Its fully paid I cant believe we did it, 4 Years 7 months and 1 week from move in day. Mortgage Free

Langerhan

No more Jaguar?

Neonitrix

Langerhan said:

No more Jaguar?

Sadly I think not maybe a not so clapped out sprinter instead.

L9XSS

Wow, that is some progress to move from a 15 year term to being so close to paying off the mortgage. That is some achievement, you should be very proud! When do you see your MF date being? With only £28,000 left on the mortgage and £18000 in savings your so very close! The travelling idea sounds great as renting your home could pay for your travel plans? Me, I’d want the Jag, but then I’m a car guy and it’s my thing. Good luck.

Neonitrix

L9XSS said:

Wow, that is some progress to move from a 15 year term to being so close to paying off the mortgage. That is some achievement, you should be very proud! When do you see your MF date being? With only £28,000 left on the mortgage and £18000 in savings your so very close! The travelling idea sounds great as renting your home could pay for your travel plans? Me, I’d want the Jag, but then I’m a car guy and it’s my thing. Good luck.

Sorry for the delay responding we were away on holidays, thanks for the message. Our goal is to be Mortgage Free on the 1st January 2023 but its very tight with some birthdays and Christmas were only within 300 of that plan not happening so were not going to crucify ourselves if we cant hit that target. If not 1st Jan def by 1st Feb 2023. 

Not bad buying a house in July 2018 and having it paid off within 5 years if we can do it anyone can.

Neonitrix

Just off the phone made payment for 16,000 yesterday further reducing our term which now stands at 1 year 6 months. Our outstanding balance as of today is 12,002.60. We aim to clear this in full between now and the end of January 2023. 

We aim to make overpayment end Nov 2022, and then look for our redemption figure towards end of January 2023 and clear the whole thing. Original plan was to have it cleared by 1st Jan but it simply was far too tight and left nothing in rainy day and honestly I was trying to force it. 

What's one more month in the long run considering we should not have this thing cleared until 2033 given we purchased 2018 July on a 15 year term. 

Neonitrix

We have made a few more overpayments since my last update, as of yesterday having just paid our monthly mortgage payment we stand at 6,513.46 outstanding, plan of action is to make 3000 overpayment in December around the 19th that will leave is will less than 3,000 outstanding at the start of next year.

I will then look for redemption figure including mortgage exit fee just before January payday and that will be our journey to mortgage freedom done.

Bought July 2018 and fully paid end Jan 2023 fingers crossed, and a weekend planned away at end of Jan to celebrate the accomplishment 

Bargainhunter30

Well done, amazing effort! I'd love to see your SOA just to see how frugal you've had to be!

Neonitrix

Bargainhunter30 said:

Well done, amazing effort! I'd love to see your SOA just to see how frugal you've had to be!

We are both in full time employment and what we have tried to do is put one salary into the mortgage when possible. We only budget ourselves 100 quid each a month for spend it on nonsense money and everything else comes down to pay all bills, keep a little in the rainy day so we can dip if need be and the balance goes into the mortgage. 

Once the mortgage is paid things will relax a little and next years holiday budget is like 3 times what it would normally be, but that has to be done considering living to a budget since we bought the house. 

LadyWithAPlan

Wow amazing focus and progress - well done. Have you travelled much in the 5 years ?

Neonitrix

LadyWithAPlan said:

Wow amazing focus and progress - well done. Have you travelled much in the 5 years ?

Thanks, regarding travel were originally from Ireland and Canada so there has been a few trips obviously Covid lockdowns cut down on international travel for a few years and we actually lost a fair bit of money due to lack of insurance on occasion but we still try and have a week away in April and again July / August time if possible but we will always celebrate weekend away celebrations for anniversary / birthdays etc. 

If there was one thing I would of changed the plan was too heavy in around other expenses like house re-roof and honestly I would of liked us to have transport before now given we are blow ins to the country arrived in 2014 we have only really seen places we can get to by train, that being said if either of the above had happened we wouldn't be within touching distance of clearing the only debt we have. 

We have been lucky in regards to employment and that's helped a lot towards doing this in such a short period of time and for sure there has been stuff we wanted to do but chose not to until the house was paid down. 

At the end of the day we had a goal to pay for the mortgage by the time I turned 45 ( I turned 45 two days ago ) so while I didn't meet the goal I set myself it is within touching distance and come end of January life will hopefully be able to be re-evaluated we can figure out what's the next important thing to invest our time in or indeed just take some time out where we have mortgage money in our pockets and can spend it on shiny beans.  

In the future we will have other fires to watch burn like what were going to do for retirement etc. as we have nothing organised thus far but at least we will have 758 quid a month to figure out that plan