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A new mortgage free wannabe thread

dozzer
dozzer Posts: 19 Forumite
Ninth Anniversary Combo Breaker
in Mortgage-free wannabe
Hi guys I'm creating a thread for a bit of accountability and motivation to plough away at my mortgage. I aim to update each time I can make an overpayment and see the numbers slowly dwindle I'm the right direction.

My short term aim is to get below £135,000 in time for my remortgage which is in a years time. I had a 30 yr mortgage and and just a single year into it.

Current mortgage debt £138,380, original was £142,500 if I continue over pay a little each month it should be do able to knock some time off it.

Currently I pay £658 PM so it's not always easy to overpay but I an trying my best. Hopefully come next mortgage il get a Better deal than my current one meaning I can add a bit extra to the pot.

Also I pay a bit into an AVC scheme for pension which I could potentially put to house but I'm taking a longer term vision aswell hoping not will pay off someday.

Anyways feel.free to follow or push me a little and of anyone has any tips to share I would be really grateful.

Thanks

Comments

  • beanielou
    beanielou Posts: 96,345 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Happy shiny new diary.
    Wishing you well on your MF journey :)
    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 forumteam@moneysavingexpert.com. 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.
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Welcome. Even small amounts make a big difference. So if you can round up to 700.00, you are still doing something or even 675.00. It all adds up. Best wishes.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • shangaijimmy
    shangaijimmy Posts: 3,803 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Welcome aboard.
    MFW: Was: £136,000.......Now: £47,736.58......
  • Moneyfordreams
    Moneyfordreams Posts: 2,442 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Welcome :D
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • dozzer
    dozzer Posts: 19 Forumite
    Ninth Anniversary Combo Breaker
    Thanks for the welcomes.

    Made an overpayment to mortgage today, £200. I had some overtime so put it to that. Every little helps I suppose.

    Also got my CC down to £100 so will hope.to clear that next month and will try to just use it for fuel as to keep credit report happy. Will root through my bills and hopefully can add a little more to overpayment this month also.
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congrats on the overpayments to date - I'm sure you will get much further with over paying with the discipline of keeping a diary
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
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