Quest for (mortgage) freedom

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  • savingholmessavingholmes Forumite
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    Good luck 🍀. It does take more effort but will be worth it
    Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.9k 4) MFW starting at £201999 Nov 21 with 264 255 payments to go. Now £196,223. 5) Mortgage neutral progress (private pension/AVCs c£3643 Nov 21) extra payments £312 including tax relief 6) Write regularly 41426/70000 words Book 2 7) CC Debt free April 22 (now stay that way!!)
  • eat_that_frogeat_that_frog Forumite
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    This week I marked 2 years since deciding to become mortgage free. Delighted to say that in that time, I've got my outstanding mortgage balance down from £240,000 to £175,900.

    Absolutely thrilled to be in the £175k bracket, which was my aim for 2022. Can't make any further overpayments as I've maxed out the 10% overpayment limit. So I'm topping up our savings - I moved £700 across this month.
    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)
  • savingholmessavingholmes Forumite
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    £65K in 2 years is absolutely stunning. Well done.
    Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.9k 4) MFW starting at £201999 Nov 21 with 264 255 payments to go. Now £196,223. 5) Mortgage neutral progress (private pension/AVCs c£3643 Nov 21) extra payments £312 including tax relief 6) Write regularly 41426/70000 words Book 2 7) CC Debt free April 22 (now stay that way!!)
  • Cornish_mumCornish_mum Forumite
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    Congratulations that’s an amazing reduction CM
  • Sweetie83Sweetie83 Forumite
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    Oh wow that’s amazing! Congratulations
    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 all.

    With all the news at the moment around interest rates rising and inflation hitting 15% next year, it's more important to me than ever getting my mortgage down as far as possible.

    We are on a fixed rate until Dec 2023. I don't know what interest rates will look like then, so we're really incentivised to keep overpaying and really get the outstanding balance down. I've been looking at whether it's worth paying the early repayment charge and fixing onto a new 5 year rate now, but it's just hard to know what the best thing to do is.

    My OH had a promotion at work last month, a small payrise but every little helps. I'm also applying for internal promotions to try and help things.

    Like everyone else, we're noticing the price of essentials rising rapidly. Our weekly shop in Lidl is now a standard £70, it used to be £40-50 depending on how much meat etc we bought. We don't really buy alcohol or treats and we already shop at a discount German shop so there's not much else we can do to strip back other than cooking more budget meals, which I am trying to do.

    We've been largely sheltered from rising energy costs to date because we're on oil and we filled our tank to the top back in early Jan when prices were still normal. But we will need to top up in readiness for this winter and that will be expensive.

    In more positive news - our back garden is nearly finished! It's been a 2 year project including building a patio, landscaping the garden area, refurbishing the summerhouse and building a playground area for our preschooler. We've done it all ourselves with largely 2nd hand materials (including the patio stones sourced 2nd hand for £100 which look amazing and would have cost over ten times as much new!) and in total we've spent £1k, some of which we got back from selling things the previous owner had left behind (we made about £400 in total).

    In other positive news, I've lost a bit more weight and am now halfway towards my target for the year. Absolutely delighted and feeling much better for it.


    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)
  • savingholmessavingholmes Forumite
    20.9K Posts
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    Sounds like you've done a great job on your garden 
    Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.9k 4) MFW starting at £201999 Nov 21 with 264 255 payments to go. Now £196,223. 5) Mortgage neutral progress (private pension/AVCs c£3643 Nov 21) extra payments £312 including tax relief 6) Write regularly 41426/70000 words Book 2 7) CC Debt free April 22 (now stay that way!!)
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