Mortgage free by 2028

edited 8 November 2020 at 9:02PM in Mortgage-free wannabe
3 replies 151 views
bethjames5681bethjames5681 Forumite
20 Posts
10 Posts First Anniversary
edited 8 November 2020 at 9:02PM in Mortgage-free wannabe
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
  • 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
We both have fairly decent emergency funds and we still contribute to savings regularly. We want to balance out having good holidays and house renovations with reducing our mortgage - so not every penny we save goes towards the mortgage.

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 live in spreadsheets, I'm constantly fiddling around to see how to make more savings or "what if" projections. I have just plotted a mortgage ammortisation schedule, so I can see the expected reduction in the mortgage for the duration of this deal, month-month, so I can plot where we "actually" get to with overpayments.

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. 


  • LeighofMarLeighofMar Forumite
    514 Posts
    500 Posts Fourth Anniversary Name Dropper
    Happy new diary.
    Mortgage start date Dec 2015 - $64,655.00
    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 
  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    Happy new diary. 
    It sounds like you have a clear plan 👍
    January 2020- starting point! Update jan 2021
    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

  • rugbymadfamilyrugbymadfamily Forumite
    503 Posts
    500 Posts Second Anniversary Name Dropper
    Happy new diary and welcome! Sounds like you have a great plan in place 😊
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
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