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

Bufger

I'd like to join!

Original MF date 2034
Target MF date 2024

I'll be 40, the kids will be 13 and 11 if we meet our target. I've been over paying but only managed £700 in 2013, £270 in 2014, £1800 in 2015. Next year I hope to be closer to £3k.

£3000 in savings which I also want to grow to £10-15K emergency fund in parallel.

Interest is currently £12.54 per day. Was £21 per day when we started!

Luckyinlife

turtlemoose wrote: »

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!!!

I see TM sorry for being so nosy just interested me thats all hehe

Sounds like your doing a great job considering kids + debt tho so well done :]

when you got a btl a home kids and debt things are hard so hang in there well hit this goal :]

Bufger I'd like to join!

Original MF date 2034
Target MF date 2024

I'll be 40, the kids will be 13 and 11 if we meet our target. I've been over paying but only managed £700 in 2013, £270 in 2014, £1800 in 2015. Next year I hope to be closer to £3k.

£3000 in savings which I also want to grow to £10-15K emergency fund in parallel.

Interest is currently £12.

54 per day. Was £21 per day when we started!

Well dont on increasing the OP each year amazing intrest drop wow 24 a day crazy isnt it well dont ob getting it down tho top stuff :]

missis_amber

Firegirl wrote: »

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%.

Thank you - I've worked it out and it's £5.69 a day. I don't know if that's good or bad lol

Luckyinlife

missis_amber wrote: »

Thank you - I've worked it out and it's £5.69 a day. I don't know if that's good or bad lol

iv seen £15-20 a day so i guess £5 isnt to bad at all :j:j

turtlemoose

my recent switch has me down from £13.20 a day to £7.77 a day :j:j

turtlemoose

How is everyone doing?

pinkteapot

Hello!

I've been quiet as we've not been OPing for a few months. We need to replace a car later this year, so what would be OPs is currently going into a savings account to form a car budget. I'm hoping we don't spend the full budget, then anything leftover can go on the mortgage.

If I've missed adding anyone to the member list, please drop me a PM and I'll get right on it. I haven't kept up with the thread quite so well.

Despite the pause for the car saving, we're still on track. I realised that I miscalculated originally - if we just OPed at the same rate we had been, constantly, we'd be MF in 2023! (Epic fail in terms of this club!). However, we usually have a few months a year where we don't OP and big things like the car will come up from time to time. Slow and steady.

SueP19

Did there ever end up a Mortgage free club 2020-2025 ???

Moneyfordreams

thanks for popping up again
I'm hoping to get below 180k in the next couple of weeks. I need to OP £500-£600 per month to achieve my target steadily, however I'm not promising miracles.... but if I don't play the steady race it will hamper future needs... so at least I've started

slicence

We've just been told that we can have an interest free, long term loan of £15,000 from a family member, so we're currently weighing up OPing and redecorating. I think in the long run it'll be a combination, but the idea of OPing all of it is very appealing! It would take our daily interest from £6.22 p/d to £5.40 p/d, and would take the LTV rate to 63%

So tempting!