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

choccielover

very true.

choccielover

So I have just checked and my payments are £4 a month less so can increase my OP by that which is good.
Every little helps as a certain supermarket say

So this years renewal has ended approximately £50 less than last years price.

Welcome Helibob, good luck on your journey. I think as long as you don't make life too painful for yourself, overall it feels like a pleasant journey and not a painful slog. It does become addictive though this overpaying malarkey

helibob

Thanks choccielover - I'm already a little but obsessed! To be fair, our mortgage is pretty much the same as our rent and my intended overpayments are pretty much what we've been saving each month toward a deposit.

liuhutOz

Hi guys hope you are all doing OK. I've managed to get a promotion at work, it's only a secondment but it should mean $20k more for this year and can lead to a perm role. With the extra cash I'm thinking of splitting it, a third towards the mortgage, a third on a nice holiday and the rest on the house. I'm hoping that ongoing I will be able to put more of it towards the mortgage and really start to bring the balance down :-)

slicence

liuhutOz wrote: »

I've managed to get a promotion at work, it's only a secondment but it should mean $20k more for this year and can lead to a perm role.

Congrats!!! That's a heck of a salary increase :beer:

I'm working full time and studying part time ATM, and daydream on a regular basis about that next payrise, possibly by this time next year ATM we don't have a car, so I'm hoping my next significant pay increase will help support me with that, I really miss having a car!

Welcome Helibob

engineer_amy

Morning all, I would like to join in if I can?


im on a couple of mortgage free / debt free challenges but only for 2015, I would like a longer term vision to keep me on the straight and narrow and stop me going on a spending spree once my 2015 challenges are complete! I also don't have the discipline, time or writing skills to start and maintain a regular diary!


So a bit about me and my goals. Currently 30, single and had my mortgage since May 2009, original balance £113995. I decided to start overpaying in 2013, but never actually made any payments until late 2014 (probably because I didn't join in any challenges and couldn't get motivated). Original mortgage free date May 2039 - sounds scary!


I have made a total of £11040.56 of overpayments to date and when added to my regular payments, brings my current outstanding balance to £88833.05, and according to all the calculators has removed exactly 4 years off my mortgage free date (2035)


I want to continue bringing this down and am aiming for 2025, but have one or two CC debts which I need to concentrate on first, so im hoping being on this challenge will bring me back to the mortgage after the CCs are sorted.

pinkteapot

Hello, helibob and engineer amy! I've added you to the list.

Big club!! When I've got time I might split the list up by target year. Everyone can obviously move years if they need to, but it might just break up the long list a bit.

shangaijimmy

liuhutOz wrote: »

Hi guys hope you are all doing OK. I've managed to get a promotion at work, it's only a secondment but it should mean $20k more for this year and can lead to a perm role. With the extra cash I'm thinking of splitting it, a third towards the mortgage, a third on a nice holiday and the rest on the house. I'm hoping that ongoing I will be able to put more of it towards the mortgage and really start to bring the balance down :-)

Congrats!

I too dream of a pay rise that substantial, but one without the extra 20k worth of work and responsibility

slicence

pinkteapot wrote: »

...I might split the list up by target year. Everyone can obviously move years if they need to, but it might just break up the long list a bit.

Ohh that sounds good, I do like order! And will be good to be able to compare directly with peers who are in a similar situation to me.

helibob

pinkteapot wrote: »

Hello, helibob and engineer amy! I've added you to the list.

Thank you, kindly! We move in tomorrow. Going from rented, so we had a little time to do a bit of sorting out in between completion and moving. I don't know how people manage the whole thing on one day. I think my head would likely explode.