Easter 2025 I’m coming to get you!

in Mortgage-free wannabe
608 replies 41.3K views
OK so that maybe slightly optimistic but you have to dream big!

I’ve been reading these for a while and decided it was time to go public instead of lurking; hopefully I can keep up with it and keep motivated. I have a mortgage which is not huge but I still have one. Originally £80,000 in November 2015 and as of tonight stands at £62,919.93, which does mean in the last 3 1/2 years I’ve paid off £17,030.07. The current redemption date is 11th November 2031 as it is a 16 year mortgage with 12 1/2 years left but I would love to pay it off in six years, hence Easter 2025 in the title.

I’m a single parent to a small boy and although I don’t earn masses I do ok. I live fairly frugally because that suits me and the mortgage is my only debt. I want to get rid of it while the boy is small and fairly cheap to run as the bigger he gets the more he will cost me. There is a kind of fuzzy end plan as to how I will spend my mortgage free time but I’ve got six years to firm that up.

So that’s why I’m here, doing this on my own for me and my fuzzy end plan :D. Thanks for reading and good luck to all you mortgage free wannabes x
Grocery challenge January £0/£200 SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98: SPC 14: £297.41 SPC 15: £237.27MFW #69 Mortgage start Dec 2015 £79,950; March 2023 £31,273.11 2023 OP £432/£3,000 MFiT T6 #3 £8,297/£25,500 (32.54%)


  • nyc_451nyc_451 Forumite
    502 Posts
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    You're doing great as a single parent, I'm impressed!

    Six more years is not that long, you'll be so relieved once you pay it off, just keep imaging all that spare money. ;)
  • Kat78MFWKat78MFW Forumite
    236 Posts
    Sixth Anniversary 100 Posts Name Dropper
    Hello - we are looking to pay ours off in six years too but ours is smaller and we have one and a half incomes (I only work PT). I am so impressed with how much you are paying off as a single parent.

    Good luck with it. I have subscribed to your diary.
    Current mortgage (Dec 22) £9946 (5yr fix since Jan 18 Interest Only 1.99% - max overpayment of £11800 per year)Current monthly payment £899 (£109 interest only minimum payment and £790 repayment)Opening mortgage balance June 2002 - £114 000Re-mortgage May 2007 £118 000 (borrowed extra £14 000 to pay loan back to BIL+SIL)Balance March 19 £54 943Balance March 21 £28 012Balance Dec 21 £21 827Balance Dec 22 £9 946 Expected balance Jan 23 when overpayment limit ends £3 409Agreed repayment date May 2027 - planned repayment date March 2023My diary https://forums.moneysavingexpert.com/discussion/5974849/six-years-and-counting#latest
  • beanieloubeanielou Forumite
    83.5K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Happy shiney new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • CathTCathT Forumite
    7.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Great diary title, will be cheering you on.
    March 2023 - part 1 - £39,794 part 2 - £27,387 Total - £67,181 56 months to go!
  • jodles16jodles16 Forumite
    1.5K Posts
    Car Insurance Carver!
    Sounds like you are already doing amazingly, hopefully you will smash that target!!

    Jodles :D
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • HettyhoundHettyhound Forumite
    868 Posts
    Fourth Anniversary 500 Posts Name Dropper
    Thanks everyone for the support, not much grown up conversation about finances or anything else in this house. There’s only so much the dog pretends to understand so it’s good to get it out of my head and dumped somewhere else! I suppose in some ways it is difficult doing this on one salary but in others it’s simpler. It’s my money to do what I want with so no arguing about “going without”. I’ve always been reasonably ok with budgeting which I think came from my parents; my mum got housekeeping money on a Thursday when dad got paid in cash and it had to last the week. We used to joke about having the same tea on the same day each week so roast on Sunday, cold meat and chips Monday, chops on Tuesday etc but I can now see why. I started using cash only for shopping about 18 months ago and it has revolutionised the way I shop and budget and meal plan and empty cupboards and freezer etc. I now get really upset if I have to throw any food out because it’s gone (properly) off.

    Had some good news today. I started a new job about 5 weeks ago but couldn’t really work out take home pay with increases in auto enrol pension and staff car parking etc. Anyway even though payday isn’t until next Tuesday we have system where payslips are posted on your personnel account a few days before and taking everything into account I’ll be about £40 a month better off which is more than I’d calculated. I once read that rich people don’t spend the extra cash they get as pay increases but invest it instead and still live to their original budgets. My budget will stay the same so I’ve already allocated it to overpayments, maybe Easter 2025 is feasible after all :T
    Grocery challenge January £0/£200 SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98: SPC 14: £297.41 SPC 15: £237.27MFW #69 Mortgage start Dec 2015 £79,950; March 2023 £31,273.11 2023 OP £432/£3,000 MFiT T6 #3 £8,297/£25,500 (32.54%)
  • newgirlynewgirly Forumite
    8.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi Hettyhound, just wanted to say welcome and good luck with the new diary, extra take home pay is great start :T
    2022 MFW 67 - 33 month challenge to clear mortgage, month 5 completed and on track 🙂MFI3 No.12
  • JelllibeanzJelllibeanz Forumite
    190 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    Sounds like you are off to a cracking start. Good luck with your journey. I look forward to reading more.
    Onwards and upwards with the occasional kick up the butt required! ;)
    Mortgage '09 = £103k Feb '17 =£79.9k, Aug 17 = £69k Mar 19 = £61k
    Aiming for 10% OP in 2019 - £1320.95/£6100 £3420/£3520 credit card at 0%
  • HettyhoundHettyhound Forumite
    868 Posts
    Fourth Anniversary 500 Posts Name Dropper
    Weather wasn’t great with us yesterday so spent most of the day trying to entertain a whinging child who insisted on going for a ride on his bike in the showers and then complained he was cold and wet. He cycles and I walk at the moment but he has suggested I get a bike :eek: Did a bit of a larder clear out, made cranberry and pistachio cookies, a cauliflower, coconut and almond curry for tonight and some brownies with chestnut puree in. Only threw one thing out; I considered that an open jar of vegemite with a best before of October 2015 really was beyond help.

    Looking a bit brighter today so we are going to get the liner in our wildlife pond ‘we’ dug (so that was me then) last weekend. I’ll order the plants tonight and then sit back and wait. I also need to do May budget and shopping lists as payday is Tuesday so shopping on my day off Wednesday. I say day off but I’ve got to go into work on Wednesday to take minutes for a meeting so have negotiated leaving a bit early on Friday for the bank holiday weekend :p
    Grocery challenge January £0/£200 SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98: SPC 14: £297.41 SPC 15: £237.27MFW #69 Mortgage start Dec 2015 £79,950; March 2023 £31,273.11 2023 OP £432/£3,000 MFiT T6 #3 £8,297/£25,500 (32.54%)
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
    2.5K Posts
    1,000 Posts Second Anniversary
    Hi Hetty,

    Just spending some time reading some new diaries, especially those on a similar timescale to us.
    I too have a little one who wanted to go bike riding in the rain and wind yesterday. It's looking a bit drier today thankfully.

    Good luck with your plans.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
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