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

amycool

We're down to £4.07 a day now, which means the mortgage is cheaper than a daily bus pass! Just about.

Having a very low-key Christmas this year with hardly any gifts. We have a real tree (£20 as its tiny) and we'll probably spend about £50 extra on food but otherwise it's a cheap one! DD is getting lots of presents but they are all paid for and wrapped.

Luckyinlife

mines around £4.40 a day

Got a fair few x-mas stuff together so far still a fair bit to go but i will be finished next week now i hope haha

made 2 Ops this month so far have you guys been still oping ?

Synonymous

Hey all, good to read your updates. I'm still going strong here. OPing about £340 a month and on track to pay off the mortgage 15 years early.

My daily interest is about £7, and I will be below 60% LTV when my fix ends in October which was one of my aims to access some better rates.

The problem that I'm having is that I will pay off my mortgage on schedule if I keep my current OPs up, and should just put any spare money into retiring early, but it takes the excitement out of OPing when it's the same every month for several years!

ourcornercottage

Any 2016 challenges being set guys? I'm still working mine out but will be a combination of savings overpayments and house renovations. What are you going for?

slicence

ourcornercottage wrote: »

Any 2016 challenges being set guys? I'm still working mine out but will be a combination of savings overpayments and house renovations. What are you going for?

Finish my post grad, get a better job, enjoy life, love more, don't go insane...

Will have a think about some MSE style challenges though!

missis_amber

Hi, can I join in?
Waiting for new mortgage to start in Jan 2016 so don't have exact figures. Mortgage applied for £83,800 over 25 years so will end 2041. Want to be mortgage free by 2030.
Once I have the exact figures in Jan I will relook at my budget and work out how much I can overpay.
Previous mortgage was £420 a month, this one will be £375 but I will match the previous payment so that's at least a minimum of £45 a month overpayment. Have also changed my gas & electric to save some money. Cancelled app and Now TV subscriptions. Getting better at meal planning and bringing lunch into work everyday Hoping to pick up loads of tips from this thread too!

missis_amber

According to the MSE calculator "If you regularly overpay £45overpay a lump sum of £0 and a regular overpayment of £45overpay a lump sum of £0, you'd be mortgage free 3 years and 6 months earlier" - that's a good start!

slicence

missis_amber wrote: »

Getting better at meal planning and bringing lunch into work everyday !

Actually, I think this is somewhere I could improve, thanks for the inspiration!

missis_amber

I've got a really basic but effective app on my phone called Daily Budget. You input your incomings/salary for the month. Then all your known outgoings ie bills. And the last thing you enter is how much you want to save for that month. So it takes your outgoings and savings away from your incomings - and calculates what your 'daily budget' is for each day.
And each day you just enter how much you've spent. If I spend more than I'm supposed to one day and go over my budget, it decreases my allowed spending for the remaining days. If I spend less than I should one day it adds it to the remaining days. So this gives me a daily budget and it really has changed how I spend money. I also made me realise that grabbing a quick lunch from work or even a cup of tea could take me above my daily spending allowance!

Baby_Angel

Haven't been posting on this thread but haven't lost track of my main goal. I think I posted that I switched to a new fix @ 2.4% for 5 years with Nationwide in October. This will save me about £187 per month. I overpay about 160 a month. I need to clear up some debts so put all the extras there.
End of 2016 I hope to have reduced the debt closer to £5000. This year alone I have repayed about £9000 in credit card debts :-)
Thanks Teapot for the formula. We were paying an interest of 25 a day and that is down to 13 a day now. That is a big WOW!!!!