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

jenni_fer

jenni_fer wrote: »

Quietly joining in here...Currently owe £160k ish with an end date of 2035 but aiming to reduce that to hit as close to 2025 as possible...unless we move to a forever-home before then and increase it again.

Feeling pretty good this week having made our annual overpayment.

Just over 2 years on and the balance is £100k with an end date of 2030.

Without moving, 2025 feels totally achievable. Totally torn between being MF and having a bigger home though!

Firegirl

How’s everyone doing? I’m on target and way ahead of target because I’ve been lucky enough to be contracting for the last few years. If I take into account savings then my mortgage is £110k. With IR35 changes I won’t get paid as much as previously, but I’m grateful that I had the chance to do this for a few years!

bubblycrazy

clarew said:

This is our decade people!! 

I hadn't thought of it like that woohoo! I've just remortgaged and officially brought the term down to 10 years! So the mortgage will be gone by 2030 at the very latest! It's a 5 year fix at 1.74% and I would secretly still love for it to be paid off by the time I'm 40 - so just under 5 1/2 years. 
Congrats to everyone so far, keep up the good work!   

clarew

How is everyone doing in this Coronavirus lockdown?  I’ve kept my OP the same currently as still working so income unchanged currently.   But also was relieved to think that thanks to overpaying if I needed to I could reduce and just pay the normal mortgage payment £321 less if needed, or borrow back my op.  It did make me glad to k ow this as I haven’t really any substantial savings but borrowing back my op (this is possible on my mortgage) would give me 2 years worth of mortgage payments so would be a great help if needed.   Really makes you think doesn’t it, in these strange times.
 
Hope everyone is well; this is our decade-even though it’s started off in a very odd and sad way.

kmcld2

Can I join too please?  I had an offer accepted on a house in February and was supposed to be moving on 29th of April but it’s been postponed because of the corona virus.  Mortgage has been finalised and papers sent to the solicitor.  I’m just waiting on him getting in touch and organising a new entry date.
I’ve borrowed £43,000 and would like to have it paid off in full or a big chunk by the time the 5 year fixed rate finishes in May 2025.

Nurse2047

How is everyone getting on?

SpendingPennies

Please may I join? Hope I’m not too late? We owe just approx £179,500 currently due to be paid in Aug 2035. Hoping to bring that forward to 2028. This means overpaying by £1000 a month. 

bubblycrazy

MFW2026 said:

How is everyone getting on?

Hi MFW2026 
My current balance is £36478. Our fixed rate ends on 31st March 2025 and I would like it to be paid off then, fingers crossed!
Lockdown hasn't been too bad for me, however the last few weeks have been long and it all feels a bit groundhog day now, and 'home schooling' is a battle of wills with my son. I hope things are well with you?
Good luck SpendingPennies, that is a big OP!

clarew

Great to see new posts on this page! Welcome to all the new people posting.  It seems so way off when I first starting posting on here but we are in the final furlong now!  

I’m still working luckily and have taken the plunge and upped the over payments slightly as not paying out on normal things I would’ve been....although the 4 teens are raiding the fridge continually so my food bill must have tripled, plus heating bill eek! 

So now overpaying £500 a month straight out of account once paid.  This should bring us to being mortgage free around nov 2024 rather than oct 2028.  4 years doesn’t sound much but we’ve moved into our 3rd home in that time, all larger than the previous and brought up 4 children so myself on a part time salary rather than 2 full timers with no children when we started out back in 2000!   From April 24- nov 24 we go onto variable rate so will depend where that is as to when we finish but numbers will be small by then so hopefully not too different-although we will have uni payments to start in 2 years for 1 child so that may impact too! It’s never ending isn’t it ha ha! 

Hope everyone is well and staying safe.

bubblycrazy

That's great clarew! Yes, when you look at how long you've been posting here, 3.5 years will soon fly by!