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Mortgage Free by the time I'm 40. 10 years and counting!
Barny1979
Posts: 7,921 Forumite
Here we go: I have changed jobs and I am paying off my car loan at the end of this week, so no more car loan repayments which were £230 a month. Mortgage is dropping by approximately £150 in October when fixed rate ends.
30th June 2009 - I want to clear my mortgage by the time I am 40. I am 30 in exactly 2 weeks time. My mortgage position at the moment is.
Current interest rate = 6.29%
Date fixed rate ends 01/10/2009
Mortgage Type = Together Mortgage
Mortgage outstanding = £120,783.96
Unsecured Loan element = £29,505.60
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 4 months
Total Outstanding = £150,289.56
Monthly payment = £928.64
Payment at proposed variable rate from 30th October 2009
Mortgage = £637.20
Loan = £149.10
Monthly payment = £786.30
30th June 2009 - I want to clear my mortgage by the time I am 40. I am 30 in exactly 2 weeks time. My mortgage position at the moment is.
Current interest rate = 6.29%
Date fixed rate ends 01/10/2009
Mortgage Type = Together Mortgage
Mortgage outstanding = £120,783.96
Unsecured Loan element = £29,505.60
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 4 months
Total Outstanding = £150,289.56
Monthly payment = £928.64
Payment at proposed variable rate from 30th October 2009
Mortgage = £637.20
Loan = £149.10
Monthly payment = £786.30
0
Comments
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Welcome to the fold, I was also 30 in march and hoping toh ave our mortgage paid off by 40, so we'll have the ride together.0
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to the MF community. 
with your MF journey. Look forward to reading about your progress.
Kind Regards
SMF20 -
I'm assuming that when my fixed rate ends I won't be offered another fixed rate due to the high LTV I have and will just switch to SVR?0
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Good luck.July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.0 -
2nd July 2009 - I want to clear my mortgage by the time I am 40. I am 30 in exactly 2 weeks time. My mortgage position at the moment is.
Current interest rate = 6.29%
Date fixed rate ends 01/10/2009
Mortgage Type = Together Mortgage
Mortgage outstanding = £121,417.06
Unsecured Loan element = £29,660.25
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 3 months
Total Outstanding = £151,077.31
Monthly payment = £928.64
Payment at proposed variable rate from 30th October 2009
Mortgage = £637.20
Loan = £149.100 -
Here we go: I have changed jobs and I am paying off my car loan at the end of this week, so no more car loan repayments which were £230 a month. Mortgage is dropping by approximately £150 in October when fixed rate ends.
30th June 2009 - I want to clear my mortgage by the time I am 40. I am 30 in exactly 2 weeks time. My mortgage position at the moment is.
Current interest rate = 6.29%
Date fixed rate ends 01/10/2009
Mortgage Type = Together Mortgage
Mortgage outstanding = £120,783.96
Unsecured Loan element = £29,505.60
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 4 months
Total Outstanding = £150,289.56
Monthly payment = £928.64
Payment at proposed variable rate from 30th October 2009
Mortgage = £637.20
Loan = £149.10
Hi guys - I am trying to be mortgage by the time I am 40 too. I have 125K outstanding and am overpaying quite a bit too.
At the moment I am due to be MF at 40 years and 2 months so might need to bump it up a bit. Good luck!0 -
Right Barney to hit your target IE MF by 40 you will need to overpay by at least £800 a month.
10 year fix at 4.5% for £150,000 = £1554 a month
10 year fix at 5% for £150,000 = £1591 a month
We dont know what rates you are paying on your mortgage and loan but if you can overpay by at least £800 a month you should be close.0 -
Cheers Dimbo, yeah I was using the spreadsheet and I was getting approx £800 a month overpayment0
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Good for you, wish I had been that switched on at 30 !RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130 -
I am 30 next month and want to be MF by 40 too, can i join the fun!!0
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