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

Anagran

Hi everyone,

Not been on here in a while as not really got anything to update. Not really in a position to make any kind of over payment at the moment, but working on a long term plan to retrain and change job.

Great to see how you are all doing. Good luck everyone, keep it up!

amycool

I've just overpaid the full 10% for the year, which means we're over halfway there!

I suspect we will have it all paid off before 2025 now, assuming everything goes okay. The plan is to make another big overpayment (about £10k) this year when the fix runs out, then do another 2 year fix, and hopefully by then we'll be able to pay it off in full.

purplevamp

amycool wrote: »

I've just overpaid the full 10% for the year, which means we're over halfway there!

:eek: Well done :j

choccielover

Gosh I haven’t been on here in a while. I just checked and I don’t think I updated but I have the monies to pay off the mortgage. It’s not available to me right now but will be in another 12 months and is enough to clear it at a minimum and hopefully a little more besides. Because of that I have redirected all efforts towards pension payments.

Good luck to all.

wildcherry

Hi all,


Happy New Year!
I am a lurker rather than a regular poster and I can see that my last post was nearly a year ago. What it did do though is remind me that we've shaved nearly £8k off the mortgage in just under a year which I'm very pleased about.
We still have a healthy amount in the offset savings account but we haven't been able to add as much in as I would like. Getting married cost more than I anticipated and my husband's car has required several trips to the garage resulting in more money being eaten up.


This year, I am hoping to increase our payments into the offset account and in addition overpay more than the £85.00 per month we currently do.
My question with over payments is; is it better to pay annually before the interest is calculated or simply increase the monthly amount we pay off the mortgage?
Our interest is added at the end of year so I wonder if I might be better to save the money in account where I gain some interest and then pay it off in one lump sum, pay off what we can monthly or abit of both?
I would really welcome some advice. 😃

slicence

Hi all, another post from a bit of a lurker.

My situation's changed loads since I joined this group. I split up with my partner that I bought my house with (very amicable and friendly considering). He's buying me out and I'm now buying a house of my very own, due to complete next week! It's scary, but at a push I estimate I can still be mortgage free by 2030; at least that's what I'm going to aim for. If I aim high and still only get fairly high, that's still good, right?

My old mortgage was a tracker, which I loved for the flexibility of overpayments, but am nervous of the market so have gone for a 5yr fix with 20% annual repayments allowed for the new property. If I don't make any massive improvements in year 1, I could possibly get around 12% (more with a lodger). This I find very exciting! It's also not nice having to think about how much a partner can also contribute, I alone have the power, (I know, it's also the responsibility but I'm happy to take that on too.).

Also, sad little me is looking forward to updating my signature, it's the little things eh?!

liuhutOz

Hi everyone, I've not really been looking at my mortgage for the last year but I've had a promotion at work and I'm keen to pay the extra money into it. I then started playing with figures again and it motivated me to try to clear it by 2027 at a real push.
How is everyone else getting on with their MFW journeys?

clarew

I am still plodding onwards although my OPare a struggle to be honest-they are not massive £241 a month but as a part timer with dependants at home I dont earn a lot, and what I earn the children and petrol eat....rapidly!!

I have hit the 80s bracket now which feels nice as this was our original mortgage and we have upgraded twice on the housing ladder since then (and increasing our mortgage and doubling it in the process) so its nice to be out of 6 figure mortgage and down to 5 figures. I really want to clear in 2025 which was our original 25year end date on our 1st mortgage, will be over the moon if we can (without op we would clear in 2028). DH will be 50 then (and me the following year) so it seems lovely to aim for that-mortgage free at 50 in a much bigger house having cleared a much bigger mortgage in the same time frame. Fingers close it will happen.

Would like a holiday abroad next year too as has been 10 years since that happened......so this may dent the process but memories are important too-I have some money set aside for this so it would mainly be spending money to find. The children have been abroad with school in this timeframe but we have not as a family, so it is important for me to do before the teenagers grow out of wanting to come away with us!

Hope everyone else is plodding away too....I always remember what I have often seen on here many times....it is a marathon not a sprint! The fact I have always op (even if small amounts) Thoughout the course of the mortgage
has helped chop quite a few years off of it plus all the interest saved-and it just comes a way of life that you pay x amount each month! Good luck all with your journeys we are nearing the end-hooray

wildcherry

Hi there,


I posted at the beginning of the year and since then we have been OP by the same £82 a month plus putting a very small amount into the offset savings of £50.
I have planned from July to be offsetting by much more than that; up to £800 per month with an additional £200 put to one side for our sinking funds. IF (and its a big IF) we can continue with that then we should be mortgage free by October 2026.
That will shave over 13 years off our mortgage term which would be wonderful. We will stay at this house forever but we definitely will need to make some improvements over the next few years so it might be that some of the money in the offset will need to be used.
At least I have a plan and the motivation to see it through! Heres hoping!!

amycool

In October when the fixed rate runs out we're planning a big overpayment but will have to wait until nearer the time to decide how much. I reckon it might be possible to pay it all off in 2-3 years, which would be awesome! It means putting off a few home improvements for a few years but it'll be so nice to completely own the house and have extra each month.