2022 Mortgage-Free Wannabes

CrowdieSaver

Hi Julicorn

#49 reporting my first overpayment of the year of £300.

Thank you!

CS x

JaggedFlamingo

Morning julicorn,

#10 with another overpayment of £525, bringing my total for January to £1,475.

Thanks   

Hettyhound

#69 with an overpayment of £30 so that is a total of £40 for January.  Thanks as always Julicorn 🦄

CountryRoads

#84 checking in with my first overpayment for 2022. Overpayment of £160 for January. Thanks very much Julicorn

peroni1984

#21 £200 over payment, total for Jan is £700. Thanks 

Coffeekup

Coffeekup said:

#76 here... Kicking off the year with a better start than last year, hope to stay on track too... So how much this month? £625.68

Thx julicorn

Hi julicorn I hope you are well... I dont see the numbers on the spreadsheet... Did you miss my post?

Moneyminded

Hi Julicorn, 

#15 checking in with another OP of £50 making a total for January of £2,552.47

Many thanks

Tartan_Mum

Hi @julicorn

My first OP for the new year! #26 with £315 to get us started. 

Thanks, as always, for keeping us motivated and organised 

julicorn

Littletinks said:

Hello Julicorn, 

May I join your thread please?  I’ve spent too much time lurking and cheering from the sidelines about other people’s great successes and too long procrastinating about my when to start making my own overpayments and how much they should be 🤦🏻‍♀️ When let’s be honest, any amount at anytime would have been good start! 

So here goes, I would like to set a target of £2,314.09 which is the interest due this year. I have made a start and paid £225 today. 

I don’t mind which number I have 

Many thanks. 

Sorry for the late response, Mr julicorn and I have been a bit busy getting our flat ready for sale Of course you can! I've given you #51.

julicorn

AntoMac said:

OhtobeMortgageFree said:

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...! 🙌🏻🤞🏻

Well I applaud your decision. Doesn’t preclude you upsizing in the future if you want to. 

I’m on this challenge because I took some extra lending on an interest only basis so need to pay it down. No idea why I took it interest only. Seemed a good idea at the time.

Apologies Juliecorn - Not meaning to divert the thread into random chat. You’ve got enough to do keeping up with all the posts as it is.

Random chats are always encouraged