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

pinkteapot

Thanks, chocs! I'll see what I can work out - got 21 days to do it!

shangaijimmy

My house with bricks is phenomenally simplistic, but does the job on the fridge. I colour the brick in whenever we complete, then fill the date in on my computer.

I don't regard house value and simply look at the number of bricks for the amount of mortgage.

Let me know what you think.

https://drive.google.com/file/d/0B-RWg-v4lfUuXzJZUjFQcFBZUkE/view?usp=sharing

pinkteapot

That's the sort of thing I was picturing! I probably would do it with a number of bricks equal to the house value, but not bother changing it as time goes on. Just because we do own a good chunk of the house already and it'd be nice to see that increasing. But apart from that, I thought they were just as simple as yours.

shangaijimmy

In my mind I class the roof as the bit we owned initially.

Brokeattheminute

I increased my D.D from £75- £95 because when i looked at the overpayment calc i found that with that overpayment i could pay 1 of my mortgages off in 4yrs time instead of 6 so will be worth it in the longrun!So it means it'll mean i'm paying £1130 per year extra instead of my original £900.Then after that gonna concentrate on the bigger mortgage which will have 8yrs 4 mnths left on it and try to get it paid off around 2025.Thats the plan at the minute anyway.

amycool

Brokeattheminute wrote: »

I increased my D.D from £75- £95 because when i looked at the overpayment calc i found that with that overpayment i could pay 1 of my mortgages off in 4yrs time instead of 6 so will be worth it in the longrun!So it means it'll mean i'm paying £1130 per year extra instead of my original £900.Then after that gonna concentrate on the bigger mortgage which will have 8yrs 4 mnths left on it and try to get it paid off around 2025.Thats the plan at the minute anyway.

How crazy that an extra £20 a month could save you 2 years!! Definitely worth doing if you can afford it.

amycool

I have a coloured in house too. Mine is very basic. Just an A3 sheet of sugar paper with a house vaguely resembling ours divided up into 187 squares. With such an odd number it does mean there's a big square on the roof!

We started with a fair bit of equity so I spent ages colouring at first!

It's just dawned on me that we now own 2/3 of our house! :T Almost exactly!

My MFW plans might be slightly scuppered for the next few months due to driving lessons. I had some money saved for the first block but now it's all coming out of the savings. Fingers crossed I don't follow in my OH's footsteps and need 4 tests.

poohbear59

Can I please join you. I have two mortgages to pay off. One is a business mortgage on our house and is due to be paid off by 2021 and the other main mortgage is due to be paid off in 2026. total in mortgages is £103000.

We are not overpaying at the moment but hope to be able to do so very soon.

pinkteapot

Hello, poohbear59! Welcome! Your post is giving me major deja vu - have you posted on the thread before and I've ignored you?

Take a look at the member list in the first post and if you want me to add you to it, just shout. You can just have name, original MF date and target MF date if you like.

Firegirl

Brilliant idea- I'm aiming for 2029 and this will be a real push. I want to be mortgage free by 50. Worst case i know I'll def be mortgage free by 55 absolute latest(Can I still join)

Plan to maybe invest in buy to let at some point but that's on back burner for now.

Plan is to pay off early while still having fun!!!