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

Moneyfordreams

quickly worked out figures

I have 18 payments of £1020 until I re-mortgage June 2017. Unless I move house of course
I pay £330 interest each month 2.39%
If I increase my OP from £100 to £500 each month I will pay of £21420 prior to re-mortgage, leaving a possible balance of £161070. Now I haven't taken into account a reduction in the interest charged during this time therefore It may well be less. So If this time next year I have been successful with these overpayments I may well try to get it under the £160000 mark before June 2017 :D

A_Frayed_Knot

Sorry Guys, but have to leave you and defect to the Mfit Challenge 4.:(
It's been nice while it lasted.:happylove

Original Mortgage free date 2030, - Target 2025
Re-mortgaged and knocked 7 yrs off my term (thanks to upping payments, new deal & massive reduction on interest)
So Now Mortgage Free date is 2023 - target 2020 (with further target of 2018 - but we'll see)

Good Luck everyone, and will see some of you over on the MFit Challenge board.

ps especially good luck to - Anagran || original MF date 2026 || target 2030 who seems to have a target beyond their original MF date.

Luckyinlife

A_Frayed_Knot wrote: »

Sorry Guys, but have to leave you and defect to the Mfit Challenge 4.:(
It's been nice while it lasted.:happylove

Original Mortgage free date 2030, - Target 2025
Re-mortgaged and knocked 7 yrs off my term (thanks to upping payments, new deal & massive reduction on interest)
So Now Mortgage Free date is 2023 - target 2020 (with further target of 2018 - but we'll see)

Good Luck everyone, and will see some of you over on the MFit Challenge board.

ps especially good luck to - Anagran || original MF date 2026 || target 2030 who seems to have a target beyond their original MF date.

Dont be sorry afk thats amazing work :] :beer:

MummyEm

Year end update for us.

Started the year

£265,870.00
Daily int £13.75

Ending the year

£252,000.00
Daily int £13.09
Total OP 2015 £3357.75

I think this has knocked our current end date into July 2034 but haven't worked this out properly yet so won't change my signature just yet.

missis_amber

Can someone please show me where the formula for working out daily interest is? I can't find. Thanks.

Firegirl

I've copied pasted pink teapots earlier post for you.

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%.

pinkteapot

Hi guys!

A Frayed Knot - congratulations!! I'm going to add an 'early graduates' list to the opening post, for the people who manage to clear it down quicker. It's something to be proud of! Do stick your head back in occasionally. [And oops - I'm checking Anagran's entry now!!]

missis_amber - welcome! I'll add you to the first post in a sec.

We've gone thoroughly off the boil in November and December, with no OPs. We've finally given up with our cr*p lounge curtains that aren't quite the right size, and cover our main radiator, and have ordered lovely made to measures. Then the washing machine packed up. Then I decided I wanted a weekend away for my birthday in a few months, so booked that. And there went all the spare money.

Still, it's looking like we might have kept too much back for all that, and so we may have a bit spare in the spends budget. Hoping for a final OP of the year (even if small), then I'll do my 2015 summary post.

We're going away to the Lake District for a week over New Year. Having checked that our cottage wasn't flooded (phew!), we can definitely still go. Mr Teapot and I aren't buying each other any Christmas presents. We're going to buy ourselves things in the local independent shops in Keswick. The hotels and cottages up there are seeing lots of cancellations, and Christmas/New Year is usually really good for tourist trade. We go there all the time - it's like a second home now - so going to go and support the local businesses.

Congratulations to everyone on all the OPs this year. Relax and enjoy yourselves over Christmas, and let's keep on clearing those mortgages in 2016!

turtlemoose

End of year update

For me, getting rid of the debt is part of my MF journey - can't be MF if I'm not DF.

Start debt £8559.66 - debt at 31st December will be £1735.79 - this is a whopping 83.2% paid off, smashing our target of 65% :T:T:T

Mortgages:
BTL started at just under 50k and is now just under 61k .... all it's gotta do it wash its face and it does that so I'm fine with the increase

Home started at £100600 and is now £97212 today ....which means I paid more in interest than I did capital but with the debt almost gone, we can start chucking some decent OPs to the mortgage

Luckyinlife

Well done TM killed that target big time i was 10k in debt at one point once its all gone you will feel so much better good work

How did the btl increase ?

With your home least you own 2-3k more than u did last year :]
The interest is sickening i know and only a small rate can change this really buy oping youll bring the ltv down to get a better rate :]

turtlemoose

The btl increased because I remortgaged to release some equity - we're using that money for improvements on the home we live in (so far spent £2.6k and have had new bathroom fitted, and floor tiles in hallway and kitchen). Next job is new internal doors I think, then new windows and external doors. Then see what's left for levelling the garden.

With home, the HPI has the value at £131k now, we bought at £114k so that's a nice jump in 2 years, helps with the LTV.

We pay £740 a month nursery plus around £700 on debts.... if we had no kids and no debt we'd be minted!!!