Quest for (mortgage) freedom

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  • Sweetie83Sweetie83 Forumite
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    Great achievements well done 
    DH, 2 DD and 2 cats. aiming to be mortgage free at 50...11 years to go eek!
    Feb 19 £358k
    Jan 21 £283K (using savings)
    July 22 £246K down to 17 year term
  • Sweetie83Sweetie83 Forumite
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    Happy New Year, what exciting goals and looking forward to following your journey. I’ve hit the £259k mark so a bit behind but love the idea of setting a slightly longer term challenge as well. 
    DH, 2 DD and 2 cats. aiming to be mortgage free at 50...11 years to go eek!
    Feb 19 £358k
    Jan 21 £283K (using savings)
    July 22 £246K down to 17 year term
  • eat_that_frogeat_that_frog Forumite
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    Thanks @Sweetie83 and well done for hitting the £259k mark yourself! So from reading your signature, is that around £100k you've paid off in nearly 3 years? If so that's amazing!!!
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £177,000 (May 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: June 2039
    Mortgage free start date: 13th July 2020
    Total overpayments since July 2020: £46,300
    Current Savings: £13,700 

    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2022 MFW #58
    MFiT-T6 #16

    Goals for 2022

    Mortgage: £18k overpaid in 2022; £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Savings: save £12k in the last 6 months of 2022 to replenish savings (£0/£12000 so far)
    Weight: 14lb lost in 2022; weighing around 9 and a half stone by end of 2022 (4/14lbs so far)
    Decluttering: 2022 items decluttered by end of 2022 (1450/2022 items decluttered so far)
    Grocery challenge: £408 total spend in June (£177/£408 so far)
  • powerspowerspowerspowers Forumite
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    Happy New Year frog! I love the goals and will see you on the MFi3 challenge
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,010 / £7,200 target 


  • edited 7 January at 6:53PM
    rugbymadfamilyrugbymadfamily Forumite
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    edited 7 January at 6:53PM
    What a brilliant end to 2021! And some fantastic goals for 2022, will be here cheering you on!

    Ps we ended the year with a mortgage starting with a 2 instead of a 3 so am with you on the excitement if that!
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • eat_that_frogeat_that_frog Forumite
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    Thanks @powerspowers and @rugbymadfamily! Hope you both have a good 2022 and well done on all your achievements in 2021!
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £177,000 (May 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: June 2039
    Mortgage free start date: 13th July 2020
    Total overpayments since July 2020: £46,300
    Current Savings: £13,700 

    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2022 MFW #58
    MFiT-T6 #16

    Goals for 2022

    Mortgage: £18k overpaid in 2022; £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Savings: save £12k in the last 6 months of 2022 to replenish savings (£0/£12000 so far)
    Weight: 14lb lost in 2022; weighing around 9 and a half stone by end of 2022 (4/14lbs so far)
    Decluttering: 2022 items decluttered by end of 2022 (1450/2022 items decluttered so far)
    Grocery challenge: £408 total spend in June (£177/£408 so far)
  • eat_that_frogeat_that_frog Forumite
    181 Posts
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    I've had a productive start to 2022. We decluttered the wardrobes today and decluttered over 60 items from there. Going to tackle a cupboard this weekend that's always been problematic, fingers crossed I make some good progress there.

    Decluttering of slightly different kind but yesterday I spent an hour deleting old emails and unsubscribing from emails. It felt amazing to do. Digitial decluttering I suppose.

    We're a couple of weeks away from payday but I've been able to put £100 away into savings. I'd already put £500 away at the beginning of the month so I'm making good progress on reaching £3k increase in savings by the end of the year. And when my fixed term comes to an end I'll use it to overpay the mortgage.


    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £177,000 (May 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: June 2039
    Mortgage free start date: 13th July 2020
    Total overpayments since July 2020: £46,300
    Current Savings: £13,700 

    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2022 MFW #58
    MFiT-T6 #16

    Goals for 2022

    Mortgage: £18k overpaid in 2022; £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Savings: save £12k in the last 6 months of 2022 to replenish savings (£0/£12000 so far)
    Weight: 14lb lost in 2022; weighing around 9 and a half stone by end of 2022 (4/14lbs so far)
    Decluttering: 2022 items decluttered by end of 2022 (1450/2022 items decluttered so far)
    Grocery challenge: £408 total spend in June (£177/£408 so far)
  • eat_that_frogeat_that_frog Forumite
    181 Posts
    100 Posts Second Anniversary Name Dropper
    Forumite
    Hope everyone's having a good January. It has flown by for me, extremely busy at work and can't believe it's nearly February already.

    Checking in with my progress this month: 

    Mortgage: I've overpaid £1500 this month, so I'm on track
    Savings: I put away £500, so I've so far saved £1100 out of the £3000 I'm aiming to put away this year
    Weight: my bathroom scales have broken! So no idea honestly
    Decluttering: a total of 85 items decluttered this month, taking my total to just shy of 1400 items decluttered in total.

    So I'm happy with my progress so far in 2022 and just got to keep it up.
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £177,000 (May 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: June 2039
    Mortgage free start date: 13th July 2020
    Total overpayments since July 2020: £46,300
    Current Savings: £13,700 

    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2022 MFW #58
    MFiT-T6 #16

    Goals for 2022

    Mortgage: £18k overpaid in 2022; £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Savings: save £12k in the last 6 months of 2022 to replenish savings (£0/£12000 so far)
    Weight: 14lb lost in 2022; weighing around 9 and a half stone by end of 2022 (4/14lbs so far)
    Decluttering: 2022 items decluttered by end of 2022 (1450/2022 items decluttered so far)
    Grocery challenge: £408 total spend in June (£177/£408 so far)
  • eat_that_frogeat_that_frog Forumite
    181 Posts
    100 Posts Second Anniversary Name Dropper
    Forumite
    I've recalculated the daily interest I'm paying on the mortgage. It's now down to £10.06 per day. When I started this challenge back in July 2020 I was paying £12.50 daily interest; then in Jan 2021 it was down to £11.56 per day. So I'm delighted to have shaved off nearly £2.50 in daily interest since starting my mortgage free journey 18 months ago; that's a very respectable £77.50 saving per month or £930 per year.
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £177,000 (May 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: June 2039
    Mortgage free start date: 13th July 2020
    Total overpayments since July 2020: £46,300
    Current Savings: £13,700 

    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2022 MFW #58
    MFiT-T6 #16

    Goals for 2022

    Mortgage: £18k overpaid in 2022; £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Savings: save £12k in the last 6 months of 2022 to replenish savings (£0/£12000 so far)
    Weight: 14lb lost in 2022; weighing around 9 and a half stone by end of 2022 (4/14lbs so far)
    Decluttering: 2022 items decluttered by end of 2022 (1450/2022 items decluttered so far)
    Grocery challenge: £408 total spend in June (£177/£408 so far)
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