Mortgage free by 2025 14 February 2022 at 2:10PM in Mortgage-free wannabe 319 replies 11.2K views

Martas

Mickyh-s said:

Hi @Martas! No mfw diary?? 

I should be grateful for what I have instead of "rewarding" myself with gifts and food especially with what is going on in the world at the moment. I have cut up the cc and taking a few of my purchases back to store for a refund. Going to try to be a bit more mindful of my spending.

I don't have a diary. I think I would be really bad at doing updates and then eventually I would completely forget to write. I'll try to update my signature regularly and see how it goes, maybe will set up one in the near future.

Current goal is December 2024 (DH's 41st birthday will be in January 2025 and mine a couple of months later so I want to try to pay it off while we will still be 40). That means overpayments of £1600 a month That's going to be very hard but "reach for the stars" and all that mantra

Wow, you made another overpayment! Well done! You're already motivating me to try and do something too! Our mortgage is at the minute at £67800, so should I pay 801 to go into 66k?

Mickyh-s

@Martas that would be a great achievement to pay off your mortgage at such a young age! 

I need to make overpayments of approx. £850 a month until June 2025 (when dh turns 60 and I will be 50). It's not very realistic but I will give it a go - I promised dh when he turns 60 the mortgage will be paid off. We have a btl property with approx. £45-50k sitting in it so the option is there to sell that house and release the funds but I have a lovely tennant and do not want to ask him to leave just so I can sell.

Love it when the mortgage falls into the lower price bracket!! 😂

Martas

Mickyh-s said:

@Martas that would be a great achievement to pay off your mortgage at such a young age! 

I need to make overpayments of approx. £850 a month until June 2025 (when dh turns 60 and I will be 50). It's not very realistic but I will give it a go - I promised dh when he turns 60 the mortgage will be paid off. We have a btl property with approx. £45-50k sitting in it so the option is there to sell that house and release the funds but I have a lovely tennant and do not want to ask him to leave just so I can sell.

Love it when the mortgage falls into the lower price bracket!! 😂

DH just got a message from Natwest that the new amount owed is £66999. He looked at me like I'm a mad woman and asked me why didn't I pay it off to a round number
It's really stupid but paying extra £1 off and getting into a lower k really motivates me to make another overpayment soon.

I was recently talking to my brother in law, he is also overpaying his mortgage and hopes to be mortgage free by 50 just like you. I think it will be an amazing achievement and not something that everyone would sacrifice their money to do. Most of people I know is just waiting for the mortgage term to finish. 

Mickyh-s

@Martas It keeps me motivated to see it move down into a lower K so if that works for you too - great! My dh thinks i'm mad anyway. We are also with NatWest so he gets the emails too.  He doesn't think i'm mad when he sees what the outstanding balance is though!

themadvix

I wouldn’t give up on the PBs - if there were several addresses, can DH not give them a list? It’s his money and they should be keen to get it back to him (I’ve heard they’re pretty good). I guess it depends on how on board/keen he is!

Mickyh-s

themadvix said:

I wouldn’t give up on the PBs - if there were several addresses, can DH not give them a list? It’s his money and they should be keen to get it back to him (I’ve heard they’re pretty good). I guess it depends on how on board/keen he is!

Dh isn't too bothered about them at all. He tried a few years ago and then gave up. I may have to push him to try again but he will need to get address details off his mum - i will work on him this weekend.

badmemory

As soon as I went online with them they located my 2 yes that was 2 as in £2 from 1957 they will eventually locate them.  The more info you can give them the better, but they are trying to tie up accounts.  They seem to have more accounts than people/the population & you are only allowed one.  I am sure years ago people used to buy PBs for kids as Xmas/birthday presents & they got put in all different accounts.  They will eventually find them.

Mickyh-s

badmemory said:

As soon as I went online with them they located my 2 yes that was 2 as in £2 from 1957 they will eventually locate them.  The more info you can give them the better, but they are trying to tie up accounts.  They seem to have more accounts than people/the population & you are only allowed one.  I am sure years ago people used to buy PBs for kids as Xmas/birthday presents & they got put in all different accounts.  They will eventually find them.

Going to give it one last try. I have printed of the forms for dh to fill in over the next few days. 

Mickyh-s

Paperwork to locate old lost premium bonds is complete and I will take to the post box when I walk the dog. 

No plans for this weekend so doing my best not to spend any money. I did go into the garden for a tidy and will continue tomorrow.

I have sorted a huge pile of paperwork into the filing cabinet and a large pile to go into the burner and for the first time this year, I have washing drying on the line saving money by not using the tumble dryer. 

Getting slightly warmer here in Cambs which is good as I plan on turning the heating off at the end of March before the increase on the 1st April. We have a log burner we can use but not much wood left so when it's gone, it's gone!

Enjoy the weekend!

Mickyh-s

Paperwork to locate old lost premium bonds has been posted so that's something i can cross off my list.

Having a no spend week except for food and fuel and so far it's going well.

Been doing a little more decluttering and sorting/tidying whilst dh has been busy in the garden.

Out for lunch Friday, which i'm really looking forward to with my work friend. We take it in turns to pay and it's her turn this time so even better! Also, out for dinner with my cousin and his wife Friday. They have lots of vouchers to use up so hopefully a cheap evening. 

Thinking about turning the heating off in the evenings only. The thermostat is set to 19 degrees and the heating comes on, then gets to temp within 30-45 mins, then clicks off. Will switch it off and see if dh notices!