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Mortgage Free - Quickist way?
thrifty2009
Posts: 12 Forumite
Hi,can anybody help? I want to become morgage free.
I am single, have a mortgage for 65k over 23 years, I pay around £470 per month (repayment mortgage). I can afford to overpay an extra £800 per month on top of the mortgage,plus when ive paid a few lumps I will be able to pay any extra I have through lower mortgage. How long will this take. I thought about 5 years, is this correct?
I am single, have a mortgage for 65k over 23 years, I pay around £470 per month (repayment mortgage). I can afford to overpay an extra £800 per month on top of the mortgage,plus when ive paid a few lumps I will be able to pay any extra I have through lower mortgage. How long will this take. I thought about 5 years, is this correct?
Mortgage owed = -£64,023.45
2009 mortgage savings £0
2009 mortgage savings £0
0
Comments
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Hi Thrifty, try posting this on the Mortgage Free Wannabe board, you may get some more replies.
Do check with your mortgage provider as to how often you can pay a lump sum off and if there is a maximum or minimum you can pay off.Official DFW Nerd Club - Member no: 203.0
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