Fingers crossed MF in 6 months

mabs079

Watching these discussions for a while and wanted to say am hoping to finish my Mortgage in 6 months and it will be payed off 5 yrs early .
Mortgage 8,000 left to pay  .
OP of £350 per month  and any extra in between i can pay .
Credit card gets payed off in full .
Thanks for listening x

Shineyhappy

That sounds fantastic! Congratulations.

what do you plan to do with all the money that you have been using to pay it off?

mabs079

Thanks ,don't know yet i will still put the same amount away each month and then if there is anything I need I will just pay cash for it .

LeighofMar

Sounds awesome. Okay, what are your plans for celebrating being mortgage-free? Even if we're still on lockdown? A bbq? A mortgage-burning party? Cocktails and cupcakes?
Can you tell I've given this some thought for when it's my turn? Congratulations. 

Shineyhappy

We have paid ours off last year and are due to complete on my accidental buy to let, owned before I met DH and struggled to sell due to family member guarantor going AWOL abroad until recently. 

It it was strange when we moved and bought a house in cash and everyone kept asking for the mortgage documents and we kept saying there is no mortgage.

we are struggling to adapt to not being super careful, there has to be a time when it’s time to stop squirrelling money and start having fun. At least I hope so! 

Note to self update signature 

mabs079

Think we may get will a big tent in the garden with a DJ playing Celebration by Kool and the Gang , maybe a few beers or two

mabs079

Hi Shineyhappy when we have paid off mortgage we will be £700 a month better of so will put same amount away , i want to enjoy a couple of holidays a year and spend more time with OH x

mabs079

Hi All
update on mortgage 
back in July owed 8,000 
now Sept  5,700  still on track for January 2021 x

mabs079

Hi All
just a little update , I am one payment away from being mortgage free 
I think if hadn't been for the year we have had I would still be paying off as I would of gone away on holiday , as had a few ups and downs. 
So roll on 1.1.2021 .
Thanks all for listening x

savingholmes

Congratulations. You are so close now. Exciting.

Retireinten

Congratulations, it's fantastic having the peace of mind of owning your home...

I paid the mortgage on my first house off at the age of 32 - it was almost accidental tbh, I was on track to do it the traditional way then had a baby and had a bit more time to plan things out. After cashing in a with profits policy, selling a sports car (not child friendly) and receiving compensation for a nasty car accident, all of a sudden we had a mortgage balance of £22k.  It was the incentive we needed to get the rest paid off. One (mortgaged) house move later and we've been mortgage free for a second time for over two years.


Not sure about your overall financial circumstances but I would definitely review your savings for retirement.  I naturally progressed from MFW to 'early retirement wannabe', in fact, did this before I was mortgage free second time round, taking a slightly slower route to mortgage freedom to fund increases to pensions.

I want to retire early, at 55 ideally, maybe a touch earlier than that!  Five years ago I had an idea of retiring early but no idea how to get there, the forums on here really helped me. Now we have a clear, tax efficient plan to retire with the income we want and we may be able to go part time in our early 50's too.  Early retirement may not be for you but it's worth a thought!