Quest for (mortgage) freedom

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  • eat_that_frogeat_that_frog Forumite
    180 Posts
    100 Posts Second Anniversary Name Dropper
    Forumite
    Thanks, yeah I think doing it the first time is the hardest, partly because it wasn't clear what number to phone etc. I went into a branch on the high street but they said they couldn't do it via debit card in there. So that made things feel a bit  :confused:

    Anyway it's done now and I know how to do it in future months too!
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £175,900 (July 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: Jan 2040
    Mortgage free start date: 13th July 2020


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

    Goals for 2022

    Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
    Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
    Weight: 14lb lost by end of 2022 (8/14lbs so far)
  • South_coastSouth_coast Forumite
    3.6K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Forumite
    Congratulations! Great start 😀
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03

    Finally earning interest instead of paying it!!!
  • frankersBrifrankersBri Forumite
    196 Posts
    100 Posts Second Anniversary Photogenic Name Dropper
    Forumite
    Congratulations; a strong start! You seem really motivated to get MF so I'm sure you'll be successful!
    May 2020 opening: £181,500, 21 year term. £14k additional borrowing December 2021
    Current balance: £165,715.11
    MFW #37. Aiming to pay off within 13 years
    2020 OPs: £12,007.35
    2021 OPs: £1,750.62
    2022 OPs: £50
  • ruby_eskimoruby_eskimo Forumite
    3.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    Congratulations with your first OP!  You'll be under £230k in no time!
    Emergency Fund - £6857.08 / £10,000 :: Total Mortgage OP - £6205.55
    LISA 22/23 - £1038 :: NSD August - 4 / 20 :: Books Read: 36 / 52 :: Decluttering - 365 / 365
    Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 2017
  • Squirrelz92Squirrelz92 Forumite
    485 Posts
    Third Anniversary 100 Posts Photogenic Name Dropper
    Forumite
    Wooooo! Congrats on your first OP! And what an amount it was! 
    Total Debt May 2022 £7402.10
    Halifax CC1 - £143.97/£3013.80 Paid Off 4.77%
    Virgin CC2 - £564.11/£2321.74 Paid Off 24.29%
    DWP - £95.82/£766.56 Paid Off 12.50%
    Mum - £0/£1300 Paid Off 0%
    Total Debt Paid Off £803.47 (10.85%)
    Emergency Fund: £538.57/£1000
    Aim To Be Debt Free By June 2024
  • Sweetie83Sweetie83 Forumite
    74 Posts
    Ninth Anniversary 10 Posts Name Dropper Combo Breaker
    Forumite
    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
  • Busy_MeeBusy_Mee Forumite
    422 Posts
    Seventh Anniversary 100 Posts Name Dropper
    Forumite
    Great first overpayment. You will find keeping a diary really helpful. We achieved mortgage neutrality this year thanks to the support of everyone on here. Our mortgage was originally £280 k (gulp)
  • eat_that_frogeat_that_frog Forumite
    180 Posts
    100 Posts Second Anniversary Name Dropper
    Forumite
    Thanks all, I hope I'm able to keep on track. Hopefully this diary will motivate me to do so.
    A poster mentioned focusing on maximising the gap between my incomings and outgoings, so that's what I'm trying to do:
    • I registered for Prolific yesterday
    • I'm sorting through our stuff, clearing the house and looking at what can be sold
    • At work I've put my name forward for another job internally, which would give me an admittedly very small payrise, but it sounds like an exciting opportunity and during this recession I think every little helps frankly
    Payday for me and husband next week, best time of the month  :DB)


    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £175,900 (July 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: Jan 2040
    Mortgage free start date: 13th July 2020


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

    Goals for 2022

    Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
    Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
    Weight: 14lb lost by end of 2022 (8/14lbs so far)
  • eat_that_frogeat_that_frog Forumite
    180 Posts
    100 Posts Second Anniversary Name Dropper
    Forumite
     :)  I made an overpayment of £2000 on the mortgage today. This brings the total outstanding now down to £234,900. I mentioned last time about the psychology of the numbers...well this time getting down below the £235k mark is a real boost, as I don't feel that far off of £230k now. It also felt much less of a faff than last time because I knew what I was doing, what number I needed to call and what info I needed to hand.

    Separately, I've also got some items up online to sell to make a bit of extra cash. Unfortunately haven't heard anything more about the potential promotion, has all gone a bit quiet on that front. Just feel happy to have a job right now to be honest.

    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £175,900 (July 2022)
    Original mortgage end date: Feb 2044
    Current mortgage end date: Jan 2040
    Mortgage free start date: 13th July 2020


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

    Goals for 2022

    Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
    Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
    Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
    Weight: 14lb lost by end of 2022 (8/14lbs so far)
  • Fantastic, you are doing really well. I also find it really motivating every time I pay off 10k and see the balance go down, that 230k is so close now :)  
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £4620
    Mortgage 2017 £145K, June 2020 £112.6k:o
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