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

clarew

Ok so I’ve not been very active on here but am still plodding away with overpayments.  

Mortgage should finish in oct 2028 but is on track to finish early around april 2025 BUT this is dependent on what happens when our fixed rate ends at end of march 2024.
as we will have probably 1 year left at that point I’m planning to just leave it on svr and take the hit in interest in order to allow our overpayments to continue otherwise I’d have to take out a 2 yr fixed which limits our overpayment potential.

am getting very excited to think that this time next year I may be sitting here with less than a year left on the mortgage and being only a few thousand left to go!   

I have done my New Year’s Eve Tilly tidy to bring the mortgage year end to a nice .oo finish 🤣. Ending nye on £16,500  24 years in, 2 increases in mortgage amount, on our 3rd property since it started and 4 children (nearly completely raised to teens/adults) and l In the words of fat boy slim, We’ve come a long long way together…through the hard times and the good..! 🤪🤪 

clarew

Nearly a year since I posted and seems like this thread has been forgotten about!

However I have continued to overpay monthly.  Our fixed rate ended in April and we went up then drastically but in fairness not much different to the rate we started on back in 2000!  I was so glad to have overpayed all these years as although the increase was felt it was nowhere near as bad as it would’ve been if we weren’t 40k ahead of where we should be !   

So I went onto a nationwide 2 year svr plus 0.89 tracker as we could have unlimited overpayments and no early exit penalty (knowing we have less than 2 years to go).
current payment £239 but we have continued to pay the £1030 we have always done.  This should mean we have our last full month in march 2025 although may still have £300 left to pay in April although I may try to up our payment by £100 and finish in march!

actually can’t believe we are so nearly there, although it will be practically 25yrs to the date we got our first mortgage 17/03/2000 we have moved from a 2 bed flat, to a 3 bed semi to a 4 bed detached in that time (increasing mortgage amount and length-was due to finish 2028) and had 4 children and one of us working part time due to raising them into now teens and young adults.   

Although there are still large jobs such as windows to be redone on this place it feels so lovely to know that in a few months it will be all ours, and we have stability and that mortgage payment money can go towards big expenditures like windows, or a new bathroom and we can begin then to save a little more…. Mortgage freedom gives emotional relief and financial choices and I am so grateful to have joined this site and to have started to see how even £50 a
month op can make a big difference over 25 years with compound interest.  

So 2025…cannot wait to meet you! 

I have Tilly tidied yesterday to end 2024 on a balance of £3600 exactly.    March/April we will see, but either way it’s a mad, mad feeling to finally be here 🥰

purplevamp

I haven't managed to pay off nearly as much as I wanted to when I first got my mortgage in 2015.  I overpaid yesterday and knocked off 2 months.  But I still have until May 2037 when it will be paid off completely.  That's only 29 months off the original end date.  I need to do a lot better as our fixed rate of 1.64% ends in March 2027 and then it'll go up to at least 6% 😨

pavlovs_dog

we've managed to shave a few years off the target we set when we joined this thread and will clear our mortgage in August or September next year

Archerychick

We’re all set for October 2025! Money currently saved to pay off the whole thing when the current fix ends. It’s only not been payed off because of the low interest rate, early repayment charge and the profit we’re making in the bank by having the money saved instead.

It was a £106k mortgage in 2013, actual current balance is £24800

turtlemoose

turtlemoose said:

Yes still chipping away Just had a look and if I just carried on my current monthly payment (which includes an op built in to the original mortgage payment) with no additional OPs, that makes me finished *just* in to 2031. I'm hoping of course that plenty of other OPs in the mean time will knock a few more off that!

My standard OP is £178 a month, then whatever else we manage to make/find/save gets bunged on top. Once youngest starts school (Sept 2021) then I'm hoping to really hammer the mortgage as we will finally be free of £1k a month childcare bills. We'll still have childcare but it will be more in the £200 a month range so rather more affordable!

Wow, the post I've quoted there is when I last posted in here - Nov 2017. Whole life looks completely different to how it was when I joined this thread. Short of a lotto win, I have zero chance of being MF before the end of 2030, so I guess I should bow out of this one.

AnotherNewDay

Hi I have just found this thread....I skipped to the end and  realised it is not as active as it first was in 2015, but still diligently working my way through it for inspo anyway. Currently aiming for MF at end 2020

_Dolly_Rocker_

I'm still plodding along with the aim to be mortgage free by 2030. 

purplevamp

I need to do better at becoming mortgage free by 2030.  My fixed rate (currently at 1.64%) is ending in 2 years and as things stand I'll have to pay and extra £220 per month 😧

AnotherNewDay

AnotherNewDay said:

Hi I have just found this thread....I skipped to the end and  realised it is not as active as it first was in 2015, but still diligently working my way through it for inspo anyway. Currently aiming for MF at end 2020

Sorry, that should have read end 2030 for MF aim