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

helibob

Firegirl wrote: »

Has anyone else worked out when they'll be mortgage neutral rather than mortgage free?

That's what I am working on. I figure, at the moment, my money is getting more interest in current accounts than it would save me on the mortgage, and I'll make overpayments as and when this stops being the case (subject to the overpayment allowance which, with a mortgage in excess of £200k, isn't really an issue for the next few years). MNW, anyone? :P

turtlemoose

I see mortgage free/mortgage neutral as the same thing really, with interest rates as they are at the moment, saving is better for many than OPing.

Baby_Angel

Finally something to report back to this thread. My fixed deal (@4.1%) ends in October. NW allowed me switch to a new deal as I am within the 90 days period. Just before Mark Carney opened his mouth about interest rate rises, I was eyeing a deal @2.34% for 5 years. A day after he spoke it went up by 0.1% to 2.44%. So I fixed my deal for 5 years @2.44% (a saving of £175 per month). Today the same deal has gone up again by 0.1%.

So I am going to overpay the difference :-) For now it all seems to be on the right path.

slicence

I'm still torn between the neutral/free conundrum. However, I did make my first OP last week, just to test the waters.

We're on a tracker, and although our savings rate will still be higher after the predicted 0.5 rise in early 2016, I'm still tempted to make a large OP as late as I dare.

The biggest thing I need to remember is not to let it take over my life!

amycool

I was mortgage-neutral on the last house, and it's a really nice feeling. Not quite as satisfying as paying it all off though.

If we could carry on as we are, I'd be mortgage-neutral in about 3 years according to my graph. In reality, I won't be earning soon so my lovely lines will level out. No idea how much though.

turtlemoose

Valuation approved for remortgage *faints* one step closer to a bathroom with a toilet that isn't held in place by tape!!!

turtlemoose

Mortgage offer issued!!!!!

slicence

turtlemoose wrote: »

Valuation approved for remortgage *faints* one step closer to a bathroom with a toilet that isn't held in place by tape!!!

Congrats!!!! How exciting about having a secure toilet! LOL!

Luckyinlife

well done on the mortgage offer :]

Mines stands at £64780 :] aiming for under 60k this year if i can
so hopefully can pay off 6k a year for 10 years then after to hit 2025 :]

Firegirl

I am aiming for a month full of NSD this month. I've had a disasterous September so October has to be good!!! I'll spare you the details but if you want an example of what not to do, check out my thread! Lol

My challenge is No take away coffees and no lunches out in October. No dinners out with friends and no nights out allowed! Aiming for a very boring month to make up for my rebellion in September!!