We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MortgageFTB's Countdown
Options
mortgageFTB
Posts: 24 Forumite
After being in our first home for almost a year, decorated and replaced a bunch of appliances, we've decided to focus on getting rid of our mortgage. 24 years more of mortgage sounds... meh.
Prior to paying our mortgage, we were paying around £1,600 in rent pcm, so we feel we can definitely match this for our mortgage payments.
- Property = £380,000 (2016 valued) (Bought @ 340K)
- Outstanding Mortgage (7/3/16) £153,200
- Current payments £697 per month.
The plan is:
If it all goes to plan, we should hopefully be mortgage free by the time we're 31-32.
***Figure is available now (employee stock options/RSU's), I feel it'll be worth much more in 3 years time, hence not overpaying this now.
Prior to paying our mortgage, we were paying around £1,600 in rent pcm, so we feel we can definitely match this for our mortgage payments.
- Property = £380,000 (2016 valued) (Bought @ 340K)
- Outstanding Mortgage (7/3/16) £153,200
- Current payments £697 per month.
The plan is:
-
Overpay by £800-1000 each month.
-
April 2019 (end of fix) - lump payment ~£80-100K***
If it all goes to plan, we should hopefully be mortgage free by the time we're 31-32.
***Figure is available now (employee stock options/RSU's), I feel it'll be worth much more in 3 years time, hence not overpaying this now.
0
Comments
-
Wow you guys must have had an enormous deposit for first time buyers! Well done
Your mortgage overpayments sound very ambitious, I can't wait to follow your diary to see how quickly your mortgage dwindles :jMortgage Oct '20: £615k
Mortgage Feb '24: 590k
Debt Feb'24: £35,501.540 -
That's a mortgage assault!MFW: Was: £136,000.......Now: £47,736.58......0
-
Fantastic work there- very inspiring!First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!0 -
Wow, your figures are just awesome
I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Great progress, well done.MFW: Was: £136,000.......Now: £47,736.58......0
-
Wow, great progress. Keep us posted. I wish I could have paid my mortgage off in early 30s..but better late than never I guess and a few months after becoming MF I still keep looking at the house and thinking "it's all mine"
So it was worth it. TBH I've not really changed my spending habits after I paid off my mortgage... old habits and that. 0 -
That's amazing.... well done you! Totally inspiring.
Keep posting and let us know how you get on
MM
xMortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000
01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41
Debt at highest point in 24 -£21,344
Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!0 -
Awesome I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Amazing. The end is in sight!Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230 -
Wow £5k overpayments per month. That is incredible.Outstanding mortgage: £23,181 (December 19)
MFW 2020 Challenge Member #10 0/£23180
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards