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Clearing 241k in 5031 days - let's go!

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  • Every_pennyEvery_penny Forumite
    45 Posts
    Ninth Anniversary 10 Posts Name Dropper Combo Breaker
    Forumite
    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
    Mortgage | Started Oct 2020 £235,875  | Now Oct 2021 £226996
    MFW | Dec 2030
    ISA £10,000 | Premium Bonds £4775 Investment ISA  £1190 | Ready Access Savings £1200 Moneybox £659

    My Mortgage Free Wannabe Diary
  • Lily80Lily80 Forumite
    8 Posts
    Name Dropper First Post
    Forumite
    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  B) 
  • Lily80Lily80 Forumite
    8 Posts
    Name Dropper First Post
    Forumite
    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  :)
  • Lily80Lily80 Forumite
    8 Posts
    Name Dropper First Post
    Forumite
    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  :D I'm an accountant so anything with a number behind it keeps me happy - not for everyone i know  ;)
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