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

Firegirl

Turtle - I've made 7 NSDs- how you getting on?

Choc - All good with me choc, thanks for asking:0)

turtlemoose

errrr i totally forgot, whoops! I have no idea. The last week is probably all nsd actually as have had no money waiting for payday haha

helibob

Next week, we shall be below £200k and, with a couple of extra overpayments, we shall stay below £200k. That's quite exciting.

Luckyinlife

Quick update from me

Iv now remortgaged from a rate of 6.4% to 2.4 %:beer:

originally i owed 67k i over payed 2k at the start from cashback and money i had saved which

i dipped into the 64ks before i remortgaged so had to pay a fee of 2k so am now back upto 67k

or i was till i OP £50 last night hehe to bring me into the 66k

short term goal is to get back down to 65k before x-mas if i can

which gives me a LTV of around 60-65%

Hope your all getting on well tell us how your doing good or bad :]:beer:

Luckyinlife

helibob wrote: »

Next week, we shall be below £200k and, with a couple of extra overpayments, we shall stay below £200k. That's quite exciting.

well done massive achivment into the 199k :] :beer:

helibob

Luckyinlife wrote: »

well done massive achivment into the 199k :] :beer:

Thanks. Started at £204k, so not that massive an achievement, but it's nice to hit our first milestone so soon

Luckyinlife

helibob wrote: »

Thanks. Started at £204k, so not that massive an achievement, but it's nice to hit our first milestone so soon

Dont be so humble 5k is a lot of money and mile stone is a mile stone :]

Whats the next target 195k ?

helibob

I'm currently getting more interest from holding the money in current accounts than I'd save by overpaying the mortgage, so the plan is to carry on overpaying small amounts, which would see us under £195k in about a year, but then 6 months later, to have around £12k or so to pay off, which will put us under 70% LTV when we remortgage after our fix is up.

Assuming interest rates and our salaries go up at similar rates, we'll be mortgage neutral in December 2029, rather than June 2040, which is when the bank thinks our mortgage will be finished (ha! fools!). I'm rather hoping for salaries to outperform interest rates and be able to shave another couple of years off that.

Your new interest rate must be rather refreshing for you! Good going.

Luckyinlife

I see thats great :]

Fools they are indeed haha made me laugh

Ya thing was for me i had a default on my credit file and i really wanted this house which is on the outside of the town with beach 2-3min up the road and no houses in front so needed a mortgage quick

Defiantly feel more settled now tho and can look to the future more :]

shangaijimmy

Quick update from the SJ's. We've had a great 8 months and knocked our mortgage down from 136k to 128k. Our daily interest has come down by 45p, and our overall lifestyle changes have been fantastic. Despite paying more to mortgage (various pots for interest etc...) than ever before, we've got more money left at the end of each month and have stopped the mystical money drain!

My plan in March was to pay mortgage off in between 10 and 12 years, but as the year has progressed i'm more thinking 8-10 years. Obviously remaining disciplined is the key, but we've had a few little tests to our budget with one rough month (boiler leak, toilet leak, new fridge and vet bill) and we made it through with savings and mortgage plans unaffected.

Since starting my diary Mrs SJ became pregnant with number 3 so our next challenge money wise is to stay with in the new year when sleep deprivation kicks in!!

To any lurkers who are dabbling in MFW my advice is to start a diary. Its been so focussing and we wouldn't have progressed without it, and without the support, advice and listening eyes!!

Onwards and upwards, though i'm now hoping to beat 2025...!