The "Mortgage-free in 2025-30" club!

pinkteapot
pinkteapot Posts: 8,037
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edited 17 January 2017 at 4:51PM in Mortgage-free wannabe
Welcome to the thread for all those MFW's aiming to get MF during 2025-30. Come and chat to people working over the same timeframe as you, and then join the party in 2030 when we're all mortgage-free! :D

If you'd like to be added to the members' list below, just post your details and I'll add you. Prod me if I don't - it's nothing personal and just means I missed your post!

MF 2025-30 Club Members

  • abi a mfw mum || target August 2028 || goal: MF by the age of 40
  • amycool || original MF date Nov 2028 || target 2025 || goal: To have the freedom to work less and save more for retirement || amycool's diary
  • Anagran || original MF date 2046 || target 2030
  • audigex || original MF date 2040 || target 2028
  • Baby Angel || original MF date 2036 || achievable target 2029 || goals: DFW asap or Dec 2016 latest; MFW by 2025; Have enough savings to be able to retire at 60; and the list goes on and on ...
  • Brokeattheminute || original MF date Feb 2028 || target August 2025
  • bubblycrazy || original MF date Aug 2049 :eek: || target 2025 (even earlier if possible) || goals: to be debt free, happy and save for early retirement
  • choccielover || original MF date 2041 || target 2025
  • clarew || original MF date Oct 2028 (was £185k in 2003) || target August 2025 || goals: to have mortgage paid in 10 years from now so we can save to help the kids through uni or training etc or otherwise spend it on holidays for me and hubby!!
  • easylife73 || original MF date 2036 || target 2028 || goal: Pay the mortgage off, then buy a little place abroad.
  • engineer amy || original MF date 2035 || target 2025
  • Firegirl || original MF date 2042 || target 2029 || Firegirl's diary
  • hallamblue || original MF date 2033 || target 2030 || goals: to be mortgage-free on my 60th birthday
  • helibob || target 2030
  • Keeponmoving || original MF date 2033 || target 2027 || goals: I would love to be MFW before my 50th birthday, to be able to visit the countries that are on my list. :T
  • LannieDuck || original MF date 2039 || target 2029 || LannieDuck's diary
  • LadyGnome || original MF date 2034|| target 2025 || goals: to finish mortgage when the children finish school so I can move the focus to holidays retirement planning
  • Lippy1923 || original MF date 2035 || target 2025 || goals: To be MF at 35!
  • liuhutOz || original MF date Apr 2044|| target 2034 (ideal 2032) || goals: to be debt free and be able to help the kids out
  • LoveTheCoast || original MF date Jan 2033 || target 2028 (ideal 2025) || goals: to be debt free and be able to save for earlier retirement
  • Luckyinlife || original MF date 2040 || target 2025 || goals: To own my property outright is my life goal plan to be mortgage free by 40 im 27 now 2015 :]
  • McTaggus || original MF date 2048 || target 2027 || goals: get rid of the mortgage at the same time as child maintenance payments end, to then have far more financial freedom!
  • MFWKid || original MF date 2043 || target 2030 || goals: mortgage free by 50!
  • military twins || original MF date July 2039 || target July 2029 || goals: to have mortgage paid off before we are 50 so we can help the children out with uni/house deposits
  • missis_amber || original MF date 2041 || target 2030
  • Moneyfordreams || original MF date 2037 || target 2025 || goals: Get debt-free, mortgage-free and retire!
  • MrCrimeFiction || original MF date 2036 || target 2030
  • MummyEm || original MF date Nov 2039 || target Nov 2025
  • Mummyisbeauty || original MF date 2032 || target 2025 || goals: to then look at getting the Forever Home with a small loan, or helping our son out in the future
  • NorthernMonkey1 || original MF date 2033 || target 2025
  • ourcornercottage || original MF date 2034 || target 2025 || goals: MF by 50 and saved for a btl or investment property. Retired fully by 60. || ourcornercottage's diary
  • pavlovs_dog || original MF date 2040 || target 2028 || goals: freedom to travel and prepare for early retirement || pavlovs_dog's diary
  • pinkteapot || original MF date 2042 || target 2028 || goals: freedom to resign whenever we want, holidays, wine and, hopefully, earlier retirement! || pinkteapot's diary
  • poohbear59 || original MF date 2026 || target 2023 || goals: to be mortgage free so we can enjoy our retirement and travel. And help out our family too.
  • rammelino || original MF date 2030 || target 2025 || goals: to be mortgage free at 50 and to have some spare cash to put our two kids through University![/COLOR]
  • shanghaijimmy || original MF date June 2036 || target March 2025 || goals: to be MF by 46, to save for full retirement at 60, to save to put 2 clever boys through Uni || shanghaijimmy's diary
  • Skippycat || original MF date 2038 || target 2027 || goals: to pay off mortgage asap so we can start saving extra money towards retiring early
  • slicence || original MF date June 2033 || target May 2025 || goals: After this little house I'd love to build my own home
  • Synonymous || original MF date 2040 || target 2025
  • t-rexcellent || original MF date 2032 || target 2027 || goals: freedom to enjoy more time at home and be more flexible with work. And enjoy a beer or two!
  • turtlemoose || original MF date Dec 2038 || target Jul 2027 || goals: nothing specific, just being MF is the start, hadn't thought further than that! || turtlemoose's diary
  • velocity_girl || original MF date 2038 || target 2028 || goals: pay off mortgage to use whole sale proceeds as deposit on forever home || velocity_girl's diary

This thread came about following a discussion I had with some people on another thread on this board a few months back. I said it would be nice to have a place to chat with people who are aiming to be mortgage-free around the same time as us. I suggested clubs for those who aim to be MF in say 2015-20, 2020-25, 2025-30, etc. So far, this is the only club that's been started but hopefully more will follow if people like the idea. :)

Early graduates (good work!)

  • A Frayed Knot || original MF date 2030 || target 2025 || goal: to graduate from the group early! - goal achieved! Graduated December 2015, with a new MF target date of 2018-2020. Now on the Mfit Challenge 4 thread.
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Comments

  • yes me me me! I'm hoping (in reality) for 2025 although I would like to beat this by a couple of years.

    We are also on a renovation plan, although I can see this adding up to close to 70-80k by the time we reach the end of the road as everything needs to be done on our house. TBH I'm not even thinking about that and will be done at the same time as making the OP's. This is our last house purchase ever (hopefully) so we aren't penny pinching adn dont even have a budget. We just think of the next thing that needs doing and save up for it!
  • turtlemoose
    turtlemoose Posts: 1,639
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    What a good idea. 2027 for me :) I'll be 42 and my eldest child will be 15. With no OPing my last payment would be Dec 2038 :eek:

    At the moment it feels like a bit of an impossible task. I started my MFW journey quite excited, but a year in I feel a bit demotivated :(

    It's *such* a long time. Plod plod plod :o
  • amycool
    amycool Posts: 866
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    Hello! :hello:

    We're hoping to be mortgage-free by the time we're 40 in 2025. On our current wages this would be easy-peasy but I'm hoping to become a full-time mother once we have adopted, which means it will suddenly become very hard!

    We too have some projects to do on the house. We have some money saved for some of them but the rest will have to wait. Luckily the bathroom and kitchen both function okay, they're just really ugly. :D

    turtlemoose - It does feel like forever doesn't it? I like changing the percentage in my signature each month though and also being a part of MFW 2015 as that percentage goes up much quicker. :)
    Mortgage (Start Sep 2014)- £70,295/£0 - 100%
    Overpayments - £48829.37 :j:j:j
    Mortgage paid off Jan 2020
  • turtlemoose
    turtlemoose Posts: 1,639
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    hey amycool I'm an Amy too, and we are the same age :)

    My MF journey actually starts with me becoming DF first, thanks to some clever folks on here I will actually be MF *quicker* if I pay off the debt first not OP the mortgage! Whoda thunk it?! But it means I can't play in MFW 2015 yet :(

    Ref home improvements, we have already done the kitchen (part of the debt we are paying off! 2k to go on that) and thankfully that was a lot cheaper than it could have been because my lovely Dad did all the labour for us for nothing.

    We do need a new bathroom but think that'll be one for next year/year after.

    We are going to be trying for baby #2 for me (#3 for OH) in a few months - whilst much much wanted, me on maternity leave is a bit of a killer as I'm the main earner.
  • pinkteapot
    pinkteapot Posts: 8,037
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    edited 17 March 2015 at 4:26PM
    Woohoo! Hello, club members. :D

    I was thinking that if someone else sets up a 2020-25 thread, any of us who manage to do better than we expect and are heading for an earlier MF date, can 'graduate' to that thread. Or if life gives us lemons we can move to a later target date thread. If that makes sense. Not that I'm trying to get rid of people before we even get started! You'd be equally welcome to still hang out here. :)

    As for us, in 2028 I'll be 47 (hadn't worked that out before :eek:) and DH 51. No kids here yet and not really sure if that's in store for us - that'd be a reason for me downgrading to one of the later target groups. :D

    We are supposedly in the forever home now. We bought a house using a £100k mortgage in 2010, and OPed it down to £30k by 2014. Instead of being MF a year or two later, we upsized dramatically and took the current big mortgage. So when we've made good inroads to the new mortgage [STRIKE]we[/STRIKE] I have to resist the urge to move again...

    Don't be demotivated turtlemoose - it's just a great target to have. Even if plans change and you stop OPing in a few years, having OPed early in a mortgage really helps later on. It significantly reduces the interest over the life of the mortgage and gives you more financial flexibility if things go wrong - eg to recalculate lower regular monthly payments. If the overall plan seems big/depressing, think of it that way - no long term pressure on yourself. I like the MFW 20xx threads as it's good to just have an annual target and meet it. Breaking the daunting, overall goal down into manageable chunks. :D
  • pinkteapot
    pinkteapot Posts: 8,037
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    p.s. For anyone doubting we'll all still be here in 2025-30, because it's a weird future world where we'll all be driving hover cars, I've been on these forums since 2004 (I'm on my second username). 11 years on here so far, 13 to go till my target MF date. Time flies!
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Great Idea

    Im Shooting for 2025 10 year mortgage Ill be 37 then but would still be happy if i was MF by 40

    My mortgage Is around 68k over 25 years house is worth around 95k i still haven't even had it yet or the house but im hoping to get keys this month sometime I hope see sig

    I am currently self employed so How i work it is i save 60-70% of any profit i make each month this covers taxman and personal savings the other 40% is living expenses and a bit of reinvestment into my business

    My interest rate is sky high at 6.4% so this will motivate me to save as much as i can as i go onlong

    Hard to say how much i can save monthly as its always different but ill do my best
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Hi,

    Just joined the forum so I can join this post. We've just remortgaged taking out a 5yr fixed rate of 2.95% on £188000 over 18yrs, which also knocked 6mths off our previous mortgage. The monthly premiums are a bit less so that money is going straight into a new savings account along with other money we save till we get to our minimum capital overpayment amount ~£3750. The aim is 3 of these payments over a 2yr period, with a minimum of 1 a year.

    So it's due to be paid off 2033 but we'd love to have paid it off before DH is 50 which will be 2025. We're trying to strike a balance between enjoying life at the moment as you never know what's round the corner and the kids are growing quickly and planning for the future. Neither of us can imagine doing our jobs up to age 68 so paying off the mortgage is part of our retirement plan. So based on life as we know it at the moment we are likely to be paid up 2025-2030.
    Due to be MF [STRIKE] Jan 2033[/STRIKE] Aug 2032.
    MF goal 2028, Ideal MF goal May 2025
  • LadyGnome
    LadyGnome Posts: 801
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    Another one aiming for this club. Our mortgage currently runs until 2034 when I am 65:eek:. Clearly I want it paid off before then. Ideally I would like to pay it off in 10 years when our youngest is finishing school. Our LTV is below 60% so we are on a good deal which makes attacking the capital a bit easier. However, I know its probably going to be a long haul.
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
  • Silian
    Silian Posts: 165 Forumite
    I'd like to join! Aiming for 2030 - I can do it sooner (if things stay like they are now) but I would like to get a BTL investment and the house still has a lot of work to do.

    Luckily most of the big things are done (kitchen, bathroom, wooden floors, boiler, electricity, back door) but it is amazing how expensive even little jobs can be.
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