NO MORE SPENDING
08. 08. 2013

I spent a long time in the car yesterday and all I could think about was our outstanding mortgage debt. More specifically I was trying to work out how to get my mind into ‘gazelle style’ payoff mode. 

Mortgage Freedom Progress

With my consumer debt I had a huge light bulb moment, and gazelle intensity arrived like a natural thing. I had a few wobbles here and there – as anyone does over nearly 5 years! – but in general I was very focused, and very tuned into what I had to do. But that hasn’t happened with our mortgage debt. With our mortgage debt I’ve been all over the place and my intensity has changed by the week!

So let’s try and stop that happening right now with a little blog accountability.

Today is day one of me adopting a permanent ‘gazelle like’ mindset to our mortgage…..and using the snowball and snowflake method our mortgage debt will be paid off by December 2017 at the very latest.

The facts and figures: (which have a permanent home on our Mortgage Freedom page)

TO DATE PROGRESS
– Original Mortgage: £138,485 (April 2006)
– Original term: 300 months (March 2031)
– Outstanding Balance: £75,950 (August 1st 2013)

2013 PROGRESS
– Starting Balance: £84,950
– Current Balance: £75,950
– Paid off in 2013: £9,000

A rough calculation is 52 months at £1,500 to clear the mortgage, but every month will be a little different.

Okay I’m off to list a couple of things on eBay. I swore off it a couple of weeks ago, but making snowflakes to channel to debt repayment is motivating, and I’m willing to give it another try. :)

*Snowball: Extra payment from regular income
*Snowflake: Extra payments from extra money earned

20 Responses to “Mortgage Freedom Goal: December 2017”

  1. Fiona says:

    You’ve almost halved the mortgage in such a short period of time…that’s amazing. I don’t know how you get such consistency with food budgeting but it seems very gazelle-intense already! It’s great though if you are getting your mojo back :-)

    • Hi Fiona and thank you :)
      I think this last round of work hassle lit something in my brain and it feels like my mojo is back…thankfully. I got too lazy!

  2. Executioner says:

    I found your blog(s) back in 2008 when I was embarking on my own plan to pay off my mortgage. You had mortgage freedom as one pillar of your “move to Portugal” goal at that time. However I did notice that your commitment to mortgage freedom seemed to ebb and flow over time.

    Despite this, you have made impressive progress. You should easily be able to get rid of the mortgage in 4.5 years. In fact I bet you can get it done much sooner if you really commit to it the way you say you will.

    Good luck!

    • Thank you for your on going support :)

      Things have changed so much for us since 2007 (mortgage freedom seemed so much easier in the days of work bonuses! Obviously they stopped with the economy!), and I have a tendency to focus on what we haven’t done, when I should focus on what we have!
      Paying off our mortgage 14 years early will still be really good! I need to remember that!

  3. I really like the feeling of being intensely focused on a goal. As you re-focus, you’ll feel stronger and stronger!

  4. Janine says:

    Hooray for snowflaking!

  5. I think you’re doing great, not many people choose to pay off their mortgage 14 years early! Good luck with selling on eBay, I should really give it a try one of these days!

  6. Laura I’m rooting for you all the way! It’s great to see all these bloggers with the same goal. Freedom from the mortgage is going to feel heavenly :)

  7. SarahN says:

    I love this idea of ‘Gazelle’ intensity! I am not at all intense about my mortgage – but I don’t really have a chance to be yet, as I’m still in fixed payments. But I am working towards a lump sum to put towards it once I can… Your progress encourages me…!

  8. Woohoo! I love the intensity. That’s the key element…the rest is all minutia.

    Good luck and get it done!

  9. Just look at what you’ve already achieved – you should be very proud of yourself! *In a non-patronising, sooking up your bum way(!)*

    Good luck for your journey to mortgage freedom!

  10. savingfortravel says:

    Hi Laura,

    This is a great mindset. You have done AMAZINGLY well and should be so proud of how much you have achieved.

    I hit the wall a few times, when I was SO SICK of paying so much to the mortgage, but you get through it and on the day in 2017 I will be breaking open the bubbly to celebrate with you.

    Sft x

    • Thank you!

      I suppose it’s natural to hit the wall when you’re trying to pay off what is a huge debt, so I need to accept that it happens and then move on…with more motivation.

      You’re my inspiration xx