Mortgage Free by Mid Century

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 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!  

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True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000


  • Sistergold
    Sistergold Posts: 2,006
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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 journey 
    Initial mortgage bal £487.5k, current £266.8k, 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)
    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. 🤓
  • newlife2016
    newlife2016 Posts: 17
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    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. Xx
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