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

amycool

Last year we decided to make a big overpayment, which was a bit scary seeing the savings so low, but it made a huge dent in it. We are trying to overpay £1000 a month (monthly payment is only £300) but we have a bathroom refurb and holiday to pay for now! In theory, we could be mortgage free by next summer, which would be amazing.

clarew

It’s odd to think 2025 onwards isn’t that far off now! How time flies! Still plodding away here....

iquit

Can't imagine how I have missed this thread. This is something I've been thinking about and planning towards for some time. Please may I join with 2030 as my target for being mortgage free. I have a BTL with original end in 2031 and a residential with original end in 2041. It's going to be a tough ask but I'm willing to give it my best effort. If anyone is interested I have a diary, any tips and advice welcomed and appreciated.
https://forums.moneysavingexpert.com/showthread.php?t=4572323

amycool

clarew wrote: »

It’s odd to think 2025 onwards isn’t that far off now! How time flies! Still plodding away here....

I know, it felt so far away! Now we're getting closer I'm already planning what to do with the extra money each month! We have some big expensive house things to do but then it would be so nice to be able to book a holiday based on where we want to stay rather than price.

kitjos

Would love to join too please. Our aim is to be mortgage free in 2025 - without OP'ing, it would be 2045 :wall:. Lets smash 20 years off that! :money:

xx

Mortgage_Minimiser

I would love to join.

Mortgage is currently 187,380. With current OPs I am due to finish in April 2031, so need to find some more to get into the Club :T

My aim is to finish by Dec December 2025...… (in an ideal world it would be December 2023 when my current fix is up, so in my head I am aiming for that.)

Let's do this!

MM
x

clarew

Well I did my mortgage switch today (same lender) to a fixed 5 year deal. Mortgage term is now officially 9yr 6month but if we keep up op at current rate it could be gone in 6 years-so this is probably our last remortgage eek!! Could have reduced the term and upped mandatory payment but with 4 dependents and me working part time I wanted the flexibility of stopping op if life changes suddenly and then having a smaller outgoing amount to find. Hopefully this won’t occur but you never know.
Odd to think my current mortgage amount left, is the amount of our first mortgage 19 years ago before we moved up the property ladder twice!

Really feel that I can see light at the end of the tunnel now, hooray.

clarew

How’s things going for those wishing to be mortgage free by 2030?

Dancingbecky

Can I join? My mortgage term runs to March 2041. Target date for mortgage free /neutral is June 2027. Current balance is £212k.

kev2009

Could I join also please?

Mortgage is until 2045, Target date to be mortgage free is 2030. Plan is to overpay this year & next and keep term the same incase interest rate goes up, then from 2021, to OP what i can and reduce term and leave monthly amounts the same. I'm hoping by 2013, I would be on variable rate and hopefully be able to clear it.

Kev