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Mortgage Free by Mid Century
MidsHollie
Posts: 292 Forumite
Hi All,
I have come here to post a cheeky starting thread, with the caveat that I am being a little out of sync, as I belong very much in the Debt Free Wannabe boards at the moment!
I have come here to post a cheeky starting thread, with the caveat that I am being a little out of sync, as I belong very much in the Debt Free Wannabe boards at the moment!
I have approx 26000 of debt to family and a car loan, all at 0% interest.
I bought my first home about 2 years ago, buying too much house and stretching the budget far too much! Hence the debt to family. I have since had my light bulb moment and paid over £7000 from my debt in 6 months.
I decided recently to make very small overpayments to my mortgage. So I requested to make monthly overpayments of around £22 per month to round up to a nice round figure. This is £22 which I won’t really miss, and won’t really impact on my debt repayment. I realise that some people will say I’m mad for doing this whilst in debt. But I’ve found the MFW success posts always suggest starting early. So, with my current payments, I was originally planning on being debt free at the end of 2048, but the over payments has bought that forward to the start of 2048! Until I get the debt paid, this will be my only overpayment. But I look forward to making bigger and better overpayments at some point this decade!
I decided recently to make very small overpayments to my mortgage. So I requested to make monthly overpayments of around £22 per month to round up to a nice round figure. This is £22 which I won’t really miss, and won’t really impact on my debt repayment. I realise that some people will say I’m mad for doing this whilst in debt. But I’ve found the MFW success posts always suggest starting early. So, with my current payments, I was originally planning on being debt free at the end of 2048, but the over payments has bought that forward to the start of 2048! Until I get the debt paid, this will be my only overpayment. But I look forward to making bigger and better overpayments at some point this decade!
<a rel="nofollow" href="https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1">https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1</a>
True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000
2
Comments
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Oh hello there.Good that you have a plan in place! Like you said it’s nice to making an overpayment no matter how little as it shows that’s it’s on your mind.Good luck in your journeyInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
Hi MidsHollie, that’s a huge amount of debt to repay in six months so well done for that!!! It’s great that your debt is 0% and that you are super motivated to pay it off ASAP. Welcome to board, I’m a old lurker but just restarted my mortgage free wannabe status. Any overpayment is money you won’t ever pay interest in ever again. Xx0
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