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  • FIRST POST
    • pinkteapot
    • By pinkteapot 17th Mar 15, 1:00 PM
    • 6,212Posts
    • 8,014Thanks
    pinkteapot
    The "Mortgage-free in 2025-30" club!
    • #1
    • 17th Mar 15, 1:00 PM
    The "Mortgage-free in 2025-30" club! 17th Mar 15 at 1:00 PM
    Welcome to the thread for all those MFW's aiming to get MF during 2025-30. Come and chat to people working over the same timeframe as you, and then join the party in 2030 when we're all mortgage-free!

    If you'd like to be added to the members' list below, just post your details and I'll add you. Prod me if I don't - it's nothing personal and just means I missed your post!

    MF 2025-30 Club Members

    • abi a mfw mum || target August 2028 || goal: MF by the age of 40
    • amycool || original MF date Nov 2028 || target 2025 || goal: To have the freedom to work less and save more for retirement || amycool's diary
    • Anagran || original MF date 2046 || target 2030
    • audigex || original MF date 2040 || target 2028
    • 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 ...
    • Brokeattheminute || original MF date Feb 2028 || target August 2025
    • bubblycrazy || original MF date Aug 2049 || target 2025 (even earlier if possible) || goals: to be debt free, happy and save for early retirement
    • choccielover || original MF date 2041 || target 2025
    • clarew || original MF date Oct 2028 (was £185k in 2003) || target August 2025 || goals: to have mortgage paid in 10 years from now so we can save to help the kids through uni or training etc or otherwise spend it on holidays for me and hubby!!
    • easylife73 || original MF date 2036 || target 2028 || goal: Pay the mortgage off, then buy a little place abroad.
    • engineer amy || original MF date 2035 || target 2025
    • Firegirl || original MF date 2042 || target 2029 || Firegirl's diary
    • hallamblue || original MF date 2033 || target 2030 || goals: to be mortgage-free on my 60th birthday
    • helibob || target 2030
    • Keeponmoving || original MF date 2033 || target 2027 || goals: I would love to be MFW before my 50th birthday, to be able to visit the countries that are on my list.
    • LannieDuck || original MF date 2039 || target 2029 || LannieDuck's diary
    • LadyGnome || original MF date 2034|| target 2025 || goals: to finish mortgage when the children finish school so I can move the focus to holidays retirement planning
    • Lippy1923 || original MF date 2035 || target 2025 || goals: To be MF at 35!
    • liuhutOz || original MF date Apr 2044|| target 2034 (ideal 2032) || goals: to be debt free and be able to help the kids out
    • LoveTheCoast || original MF date Jan 2033 || target 2028 (ideal 2025) || goals: to be debt free and be able to save for earlier retirement
    • Luckyinlife || original MF date 2040 || target 2025 || goals: To own my property outright is my life goal plan to be mortgage free by 40 im 27 now 2015 :]
    • McTaggus || original MF date 2048 || target 2027 || goals: get rid of the mortgage at the same time as child maintenance payments end, to then have far more financial freedom!
    • MFWKid || original MF date 2043 || target 2030 || goals: mortgage free by 50!
    • military twins || original MF date July 2039 || target July 2029 || goals: to have mortgage paid off before we are 50 so we can help the children out with uni/house deposits
    • missis_amber || original MF date 2041 || target 2030
    • Moneyfordreams || original MF date 2037 || target 2025 || goals: Get debt-free, mortgage-free and retire!
    • MrCrimeFiction || original MF date 2036 || target 2030
    • MummyEm || original MF date Nov 2039 || target Nov 2025
    • Mummyisbeauty || original MF date 2032 || target 2025 || goals: to then look at getting the Forever Home with a small loan, or helping our son out in the future
    • NorthernMonkey1 || original MF date 2033 || target 2025
    • ourcornercottage || original MF date 2034 || target 2025 || goals: MF by 50 and saved for a btl or investment property. Retired fully by 60. || ourcornercottage's diary
    • pavlovs_dog || original MF date 2040 || target 2028 || goals: freedom to travel and prepare for early retirement || pavlovs_dog's diary
    • pinkteapot || original MF date 2042 || target 2028 || goals: freedom to resign whenever we want, holidays, wine and, hopefully, earlier retirement! || pinkteapot's diary
    • poohbear59 || original MF date 2026 || target 2023 || goals: to be mortgage free so we can enjoy our retirement and travel. And help out our family too.
    • rammelino || original MF date 2030 || target 2025 || goals: to be mortgage free at 50 and to have some spare cash to put our two kids through University![/COLOR]
    • shanghaijimmy || original MF date June 2036 || target March 2025 || goals: to be MF by 46, to save for full retirement at 60, to save to put 2 clever boys through Uni || shanghaijimmy's diary
    • Skippycat || original MF date 2038 || target 2027 || goals: to pay off mortgage asap so we can start saving extra money towards retiring early
    • slicence || original MF date June 2033 || target May 2025 || goals: After this little house I'd love to build my own home
    • Synonymous || original MF date 2040 || target 2025
    • t-rexcellent || original MF date 2032 || target 2027 || goals: freedom to enjoy more time at home and be more flexible with work. And enjoy a beer or two!
    • turtlemoose || original MF date Dec 2038 || target Jul 2027 || goals: nothing specific, just being MF is the start, hadn't thought further than that! || turtlemoose's diary
    • velocity_girl || original MF date 2038 || target 2028 || goals: pay off mortgage to use whole sale proceeds as deposit on forever home || velocity_girl's diary

    This thread came about following a discussion I had with some people on another thread on this board a few months back. I said it would be nice to have a place to chat with people who are aiming to be mortgage-free around the same time as us. I suggested clubs for those who aim to be MF in say 2015-20, 2020-25, 2025-30, etc. So far, this is the only club that's been started but hopefully more will follow if people like the idea.

    Early graduates (good work!)

    • A Frayed Knot || original MF date 2030 || target 2025 || goal: to graduate from the group early! - goal achieved! Graduated December 2015, with a new MF target date of 2018-2020. Now on the Mfit Challenge 4 thread.
    Last edited by pinkteapot; 17-01-2017 at 4:51 PM.
Page 28
    • jenni_fer
    • By jenni_fer 22nd Dec 17, 11:20 PM
    • 157 Posts
    • 719 Thanks
    jenni_fer
    Quietly joining in here...Currently owe £160k ish with an end date of 2035 but aiming to reduce that to hit as close to 2025 as possible...unless we move to a forever-home before then and increase it again.
    • Anagran
    • By Anagran 27th Dec 17, 5:25 PM
    • 159 Posts
    • 336 Thanks
    Anagran
    Hi everyone,

    Not been on here in a while as not really got anything to update. Not really in a position to make any kind of over payment at the moment, but working on a long term plan to retrain and change job.

    Great to see how you are all doing. Good luck everyone, keep it up!
    • amycool
    • By amycool 4th Jan 18, 9:45 AM
    • 788 Posts
    • 3,282 Thanks
    amycool
    I've just overpaid the full 10% for the year, which means we're over halfway there!

    I suspect we will have it all paid off before 2025 now, assuming everything goes okay. The plan is to make another big overpayment (about £10k) this year when the fix runs out, then do another 2 year fix, and hopefully by then we'll be able to pay it off in full.
    Mortgage (Start Sep 2014)- £70,295/£31532.34- 55.1%
    Overpayments - £22659.03
    • purplevamp
    • By purplevamp 4th Jan 18, 6:20 PM
    • 7,978 Posts
    • 378,653 Thanks
    purplevamp
    I've just overpaid the full 10% for the year, which means we're over halfway there!
    Originally posted by amycool
    Well done
    Mortgage: Was: £154,495 Oct 2039
    Now: £127,436.41 Feb 2038
    MFW #84 £0.00/£2,500

    Swagbucks ~ £230 (2017 ~ £335)
    Surveys ~ £226.45 (2017 ~ £292.30)
    PTC, etc ~ $189.38 (2017 ~ $342.32)

    ďI Love You" "I Know"
    • choccielover
    • By choccielover 6th Jan 18, 10:31 PM
    • 391 Posts
    • 1,350 Thanks
    choccielover
    Gosh I havenít been on here in a while. I just checked and I donít think I updated but I have the monies to pay off the mortgage. Itís not available to me right now but will be in another 12 months and is enough to clear it at a minimum and hopefully a little more besides. Because of that I have redirected all efforts towards pension payments.

    Good luck to all.
    • wildcherry
    • By wildcherry 7th Jan 18, 10:55 AM
    • 143 Posts
    • 1,165 Thanks
    wildcherry
    Another year and renewed motivation to OP!
    Hi all,


    Happy New Year!
    I am a lurker rather than a regular poster and I can see that my last post was nearly a year ago. What it did do though is remind me that we've shaved nearly £8k off the mortgage in just under a year which I'm very pleased about.
    We still have a healthy amount in the offset savings account but we haven't been able to add as much in as I would like. Getting married cost more than I anticipated and my husband's car has required several trips to the garage resulting in more money being eaten up.


    This year, I am hoping to increase our payments into the offset account and in addition overpay more than the £85.00 per month we currently do.
    My question with over payments is; is it better to pay annually before the interest is calculated or simply increase the monthly amount we pay off the mortgage?
    Our interest is added at the end of year so I wonder if I might be better to save the money in account where I gain some interest and then pay it off in one lump sum, pay off what we can monthly or abit of both?
    I would really welcome some advice. 😃
    • slicence
    • By slicence 21st Mar 18, 6:07 PM
    • 208 Posts
    • 148 Thanks
    slicence
    Hi all, another post from a bit of a lurker.

    My situation's changed loads since I joined this group. I split up with my partner that I bought my house with (very amicable and friendly considering). He's buying me out and I'm now buying a house of my very own, due to complete next week! It's scary, but at a push I estimate I can still be mortgage free by 2030; at least that's what I'm going to aim for. If I aim high and still only get fairly high, that's still good, right?

    My old mortgage was a tracker, which I loved for the flexibility of overpayments, but am nervous of the market so have gone for a 5yr fix with 20% annual repayments allowed for the new property. If I don't make any massive improvements in year 1, I could possibly get around 12% (more with a lodger). This I find very exciting! It's also not nice having to think about how much a partner can also contribute, I alone have the power, (I know, it's also the responsibility but I'm happy to take that on too.).

    Also, sad little me is looking forward to updating my signature, it's the little things eh?!

    Due to be mortgage free in May 2043
    Mortgage free wannabe by May 2028, eek!
    Current daily interest ~ -£6.75 - £6.31
    Overpayments since April 2018 - £5,500
    • liuhutOz
    • By liuhutOz 7th Jun 18, 7:03 AM
    • 145 Posts
    • 541 Thanks
    liuhutOz
    Hi everyone, I've not really been looking at my mortgage for the last year but I've had a promotion at work and I'm keen to pay the extra money into it. I then started playing with figures again and it motivated me to try to clear it by 2027 at a real push.
    How is everyone else getting on with their MFW journeys?
    Formally liuhut
    WIN £2008 in 2008 £1836.31 2009 wins - £91!!! 2010 6170.... wins 2011 aprox 2000
    • clarew
    • By clarew 9th Jun 18, 3:42 PM
    • 491 Posts
    • 417 Thanks
    clarew
    I am still plodding onwards although my OPare a struggle to be honest-they are not massive £241 a month but as a part timer with dependants at home I dont earn a lot, and what I earn the children and petrol eat....rapidly!!

    I have hit the 80s bracket now which feels nice as this was our original mortgage and we have upgraded twice on the housing ladder since then (and increasing our mortgage and doubling it in the process) so its nice to be out of 6 figure mortgage and down to 5 figures. I really want to clear in 2025 which was our original 25year end date on our 1st mortgage, will be over the moon if we can (without op we would clear in 2028). DH will be 50 then (and me the following year) so it seems lovely to aim for that-mortgage free at 50 in a much bigger house having cleared a much bigger mortgage in the same time frame. Fingers close it will happen.

    Would like a holiday abroad next year too as has been 10 years since that happened......so this may dent the process but memories are important too-I have some money set aside for this so it would mainly be spending money to find. The children have been abroad with school in this timeframe but we have not as a family, so it is important for me to do before the teenagers grow out of wanting to come away with us!

    Hope everyone else is plodding away too....I always remember what I have often seen on here many times....it is a marathon not a sprint! The fact I have always op (even if small amounts) Thoughout the course of the mortgage
    has helped chop quite a few years off of it plus all the interest saved-and it just comes a way of life that you pay x amount each month! Good luck all with your journeys we are nearing the end-hooray
    Last edited by clarew; 09-06-2018 at 3:46 PM.
    Original mortgage 185k. 2003
    Current mortgage. 85k. Dec 2017
    OP £243/month-Aiming to finish June 2025 instead of October 2028 (whilst keeping the 4 dependents fed,watered,clothed,sheltered and paying for school paraphernalia)
    • wildcherry
    • By wildcherry 11th Jun 18, 2:03 PM
    • 143 Posts
    • 1,165 Thanks
    wildcherry
    October 2026 - Mortgage free month!
    Hi there,


    I posted at the beginning of the year and since then we have been OP by the same £82 a month plus putting a very small amount into the offset savings of £50.
    I have planned from July to be offsetting by much more than that; up to £800 per month with an additional £200 put to one side for our sinking funds. IF (and its a big IF) we can continue with that then we should be mortgage free by October 2026.
    That will shave over 13 years off our mortgage term which would be wonderful. We will stay at this house forever but we definitely will need to make some improvements over the next few years so it might be that some of the money in the offset will need to be used.
    At least I have a plan and the motivation to see it through! Heres hoping!!
    • amycool
    • By amycool 13th Jun 18, 2:28 PM
    • 788 Posts
    • 3,282 Thanks
    amycool
    In October when the fixed rate runs out we're planning a big overpayment but will have to wait until nearer the time to decide how much. I reckon it might be possible to pay it all off in 2-3 years, which would be awesome! It means putting off a few home improvements for a few years but it'll be so nice to completely own the house and have extra each month.
    Mortgage (Start Sep 2014)- £70,295/£31532.34- 55.1%
    Overpayments - £22659.03
    • Firegirl
    • By Firegirl 7th Sep 18, 12:55 AM
    • 736 Posts
    • 2,973 Thanks
    Firegirl
    How is everyone getting on? I have been contracting so have given the mortgage a good blast and I have a good bit in offset savings in the mortgage. Well on track to being mortgage free by 2030 but anything can change!!! Keep chipping away and see where life takes us!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • bubblycrazy
    • By bubblycrazy 7th Sep 18, 11:33 AM
    • 160 Posts
    • 492 Thanks
    bubblycrazy
    I'm still on target for a 2030 finish, but still have hopes of 2025. My OH is moving in at the end of the year so I'm hoping once we've worked out the financials that bigger OP's will be possible!
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025 Current MFD: 2030
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    Balance 30/07/2018 £44500
    • clarew
    • By clarew 8th Sep 18, 9:15 PM
    • 491 Posts
    • 417 Thanks
    clarew
    Still chipping away here..have upped the op to cover the increase in interest rate from 1st sept-just really wanting to stay on track. Still finding it hard as income is low but trying hard!

    Iíve used someone elseís idea from years ago and drawn a basic house shape and filled it in with squares/bricks with the month on and each new year outlined in a darker pen. Iíve been colouring them in each month as mortgage goes out...quite satisfying to see the house becoming more colourful and makes me feel Iíve brought another chunk of the house. Think i started with about 99 months/bricks to go!

    Am also getting quite excited thinking that 2020 isnít too far off....nearly at the end of 2018.....once we hit jan 2020 itís another psychological barrier to freedom crossed!! (Well still at least 5 years to go for me but to be in the 20s decade at least is great...
    Original mortgage 185k. 2003
    Current mortgage. 85k. Dec 2017
    OP £243/month-Aiming to finish June 2025 instead of October 2028 (whilst keeping the 4 dependents fed,watered,clothed,sheltered and paying for school paraphernalia)
    • lippy1923
    • By lippy1923 15th Sep 18, 9:21 AM
    • 1,249 Posts
    • 3,485 Thanks
    lippy1923
    I do the colouring bricks on the house thing as well. Got it on my fridge. Still chipping away at the mortgage here, now into the £79ks
    Total Mortgage OP £26,000
    House Value £285,000 Mortgage £79,300
    Emergency Fund £26,100

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