Clearing 241k in 5031 days - let's go! 18 August 2020 at 11:59AM in Mortgage-free wannabe 14 replies 474 views

Every_penny

Hi @Lily80 wishing you the best of luck. I like how you've broken it down into days - now I'm heading off to work out how many days I'm aiming for... Thanks for the inspiration
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Lily80

pjcox2005 said:

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.

Thanks PJ - yeah I understand the interest rate being so low I could make gains elsewhere, we spent a few years on interest only so I'm aiming to hit the original term end date. Can't face having a mortgage for more than 30 years
I'm paying into my pension   

Lily80

Cornish_mum said:

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. 

Best of luck Cornish_mum - it's nice to see those scary numbers coming down! that would be great work to know 6 years off 

Lily80

Every_penny said:

Hi @Lily80 wishing you the best of luck. I like how you've broken it down into days - now I'm heading off to work out how many days I'm aiming for... Thanks for the inspiration
_ep

Anything to keep me interested  I'm an accountant so anything with a number behind it keeps me happy - not for everyone i know