***UPDATE! WE'RE FREE*** Drip Feeding update - Final countdown

wildesavings

Hi Everyone, 

I just popped back in because I remembered I started a MFW journal on here ages ago and I wanted to see what I was planning etc. I felt like I wasn't making much progress and it wasn't really flashy enough to keep updating it so I stopped posting but over the years we've kept drip feeding our mortgage and as we're about 18 months from the finish line I wanted to see if I'd managed to miss our original targets by much. Every month I'd save a little and then sweep the rest off the mortgage - sometimes that was £30 others £400 and as our interest rate was fixed for 8 years at 2% we kept our DD the same effectively overpaying every month there too. We barely noticed it

Drip feeding... — MoneySavingExpert Forum is my old thread

August 2015 started with £103,650 @5.37% with 20 years remaining. I stated that I wanted to be done in 10 years instead. Funnily enough we're looking to be pretty much on the nose for my original target. Makes me want to really go for it now to hit it. but 12 month will go in a flash

Today we're down to £24,500 outside our fix and paying 8.74% from May but not worth refixing in our eyes. We've never thrown big lump sums at it but after 25 years raising a family on one income I now work full time too for the last year and this is where we're really gaining ground. We've tried to keep the lifestyle creep to a minimum and thrown what we could each month and the numbers are tumbling fast. So I might use this as my new journal. Finding over £25k in a year isn't going to be easy. We're not high bracket earners but I do love a goal

What's the goal after this? Once we're done we would like a buy another property for our daughters to initially live in whilst they work and attend uni 80 miles away in Norfolk... which we could potentially then privately rent out after that as an investment. We'll see - But OH is 10 years off retirement and I'm 10 years after him so the eye is on the prize.

beanielou

Happy shiny new diary. 

Not long to the finish line. 

wildesavings

Thanks @beanielou. 

Finish line in sight

wildesavings

BIG UPDATE! 
I can't believe my first update in this shiny new diary is this! We never saw this coming but yesterday we received a rather generous lump sum inheritance from a distant family member we never even imagined would have us listed. Due to this incredibly kind gift, this evening we PAID OFF OUR MORTGAGE!!!! We are MORTGAGE FREE!!! 

I'm not sure when this will actually register as real but 11.5 years ahead of schedule we no longer have a house payment. Mortgage free at 40! 

Jemma01

This is amazing news, congratulations. Best decision you've made, got it out of the way

Viking_mfw

Wow! Amazing! Congratulations!

powerspowers

Congratulations!! Definite plot twist there 😂  

I’m also 10 years younger than my partner so the long term plan is to retire at the same time as him. 

beanielou

Amazing. 🤩 

wildesavings

Thanks everyone, 
tomorrow will be our first 1st of the month without a mortgage payment ever. we also go rid of a car payment! going to be rather nice to see just how much money is left at the end of the month rather than month left after our money  

beanielou

Sounds good to me.