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Eat, Slay Mortgage, Sleep, Repeat

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Hi all
After a reality check and some focussed advice.
Many many MANY years ago I started a thread on here. Dream was to be mortgage free by 50.
Well, I am 45 (nearly) and have £62k left to pay.
After some advice on how achieve this.
We now have 2 kids, (4 and 6) and I work in a supermarket.
Cmon you mortgage free gurus. Hit me with your best shot (of advice!) Lol.

Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50

Comments

  • FunLovinCriminal
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    Im earning £17k a year.
    Wife is a term time classroom assistant, earning £11k
    Paying £722 a month to mortgage. Fixed for 2 more years at 2.18%
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
  • turtlemoose
    turtlemoose Posts: 1,649 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
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    Hi FLC, I remember your original diary. How are you getting on?  At your current rate, as you know you won't hit your target but you're still taking a really decent chunk out of it - and would have about 19k left at 50. You just have to keep chipping away at it and remember every little overpayment helps. If you're motivated by challenges and so on, you could join the threads on here like paying an extra 1% of your balance off etc. The debt free wannabe forum folks have lots of info on earning extra cash here and there, it all adds up. 
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
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    Hello FLC!
    I don't know what to suggest that you don't already know!  I am delighted to hear your wife was able to follow her dream career-wise. Do you have an emergency fund? Three to six months of expenses put aside? After this I would start paying down the mortgage. Not a bad interest rate really. Far better than savings interest.

    bexster  :)
  • caeler
    caeler Posts: 2,606 Forumite
    Mortgage-free Glee! Photogenic Name Dropper First Post
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    Try and work out how much you are allowed and can afford to over pay. I’ve been working to a very tight no luxury Budget recently as I’m all in, it’s working for me.  Good luck! 
  • Bargainhunter30
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    Hi FLC, 
    We are in a similar position to you, young kids, slightly lower mortgage and earning slightly less.  I try hard to budget, whilst not feeling like we have no life and treats.  We meal plan and try make every penny count.  I maximise my 10% OP allowance every year and I'm hoping to be mortgage free by 2025. Just plod along and be conscious of all your spending would be my advice.
    Mortgage start date Nov 2014  - £90,545 over 25 years
    Re-mortgage Oct 2017 - 78,295 over 23 years
    Re-mortgage Jan 2020 - 55,000 over 26 years @ 1.94%
    Current Mortgage Outstanding Middle December 2020 - £
    47893.35 - a reduction of £42,652 in just over 6 years!  


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