Mortgage Free in 18mths or less!

Been a lurker for many a year, returning occasionally to read the inspirational stories of others quests to be mortgage free

We are a mid 40's couple both with decent jobs , 2 kids already growing up too fast. We bought our first home in 1995, right at the bottom of the cycle as it turns out, sold that in 2001 when we saw our forever home, we invested a lot in this and our debt at maximum was £270k, the house value has appreciated considerably since then, but we are not looking to sell for another 15yrs or so, we have been overpaying since 2008, and are currently on a BRM with Nationwide. as it stands today, our mortgage is £48k, and we have a plan to have this paid off by mid 2019 or earlier. We are good savers, but holidays are a weakness, we have had at least one very decent holiday a year (2-3 in an indulgent year) for the past 10 years, if we had been more frugal I am sure we would be mortgage free today!, So I consider our situation as fortunate. just wanted to reiterate that whenever I needed inspiration over the years, this forum provided this in spades. keep up the good work, wish I had joined earlier.
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  • MM10
    MM10 Posts: 57
    First Anniversary Combo Breaker
    Forumite
    Hi Northernsaver18,
    Thanks for your post. We have incredibly similar profiles - age, no.of kids, time left on mortgage...

    This Forum continues to provide inspiration and tips for financial independence.

    We still live in a 2 bed flat. I do dream of a forever home someday ....

    But considering how difficult this journey has been. I am beginning to wonder if this flat should just be our forever home:o:
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • Our next (and final) move will be to a retirement property, to first thing post mortgage will be for Mrs Northernsaver to reduce her hours or give up work, depending on how she feels, and at the moment its frazzled!.
  • 2 bed flat , a perfect retirement property, and you already live there!, whats not to like.
  • Well, a year on from the last post, and we currently stand with a Mortgage of £30k, and a plan to have it gone by September, we have held back some money to do some needed DIY projects.

    its been a long year, and one that was darkened by my Brother in Law, taking his own life, and us stepping in to help his wife sort all of his affairs out.

    This is going to be a good year, ive decided. Love & light to all, work hard but not too hard, you only get one life, make it a good one.
  • Sorry to hear about your Brother in Law that is so sad.

    As you say love & light - have a great year and best of luck with the overpayments :)
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Not long til September :)
    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 [email protected]. 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.
  • Just an update

    Well, We are still not quite Mortgage free, 2019 was tough, with mrs NS not very well for a good few months,and decided only to return part time, we reined our outgoings back in, but the latter part of the year was better and we spent around £15k on the house, and had two holidays, life is for living after all.

    so as it stands we have just over £10k Mortgage, with a plan to pay it off before we let ourselves book another holiday, so it should be sometime later this year, our monthly mortgage payment is now down to just over £150 a month, so in terms of outgoings it feels like we dont have a mortgage :-).

    if you read my other posts, my nephews and SiL are all doing great and we are so proud of them. I wish you all well on your journey to be Mortgage free
  • coldcazzie
    coldcazzie Posts: 1,407
    First Anniversary First Post Name Dropper Photogenic
    Forumite
    You're making huge progress NS! And you're right; life is for living. Hope you have a fantastic year and achieve your MF dreams!
    Rule 7: If you're not changing it, you're choosing it.
    MFW 2020: 1 Jan £92903.90 ~ OP £536.80/£500
    MFW 2021: 1 Jan £89281.21 ~ OP £404.62/£500
    MFW 2022: 1 Jan £85579.20 ~ OPs on hold.
  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    That’s great news for you. 
    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 [email protected]. 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.
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