My desire is to live a life of financial freedom. I think one of the main ways to achieve this is to attain mortgage-freedom. As such, we recently (June 2020) became 100% debt-free and I believe this is the best time to begin focusing on our mortgage-freedom.
Our mortgage debt is: £65,993.68
Interest Rate: 3.38% fixed
Remaining term: 14 years and 6 months
We don't really have a strategy per se, but we are on hyper-mode. Meaning, every penny we have left over we overpay on the mortgage. We found out that the maximum Early Repayment Charge we could get charged is just shy of £3,500 and I don't mind paying this as long as we are mortgage-free.
Prior to starting this thread, we had only ever made 1 over payment of £500 lol. I'm SO ready to be mortgage free NOW! and I'm going to make sure it happens. One thing that led me to this was the debt freedom. Ever since we have been debt free, life has been more stress free because we need less money to live. Our largest bill currently is now our mortgage and I know that once we are mortgage free life will be much more free because we will have more freedom to choose what we do with our time. We won't HAVE to work. Working will be a choice, and even then, we will be able to work part time and still live a relatively good life.
I can almost taste the freedom! Also, I believe this mortgage will be paid off in a short amount of time because, £65k isn't much especially with the 10% over payment allowance and relatively good income streams. Let the journey begin!
Mortgage Repayment Tracker: 21/03/2021: £85,995.00
10% MOP 2021: £1098.57/£8599.50
1% MF Challenge 2021: £65.01/£849.50
My MFW thread: https://forums.moneysavingexpert.com/discussion/6167354/financial-freedom-through-mortgage-freedom#latest
He who dares wins! ~ Winston Churchill