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

easylife73

Haven't read the full thread yet, but can I join please? Our original mortgage end date is 2036, but would like to do it by the time we are 55, which would be 2028. Currently have three mortgages, totalling about £138,000. First was to buy the house, second to do an extension/reconfiguring upstairs and third was last year to reconfigure downstairs/sort out dodgy kitchen and conservatory.

Once mortgage is paid off we would like to maybe buy a little place abroad but to still have the house here as a safety blanket. Kids are nearly 15 and 12 so some expensive years coming up, but hoping my wages will increase in line with that as they get older and I can work more.

Agree it feels like a long slog, but hopefully having other people on a similar trek will help! Just off to read the rest of the thread now....

pinkteapot

Welcome to what will hopefully be a 10-15 year thread! :wave: Come on in!

I've added you to the list. Just let me know if you want your entry changing.

turtlemoose

I've shuffled, no OP this month as all spare funds going towards wedding (1st August, eek!). Wedding pot sitting at £600 now though, on target for what we want

Luckyinlife

Hey guys your all doing great
welcome to the new guys as well :]

I myself have a £1600 In what is now called my over payment fund I am going to hopefully make this upto 2k next month and once the house is all done pay off the mortgage asap due to a fee and doing my house up im keeping it just in case i need it for stuff

My main aim would be to hit under 60k would be amazing

bubblycrazy

I had an extra payment from tax credits this month of £510, which means my monthly payments for the rest of the year have gone down by £69. I hate it when my spreadsheet gets messed up!

I can't decide whether to pay off my CC balance of £489 with it. I'm currently paying off £140 each month as I had this spare, so in theory I shouldn't miss the extra money.

Once the CC is paid off the only debt I will have is the mortgage.

pinkteapot

What are your other options for what to do with the money, bubbly?

Firegirl

Enjoy the run up to your wedding turtlemoose!!! Best day of your life!!!

bubblycrazy

pinkteapot wrote: »

What are your other options for what to do with the money, bubbly?

Put it in an account I don't use very much and transfer the £69 I'm down across each month.
Buy some shares that I have the chance to purchase at a reduced rate.
Or OP mortgage, but I don't feel right doing that when I still have debt on the CC!
Hmm
Not long to go turtlemoose! :beer:

turtlemoose

Is it? I'm not particularly bothered we shall see!

pinkteapot

bubblycrazy wrote: »

Put it in an account I don't use very much and transfer the £69 I'm down across each month.
Buy some shares that I have the chance to purchase at a reduced rate.
Or OP mortgage, but I don't feel right doing that when I still have debt on the CC!
Hmm
Not long to go turtlemoose! :beer:

Ohh I missed the point that they're giving you reduced payments for the rest of the year.

Hmmm - can you manage the monthly budget with £69 less? If not I'd definitely put it away and drip-feed it back each month.

If you can squeeze it, I'd pay off the CC if you're paying interest on it, but if it's 0% I'd OP the mortgage...

Alternatively, you could go the middle route - put it away in savings, only drip-feed if there's a month when you really need it, and then OP it at the end of the year.