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

helibob

Still plugging away. We're down to £193k, with £4.3k of overpayments in a year, which is a decent amount, I reckon. We've also got savings around that are earning more interest than we pay on mortgage, so we'll put them against it before we remortgage in a year's time.

abi_a_mfw_mum

Can I join please? I didn't know this thread existed until today. I've recently started a diary, and I'm aiming for a mortgage free date of August 2028, which is also when I turn 40.


Currently we owe £112,600 or thereabouts. Also have savings of £1,650 dedicated to the mortgage which will be paid towards it when the high interest regular saver matures in December.
Interim goal is to be down to £90,000 by the time we re-mortgage in December 2018.


I think this thread is a lovely idea, thanks for starting it.

choccielover

Welcome abi, what a great goal to have. Are you making regular op's too, Tilly tidies etc.

It does become rather addictive doesn't it..

Mummyisbeauty

I'm still here too. Our mortgage dropped below 60k in March and now quickly heading through 50s. Our projected date is still 2025 but may be sooner as might increased monthly standing order as don't really notice overpaying.

Moneyfordreams

In the first 6 months of larger OP's we have OP £3760 and reduced our balance from £182,802 on 31/12/15 to £174,680 today which is an £8122 capital reduction in 6 months ..... now we just have to repeat that for the next 8 years .. phew

choccielover

It's a good feeling though isn't it 😄

I've caught the eBay bug and am selling all my dd's baby stuff and anything we find up in the loft we forgot we owned currently. It's quite addictive

I will keep some of the cash to pay for a weekend away I have coming up but other than that it will all go to the mortgage I think.

We are similar to you MFD, our net mortgage reduction if we keep up the minimum op target of at least the mortgage payment is circa £1200 so it's good but we have to keep it up for a while

abi_a_mfw_mum

Hi choccielover,
Sorry, I only just saw your post. We are currently saving £250 a month for overpayments into a high interest regular saver, as that gets more interest than the mortgage costs. We also need to save for my maternity leave, which starts in August and for house improvements. I think we need to find at least an extra £1500 a year to overpay on top of the regular £250 so that's my current challenge. Hoping that a combination of reducing costs, improving our interest on savings and credit card, and my annual work bonus will get us there.
I love all the tips/advice available on here.

amycool

Hi everyone!

I have just switched from our 2.64% 2 year fix to a new 2.44% 2 year fix. All the overpaying means that the monthly cost has dropped from £500 to £395 a month!!!! I'm very pleased with that.

My adoption pay is due to end next month (I'm amazed how much I have received!!) and I won't be returning to work so overpaying will suddenly become a big challenge. It's also a lot harder to be frugal when you have a 5 year old to feed and clothe, who really wouldn't be happy with £50 spent on her at Christmas and birthdays. I also can't get away with turning the heating off.

So it will be interesting to see how we do over the next 2 years. We're well ahead of target I think so even a small overpayment each month should get us to the goal.

Firegirl

I've gone completely off track with doing the over and above overpayments. Still making my usual overpayments though. I have a lot of stuff to eBay too so I need to get into that! Hoping to be in my notice period for redundancy by the start of October and be in a new job by Jan 2017. So that will give me more certainty to pay mortgage rather than saving.

bubblycrazy

Hi everyone! I've been AWOL from this site for a while now, but just a quick update to say my balance is now under £50k
Wish I could OP more than I am but just not possible at the moment. I started a new job in January which is term time only. There are currently talks of changing it to an all year round contract, which would definitely help towards my goal!