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

ourcornercottage

katep23 wrote: »

Crikey, I (almost) could have written this! We went from renting to our (hopefully) forever-or-at-least-for-the-very-long-term home in December, moved in at Christmas and need to do a huge amount of renovation which has been estimated at about £75K. This involves a new roof, total rewire, new heating system (going to go for biomass so more expensive in the short term), new kitchen, bathroom etc.

We don't have the money up-front so it will be save and do a bit. We took out an offset so at least if we can't OP we can benefit from the savings.

My current mortgage end date is 2044, I was aiming for MFW date of 2033 (when I'm 55) but my ideal is 2030 so I hope I'm allowed to join!

Our roof is the one and only thing that it okay! Yay! We have plumbing to do (end of month), 2 bathrooms, kitchen, every wall has woodchip, rewiring, oh it goes on, and on, and on!

katep23

Ah I've read your signature and I'm jealous of the solar panels, the only roof which is suitable is the garage but that's waaay down the line

LoveTheCoast

LoveTheCoast || original MF date Jan 2033 || target 2028 (ideal 2025) || goal: to be debt free and be able to save for earlier retirement || (no diary)

velocity_girl

Hi guys, not sure if I entirely fit in here but hoping I can join? My mortgage term is to 2038 and currently regularly overpaying at a rate that would see us paid off in 2030 (though I'm also doing occasional extra OPs to bring it forward a bit more from 2030, ideally 2025 but more likely maybe 2028).

I'm quite similar to lippy1923 though - we are in a 2 bed flat and hoping to start trying for a baby by the end of 2015. Our flat is great for current needs and would also be fine with a young child but realistically is not enough space for a teenager or more than one child. So we will probably be looking to upsize... The dream would be to be able to do that with no mortgage on this place and the whole sale price as deposit but we may have to move before we even get to 2028 so who knows!

velocity_girl || original MF date 2038 || target 2028 || goals: pay off mortgage to use whole sale proceeds as deposit on forever home

And my diary (fairly recently started!) is here: https://forums.moneysavingexpert.com/discussion/5145119

gallygirl

Hopefully will be MF later this year, but just wanted to cheer you all on :T:T:T

bubblycrazy

Hi, can I join please? I became a homeowner in August last year and would love to be mortgage free before I'm 40 which is in 2025.
To reach my goal I need to make OP of £255pm, currently I only OP £60pm as I am clearing a CC (£749 to go)
If I can overpay more in the future I have a secret ambition to pay it off by 2022.


bubblycrazy || original MF date Aug 2049:eek:|| target 2025 (even earlier if possible) || goal: to be debt free, happy and save for early retirement || no diary (yet!)

pinkteapot

Hello, newbies! I've added everyone (I think) - just give me a shout if I've made any mistakes.

If you haven't posted your details in the list style, I've assumed you don't want to go on it (which is absolutely fine). If you want to be added, reply with your information.

Nice to see all the comments from people with good rates due to low LTVs - we're on a good lifetime tracker with around a 50% LTV. Low interest rates = less the lenders are making out of us, and then even less with all our OPing.

According to my spreadsheet, if we keep up our current rate of OPing, not only will we be MF in 2028, we'll have saved £43,956 in interest over the life of the mortgage. :money:

And that's if the base rate stays the same - obviously it won't and if it's higher we save even more (though MF date would be later, unless we can up OPs in the future).

Also hello to those trying to become MF to then fund the next house purchase. We almost did that on our last house. We had our mortgage down to about £35k, and then moved to The Big House. For anyone already wondering whether they should just be happy being MF, rather than then moving and taking on a mortgage again, I say do it. We're so glad we did, even though it was a daunting jump in mortgage size (£35k to £245k!!). Totally worth it for this house and made the hard OPing work in the old house so worthwhile.

shangaijimmy

EDIT: Just catching up on the thread and read shanghaijimmy's post properly, and realised I totally just stole his idea of a members and diaries list. Still, great minds. :rotfl:

Great minds think alike, or is it fools seldom...

shangaijimmy

shangaijimmy || original MF date June 2036|| target March 2025 || goal: to be MF by 46, to save for full retirement at 60, to save to put 2 clever boys through Uni || https://forums.moneysavingexpert.com/discussion/5196903

My diary is very new so the more viewers the better!! At the moment we're at 61% LTV and pay a good 1.99% so are making some very good inroads with a standard £423 overpayment. Overall we allocate 1/3 of wages to mortgage but we do need to find another £100 per month if we are to sneak under 10 years but I have a plan... Which will be detailed on my diary and here over the weekend so people can add their thoughts and suggestions

I have lots of goals. Full retirement for 60 is definitely a major one (24 years away yet!!), but i also have 1 very clever son so i suspect University is on the cards!!

sweaty_betty

Hi there - I tried to post yesterday but was thwarted by the archaic internet at work...

I'd like to join!

I originally bought a flat when I was 25, which would have left me mortgage-free by age 50. Unfortunately things changed and I ended up moving around and staying in rented for a few years and only got back on the property ladder 9 years ago.

My current mortgage: £130K
Current repayment date: 2028

I'd like to be mortgage free when I'm 50 (as the original plan!) but at the moment I'm going to be 53-4. So my aim is to overpay as much as I can (while still have a life/holidays etc) to try to bring it down.

I'm currently overpaying £50/month, which will knock off about 10 months, hoping to overpay more when we no longer have to pay for childcare :j

I'm told by my mortgage company that any overpayments will be put into a separate account and offset against my mortgage and I can draw out the money if I need it (although I'll be trying not to if possible).