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    • huester1
    • By huester1 22nd Mar 17, 11:54 AM
    • 3Posts
    • 2Thanks
    Morgtage Free in 15 years
    • #1
    • 22nd Mar 17, 11:54 AM
    Morgtage Free in 15 years 22nd Mar 17 at 11:54 AM

    A little background. I was 29 when I purchased my first house in 2011 for £116,000

    We have been overpaying about £100 extra per month and come 2017 I made a £7,200 over payment which brought the balance down a lot.

    I am 35 now with a balance of £94000 left to pay.

    My plan is every year to overpay 10% of my mortgage each year and hopefully have this bad boy fully payed before I am 45.

    Mortgage free in 15 years? (Actually 9 years, 15 years from 2011)

    I have no other debt, two cars fully paid. Wife has no debt.

    Any other ways I can pay it off earlier.


Page 1
    • A Frayed Knot
    • By A Frayed Knot 11th Jan 18, 12:02 AM
    • 2,274 Posts
    • 10,227 Thanks
    A Frayed Knot
    • #2
    • 11th Jan 18, 12:02 AM
    • #2
    • 11th Jan 18, 12:02 AM
    All depends on income v bills and mortgage = amount of cash left to throw at mortgage.

    If you have enough cash left over each month (without fail) when remortgaging you can reduce your years to up the payments to your comfortable/mid zone - that way, you are still allowed to o/p 10% of your balance as at 1st Jan each year.

    When i remortgaged i was going to be saving £100 a month (lower interest rate and a tiny pay rise), so i just added this to the monthly mortgage payments and reduced my years, I went from 18 years in 3 and a half years down to 8 years. I am now at 5 years 2 months and don't think its worth taking a new deal for 2 years as I hope to be MF before then.

    according to what's the cost calculator - you would need to throw £1000/month at the mortgage at 3.99%
    to finish in June 2027, that's without any o/p's.

    If you want to pay less monthly mortgage, then go for more years and just work your way through re- evaluating each time you re-mortgage.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 24 months 2/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • MM10
    • By MM10 15th Jan 18, 3:39 PM
    • 52 Posts
    • 151 Thanks
    • #3
    • 15th Jan 18, 3:39 PM
    • #3
    • 15th Jan 18, 3:39 PM
    You can always call your lender and ask if they can reduce the rate.

    A mate asked me to try. I didn't think it would work but the did reduce by about .2% or so. Every little helps
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £19,095 at Feb 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; April 2019;
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