Mortgage free 13 years and 11 months earlier

version2014

Mortgage free 13 years and 11 months earlier (or less)

Hey all here comes the start of an epic 12 year thread here on MSE!! Time to set up my signature to track my progress!

Okay so hopefully my new build house will be ready in December (oh so close!!) And as such my new mortgage will start on this date also.

So I have been doing the maths, and I aim to double pay the mortgage EVERY month from month 1. It's a decent size mortgage for me, so I am going to have to be nifty and thrifty in some places, but I am not going OTT (I will still be taking holidays etc)

I will be using some of the money saving tips, from the thrifty thread here on MSE.. maybe doing an extra shift at work or maybe getting a lodger... or maybe a bit of everything!

If I stick to my quest, I will pay off my mortgage some 13 years and 11 months early, and say over £25,000 in interest.

My mortgage is a 25 year mortgage at present!!

I look forward to posting on here on a very regular basis, sharing hits and tips and asking lots of questions. I have set up my own blog Paying off my mortgage early.. and it would be great if some of you visit it once in a while.

However I will be posting on here also, as over the eight years I have learnt so much from MSE, and the money saving tips forum is great.

One of my big first things is going to be food prep (getting organised is not my strong point) ... taking pack lunches to work, and not eating in the resturant everyday. Coupled with buying my chocolate from pound stores rather than the works tuckshop!!

I truley hope my thread here on MSE is a popular one and helps people over the next 12 years.

If anyone has an early day tips with me please post below. Thanks and here is to all being mortgage free.

version2014

Another idea I had was switching my secondary bank account, to collect the offers for switching... you know the ones £150 for switching etc.

Has anyone done this ?

version2014

One question I have is that of emergancy funds... how much should I keep by?

freshcotton

Hi

Good luck with the journey! Nothing like a plan to save on mortgage interest.

Because of limits on my overpayment, I'm forced to save a lot of my income which acts like an emergency pot.

I think people aim for 3 months of spends as an emergency fund.

Depends also on the number of incomes in the family, dependents and job security I suppose

[Deleted User]

Hey version2014,

I am subscribing to your thread as I am another poster who will be here for many years!

Looking forward to sharing your journey with you.

I just switched bank recently & got 100.00 which was fab!

If you want more info on this from me send me a PM if you want.

I am still in the process of paying off debt then I will switch to saving with the aim to buy in 2021 or 2022.

I am in this for the long haul though & cannot wait to own our own home!

How exciting for you with your new build being ready in December!

Dxxx