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What is your one tip to mortgage freedom?

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Louise1234
Louise1234 Posts: 36 Forumite
Fifth Anniversary 10 Posts Combo Breaker
edited 16 April 2017 at 3:16PM in Mortgage-free wannabe
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 :D

Comments

  • 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!
  • 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
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