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

wildcherry

Hi All,


I'm not sure if I'm able to join this club as I'm quite late in proceedings but after buying our first home in September, we are hoping to overpay/offset in regular payments to become MF in 10 years. I have subscribed to this post to read about everyone's journey and gain inspiration and enthusiasm to keep on over paying.

slicence

Hi Wildcherry!

I'm not the administrator but I doubt there will be an issue adding you to this group, we're pretty friendly (although have been fairly quiet of late).

Hope everyone had a good new year!

I've recently started regular OPs although am planning on moving next year, so will start the journey all over again! This time I'll be getting a place of my own though, scary stuff! I currently share with my ex and although everything is very amicable, I'm really looking forward to getting my own space. He's also happy to buy me out fairly when it comes to it next year, so it's all good!

amycool

I've paid the full 10% overpayment for this year so will have nothing to report until next January!

pinkteapot

Hi all - I'm your c**p admin who can edit the first post with the member's list and who hasn't been back here for ages.

I'm going to catch up on the thread soon and get new people on the list who want to be. And fill you in on my MFW life over the last few months!

lippy1923

Hi PT, when you edit the front page would you mind changing my goal. I was originally going to aim for finishing the mortgage and renting out current property, but decided against renting for the foreseeable future. New aim is to be MF by 35.... that's it lol.

Moneyfordreams

wow mortgage free by 35... :T :T go you lippy

I was £1k off my end of year target... but that was because of increased personal spends (OH booked us a few days away) and buying new dining chairs (£600)

then I've bought a new computer, a new hoover, sooooo slow start to 2017. BUT I don't need these things again it's done I can forget worrying and just suck it up (with my lovely new dyson)

pinkteapot

OK, I've actually updated the first post list - woohoo!

wildcherry - you're totally welcome to join post as many of the details we include on the first post as you'd like to mention (eg original date, target date, goals - but you don't have to have all of these) and I'll add you.

lippy1923 - I've updated you

I've also added some people who asked to be added aaaages ago but I've been rubbish, so I'm PM'ing them to let them know, in case they've forgotten or don't want to be listed any more.

As for me, well.... Last year things went a bit wrong in MFW. We sort of bought two cars instead. :eek: One was necessary - hubby had a company car but was no longer getting that as a benefit so we needed to buy ourselves a second car. The other one... We replaced our car which was only six years old but we'd had a lot of problems with it so I'd lost confidence and just wasn't comfortable using it any more.

It did make us realise that we'd never budged for replacing cars. Even though you don't do it often, it's still a big expense (we own rather than lease/PCP). So, we now have a monthly amount going out into a pot that's for car replacement every 6-10 years. That's meant a drop in mortgage OPs, but it wasn't realistic to OP money that we were always going to need for something else.

In happy news, we did make a special mortgage OP instead of buying each other Christmas presents. I posted about that here:
https://forums.moneysavingexpert.com/discussion/5576232

A year or so ago it was actually looking like I'd rather embarrassingly - as club starter - make the early graduates list myself - but with the rethink around cars I'm back into 2025-30. :rotfl:

In good news guys - 2025 is now only EIGHT YEARS AWAY! Not long at all in the grand scheme of things.

lippy1923

Thank you PT. 35 is a bit ambitious but as I always say, go big or don't bother :rotfl:

lippy1923

Only 8 years! That's sneaking up quickly.

wildcherry

Hi there
Thank you for the welcome!
Our original mortgage free date would be 2041!!! I'm hoping we'll be mortgage free within 10-12 years. 10 years would be fabulous as that would make me MF just before my 50th birthday.


We've been slow to start OPing though as we have an offset mortgage with just over £60000 in the offset account we're hoping that's going to help. Ive now set up up a regular payment into the offset account and am hoping to increase that next month. My plan is then to overpay anything we have left over in the current account minus a buffer so we're going at it at both angles.


In addition to all that we're getting married in September so I have to consider that we might not be able to save in the offset as much as I would like.


Our mortgage is currently sat at just over £166000. The house is probably worth about £210000 now. We bought in September and we've done abit to it already.