Little big milestones 16 January 2016 at 10:16AM in Mortgage-free wannabe 108 replies 14.5K views

dark^knight

I am starting this thread to post little/big milestones on our planned journey to be mortgage free within the next 3 years.

We bought our dream house 9 years ago for £200k...and took on a £170k mortgage.

At the time interest rates were rocketing, and our monthly interest payment was £900.

Had light bulb moment five years, and decided to OP as much possible, when the interest rate dropped to the current low.

And today I will be able to OP £200, which will take the mortgage down below £100k for the first time

This is a major milestone for us. It will mean that we can really attack the mortgage now to get it paid off within the next 3 years.

Will be taking the family for a nice meal this weekend to thank them for sticking with me on this.

ourcornercottage

I like to celebrate every month where I can hit £1000 capital reduction with a personal little pat on the back (although as it drops that's most months now!) and will have a meal out or something at the 10k reduction. I'm currently in the 126k's so hope to get under 120k before my boyfriends birthday in June

I find a shorter challenge works well for me with it being a 10 year plan.

Ultimate milestone is MF by Christmas Day 2025 although I'm secretly hoping for 2022 or 2023

dark^knight

ourcornercottage wrote: »

I like to celebrate every month where I can hit £1000 capital reduction with a personal little pat on the back (although as it drops that's most months now!) and will have a meal out or something at the 10k reduction. I'm currently in the 126k's so hope to get under 120k before my boyfriends birthday in June

I find a shorter challenge works well for me with it being a 10 year plan.

Ultimate milestone is MF by Christmas Day 2025 although I'm secretly hoping for 2022 or 2023

I am hoping to do the same...to celebrate every 10k.

Good luck with your mission.

Lexi-lu

Hello dark^knight,

Congratulations on getting below the £100k. I hope that you reach your goal of becoming mortgage free by December 2018. I will be following your progress on this thread, Good Luck!

LL

dark^knight

Lexi-lu wrote: »

Hello dark^knight,

Congratulations on getting below the £100k. I hope that you reach your goal of becoming mortgage free by December 2018. I will be following your progress on this thread, Good Luck!

LL

Thanks Lexi and good luck on your mission too.

Petal88

Oh wow I'd love to be below the 100k mark! Well done
Seeing as becoming MF is a marathon, it's always a good idea to set and celebrate the little goals to keep you going, or you might lose interest in the big picture. My current mini goal is to get below 310k at the moment so I have a way to go before I reach your stage!

dark^knight

Petal88 wrote: »

Oh wow I'd love to be below the 100k mark! Well done
Seeing as becoming MF is a marathon, it's always a good idea to set and celebrate the little goals to keep you going, or you might lose interest in the big picture. My current mini goal is to get below 310k at the moment so I have a way to go before I reach your stage!

Thanks Petal...have been reading through you diary as well...just got to page 4...good luck with your mission...just keep going!!!

dark^knight

So as expected, January turned out to be a very expensive month...had to cover the following:
Renewed car insurance
Renewed home insurance
New front tyres for car
Shopping in the post-christmas sales

However, due to a fairly healthy rainy day fund to cover for the one-offs and the extra sales purchases, managed to overay an extra £50 on top of my budgeted overpayment for January.

A good start to the year...35 more months to go.

dano17439

Well done on going sub 100k. Its something I achieved a few months ago. It really is a great feeling and a good milestone

We are aiming to clear 94k in 4 years, so great effort for 100k in 3 years. Just imagine how much extra monthly cash you'll have when that is paid off!

jodles16

Best of luck on your journey, sounds like you have a great plan!

Jodles

dark^knight

dano17439 wrote: »

Well done on going sub 100k. Its something I achieved a few months ago. It really is a great feeling and a good milestone

We are aiming to clear 94k in 4 years, so great effort for 100k in 3 years. Just imagine how much extra monthly cash you'll have when that is paid off!

Thanks Dano...and good luck with your mission as well.

As you'll appreciate, it feels unreal to be so close to freedom.