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Mortgage free by 43

commonsensebrother
Posts: 21 Forumite

Been following this forum on and off for a while and finally decided to take the plunge.
The aim: mortgage free by 43 (currently 37 which gives us about 6 years)
Mortgage: £306000
Length of mortgage: 19 years
Current rate: 1.2% until Aug 2023
Current repayments: £1509 / month
Unlimited overpayments allowed
Savings: approx £110000 - tentatively planned for extension and new kitchen.
Looking to overpay by £2500-3000 per month. Appreciate we’re in a lucky position to be able to do this!
This months overpayment: £2351 done!
Let’s do this!
Mortgage: £306000
Length of mortgage: 19 years
Current rate: 1.2% until Aug 2023
Current repayments: £1509 / month
Unlimited overpayments allowed
Savings: approx £110000 - tentatively planned for extension and new kitchen.
Looking to overpay by £2500-3000 per month. Appreciate we’re in a lucky position to be able to do this!
This months overpayment: £2351 done!
Let’s do this!
2
Comments
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next action cancel that extension?0
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jj_43 said:next action cancel that extension?1
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Taken the hit of a 6.5k ERC to remortgage for 5 years at 3.6%. Painful but probably worth it if rates climb another 1% or more.Not the best start to the mortgage free journey!1
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With what's going on now I would just solely concentrate on ploughing excess funds into the mortgage - you can do the home improvements/ extensions etc when your finished.
I feel so thankful that I took the path that I did, I also feel for so many people who despite their hard work & sheer graft, have now been well and truly shafted with what appears to be some kind of government induced "experiment" - which has gone horribly wrong!Became mortgage free 1st March 20232 -
I think whether the extension is a good idea or not depends on how well the house is working for you now.
It's incredible to have such a lovely lump sum. Well done.
At the same time - I get the attraction of owing less on the mortgage.
Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250
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