What is your one tip to mortgage freedom?

Louise1234

Hello! We have just exchanged contracts on a property and will complete on 15th May. Exciting times but I am already looking at how to get mortgage free! Whilst it will be a long time coming I would love to know your best tips / money saving ideas to become mortgage free.

A little background...
Our mortgage is £306,000 over 25 years. £1392 a month. Ok wages, we both work full time and have no childcare costs so our biggest expense is the mortgage.

I would love to be mortgage free by the time I am 45.... so that is the challenge! (16 years)

Thank you in advance

allmannerofthings

Hi Louise!

I've just got a mortgage myself so I'm keen to see the advice you get too ��

We're planning to make a regular overpayment to reduce the term of the mortgage and to save 1% up at a time and overpay that too. All hypothetical at the moment as our first payment isn't even due until 25th April, but looking forward to getting started!

Whoknowskt89

I'm no where near mortgage free but a general tip for saving money etc...
Any time you get a pay rise,whether it's £10 a month or £200, send the extra money to savings Or in this case, overpaying the mortgage.
You've lasted on that pay for however long, so shouldn't really miss that extra money