2021 Mortgage-Free Wannabes

jackieblack

#4 reporting £120 OP for May
Thanks julicorn 🙂

frankersBri

#37 with a final update for May. Total £231.95

julicorn

Boatright said:

Hi everyone! I'm new to this forum!
Is it too late to join? Target for the year £5,600. £800 for May.

Not at all, welcome to the challenge, and to the forum as well
You have #128.

julicorn

ilselm said:

Hi, #24 here with £74,800 paid off the mortgage giving a May total of £76,000. This has come about from an insurance payout as I recently underwent a hefty medical procedure which was covered under the terms of my critical illness policy. 

So, rather than dropping it all on a luxury super car we’ve taken a measured approach to split between mortgage overpayments, savings/investments and a small amount to get the garden sorted. I’m still able to work in my current role so this money is going to be a huge help to provide more future work/life options along the lines of FIRE rather than cover current income requirements.  Obvs, would trade it all in an instance to not to have needed the medical procedure but to sanguinely coin one of my all time hated phrases - ‘it is what it is’. 

That means we are now mortgage neutral with the outstanding balance fully offset against cash savings. The rather loose strategy at this time (until at least end of current fix) is to keep the mortgage going with token monthly repayments, ensuring the balance is offset to avoid interest. By my understanding, the advantage in doing this is that it effectively provides a pre-approved line of credit if we move house in the future and need to extend borrowing and may (or may not) maintain our credit rating as we’re still servicing a debt. 

So, we’ve pretty much done it but will be here for a little while longer as we run the mortgage down to zero. 🥳
Onwards and downwards! Thanks, 

I only just saw this now - really sorry to hear about your medical procedure.

mark55man

Hi Julicorn
#57 reporting back as of 29/05.  As a reminder my approach as an older poster who finally got the OP message but with quite limited OP opportunities is through using my pension pot to build up a Mortgage Neutral pot (DIY offset, with tax and company contribution advantages) that I can then use to pay down the mortgage 

• I have added an £8300 to my MN pot since Jan 2021, £1400 in May
  
•      of which Free Money (matched contributions) from work = £830
• My normal mortgage payments are £7500 since Jan 2021, £1500 in May
• I am now £86K away from being Mortgage Neutral
  
• Current target for Mortgage Neutral is Jun-23

OhtobeMortgageFree

#59 - Final overpayment for May of £215, taking me to £1060 for the month. Thanks for updating! 😊

jennystarpepper

#16  final total for May  £679.27  Please Jilicorn.

Many thanks for all the work you put in.  

LadyGnome

#78
Last OP of the month £15. May total £1190

Bargainhunter30

#30 checking in with a final OP for this year of £2491. Best get saving for next years now!

ajmoney

No 70 reporting an OP for June of £430.  Thanks julicorn