm more excited to be at 99k than I would be to have a holiday or entertainment (latest dvd's etc). So we're pushing for it .


Hard but exciting times for us both xxx

debtfreeoneday

I agree re the more exciting to hit a figure than have a holiday example. I don't mind we are not having a holiday this year if it means we make a massive indent on the finances..

DH's pay in and mine in on Monday so will leave starting to make payments until then just to know exactly what the month looks like.

Hoping for £500 off the loan at least this month, but also garden works are ongoing and I need to spend a little out there to keep things ticking over..

debtfreeoneday

Mortgage payment made again and we have paid off 30.85% now with the balance at £116,117.83.

I've also got £50 built up so far to make a lump sum payment at some point (or adjust the monthly repayment up)

£100 out of the £450 target this year overpaid..

Just impatient to get rid of the final bit of debt and the credit card to only have one big debt - the morgtage to focus on!