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    • snowbrow
    • By snowbrow 22nd Feb 15, 5:01 PM
    • 1,953Posts
    • 2,682Thanks
    Mortgage free, we shall see.... 145k arghh
    • #1
    • 22nd Feb 15, 5:01 PM
    Mortgage free, we shall see.... 145k arghh 22nd Feb 15 at 5:01 PM
    Hello all,
    After spending much of my 20s saving for a mortgage, me and OH finally bought our first house in November 2014. Fantastic as I really wanted to be on the housing ladder before I was 30 (in few weeks time eek). Now the reality has set in that we have a 28 year mortgage, we are very keen to overpay and decrease this term. Luckily OH is on board after seeing Martin's show on overpaying the mortgage and saving thousands and shedding years off the mortgage. We currently overpay 201 per month and are hoping to make small extra overpayments over the term. We can overpay up to 10% per year.
    So we start with a balance of 145,808.98.

    We have no set goals/ timescales in mind just to overpay as much as we can whilst we can. I already feel that this is becoming addictive and have spent a lot of time playing with the mortgage overpayment calculator.
    Update: Goal for being mf set as December 2030
    Last edited by snowbrow; 10-04-2015 at 9:46 AM.
    Mortgage free wannabe
Page 3
    • snowbrow
    • By snowbrow 9th Feb 17, 4:12 PM
    • 1,953 Posts
    • 2,682 Thanks
    Thanks for the comments. Wedding is fast approaching but still managing the odd overpayment from operation ebay declutter. OH is taking overtime at the weekends to add to the pot/ enable me to have the full year off work with mini Snowbrow. I am back to work in 8 weeks so this will mean we will be able to really up the ante on overpayments, (whoop), and we may even have a little sneaky honeymoon as nothing planned as of yet.
    Mortgage free wannabe
    • snowbrow
    • By snowbrow 28th Mar 17, 9:45 PM
    • 1,953 Posts
    • 2,682 Thanks
    It's been a busy few weeks in the Snowbrow household. We got married and had a fantastic day with beautiful weather. All paid for in advance so no bills to settle and we stuck to a very small budget to match our small wedding. Our guests have been so, so generous and we have managed to make a 3700 overpayment this month which we are thrilled about. Our balance now stands at 124000.

    The bank have now decreased our monthly payment due to this overpayment but I have offset this by increasing our monthly overpayment. Sadly my maternity leave is ending very soon but Baby Snowbrow will be in good hands with family on the days I work and our finances will be eased by me returning to work. All for now x
    Mortgage free wannabe
    • snowbrow
    • By snowbrow 14th Aug 17, 9:54 PM
    • 1,953 Posts
    • 2,682 Thanks
    Still going. Slow and steady etc.. Now down to 120000. I am due a little inheritance soon which will go in the pot. Finished decorating the lounge with new blinds & bathroom refit next on the hit list. After that we are getting the house valued to see where we stand now with equity/ltv.
    Mortgage free wannabe
    • Skinnylatte
    • By Skinnylatte 14th Aug 17, 11:11 PM
    • 1,105 Posts
    • 4,668 Thanks
    Wow, well done you, especially with everything you have going on!
    Mortgage @ 12/04/2015 136121 117,695 13.54% DI 9.13 7.16
    Mortgage free day 06/03/33 04/03/2033
    Emergency/Offset Account
    CC Balance 6100
    2032 Paid 66.7%
    1st LBM 02/06/2013 21595 Debt Free Day 27/03/2015

    • snowbrow
    • By snowbrow 12th Apr 18, 12:12 PM
    • 1,953 Posts
    • 2,682 Thanks
    Well a long overdue post! Life has been busy since I have been back at work after baby.
    We have continued with overpayments and the balance now stands at 105K. So in 3.5 years we have cleared 40,000. We have a decision to make soon as to whether to move up the ladder a little or stay a few more years here.
    Mortgage free wannabe
    • blocpartyfan
    • By blocpartyfan 12th Apr 18, 12:38 PM
    • 40 Posts
    • 191 Thanks
    Hello snowbrow!

    It's really helpful to see someone who has gone through similar life milestones over the last few years with baby and returning to work alongside wanting to pay down the mortgage.

    Really has made me feel confident seeing how you have reduced your mortgage by 40k in 3 years that DH and I can do the same.

    I completely understand wanting to ensure you feel financially stable to be able to have a second child, knowing everything that comes with.

    Mortgage when started: 200,999
    Current mortgage (2nd Jan 2018): 135,000
    Mortgage free day planned for: 25th June 2025 (day before my 40th birthday!)
    • shangaijimmy
    • By shangaijimmy 12th Apr 18, 4:00 PM
    • 2,604 Posts
    • 12,637 Thanks
    Excellent progress. We are in similar boat in that we have paid roughly 39k in 37 months, and have a similar amount outstanding. However we know that we won't be climbing a ladder!!
    MFW: Turning June 2036 into March 2023... 37//120 Payments Challenge, Diary Reduction 39,897.62
    Aug 2009: 163,051 // Current: 96,102.38 // Avg Daily Interest 4.32
    MFiT-T4 #8 - 64.95% of 41,000
    • Merchandiser2367
    • By Merchandiser2367 12th Apr 18, 9:06 PM
    • 166 Posts
    • 1,034 Thanks
    Good to read your journey, especially since you're still going strong 3 years down the line

    We are also a bit torn about moving up the ladder but we have agreed to get the mortgage done, have fun for a few years whilst saving still (obviously with mortgage gone, will be a lot easier) and then see where that leaves us in moving up the ladder.....really don't want another mortgage as being financially free from it is our main drive
    Mortgage When Started Over Pay 01/11/2017- 146500
    Current Total - 11/04/2018 - 132, 296
    5 year fix - Aiming to overpay 1900 at least a month
    MFW by July 2021
    10,000 / 10,000 Emergency Savings by 1/11/17
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