Final push .£50,000 in two years .Can i do it ?

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With only just over three years left to pay off our interest only mortgage we have decided to put everything we have in to paying it off with the intention that if all goes well we can pay it off .We will see how things pan out and if we dont think we are on target we also have the option of downsizing .The main thing is the more we can pay off the better .

So we have taken out some of our emergency savings and paid it off of the mortgage and also used the money from the MC that i was saving and also paid that off the mortgage .We now need to save £500 a week in order to pay most of the mortgage off in two years .We will probably owe five to ten thousand pounds at that point which would be amazing .So here we go .
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  • Tahlullah.H
    Tahlullah.H Posts: 1,227 Forumite
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    Good luck!
    What I do not give, you must never take by force.
    Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
    God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young.
    Linkin Park
  • AgathaSquirrel
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    🤞 good luck
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you Tahlullah.H and AgathaSquirrel.
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Well here we go again ,new week new start .
    Week 1 .So far this week i have saved £350 of my £500 target so £150 left to find .
    I have also sold quite a lot on Ebax this week due to listing a lot over the weekend as it was 70% off final fees .I shall still be saving this exactly the same as i did before but in a different account  .I will add it all up at the end of the week but so far this week money saving is going really well
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 1 ..After recalculating all the left over money after i transferred money out of both my PBs and ISA i had more money left over than i expected so i have counted that money as week ones £500 .I also sold around £200 on Ebax whilst i was on holiday for two weeks so that is classed as my extra savings .So week 1 was actually the 13th to the 20th ...  

    Week 1 
    £500 into the mort OPs ..Total £500 .Im putting this in to PBs 
    £200 into extra savings ..Total £200..Not sure what to do with this yet....Maybe straight off the mortgage 
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 2 .

    This week is almost over and i have put £500 in to PBs .

    I have had an absolutely brilliant week on Ebax after listing constantly over last Sun and Mon .It was 70% off final fees and i have sold about £400 in five days .I have bought myself some new clothes so i have to take that off the total but i should have around £300 left ..Final numbers tomorrow
  • savingholmes
    savingholmes Posts: 27,546 Forumite
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    Will continue following. £30k paid off? Sounds amazing.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    savingholmes ..About £20,000 ..We will still have around £10,000 left after the two years ..We had paid off around 6000 since January then i had the MC money plus we put about £6,000 from our savings to it .So in reality £60,000 left to pay..Thank you
  • savingholmes
    savingholmes Posts: 27,546 Forumite
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    Even at £20K that's phenomenal.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 2 

    A week of amazing sales on Ebax , it really goes to show that sitting down and listing for up to four days really pays off , its a lt of hard work but well worth it ,especially when its 70%off fees ..Over the two weeks i made around £600 but i spent some of it but i bought things off Ebax so all very reasonably priced and i have £321.65 left plus the two hundred from last time .

    Week 2 

    £500 has gone in to PBs to be used for paying off the mortgage but also i want to keep this money readily available in case we decide to move so that is why i am not paying this directly off the mortgage .Total £1000
    £300 of the £321.65 has gone in to another account ..Total £500

    What a brilliant couple of weeks .Now on to week 3 .

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