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Pay off mortgage by 2010
adarynefoedd
Posts: 48 Forumite
Hello everybody I am new to this site but think it is fantastic.
My circumstances: pretty easy compared with many posting here but I still have some problems. I am 55 tomorrow so less time to sort myself out.
DEBTS
Mortgage: £39999, for buy to let house, interest only, rent of £450 paid direct into mortgage account, bank takes approx £190 per month. Mortgage product brilliant as many overpayments as I like integrated with other bank accounts, all done on line.I have paid off the mortgage on my main house 3 years ago. Before anybody says BTLers are bad people, I bought the house originally to help out a relative who reneged on the rent. I now have 5* tenants who are brilliant.
Barclaycard: £1600
Bank Flexiloan : £4600
OUTGOINGS
Council tax £138 Gas £60 Electricity £73 House Insurance £25 Water £22 TV £10 Phone/Internet £25 Help with garden/house/decorating £200 I also have a number of expenses associated with work because I am self employed - car, accountancy expenses,mobile contract.
INCOME
I earn a variable amount (sometimes feast sometimes famine) my partner has retired and is on a fixed income of £1200 a month (work pension).
I have used this site extensively to batten down the costs. My aim is to pay off the ridiculous credit card and comet loan first then the flexiloan. I also want then to build up some cash reserves after reducing debt. I will get a reasonable pension at age 60.
Will keep you posted and appreciate any feedback.
My circumstances: pretty easy compared with many posting here but I still have some problems. I am 55 tomorrow so less time to sort myself out.
DEBTS
Mortgage: £39999, for buy to let house, interest only, rent of £450 paid direct into mortgage account, bank takes approx £190 per month. Mortgage product brilliant as many overpayments as I like integrated with other bank accounts, all done on line.I have paid off the mortgage on my main house 3 years ago. Before anybody says BTLers are bad people, I bought the house originally to help out a relative who reneged on the rent. I now have 5* tenants who are brilliant.
Barclaycard: £1600
Bank Flexiloan : £4600
OUTGOINGS
Council tax £138 Gas £60 Electricity £73 House Insurance £25 Water £22 TV £10 Phone/Internet £25 Help with garden/house/decorating £200 I also have a number of expenses associated with work because I am self employed - car, accountancy expenses,mobile contract.
INCOME
I earn a variable amount (sometimes feast sometimes famine) my partner has retired and is on a fixed income of £1200 a month (work pension).
I have used this site extensively to batten down the costs. My aim is to pay off the ridiculous credit card and comet loan first then the flexiloan. I also want then to build up some cash reserves after reducing debt. I will get a reasonable pension at age 60.
Will keep you posted and appreciate any feedback.
0
Comments
-
Good luck with this, you'll find some very supportive and helpful people here.
Ev0 -
Good Luck:T:T:T0
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