Mortgage gone by 2030

savingholmes

Well done on the OP. Great way to see out the year.

isadreamalie

I'm looking to be Mortgage free by 2030 too! I'm 34 turning 35 this year. Whilst I could be Mortgage free at 40 with 1k overpayments I'd prefer to overpay a bit less until I receive a pay rise. I never thought in terms of what year I'd be Mortgage free but 2030 looks about right!

After another £500 overpayment my Mortgage balance is £110,322. Definitely feels like I'm on the downward slope 

killerpeaty

Mortgage free by 2030 would be a dream! Best of luck and I look forward to seeing how you are getting on

fjireland

I think I’m moving towards 2030 as my new goal too  

savingholmes

2030 is my goal to be mortgage neutral too. 

Happy New Year.

MerryHen

Your MFW figures look great. We had a regular £500 mortgage OP set up too. We'd quite often OP more at the end of the month but that £500 came out at the start of every month with other bills and knocked years off the mortgage.

Happy new year! I look forward to following your progress ☺️

hellosupernova

isadreamalie said:

I'm looking to be Mortgage free by 2030 too! I'm 34 turning 35 this year. Whilst I could be Mortgage free at 40 with 1k overpayments I'd prefer to overpay a bit less until I receive a pay rise. I never thought in terms of what year I'd be Mortgage free but 2030 looks about right!

After another £500 overpayment my Mortgage balance is £110,322. Definitely feels like I'm on the downward slope 

That seems very sensible. There needs to be a balance so you can live life too over the longer term. Well done on the OP so far and good luck with your journey.

hellosupernova

killerpeaty said:

Mortgage free by 2030 would be a dream! Best of luck and I look forward to seeing how you are getting on

Thanks killerpeaty. Heres hoping I can get there.

hellosupernova

MerryHen said:

Your MFW figures look great. We had a regular £500 mortgage OP set up too. We'd quite often OP more at the end of the month but that £500 came out at the start of every month with other bills and knocked years off the mortgage.

Happy new year! I look forward to following your progress ☺️

Thanks. I wish I had the foresight to overpay even a tiny amount from month one but I can see progress now so will focus on that. How does it feel to own your home and not be tied to the mortgage payment? Do you feel more freedom? I have been wondering what it feels like to give me more motivation! 

hellosupernova

Quick update to say that I have made two mini extra overpayments for January so far:

02.01.24  £20.05
04.01.24  £3.00

Current mortgage amount (05.01.24): £72,609

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Current overpayments made so far this year: £3,970.01 / £7,984.37 (49.7% used)

These have been paid from non-wage funds from things like Topcashback, Surveys etc so I feel like these are bonus funds which I can allocate and spend where I like. Another few pounds off the balance.