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

chirpchirp

Perhaps we need mfi in 10 thread! I'm 35 and want to be mortgage free in 10 years too but I don't think it's realistic but you have to aim high!

Barny1979

Does anyone know if you can make online transfers to Northern Rock rather than going into a branch?

Barny1979

5th July 2009 -

Current interest rate = 6.29%
Date fixed rate ends 01/10/2009
Mortgage Type = Together Mortgage
Mortgage outstanding = £120,690.36
Unsecured Loan element = £29,482.39
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 3 months

Total Outstanding = £150,172.75
Monthly payment = £928.64

Payment at proposed variable rate from 30th October 2009
Mortgage = £637.20
Loan = £149.10

waynedance

Dam you got me thinking now I am 34 (soon), just done a spreadsheet and if I can pay mine off in 10 years I will save approx 9k in interest and pay off about 7 years sooner. Got 17years left to run on a term deal.

Got £49500 to go, from the new year I am going to overpay and get it sorted.

dimbo61

Hi Barney have NR offered you any new deals yet? ( might be a bit early )
And I guess you will be saving money from 1-10-2009 but you dont give the value/purchase price of your property.
If allowed I would overpay the loan as much as possible as you may not be able to go elsewhere with the loan/ mortgage
Check what you are allowed to overpay( limits!) and pay the one with the higher interets rate first.

Barny1979

Nah, I got a letter from them saying I' be moving to SVR once fixed rate had finished. Yeah, I want to overpay as the house isn't worth what my mortgage is at the moment, so very much doubt I'd be able to go elsewhere!

Barny1979

Just made my first overpayment, only a small amount of £25.00 but as Tesco say Every Little Helps!

waynedance

Barny1979 wrote: »

Just made my first overpayment, only a small amount of £25.00 but as Tesco say Every Little Helps!

I have just amended my standing order from £335.65 to £400, going to continue to overpay at this rate and add more as and when. Balance now is $49078.

Will keep an eye on this post, thanks for the kick up the rear.

Barny1979

7th July 2009 -

Mortgage outstanding = £120,670.04
Unsecured Loan element = £29,477.61
Current Mortgage payment = £751.70
Current Loan payment = £176.94
Remaining term = 32 years 3 months

Total Outstanding = £150,147.65

setmefree2

Well done on that OP :T