Mortgage Free - Long Road


We are 2.5 years into our 25 year mortgage and after focusing spending on doing our house up we are moving to overpayments as well.

Currently we have overpaid by £3.5k and will continue overpaying at £500 a month until the extension is finished when this may rise. Separately something such as children may put a stop to this if one of us needs to stop work but we take it as it comes :). Our initial aim is to reduce the term to 10 years at the end of our first 5 years effectively going from a point where we should be at 20 to 10. This is plausible if we are able to save more than the above I should be able to add an additional £3k per year based on bonuses and overtime but this can fluctuate similarly I want to be a bit more studious with saving and essentially get to the end of the month and clear out any additional cash into the mortgage not that there's always money there either way thought this would be a good way to document.


Years left on mortgage 21.7 with overpayments to date
If we had not overpaid 22.5


  • Simon_B_2Simon_B_2 Forumite
    519 Posts
    So weekend plan

    Cancel gym membership (back to running outdoors and purcahsed a weight and bench from gumtree for £50) Gym was £36 a month.

    Return to shopping at Aldi rather than online sainsburys we've let this go and weekly shops have crept up, we both work long hours both out of the house by 6am and back around 6.30pm. but do like to cook.
  • newgirlynewgirly Forumite
    8.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi Simon, best of luck with the new diary and the overpaying :) There are so many lovely people on this board to support you along the way, it's not something that many people seem to do nowadays so it's good to be around likeminded people! Try the old style boards for tips on cutting food budgets too, all the best , newgirly.
    2022 MFW 67 - 33 month challenge to clear mortgage, month 5 completed and on track 🙂MFI3 No.12
  • LadyGnomeLadyGnome Forumite
    801 Posts
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    Welcome and best of luck. I am a relative newbie on this board, though long time lurker. I find a diary helps me focus and the support and ideas from likeminded people is great.
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
  • Busy_Mee1Busy_Mee1 Forumite
    1K Posts
    Hello and Good Luck - just be aware that this can be slightly addictive and you might start to do some MSE things that are you might not want to share with your "normal" friends. Perfectly OK on here though :rotfl::rotfl:
  • beanieloubeanielou Forumite
    83.6K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Hope all goes to plan for you :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • Simon_B_2Simon_B_2 Forumite
    519 Posts
    Thanks all :)
  • EatingTheElephantEatingTheElephant Forumite
    1.4K Posts
    Welcome and good luck.
  • Simon_B_2Simon_B_2 Forumite
    519 Posts
    Thanks lovely people bit of a gumtree clear out session over the weekend and waiting on some money from topcashback. All helps :j
  • Simon_B_2Simon_B_2 Forumite
    519 Posts
    Another busy month and another overpayment of £500 added and £50 from topcashback on top all helps. Need to start planning the garage demolition and rebuild last 'big' job of the year.
This discussion has been closed.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android


Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools