2022 Mortgage-Free Wannabes

IndiJonesi

#14 checking in with first payment for the new year of £156.79.  Thanks @julicorn for all the updates

Hetta

Morning, 

#38 checking in with the first payment of the new year of £1389.05. 

Thanks @julicorn x

smetf

Hi Julicorn
#35 making an additional overpayment of £100 thanks to cashing in a load of survey sites and rounding up!

Thank you 
S

AntoMac

OhtobeMortgageFree said:

Our mortgage is up for renewal in April and we'd initially planned to use the equity from our house to purchase another property outright as a buy-to-let. However, the draw of being mortgage free by 40 (3 years) is too great and so instead we're aiming to stretch ourselves to pay off this house in full by April 2025. 😬
My husband is on £52,000. I'm on £7,000 (but also take on self employed work). We do not have large outgoings. It's just my husband, myself, our five year old son and a cat. My husband works from home 3-4 days a week.
Is this even possible?! Am I crazy to think that we can pay £100k off in full in 3 years?! 😬 Would I be better to withdraw the equity and essentially have another income instead?...

If I was in your situation I would prefer to try to be mortgage free for a simpler life, but of course each to their own.
I did once get close to being mortgage free and whilst I didn’t quite make it, the large amount of equity made moving to a more expensive part of the country possible

OhtobeMortgageFree

AntoMac said:

OhtobeMortgageFree said:

Our mortgage is up for renewal in April and we'd initially planned to use the equity from our house to purchase another property outright as a buy-to-let. However, the draw of being mortgage free by 40 (3 years) is too great and so instead we're aiming to stretch ourselves to pay off this house in full by April 2025. 😬
My husband is on £52,000. I'm on £7,000 (but also take on self employed work). We do not have large outgoings. It's just my husband, myself, our five year old son and a cat. My husband works from home 3-4 days a week.
Is this even possible?! Am I crazy to think that we can pay £100k off in full in 3 years?! 😬 Would I be better to withdraw the equity and essentially have another income instead?...

If I was in your situation I would prefer to try to be mortgage free for a simpler life, but of course each to their own.
I did once get close to being mortgage free and whilst I didn’t quite make it, the large amount of equity made moving to a more expensive part of the country possible

Yeah I think this is what we're going to have a go at doing. I'm throwing everything we have at the mortgage right now so that this last mortgage we take out is as small as absolutely possible from the very beginning. We have another meeting with the mortgage advisor tomorrow afternoon.
Several of our friends have recently upsized to 4-5 bedroom properties set on a lot of land and mortgages until they're 70. Although their houses are lovely, they all work full time, barely see their children during the week and all have to pay out for cleaners/ready made meals/dinners out as they just have no time to cook or clean. The thought of being tied having to pay out on a big mortgage for the next 23 years fills me with so much dread! If I can knock ours off completely within three years then...! 🙌🏻🤞🏻

OhtobeMortgageFree

Another £205 overpaid on the mortgage this morning to bring the total to £430 for January so far. (#59) Thanks for the updates! ☺️

JaggedFlamingo

Morning all,
#10 with another overpayment of £475, bringing my total for January to £950.
Thank you!

Moneyminded

#15 checking in with a small OP of £13.75 taking my total for the month to £2,452.47

Many thanks

julicorn

SandyShores said:

Hi @julicorn Sorry I missed the new thread earlier.  Can I rejoin please again this year?  I am planning to pay £5000.

I don't mind what number I have.

Thank you.  Sandy

Of course, never too late! I've given you #47

julicorn

Boatright said:

Hi Julicorn.  

Can I join this year? previously #128 

Sure thing! Just let me know your target for the year and I'll give you a number then