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

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Comments

  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 298 Forumite
    First Anniversary Name Dropper First Post

    SO, I still woul like to join, but since the post above (which only focussed on the main mortgage) I have decided to include the sub account as well

    So as of today I have the follows situation:

    M1 £170,206.00 - Jan 2038, and my fix ends Dec 2023.
    M2 70,760.36 - March 2038 and my fix ends March 2023

    My current OP schedule (which changes each month) has M1 paid off in June 2030 and 2 in June 2027.

    I want them both gone by the time my daughter starts high school (Sept 2023). Im currently predicting a combined balance of £149,194.77 at that time so I need to find some money from somewhere!!!

    As well as paying this off I am investing and bumping up a private pension....:eek:

    It's all fun..... so let's go. Planning needed!
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • kev2009
    kev2009 Posts: 1,039 Forumite
    First Post First Anniversary Name Dropper
    wow 149k in 3 years wow.... sounds impressive if you can achieve it!

    Kev
  • sammy70
    sammy70 Posts: 963 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Please can i join!

    my mortgage runs til 2037, but we are aiming for 2030, before if possible..:)

    We have loads to do to our house, so money is tight and budgetting is key to achieving our goals.

    current mortgage balance £204,350 after nearly 3 years, start balance was £245,695 :eek:

    We want to pay off early for the security of owning the roof over our heads, and to retire debt free and hopefully with a little nest egg, and to enjoy our surroundings together knowing its bought and paid for in full :)
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/04/24 - £133,477.09. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 298 Forumite
    First Anniversary Name Dropper First Post
    Mortgage_Minimiser wrote: »
    I would love to join.

    Mortgage is currently 187,380. With current OPs I am due to finish in April 2031, so need to find some more to get into the Club :T

    My aim is to finish by Dec December 2025...… (in an ideal world it would be December 2023 when my current fix is up, so in my head I am aiming for that.)

    Let's do this!

    MM
    x

    Thanks Kev2009, it's a tall ask, but im going to give it a go. I have most of my pot filled up, EF for house, EF fund for personal and £16k for expenses should anything happen work-wise, so im set to go. In reality its most likely going to be when I hit 55 (Dec 2035), but that's fine too. I just want to stretch myself. :T
    It's just me and DD these days, and I'm currently finishing off an extension too, but the end is in sight - we are at the furnishing stage now :)
    Anyway, confession time - it's almost 4 years as she starts in Sept 2023, so im giving myslelf till then :rotfl:

    Good luck on your journey tooo! I shall watch with interest.

    MM
    x
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • clarew
    clarew Posts: 501 Forumite
    First Post First Anniversary
    edited 2 January 2020 at 5:50PM
    This is our decade people!! I couldn’t stand leaving my end of year balance at 65,021.70. So paid another £21.70 off it to finish the year on £65,000.00
    Daily interest is now down to £3.72 which is great as it was double figures when I started in 2000!

    Officially have til sept 2028, but have fixed until end of March 2024, with an aim to then have 14,000 roughly left to pay. Hoping still to clear this in aug 2025 ideally all being well.

    Looking forward to seeing us all hopefully be mortgage free in this decade hooray!
    Original mortgage 185k. 2003
    Current mortgage. 65k Jan 2020
    OP £321/month-Aiming to finish August 2025 instead of October 2028 (whilst keeping the 4 dependents fed,watered,clothed,sheltered and paying for school/activities paraphernalia):rotfl:
  • ilselm
    ilselm Posts: 132 Forumite
    First Post First Anniversary Name Dropper
    I’ll sign up please. We took out a £250k mortgage over 21 years in 2013 (original MF date of 2034). Balance now stands at £91k and have set a target to clear on or before June 2026. Thanks,
  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 298 Forumite
    First Anniversary Name Dropper First Post
    HI Pinkteapot, are you able to add me to this challenge please - details about in 2 separate posts.

    TIA!

    MM
    x
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • amycool
    amycool Posts: 866 Forumite
    First Anniversary Combo Breaker
    I was 5 years early...just got off the phone to Halifax. :j
    Mortgage (Start Sep 2014)- £70,295/£0 - 100%
    Overpayments - £48829.37 :j:j:j
    Mortgage paid off Jan 2020
  • longway2go
    longway2go Posts: 1,006 Forumite
    First Post Name Dropper First Anniversary
    Can I join please, great to have similarish timescales and goals.

    Original end date July 37!
    Target 2027 before my 45th birthday
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • longway2go
    longway2go Posts: 1,006 Forumite
    First Post Name Dropper First Anniversary
    :beer: Amazing amycool
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
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