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  • FIRST POST
    • Cherry Burton
    • By Cherry Burton 15th Sep 16, 8:34 PM
    • 102Posts
    • 568Thanks
    Cherry Burton
    Mortgage Free in 30 months
    • #1
    • 15th Sep 16, 8:34 PM
    Mortgage Free in 30 months 15th Sep 16 at 8:34 PM
    Hi,

    After dealing with £8200 of unsecured debt and saving an emergency fund of 6 months I am ready to go hard core on the mortgage. I have less than £30k to go and I want to have it all paid off in 30 months.

    I've obtained a secure job after too many years of temporary and contract work. At last. I've been able to work on improving my financial situation. I can't wait to pay off the mortgage to feel the security of having a fully paid for home that no one can take off me.

    I hope it all goes well and I stay in work and healthy until the mortgage is nothing but a nasty memory. My plan is to pay £1000 per month which should more that cover both the principal and the interest.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
Page 3
    • Cherry Burton
    • By Cherry Burton 7th Nov 17, 8:10 PM
    • 102 Posts
    • 568 Thanks
    Cherry Burton
    Hi obay,

    I have £2965 left to pay. I should be all done and dusted in two months.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
    • obay
    • By obay 7th Nov 17, 8:14 PM
    • 459 Posts
    • 383 Thanks
    obay
    Hi obay,

    I have £2965 left to pay. I should be all done and dusted in two months.

    CB
    Originally posted by Cherry Burton
    My math works that out to be less then 30 months!

    How you feeling. Whatís the extra money going into?
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£1400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • Cherry Burton
    • By Cherry Burton 22nd Nov 17, 8:54 PM
    • 102 Posts
    • 568 Thanks
    Cherry Burton
    Hi obay,

    When I originally started on the journey to mortgage freedom in September 2016 I thought it would take me 30 months if I overpaid by about £700 per month. Once I started I really got mad intense about it and started to throw every spare penny at the mortgage. I've worked massively hard at this project for over one year and I haven't let myself think about what I will do with the extra cash I have when the payments are gone. On my last post (scheduled for 2nd Jan) I'll go into more details. I have a silly feeling that if I think and talkable being mortgage free too soon I will jinx it.

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
    • Cherry Burton
    • By Cherry Burton 1st Dec 17, 10:35 PM
    • 102 Posts
    • 568 Thanks
    Cherry Burton
    HI, I can hardly believe it, I've only got one more month to go and I will be totally mortgage free
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
    • Cherry Burton
    • By Cherry Burton 4th Jan 18, 9:03 PM
    • 102 Posts
    • 568 Thanks
    Cherry Burton
    Mortage free at last
    That's it, I made the last payment on Tuesday I'm MORTGAGE FREE

    Thank you for all your support

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
    • originalmiscellany
    • By originalmiscellany 4th Jan 18, 10:09 PM
    • 1,609 Posts
    • 3,883 Thanks
    originalmiscellany
    I would love some reflections on your journey though please! Congratulations on such a big achievement - it's a great job, well done.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • erin_transport
    • By erin_transport 4th Jan 18, 11:58 PM
    • 569 Posts
    • 2,538 Thanks
    erin_transport
    Awesome!!!
    We'll done:-)
    On a mission!

    2018 MFW #138
    • Cherry Burton
    • By Cherry Burton 5th Jan 18, 8:42 PM
    • 102 Posts
    • 568 Thanks
    Cherry Burton
    Hi everyone.
    In the first post, I briefly outline my financial history. To cut a long and sorry story short, I was left with a lot of debt and the sole care of our children when my husband walked out. Soon after I was made redundant. Fast forward three years, I had a new job, have moved to a new town, purchased a house and things were looking up. I decided that I would never be in the scary position of having debt, no money and no job ever, ever again.

    I had always thought I was OK with money because I had been able to make the monthly payments quite easily, but life made me think again. I started to listen to financial audio books on YouTube. I listen to books such as The Richest Man in Babylon, the Millionaire Next Door and Dave Ramseyís Total Money Make Over.

    I started to follow Dave Rameyís podcasts and his show on YouTube and working my way through the baby steps. I worked my way through a starter emergency fund, paying off my credit card, saving a fully funded emergency fund, saving for retirement, helping my child at university and then started on the mortgage.

    By this time the mortgage was about £30k and the repayments were below £300 so I thought if I paid an extra £700 per month I would be able to pay it all off, including interest in 30 months (the title of the thread). However, once I got started I became more and more motivated to be free. I found I could take on more overtime and could cut back on spending further than I thought possible. Soon I realised I would be able to pay off the mortgage earlier than 30 months. I have consistently looked for ways to save including saving on bills and food shopping.

    I have had to pay a price,
    1. I havenít spent much money on clothes, I have about 7 blouses which I wash and wear for work, summer and winter. My underwear is grey and saggy (a bit like my bum for that matter)
    2. I donít have a car
    3. Although the house is warm and watertight it needs some repairs/improvements
    4. I havenít had a holiday for over 2 years.
    5. Iím so bored and tired of working overtime

    Today the mortgage has gone and I have an emergency fund of about 6 months of expenses. My plans are to increase giving to my church and charities I support, buy some new clothes, sort out the house and go on holiday. Plus, Iím going to cut back on the overtime!

    The borrow is slave to the lender, I'm debt free
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329 Mortgage Free
    • marycanary
    • By marycanary 6th Jan 18, 1:07 PM
    • 14 Posts
    • 25 Thanks
    marycanary
    Great job
    Hello,

    Well done, great story.
    • juliejim
    • By juliejim 6th Jan 18, 1:32 PM
    • 7,552 Posts
    • 151,458 Thanks
    juliejim
    Congratulations Cherry - that's brilliant!
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
    MBNA £5500
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