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MFW by 40 - I'm trying (Very Trying Apprently !!)
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Realy well done - how long have you got to go before your 40th?
Well, some good news and some bad news...
First the BAD
- I've failed on my mortgage goal as I've recently hit the big 40 in November 2015 !:shhh:
The GOOD however, is that today the mortgage debt we have outstanding has moved down another step and now we are in the high 20K bracket !! :jORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
Well, we're not doing too bad and everything is still plodding along quite nicely...
We now owe just under £20k - this means two years to go based on previous years of clearing 10k PA.
Complete Freedom, here we come... !!!ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
Our total debt is now below 10K...
Although I've recently been thinking that I'm probably not going to finish early now and I'm going to let it run down to around £5K mark and then I will pay that outstanding balance (no more over payments) over the remaining 9 years of the full mortgage term which according to my lender will mean my revised repayments will be approx £46.30 pm. (Never any interest and always fully offset) This retains the mortgage on both the wife and my credit files for a few more years with minimal outgoing.
Anyone one else done this?ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270
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