Mortgage free by 2028
bethjames5681
Forumite 20 Posts
I have been lurking on this forum for a while now and since I have just remortgaged, I have decided that I will start a mortgage free diary. We have been overpaying here and there for a while, helped by being blessed with decent mortgage rates for the last 12 years or so.
Ever since we got a mortgage 14 years ago, we have been with HSBC but I have just remortgaged with TSB for 5 years at 1.34% fixed rate. At the same time, I reduced the mortgage term by 3 years. We have 13 years remaining but I'd love to get that down to 8.
Types of ways we usually overpay
Types of savings we make
I'm going to keep posting here (at least monthly) so I can have a good record of where we get to and for continued inspiration from all of you.
Ever since we got a mortgage 14 years ago, we have been with HSBC but I have just remortgaged with TSB for 5 years at 1.34% fixed rate. At the same time, I reduced the mortgage term by 3 years. We have 13 years remaining but I'd love to get that down to 8.
Types of ways we usually overpay
- Even if elements of our spending vary (e.g. childcare cost reduction, no council tax due that month) we each keep our monthly standing into our joint account the same. In particular, our childcare costs have dropped dramatically in the last couple of months now that our daughter has started school.
- I learnt the term Tilly Tidy on this forum, so have been doing that once a month after the mortgage payments come out
- I do Prolific surveys
- I use Quidco cashback
- Cashback from our Santander 123 Lite Current Account
Types of savings we make
- We both have regular savers (at 2.75%) and contribute the maximum
- Sweep leftover money at the end of the month into a S&S ISA
- I've just started matched betting, so all profits from that go into my S&S ISA weekly. I've made over £250 in two weeks - so that's my current obsession!
I'm going to keep posting here (at least monthly) so I can have a good record of where we get to and for continued inspiration from all of you.
Mortgage balance when remortgaged in Nov 2020 - £199,197.34
Current mortgage balance: £199,197.34
Target is to pay it off in 8 years (by October 2028). 8 years early.
Current mortgage balance: £199,197.34
Target is to pay it off in 8 years (by October 2028). 8 years early.
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Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance end of December 2022 - $20,500.00
Business Savings $53,765/100k
Hope to be mortgage-free by end of 2023
It sounds like you have a clear plan 👍
Loan 1: £10798 £5637
Loan 2 (DH) £4586 £3280
Credit card 1: £2496 £1755
Credit card 2 (DH): approx £1000 £600
Mortgage: £234,235 £227,746
Total debt: £252,125 £239,018
Savings approx £2k. Approx £9k
OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
Emergency Fund Target: 3 months saved ✅