Mortgage Free by 53!!

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Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
Current Mortgage: £248,218
Goal 1: Overpay £1500 by the end of 2023 £379/£1500




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  • Evening all!

    I've been on the debt free boards for about 8 years now.  We went from about £28k to £3k back to somewhere in the middle of that after two babies, two house moves, a load of house renovations we didn't have the savings for, a period of being on one income and lots of other adventures in between.

    We currently have debt for house renovations over the last 5 years that we were just about to tackle when the most amazing thing happened...a relative came into some money and is giving a proportion of it to us!!!!  We are going to use a portion of it to pay off our debts and wipe the slate clean.  Although we don't have the money yet, I have already started moving my thinking on what is next for us.....mortgage freedom and have started this diary in the hope to keep us accountable and on the straight and narrow without that lifestyle uplift that some (and us) have suffered from the in past.  I'm getting a bit ahead of myself but I wanted to jot my ideas and plans down as they come to me.

    Our situation:  

    Our mortgage is currently a horrifically large £257,509 with 23 years left to run.  My husband and I are 42/41 and not actively thinking of retirement yet.  Both of us like to work and are reasonably happy in our roles but would like more flexibility in our roles in the future so we can take on consultancy work or drop our number of days we work.  We think we could get about £450,000 for our house in current market climate.  We do want to move in the future but don't want to increase our mortgage so we would look at a like for like property in a different area that we could do up with savings.

    Our plan:

    We have decided we want to be mortgage free by about 55 but 53 sounded better as a title and I feel it is good to set a challenging target.  I don't want us to notice the difference but I want to make good choices.  We want to pay off this mortgage ourselves and not just assume that inheritance will cover it.  We have big travel plans that we don't want to wait for retirement for but have a budget for this.  I am also working in a role way below my skill set because of the children but plan to significantly increase my income as they get older.  Our methods are going to be:

     - reducing the term of our mortgage so long as we can afford the monthly payments
    - tilly tidying accounts and round up pots
    - over budgeting for things like childcare and food then slushing it towards the mortgage
    - selling stuff where we can.

    Our mortgage rate is something like 1.9% until August 2023.  By then our mortgage would be about £252,000 ish with no overpayments.  I know interest rates have risen and we don't know what the future holds.  I've done a quick search and we could get a rate of 3.29% currently with a monthly payment of £1343 with £1k of product fees.  Currently our monthly payment is £1136.  We can afford the uplift in monthly payments but would ideally like to reduce the term down to 20 years.  Calculating this it would be the same rate but the payment would be £1434. This could be possible but it's tricky to decide this at the moment.

    Obviously, we don't know what the ins and out are going to be of the re-mortgaging process for August at this time.  We also know that we shall be starting off small and then will be building momentum as the years go by.  There are still things that need to be done to this house so it is going to be a juggle but focusing on one £1k at a time shall bring us closer to our goal that will become more and more important as time goes by.

    Looking forward to being on this journey!!!  Even if it hasn't quite started yet.

    Crunch xx


    Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
    Current Mortgage: £248,218
    Goal 1: Overpay £1500 by the end of 2023 £379/£1500




  • twinklie
    twinklie Posts: 5,046
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    Well done you for using the money wisely. I’m horrendously jealous, don’t get me wrong.  :lol:

    We have quite a lot of home improvements we would like to do, however, it’s not on the cards atm due to lack of money. My parents have always been in debt and I’m really struggling with the idea of putting myself in debt to fund the work. 

    That said, we are also due to remortgage this year, so need to keep debt and spending to a minimum anyway. 
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Well done, I'm in a similar situation to you but a little bit older 46. I have a mortgage of £200k and my home is worth around £550k but its a forever home so no plans to ever downsize. Luckily I struck a great mortgage fixed rate which has 4yrs remaining 1.1% at £800 a month and so overpaying £600 a month (stretch) whilst the rates so low to get maximum impact before the next round of remortgaging. Like you I want to be mortgage free sooner rather than later.

    Prior to our current home we had been mortgage free for 10yrs at our old house which was a small 3 bed but outgrown we hung on as loved the location and had great neighbours, but it goes to show being mortgage free is not everything its having the balance of a nice comfortable home with enough space and manageable living costs (which we previously didn't have). 

    My advice is crack on and get the mortgage down (which you plan) but don't sacrifice too much in making it happen. Its all about balance life/work/fun etc.


  • Hi crunchy, fab news about the windfall and will be following you in your MF journey xx
    Mortgage Jan 2023 9yrs 11mths £61,389 Mortgage overpayment £1867/£3600 Mortgage Jan 2022 11yrs 6mths £69.996 Mortgage overpayment £3132/£3600
  • I also named my thread mostly for the rhyme ;) Something you mentioned in your first post I've not seen before: what is "tilly tidying"?
    Mortgage start date: 01/10/2021
    Original mortgage debt:
    £128,000
    Remaining debt (20/01/2024):
    £100,641
    Daily interest: £3.39
    Mortgage debt end of 2023: £101,528
  • twinklie said:
    Well done you for using the money wisely. I’m horrendously jealous, don’t get me wrong.  :lol:

    We have quite a lot of home improvements we would like to do, however, it’s not on the cards atm due to lack of money. My parents have always been in debt and I’m really struggling with the idea of putting myself in debt to fund the work. 

    That said, we are also due to remortgage this year, so need to keep debt and spending to a minimum anyway. 
    It feels like a huge responsibility to have this money. Apart from the family member who has given it to us we have spoken about it with one friend couple once and that is it. I don’t want anyone to treat us differently because of it.

    sounds like you are making some sensible choices. Good luck with your goals in 2023!
    Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
    Current Mortgage: £248,218
    Goal 1: Overpay £1500 by the end of 2023 £379/£1500




  • Well done, I'm in a similar situation to you but a little bit older 46. I have a mortgage of £200k and my home is worth around £550k but its a forever home so no plans to ever downsize. Luckily I struck a great mortgage fixed rate which has 4yrs remaining 1.1% at £800 a month and so overpaying £600 a month (stretch) whilst the rates so low to get maximum impact before the next round of remortgaging. Like you I want to be mortgage free sooner rather than later.

    Prior to our current home we had been mortgage free for 10yrs at our old house which was a small 3 bed but outgrown we hung on as loved the location and had great neighbours, but it goes to show being mortgage free is not everything its having the balance of a nice comfortable home with enough space and manageable living costs (which we previously didn't have). 

    My advice is crack on and get the mortgage down (which you plan) but don't sacrifice too much in making it happen. Its all about balance life/work/fun etc.


    Thanks for the advice! We definitely are not going to sacrifice too much in overpaying the mortgage. We plan on having lots of adventures and our holiday pot is the main priority. I’m keen to get a hold on where all that extra money goes in the month and get to grips with a really robust budget. We still have children to raise as well. 
    Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
    Current Mortgage: £248,218
    Goal 1: Overpay £1500 by the end of 2023 £379/£1500




  • @Langerhan 

    Tilly tidying - there was a lady on her a few years ago called Tilly who sort of coined the phrase Tilly tidying which refers to gathering up the loose change in your online bank accounts and using it to go towards debt or mortgage.  Every little counts!
    Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
    Current Mortgage: £248,218
    Goal 1: Overpay £1500 by the end of 2023 £379/£1500




  • Happy New Year!!

    Husband and I are not ones to go out on the 31st. Both in bed before 12 but up this morning to watch the sun rise. Hot dogs, croissants and coffee for the win!

    Plans for the day include a dog walk, finishing a question on my assignment and doing some washing so a no spend day here today. I shall also go for a run this afternoon.

    Kids are going to write their new year goals. I did mine last night. More like intentions than goals. After years of feeling stuck and indecisive I finally feel like I am moving forward. I have a career plan, we have a life plan for the next 5 years and we know what we want our lives to look and feel like to us -  it other people. 

    For money, I want to be realistic with our budget and set up some sustainable habits now we are finally in the debt free part of our lives that we have longed for. I don’t want this amazing opportunity to go to waste. 

    We still have a bit of debt but we have the money in the bank to pay it off on Tuesday and close the accounts so we are debt free now!!!

    We are starting the year with a £1k emergency fund and 3 months of expenses fund as well. We have lots of financial to dos in January- wills, pensions, looking at savings in more details.

    This year I am focusing on the little things so they add up to bigger dreams!

    So far I have £22.99 in the unexpected money pot from Tilly tidies and over budgeting for our House insurance that we actually only pay 11 months of. Not a bad start to the year!! Let’s see how much more we can get in January!

    Im overexcited, can you tell? I’ll leave it there for today. Happy New Year everyone! 

    Crunchy xx




    Debt-free Jan 2023 | MFW date Dec 2033. Start date 1st January 2023 £257,509
    Current Mortgage: £248,218
    Goal 1: Overpay £1500 by the end of 2023 £379/£1500




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