Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.

Mortgage free in half the time.

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
3 replies 370 views
Mummy2cheekymonkeysMummy2cheekymonkeys Forumite
378 Posts
Third Anniversary 100 Posts Name Dropper
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hi everyone.
I wanted to start a diary on here to keep myself motivated on our journey to being mortgage free. Our household consists of my husband and I and our 2 young sons. We bought our house together in June 2014. There was a lot of renovation work needed. Once that was sorted we moved to overpaying the mortgage. Our mortgage started on £135,000 over a 20 year term. We fixed our current rate of 2.19% in January of this year for 5 years.
As it stands now we have £88864 left and have used our 10% overpayment allowance for the year.
My goal (fantasy) would be to use our full 10% overpayment allowance for the next 4 years and to save enough to clear the remaining balance when the fix comes to and end. If we can do this by the June we would have paid the mortgage up in 10 years instead of the 20. Whilst I realise this is probably over ambitious me and my OH are very much on the same page and will try to make it a possibility.
Thanks for reading x


This discussion has been closed.
Latest News and Guides

New plastic £50 note in circulation

Inventor and codebreaker Alan Turing is pictured

MSE News

TV MoneySaving tricks

How to save on Sky, Netflix, Now TV, Prime Video and more

MSE Guides

Pret subscription loophole

Get a month's worth of free smoothies, frappes, coffee etc

MSE Deals