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Mortgage-free by 33? (2023)

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Trina90
Trina90 Posts: 541 Forumite
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edited 23 July 2020 at 8:04PM in Mortgage-free wannabe
Thought it time I made a thread. We have been overpaying our mortgage since moving to our first (and current) home 5 years ago. We have an annual overpayment limit of £15k. We have managed to overpay by about £60k across these 5 years. We were on a 5-year fix, which is ending. Today, I have just switched to a 3 year fixed.

Our motive is to be able to enjoy life more - and, as we are approaching our 30s, we are beginning to seriously think about starting a family. With our job (my husband and I are colleagues) it really isn't an ideal job for parents - there is a lot of opportunity for overtime, which you are expected to do - not ideal, especially when it is both parents! Therefore, we initially just wanted to bring the mortgage down so that the monthly payments were affordable on just one salary (for a while at least). Will be a bonus if we manage to pay it off completely (depending on circumstances possibly changing in the next couple of years!)

Mortgage balance currently stands at 69,052.68

Welcome to anyone who wants to follow our progress :)
Mortgage started 2015: £150,000 2016: £130,000 2017: £116,000 2018: £105,000 2019: £88,000 2020: £69,000 2021: £51,195 2023: MORTGAGE FREE!
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  • South_coast
    South_coast Posts: 5,006 Forumite
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    Welcome and good luck 😀 I didn't even manage to buy until I was 33, so you're already doing extremely well in my eyes! This will bring you so many options for your future
    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!!!
  • Thick_n_Thin
    Thick_n_Thin Posts: 329 Forumite
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    Hi, you have already done well, wish I’d had that foresight at your age! Will be following with interest! 
    Aiming to be mortgage free in 3 years June 2023. 
    May 2020 - £63,493
    Jan 2021 - £56,145
    April 2022 - £44,750
  • Trina90
    Trina90 Posts: 541 Forumite
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    Our last monthly mortgage repayment of £639 for our 5-year fix will be taken on 28th May (our 3rd wedding anniversary!). Then our 3-year fix begins - looking forward to paying just £278 a month, excluding any overpayments! 

    Earnings so far this month
    my pay £1918 (£500ish is from overtime!)
    husband's £1918 (same as above)
    prolific academic studies £41.32
    user testing £24
    I started matched betting on 10th May. So far have earned £52 from this

    We owe my mum back for monies borrowed last month, so will be paying this back this month. Won't be making any overpayments on the mortgage until next payday at least. We allocate £1750 (£875 each) per month to the joint account for bills, food, petrol and any other joint spendings. The other £700ish will go to savings.
    Mortgage started 2015: £150,000 2016: £130,000 2017: £116,000 2018: £105,000 2019: £88,000 2020: £69,000 2021: £51,195 2023: MORTGAGE FREE!
  • Jessy103
    Jessy103 Posts: 1,857 Forumite
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    Good luck and well done on doing so great so soon! :smiley:
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32, Apr £593.46, May £388.11
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Wow you sound like you are doing fantastically well. I really wish I had been so focused early on. 
    I have just started prolific so good to see you can make decent money from it. 
    Are you able to offer any pointers in relation to starting user testing or match betting? 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • LeighofMar
    LeighofMar Posts: 672 Forumite
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    Welcome. You guys are doing so well and what a gift to give yourselves of being mortgage free in your 30s. Good going. 
    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 
  • Trina90
    Trina90 Posts: 541 Forumite
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    edited 24 May 2020 at 2:03PM
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    Wow you sound like you are doing fantastically well. I really wish I had been so focused early on. 
    I have just started prolific so good to see you can make decent money from it. 
    Are you able to offer any pointers in relation to starting user testing or match betting? 
    Prolific is the only survey site I use regularly now.. it is the only one I like!
    The company that does the user testing is local so not sure if everyone has access to this kind of thing - it consists of reading a leaflet for a medicine and then we answer questions about the medicine so they can determine whether the leaflet is readable and understandable. It takes about 15 mins a person. We both earn £12 each from this. I think they only ask the same people every 6 months so will be a while until we do this again - so not a great earner, but worth doing when they want us!
    If you are interested in starting matched betting, I recommend https://www.teamprofit.com/ as that's what has got me started and have found it really helpful!
    Mortgage started 2015: £150,000 2016: £130,000 2017: £116,000 2018: £105,000 2019: £88,000 2020: £69,000 2021: £51,195 2023: MORTGAGE FREE!
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Thanks very much 😊
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • Bargainhunter30
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    Amazing job Trina! We are in a similar position, 5 years in and just taken on a 5 year fix with £224 monthly payments 😮 We also have 2 kids (2 and 4) and live off 1 income now and any extras we can make. We've not struggled to make similar over payments as now we drink and holiday less and budget accordingly. Hoping to be MF by the end of the fix. I also matched bet and reccomend casino and teamcasin0 website, made £1800 since November and had lots of time off. Good luck x
    Mortgage start date Nov 2014  - £90,545 over 25 years
    Re-mortgage Oct 2017 - 78,295 over 23 years
    Re-mortgage Jan 2020 - 55,000 over 26 years @ 1.94%
    Current Mortgage Outstanding Middle December 2020 - £
    47893.35 - a reduction of £42,652 in just over 6 years!  


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