Clearing 241k in 5031 days - let's go! 18 August 2020 at 11:59AM in Mortgage-free wannabe 14 replies 472 views

Lily80

Finally decided to join the mortgage slayers  been here for ages and love reading everyone's diaries
The challenge - 241k in just over 5000 days 
The mortgage was originally due to be finished 28/05/2034 but between the period 2010-2014 we ended up on interest only due to redundancies so the end date is now sometime in 2039. However things are going good at the moment so I am really keen to overpay and claw back as much time as possible - hoping I can do it in 5000 days.
It'll be a big ask but sure if I don't try I'll never know!!!!!!! 
Current monthly payment is 1165 - I need to over pay by 385 a month to hit the target, it's doable at the moment so I'm ready to go 

LeighofMar

Welcome and best wishes on your mortgage journey. 

Squirrelz92

Wow that's certainly the amount to clear in that time but I am sure it's possible! Welcome to the MFW crew and the best of luck on your journey

KP74

Good luck!

Lily80

August payment made €1165 plus OP €385  all going well so far.
I know it's a hefty amount to clear  but sure I'm here to try!!!!

Lily80

September payment made plus the OP - balance approx €238k - happy to see the numbers coming down 
Luckily the interest rate is low so the capital is reducing by about 1,300 per month 

joshiesaunt

A good start!  What is your interest rate if you don't mind me asking?

Lily80

Thanks Joshiesaunt - the interest rate is 1.15%. I'm in Ireland and it's a tracker linked to the ECB rate.

joshiesaunt

That's an excellent rate so it'll help you pay it down faster.

Cornish_mum

Hi Lily we started at 250,000 so I know how you feel! Our current repayment is  £ 1096 & 16 years left but I am secretly hoping we will be done by Feb 2030. 

pjcox2005

Great challenge but with an interest so low, then I'd suggest making sure you have a balanced saving plan rather than just paying off a mortgage. Make sure you're contributing properly to a pension for example, saving into higher rate accounts and potentially investing for long term. With either tax incentives or savings rates you'd historically always be a lot better that way and will mean you can pay off the mortgage quicker.

Good luck though.