Mortgage free dreams

I'm a recent FTB.
I managed to purchase a 2 bedroom flat in a block in Eastbourne as the sole purchaser.
I can't see that I will need to move ever (unless maintenance fees get extortionate or I wish to get a pet) as I don't want children, so will never need more space.
Regardless, I want to start trying to reduce my mortgage a lot quicker with the view to be mortgage-free by 40 (15 more years)!
I have a mortgage of £140,500 over a 35-year term, fixed for 3 years.
I have £140,055.07 left... so very early days!
My repayments are £479.23.
I've just organised to overpay it by £100.00 to start which reduces the term to 27 years.
I plan on increasing it to £250.00 next year once I'm more settled which reduces it to 20 years.
Every time I get a pay rise (we can hope! :rotfl:) I'm going to use that extra to overpay the mortgage...


  • Hello

    Welcome to the board. In case it offers any consolation, I started alone with a bit smaller mortgage than you and cleared it in 12 years. I think my initial monthly payment was £550 a month and I overpaid £50 a month to begin with. By the end I was overpaying by over £550 a month. Lots of people will tell you it's financially better to max out your pension/invest. The thing is, once you have paid for your property, you can do whatever you want in terms of earning a living etc. Now my essential outgoings are about the same as that original monthly payment. So I was able to quit my full time job and work for myself part time. Even if you choose to move, the money is available as yours to put towards another place so no loss. I wish you the very best of luck ( I paid mine off just before I was 42).

    Bexster :)

    Oh wow! I'd never thought about the freedom to actually reduce my hours. That's such a good idea! You've given me even more motivation to work towards this :D
  • All the best for your journey - will be watching with interest :)
  • LeighofMar
    LeighofMar Posts: 672
    First Anniversary First Post Name Dropper
    Welcome. Being mortgage-free by 40 is a terrific goal. I hope to be so by 45, 4 more years:eek:, but still young enough to enjoy it for years to come. I think a lot of people will agree that it becomes very addictive to see your mortgage balance going down faster than scheduled. Best wishes on your journey.
    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 
  • Thank you everyone! This thread will definitely keep me motivated & accountable.
    Good luck with all of your mortgage free dreams too!
  • varfor
    varfor Posts: 45
    First Anniversary Photogenic First Post
    Welcome and good luck!

    My mortgage is similar and I’m hoping to have it done by the time I’m 40 top. It’s a nice goal (though a bit ambitious for me!)
    2019 MFW #118: 9474/4000 | 2020 MFW #112: 2500/2500 | 2021 MFW #21: 1890/1920 | 2022 MFW #NA: 2180/1920
  • September wasn't a great start, but it is my birthday month so I can't say I'm overly surprised!
    I have £139,775.00 left with £61.20 of it overpayments.
    This month beginning will be the start of my overpayments being £100.00 every month on top and then I'll transfer bits and pieces over as and when I have it.
    I checked with HSBC and apparently I'm allowed to just transfer tiny amounts over whenever, so that's useful!
  • beanielou
    beanielou Posts: 89,295
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Great start :)
    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 [email protected]. 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.
  • I paid off £450.00 extra on top of the £100.00 regular OP's, used my savings just to motivate me to get it under £139,000.00.
    I have £138,950.00 remaining before my scheduled mortgage payment goes out tomorrow.
    Moving in the right direction!
    I've set myself a mini goal to get the mortgage down to £133k by the end of 2020, we'll see!
  • My mortgage currently stands at £138,600.00.
    I've recently applied to transfer my current account over to HSBC which will pay £175.00!
    I'm hoping nothing crops up so I can use that money as an OP.
    Got a letter from Student Loan's telling me I have to start paying that off in April (not even finished the bloody degree!)
    So that'll slow things down a little bit, but my boss said I can start working overtime soon, so that should help, I'll use the OT as a way of adding more OP's in.

    With the £133k goal, I have my standard monthly OP's of £100.00 and that leaves the predicted figure at £134,359.75.
    So I'll either need to make a lump payment (feels likely) or increase the £100.00 payments.
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