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Mortgage free by 50 (13 years to go)

RS89RS89 Forumite
48 Posts
Part of the Furniture 10 Posts Combo Breaker
Hello everyone

Long time lurker and you guys have inspired me a lot. I’m looking for motivation to keep going with my horrifically ambitious target and so I’ve decided to start my own diary!

The facts:
Mortgage currently of £343k with about 22 years to run. It’s fixed for another 6 years at 3.19% and so far I have over paid about 12k.

The goal:
I’m realising more and more that the mortgage is a giant ball and chain and it’s preventing us from living the life we want to... do I want to get rid of it whilst I’m still young (ish) and the kids are young.

So far I’ve been over paying irregularly and now I need to be kore concerted... I’ll need to over pay at least £1000 a month to get to my goal.

I’ll post and share my progress for anyone who is interested and if anyone else has become mortgage free from such a large target I’d love to hear how you did it!


  • TahlullahTahlullah Forumite
    1.1K Posts
    Good luck!
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
  • Mortgage_MinimiserMortgage_Minimiser Forumite
    261 Posts
    Ninth Anniversary 100 Posts Name Dropper
    HI and welcome

    It's a large mortgage for sure..... but there are a few of us around.

    I've got £258 left on mine, after 4 years in, the bulk of which im trying to get rid of before my next fix is due - 5 years....

    I shall watch with interest and spur you on when I can

    2016 - £3641.26
    2017 - £7779.28
    2018 - £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    01/2/2015 - £243,750
    31/12/15 - £235,906.71
    31/12/16 - £224,120.98
    31/12/17 - £210,224.06
    31/12/18 - £190,821.21
    Mortgage today £152,150
  • RS89RS89 Forumite
    48 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Should clarify it started at £395k. So we have paid off about 50k in about 4 years.

    I’ve started 2 regular savers running which when they mature will go right on the mortgage plus some redundancy coming in, as well as a small regular over payment (£70).

    It’s addictive getting the letter in the post telling you the term has been reduced as a result of the payment 😂
  • Sea_ShellSea_Shell Forumite
    8.5K Posts
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Are you also making pension provision too?

    Just be careful not to leave yourself asset rich and cash poor in retirement, unless you are prepared to do a major downsize later on.

    It's all about balance.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.32% of current retirement "pot" (as at end May 2023)
  • kaycastlekaycastle Forumite
    340 Posts
    Fifth Anniversary 100 Posts Name Dropper Photogenic
    Good luck :) :T It sounds like you have a plan developing - large mortgages can be diminished too :D. What's your budgeting like?
  • RS89RS89 Forumite
    48 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Budgeting is typically good however I have the odd urge to blow it. I’m working on that impulse ��. Pensions are in place, 15% (was 30% in old job).

    I basically transfer anything I save day to day (eg in shopping) to a savings account and then at the end of the month make the over payment from there. Seems to work for now.

    DS1 starts school in Sept so his nursery fee will go right on the mortgage from then...
  • BachSoonBachSoon Forumite
    172 Posts
    Good luck with your journey!

    You get a letter from your lender about your term decreasing?? I'm jealous :D:p that sounds like excellent motivation!!

    Having the nursery fees freed up in September sounds fab :money: they're so expensive so that means a lot of extra ops :beer:
  • OhtobeMortgageFreeOhtobeMortgageFree Forumite
    317 Posts
    Fourth Anniversary 100 Posts Name Dropper
    My son will get his free childcare allowance in January next year and even though he's only in nursery one day a week at the moment that extra £48 per week will make a big difference to our overpayments!
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040 Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12Current mortgage total: £76,690.21 Current mortgage end date: June 2032Total paid into Premium Bonds: £2300MFW 2020: £1855 / £5,000MFW 2021: £10,000 / £10,000MFW 2022: £9518.26 / £12,000MFW 2023: £0 / £7744.74Daily interest: £7.59 > £3.38
  • RS89RS89 Forumite
    48 Posts
    Part of the Furniture 10 Posts Combo Breaker
    June update. So I got a generous redundancy payout in May that I used to take 10k off the mortgage. Meaning in April/May paid off a total of about 11k... we are now at £330k/395k! So that’s awesome - the letter from the bank (which I’ve framed) says we are now on track to pay off the mortgage in 2039. Still feels a long way away.

    Had a few frivolous spends too since it’s been a stressful time but back on the budgeting and planning.

    PP above - yes pensions in place and contributing the max. Current pot for me is about £150k... I’m late 30’s so there is time for that to build. DP pension needs work...
  • LeighofMarLeighofMar Forumite
    548 Posts
    500 Posts Fourth Anniversary Name Dropper
    Welcome and congrats on the great start you have attacking that mortgage. It does seem huge, but you're making some serious headway. One of the tricks to keep me motivated is to look at the amortization schedule and look at what you should owe on today's date and then look at where you are because of overpayments. It's a huge motivator. Best wishes.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $18,550.00
    Business Savings $55,800/100k
    Hope to be mortgage-free by end of 2023 
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