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

amycool

slicence wrote: »

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!

We did this with our first house - although I felt too guilty not to pay any interest! It takes a lot of pressure off and saves you a lot in the long-term.

amycool

We are still on track for 2025-2030. It looks like 2026 at the moment. I'm no longer working (just getting statutory adoption pay until that runs out) so overpayments will get very small from now on! OH has started looking at applying for better paying jobs but we can't rely on that so we'll have to keep being frugal.

Very much looking forward to reaching the 25% paid point!

Moneyfordreams

Yesterday I OP'd to bring our balance to £179990 :j:j:j

Yay for the next price bracket... hoping after March payment we will be in £178k's

I've been successful with OP's this month due to lodger, 2 overtimes, standard OP's and careful spending.. I want the mortgage done by March 2025 if possible, so 108 more payments to go :cool::cool:

lippy1923

Slow and steady wins the race. Managed to reach the £10k OP milestone this month as well as book my holiday to Vegas in April! Happy happy happy

choccielover

Been awol for a while now but back on track.

Failed my op target in 2015 but got our savings back on track with some much needed cash spent on bits done in the house.
Still got quite a list to go at but slow and steady we can do most of it ourselves a room at a time so it'll work out not too bad cash wise hopefully.

On it in 2016 and made good op's so far. Aiming to average £850 pm min (std payment £825 so paying more than double the amount I need to) so total for Feb will actually be £1592 ish (I'm hoping) which will bring the ytd average up to £1095 and give me some breathing space for future months should I wish to divert some cash elsewhere.

On the not so mse side we have once again booked an expensive hol for this year, and another in December and I'm toying with the idea of a week in the sun in summer too but we will see about that one. All budgeted for though so despite being a whopping spend, it won't detract from the OP's.

Daily interest is £13.68 currently and we are now in the £173's with the £172's in sight for next month.

As it stands our payoff date is looking like sept 2025 if we carry on like this, but I plan to put a portion of any wage increases towards op's as well as pensions and savings so they will go up over time, bringing forward freedom day though I guess I am assuming we get the same rate when it comes for renewal in 2020 and it could be worse...

Hope everyone else is ok and pushing forward, will try to post more this year

Chocs

choccielover

Whoop, just paid another £779 which will most likely be my last for Feb, making the total £1584 for the month as hoped.
Very pleased with that, still hoping to manage £850 minimum next month.

How is everyone else getting on?

turtlemoose

I'm saving now rather than OPing - with 4%, 5%, 6% all available in current accounts, it'd be madness to pay off my 2.8% mortgage, especially with the tax relief on savings interest that is imminent.

I now need to plan for a maternity leave beginning September this year

Firegirl

I'm the same TM- with a mortgage rate of 0.99 I'm much better saving- problem is it's easier to dip into!

A_Frayed_Knot

turtlemoose wrote: »

I
I now need to plan for a maternity leave beginning September this year

:j

Firegirl wrote: »

I'm the same TM- with a mortgage rate of 0.99 I'm much better saving- problem is it's easier to dip into!

Fantastic news :j and Fantastic rate :j

LadyGnome

I've been AWOL for a bit but still plugging away at the mortgage.


I've been running pay off £40K in 40 months challenge for a bit (including the scheduled repayments) and so far I am ahead of schedule. This will bring the mortgage below £250K which psychologically makes a big difference.


Any spare money currently gets split into 4 pots
Mortgage OP
Rainy Day Fund
Holiday Fund
Children /School /Uni etc.


Rainy Day Fund will reach its goal of £3K next month so the split will move to 3 way which will mean more off the mortgage.


This month I have OP'd £200 (try to do this every month) plus £5 (1/4 share of £20 of £2 coins taken to bank)