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

t-rexcellent

Pinkteapot, what a fantastic idea!

Count me in - I'm a long-time lurker on these boards and dabbled in a bit of diary action but wasn't sure people would want to read my ramblings. However, my determination is still just as strong - please can you put me down as per the below?

t-rexcellent || original MF date 2032 || target 2027 || goal: freedom to enjoy more time at home and be more flexible with work. And enjoy a beer or two! ||

I bought a house with my husband in 2012 and we have gone gung-ho to pay it off as soon as we can so that we can focus on building up a savings pot and starting a family.

Looking forward to seeing everyone's progress - I love the sheer can-do attitude on this board - together we're capable of amazing things.

LadyGnome

LadyGnome || original MF date 2034 || target MF date 2025 || goal: to finish mortgage when the children finish school so I can move the focus to [STRIKE]holidays[/STRIKE] retirement planning ||

bubblycrazy

pinkteapot wrote: »

Nice to see all the comments from people with good rates due to low LTVs

Ah I wish mine was lower, fixed for 5 year at 4.79%. I just managed to scrape together a 15% deposit.

turtlemoose

ooh I dream of 60% LTV Currently 75.8 and 87.5.

Mind you, one of them was once 100 :eek::eek:

Actually, thinking about it, technically the second was 100 too as my deposit was in fact a personal loan took out for that purpose (sneaked in before affordability rules came in).

pinkteapot

t-rexcellent wrote: »

t-rexcellent || original MF date 2032 || target 2017 || goal: freedom to enjoy more time at home and be more flexible with work. And enjoy a beer or two! ||

Errrrmmmm, awkward question alert! Is 2017 a typo for 2027?

pinkteapot

sweaty_betty wrote: »

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).

That's interesting - which lender is it and did you specifically get an offset mortgage? I've not heard of OPs being available to get back unless it's an actual offset mortgage. Nice to know it's an option, even if you hope you never need it!

t-rexcellent

pinkteapot wrote: »

Errrrmmmm, awkward question alert! Is 2017 a typo for 2027?

Thanks for checking pinkteapot

I'll edit my original post now!

pinkteapot

Oh, thank God. I thought I was going to have to have a really awkward conversation about the title of the club. :rotfl:

I'll add you to the list now.

amycool

• amycool || original MF date Nov 2028 || target 2025 || goal: To have the freedom to work less and save more for retirement || amycool's diary
  

Before I read back, I'm attempting to write my little bit as per the guidelines! This has probably gone wrong. Let's check...

amycool

Just wanted to add that we bought our first house in 2011 and overpaid until we were mortgage-neutral. Then we bought this one, which is much bigger (and more expensive).

Our interest rate is 2.64%, which wasn't the lowest, but we needed a quick mortgage decision due to our first seller dropping out and this bank was known for being quick. We also didn't have to pay a big fee.

I'm hoping that this will be our home until we are old (I really hate moving house) so it would be amazing to be mortgage-free, then pay for all the renovations we want with cash, and have a decade or two to enjoy it.

I try to overpay £500 a month at the moment but I'm aware that in the near future we (hopefully) will be adopting and I shall be stopping working. We'll need to find about £150 a month to stick to the target.