The "Mortgage-free in 2025-30" club!

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  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Count me in. Target is for March 2025 which would be 10 years early. I'm also optimistic for sneaking in before this dat and would live to make it by March 2023 though!

    Is there a way of linking people's diaries to a list of club members?
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Baby_Angel
    Baby_Angel Posts: 540 Forumite
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    I don't have a diary. Hope I can join too. Mortgage is currently at £216,000. End date is 2036:eek:. We do have some debt to pay off before we attack the mortgage. However I have cheekily increased the direct debit to overpay about £82 a month. Once the debt is clear all money will be diverted to OP. Nevertheless I will be 62 in 2036. So aim is to get it sorted in 10 years. Very optimistic :D. Failing that it should be 2030 the latest. It is doable. We have some renovation plans like most of you. We also have some overseas investment which we plan to sell in the coming years to help with the overpayment.
    Thanks to pinkteapot for the thread. Maybe I should update my signature with this info. Would motivate me even more.
    SPC 08 - #452 - £415
    SPC 09 - #452 - £298
  • pinkteapot
    pinkteapot Posts: 8,040 Forumite
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    edited 18 March 2015 at 3:15PM
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    Shall we have a club members / team list? Something like:
    • pinkteapot || original MF date 2042 || target 2028 || goal: freedom to resign whenever we want, holidays, wine and, hopefully, earlier retirement! || pinkteapot's diary
    EDIT: Just catching up on the thread and read shanghaijimmy's post properly, and realised I totally just stole his idea of a members and diaries list. Still, great minds. :rotfl:

    Other ideas for it welcome. :) And if you want to go on the list, post your details (don't worry about pretty formatting!). I can add a list to the first post on the thread...

    All fields entirely optional and to answer a question above - having a diary is not a prerequisite for club membership. :D
  • turtlemoose
    turtlemoose Posts: 1,645 Forumite
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    turtlemoose || original MF date Dec 2038 || target Jul 2027 || goal: nothing specific, just being MF is the start, hadn't thought further than that! || turtlemoose's diary
  • Baby_Angel
    Baby_Angel Posts: 540 Forumite
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    Baby Angel || original MF date 2036 || achievable target 2029 || goals: DFW asap or Dec 2016 latest; MFW by 2025; Have enough savings to be able to retire at 60; and the list goes on and on ... || Sorry no diary
    SPC 08 - #452 - £415
    SPC 09 - #452 - £298
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
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    edited 18 March 2015 at 12:42PM
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    Yes count me in! :j

    Mortgage has another 20 years on but would love to half that and pay off in 10 years or less! 2025 is my target.

    No idea if I will stick to this plan as this is our first house and is only a 2 bed semi so if we want to have another child in the next few years then would def need to upsize. I can't imagine living in a 2 bed house with our son (currently 1yr) and another baby, and 2 cats! It just wouldn't work. House feels small enough as it is.

    I will stick to the plan for now though as any overpayments achieved over the next 10 years will be great :) Looking at overpayment calculators, to achieve this I need to OP £500 extra a month!

    Lippy1923|| original MF date 2035 || target 2025 || goal: To be MF at 35, save up for new despoit and move into new house while renting out old one for extra income. - A girl can dream :)
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • pinkteapot
    pinkteapot Posts: 8,040 Forumite
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    Added people, and took my story out of the first post so that it can just be an intro to the thread. Pasting it back here:

    We're aiming for 2028 through overpayments (with no OPs, it would have been 2042 ). It's a long-haul project!

    There are some major house bits we'd like to do before then (eg our bedroom which needs a budget of around £10-15k as we need to replace a lot of fitted wardrobes), so then I wonder when to stop OPing for a year to do that. I hate missing OPs, but we can't neglect everything for another 13 years.

    So, how do people decide how much to OP each month?

    Just like LoveTheCoast, we try to balance a nice life with OPing. We've sort of settled over time on our OP amount, which still leaves us enough each month to do some fun things, have hobbies, etc. At the same time we've cut back on holidays, and general spending (I used to fritter too much cash).

    I do have one amazing friend who lived on beans and didn't go out for two years in order to become MF. Though if two years was an option for us I might be tempted to do that!
  • LadyGnome
    LadyGnome Posts: 801 Forumite
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    This is second time around for us. We were MF until we bought a project to do up in 2012. We rent out our MF house which is part of Mr Gnome's retirement planning as he is self employed.

    We overpay an amount that allows us to have a life too as we have two school age children and can't expect them to live an austere life so we can pay the mortgage off sooner. My goal is to pay off the mortage by Dec 2025. Our current OP of £200pm won't do that but I do sweep any extra money into the mortgage (£1.25p today ;)). We should be able to allocate more cash once the final bits of work on the house are finished. Mr Gnome's income is more lumpy (we mainly live off my income) so I am hoping we can make some ad hoc chunky OP's as and when he gets paid.
    We are currently on a 1.78% 2 year fixed rate thanks to having a low loan to value (the magic of being below 60% LTV)
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
  • ourcornercottage
    ourcornercottage Posts: 1,526 Forumite
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    Can I be added please to your list!

    Original MF date 19 years so 2034 but going for 2025. Goal MF by 50 and saved for a btl or investment property. Retired fully by 60.

    I have a diary but have no idea of how to link to it!
  • katep23
    katep23 Posts: 1,406 Forumite
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    ourcornercottage wrote: »
    yes me me me! I'm hoping (in reality) for 2025 although I would like to beat this by a couple of years.

    We are also on a renovation plan, although I can see this adding up to close to 70-80k by the time we reach the end of the road as everything needs to be done on our house. TBH I'm not even thinking about that and will be done at the same time as making the OP's. This is our last house purchase ever (hopefully) so we aren't penny pinching adn dont even have a budget. We just think of the next thing that needs doing and save up for it!

    Crikey, I (almost) could have written this! We went from renting to our (hopefully) forever-or-at-least-for-the-very-long-term home in December, moved in at Christmas and need to do a huge amount of renovation which has been estimated at about £75K. This involves a new roof, total rewire, new heating system (going to go for biomass so more expensive in the short term), new kitchen, bathroom etc.

    We don't have the money up-front so it will be save and do a bit. We took out an offset so at least if we can't OP we can benefit from the savings.

    My current mortgage end date is 2044, I was aiming for MFW date of 2033 (when I'm 55) but my ideal is 2030 so I hope I'm allowed to join!
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