Mortgage Free by the time I'm 40. 10 years and counting!

Barny1979

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

Welshlassie

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.

setmefree2

to the MF community. with your MF journey. Look forward to reading about your progress.

Kind Regards

SMF2

Barny1979

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?

Catanddogs

Good luck.

Barny1979

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 = £149.10

StuTheDon

Barny1979 wrote: »

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!

dimbo61

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.

Barny1979

Cheers Dimbo, yeah I was using the spreadsheet and I was getting approx £800 a month overpayment

RosieTiger

Good for you, wish I had been that switched on at 30 !

mischiefmaker

I am 30 next month and want to be MF by 40 too, can i join the fun!!