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

Luckyinlife

Well done sj :] That is great work

I myself have just started overpaying extra income off the mortgage

Firegirl

Helibob- I can't wait to join you in the below 200k mark!

Lucky- nice interest rate! 2.4

Turtle- I was loosing track too so stuck it in my phone!!!!

Moneyfordreams

Can I join please?

I "discovered" the forums in June and have spent probably every spare minute reading mortgage free and debt free diaries. I've only just seen this thread. You are all amazing.

Feb 2013 mortgage £201000. End date march 2037 (OP £50 PCM daily interest £20.70). paid £1020 PCM.

Kind of emergency mortgage and relieved to have a roof over our heads. It increased payments by (roughly) £500 pcm and added 16 years to the length.

April 2015 , £188398 end date March 2034, mortgage 2.34% (OP £100 PCM daily interest £11.93)
Current balance is £183240. daily interest is £11.77. House value £250K unchanged from purchase 10 years ago

I want to retire at 55 and my husband will be 66. I do have a pension for this but recent changes might affect the lump sum (GGRRRRR). Good job I'm adaptable to change. I don't want to use/rely on the lump sum to pay off the mortgage.

So I plan my end date to be March 2025. I may just have to stretch it to 2027. I have only used the calculators and snowball methods so it more of a flexible plan rather than robust spreadsheets.

I have a car loan and 2 CC's to be paid over the next 2 years, £11690. CC 1 to be paid off in full on payday. Then as I'm impatient rather than savvy I will increase car payment by £50, increase my 0% cc by £50 and my mortgage OP by a further £250. This will hopefully take my mortgage total down by £1000 pcm. In June a bill of £120 will be complete and that will likely go from the car loan. Then June 2017 my husband stops paying into employers share scheme, £100 and I'll get that. All of the above will eventually make mortgage OP's of about £800. His shares are performing at double the cost so £3600 I hope will turn into at least £7000 (in 2025) to support household expenses so he can retire a year before his state pension.
Phew glad I remembered all that.

Anagran

I would also like to join if that is okay?

Our mortgage runs to 2046. I am not convinced that we will manage to be mortgage free by the end of 2030, but will give it a go and see how much we can reduce it by then.

We are pretty good with our budget and spending in general, but are looking to increase our income as much as possible to help us pay off more of the mortgage.

It is great to read about all your progress, very inspiring!

Anagran

Jevvers

Hi all
Can I join too please? We have two parts to our mortgage, the first is £243k and is interest only, 10.5 years to run on that, it finishes in May 2026. The other part was £177k and repayment, now down to £159k and due to finish in 2033.

We are very, very lucky that a savvy mortgage broker found us a flexible tracker mortgage many years ago with a lifetime rate of 0.49 above BoE base. So we are currently paying just 0.99% - thank god as it's such an eye-wateringly huge mortgage :eek:.

Given that the interest on the mortgage is so low, we currently don't overpay, we put the money into savings accounts (and a stocks & shares ISA to pay off the I/O part). However we did dent that by doing a loft conversion recently so we are trying to build funds back up again.

We have a Santander 123 account @3%, four TSBs @ 5%, and I have just this minute taken out a Club Lloyds which we can stick some money in @4%.

My big failing is not in the shaving money off bills, I'm a switching queen, but in making sure I actually then pay that into these savings accounts....

pinkteapot

Hello again, everyone! I’ve been absent for a while, so apologies for the slowness in updating the list at the top.

To anyone feeling like MF is still a long way off, this thread has been going for 8 months, so we’re 8 months closer already!

turtlemoose, lippy1923 – huge congratulations on the weddings. Hope you both had a marvellous days.

shanghaijimmy – congratulations on the new bump!

MFWKid, A Frayed Knot, Moneyfordreams, Anagran – apologies again and I’ve added you now. (Hope you’ve stuck around despite me ignoring you!)

As for us, we’re trundling along in Teapot Towers. We’re lucky that we’re able to overpay a fixed £1,500 each month, at the start of the month. It goes into the mortgage account as soon as we get paid, like all the other regular bills. In theory, we then additionally overpay any leftover money from our ‘spends’ pot for the month, but we haven’t had anything left for months now. Would like to be a bit more careful with spending so we have extra O/Ps sometimes.

Come the end of the year though I'll post our total OPs for 2015, and our MF date at the start and then end of the year. That I'm excited about.

Life in The Big House is good (for those OPing with an objective of later moving to their Big House), and was well worth giving up being mortgage-neutral for. I have discovered a downside... I'm gradually working my way around, repainting rooms, and big rooms take bl**dy ages to paint. :rotfl:

pinkteapot

And, hello again!

I've just learnt how to calculate the interest we're paying daily on the mortgage.

Mortgage balance x (interest rate / 365 / 100)

eg 100,000 x (2.99 / 365 / 100) = £8.19 per day, if your mortgage is £100k and your interest rate 2.99%.

When we got our mortgage in Feb '14, we were paying £16.71 per day, and we're currently down to £14.22. So, we're now saving about £17.50 a week - or a Dominos for two.

Luckyinlife

Well done tea pot that is a massive amount over the corse of a year £910 wow wow wow :]

I myself managed to over pay £609 this month saving me £500 on interest and cutting the term down by 3 months

How have you all been getting on

lippy1923

Thats great Teapot. My mortgage is around £11 a day. Its scary when you think about it lol

slicence

Ohh that is a really helpful formula thanks teapot! Ours is currently £6.30 a day so not too bad at all. Still, gives me something to work towards. We've got some spare funds saving up and are going to make a large lump sum overpayment in February Will be very interesting to see what this does to the interest rate, although I'm more excited about paying it off sooner

For some reason I didn't receive a notification saying there had been posts, so have been absent for a while, sorry!

How's everyone getting on on the lead up to Christmas? My Christmas shopping is finished, just writing cards and wrapping presents to do! :j