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MF by 40!
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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.1 -
Another £100 OP made
£87,890Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5001 -
So everything is overwhelming atm-I figured I would do a little progress check to remind myself how far I’ve come. Just
playing around with the OP calculator, in less than 4 years since I got my mortgage I have paid off more than £10,000 extra thanks to OPs compared to what the contractual payment would have cleared!Proud of that!Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5004 -
Definitely! The first few years are the hardest to make headway because of all the interest piling on, so you're doing brilliantly 😀Mortgage start: £65,495 (March 2016)
Cleared 🧚♀️🧚♀️🧚♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed
Finally earning interest instead of paying it!!!1 -
You should definitely be proud. That's what keeps us going is knowing we are further than where we should be.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 20231 -
That's awesome progress! Well done, embrace that well-justified pride!2
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South_coast said:Definitely! The first few years are the hardest to make headway because of all the interest piling on, so you're doing brilliantly 😀LeighofMar said:You should definitely be proud. That's what keeps us going is knowing we are further than where we should be.
Thank you all for stopping by! Lovely to have some perspective!frankersBri said:That's awesome progress! Well done, embrace that well-justified pride!So, no major news on OPs but have been doing the sums in the background. My interest rate is pretty shocking at 3.04%, interest is currently £7.39 per day. The ERC drops to 2% as of 1st Sept 20 and remains at that until the end of the fixed rate. I’m debating remortgaging away before the end of my fix in Aug 21. My lender has dreadful retention rates (got my house before I worked in financial services!) so I always planned to remortgage at the end anyway. I know I will need to contact a broker to get in depth advice but I don’t think it is worth drudging through the rest of this fix given the deals around at the moment.Any thoughts?
xCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5000 -
Another £200 o/p made! 🥳
Bal: £87,690Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5001 -
Hope everyone is keeping well!
On the slow roll to payday here so nothing exciting to report in terms of OPs, I am however very excited at the prospect of being released back into civilisation on 1st August 😂These last few months have been so challenging and I keep reading of people having magical transformative experiences in lockdown...all I got was depressed and an addiction to custard creams 😂😂 - in all seriousness though it’s taught me a lesson in comparing myself to others; and also reinforced the importance of being MF!
I’m so grateful for this community of like minded folks, so reassuring to think it’s not just me on this journey!
xCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5000
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