Mortgage Free....long way to go!

BossleBoots

Wow! I wasn't expecting such a great response! Thanks for all the support and tips everyone!

I really don't think 3 years is realistic at all...unfortunately!

I like RosieTiger's suggestion of a small regular overpayment at the start of the month, but i think i may combine that with the original plan....so small regular payment at the start of the month, so i can forget about it a bit, then at the end of the month, anything left over goes towards the mortgage too!

Loads of people mentioned a money box...we actually have one, but it's one of those Money Pot thing's that you have to smash to get the money out of...we're only allowed to put spare notes and £1 and £2 pound coins in it....this one is for a holiday though....maybe i'll start another one for the mortgage.

First overpayment will be at the end of this month...quite excited about seeing the interest amounts come down too!

Ecoelle - THanks for the support! Yeah, i think myself and my wife are going to be in this for 20years too! Rubbish!

I'll try to keep you all posted...i can't believe i haven't been reading forums like this before!!

shell1000

BossleBoots wrote: »

Ecoelle - THanks for the support! Yeah, i think myself and my wife are going to be in this for 20years too! Rubbish!

You're not the only one! but if you do the sums on the calculators you will be shocked to see how much you can save in interest over the years, mine will be in excess of 50k if i keep it up and im only overpaying 160 a month.

I have been working on mine since october so only six months but it all helps! there are some wise heads here that really provide good advice too, stuart is a mfw encyclopedia!!

welcome and goodluck!

Alion

I came on here with a massive mortgage too and just couldn't see the "mortgage free" position. Plus I hope to have a family one day so I know it'll go back up and scupper everything.

So I made myself a series of targets - a five year plan (get from 200,000 to 125,000) and little targets on the way. It's much easier for me to keep on track with what I'm doing if I can see what I'm aiming for.

financialbliss

BossleBoots wrote: »

I really don't think 3 years is realistic at all...unfortunately!

BossleBoots,
Perhaps not, but not everyone is clearing their mortgage over the 3 years - some are aiming to reduce by 20k, 30k, 40k etc. You're still welcome to join

I've ran a diary for a while now and I set myself a year end mortgage target at the start of each year and try to achieve that by the end of the year.

The bigger picture can be daunting, but try to break it down into smaller manageable chunks...

FB.