Procrastinating Pete dillies and dallies to mortgage freedom

Procrastinating_Pete

I've been lurking since before Christmas and finally decided to register and start my own mfw diary.

About me: early -ish 40s and married with 2 primary age kids.

Late starter to home buying in 2006. Moved into our current home in 2008 and have been slowly trying to reduce the term and the amount owed.

Plan is to be mf before i turn 50 in 2021. But currently owe £120,000 :eek:

Luckyinlife

Gd luck pete do you make overpayments or anything currently ?

Procrastinating_Pete

Luckyinlife wrote: »

Gd luck pete do you make overpayments or anything currently ?

I have a regular overpayment of £60 a month and then make ad-hoc payments.

We also have a good amount of savings. We are planning an extension to the house in the next year or so but once that is done we'll know if any savings remain to over pay the mortgage.

I have a self employed job alongside my regular job and decided today to pay the £950 I earned doing that over the last couple of months as an overpayment. Was hoping it would take me under 120K but mortgage stands today as £120,332 :mad:

To stop procrastinating with my self employed job I'm going to motivate myself with using all I earn from it (less tax) to OP.

Procrastinating_Pete

A brief history of my mortgages:

First mortgage in 2006. We first borrowed £165500@5.99% (2yr fix) over 25 years

We moved in 2009 and increased our mortgage to £190000 @4.2 % with a MF date of 2032 - when I would be 61.

Then we started overpaying and saving quite hard. Helped of course by oldest and then youngest starting school and childcare costs reducing.

Currently six months off end of a 2yr fix with N#t w3st. 2.69%. Balance £120332.MF 2025

My aim is to pay it off by November 2021 before I turn 50.

Luckyinlife

Aww great :] Im self employed as well and it is hard to divvy everything up tax/ NI pension mortgage ect
This year im just saving 55% of what i profit in a month and the rest is for life

Sounds like your on top of it tho :]
Youv taken it down a lot in the time youv had it well done and now you have a good rate to compared to the 4 and 6% you had

Perfect target really MF by 50 then save for 5 years then retire :]