Mortgage Free in 18mths or less!

Northernsaver18

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.

MM10

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:

Northernsaver18

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!.

Northernsaver18

2 bed flat , a perfect retirement property, and you already live there!, whats not to like.

Northernsaver18

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.

Unicorn_cottage

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

beanielou

Not long til September

Northernsaver18

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

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!

Northernsaver18

So an update from me, 2020 almost done, we have got this far without becoming ill, and also being very fortunate in retaining our employment and income. we held back from paying off the mortgage, just to retain some liquidity, but having accrued a decent buffer over the last 8mths by economising and also becoming a one car family, the time has come to do the deed, so today ive requested a redemption statement, and will pay this off as an early christmas present. we want to see 2020 off on our terms!.

beanielou

That’s great news for you.