MF Wannabe - Target 7 Years (Before Sept 2016)

MF_IN_7YRS

Hello Everyone....

-> Date I decided to become a MF - 24th Aug 2009 (when I read many posts from many successful MF ppl in MSE.)

-> Mortgage Debt at its Highest - £127,500.00 (When I took mortgage in March 2007)
-> Mortgage Free Date - Before 10th Sept 2016 -Target is to be MF before my 40th :-)
-> Current Situation - 30 years mortgage, paying £511/month (thanks to low variable rate which I continue on after my 2 years fixed rate, which was higher)
-> Current Plan - (a) To start with pay an extra £200 as an overpayment against mortgage, (b) savings on utilitybills (which i do anyway but will try to strect myself more in this area), (c) try to find a 0% interest credit card.
-> Mortgage freedom Diary - I have just started a spreadsheet with details like monthly incoming and outgoings. Will share this at later stage when I'll have some results (hopefully).

I hope I'll get some support & guidance from all the ppl out there reading my post now.

I've just started a new job (45k per annum) and because I have to travel a lot, I've decided to buy a (used) diesel car with high MPG. But the cost of the car (decent one) is going to be around £5500/£6000. Now I am in dilemma whether to buy a diesal car or continue with my petrol car which is giving me roughly 40MPG. I am not sure if £6000 will help me more towards mortgage or fuel cost (in the long run). Another thing I need to consider is that my wife is going to need a car in few months time. With two li'l kids, she need a car to go around places.
Any ideas or help will be much appreciated. I'll keep my progress posted.
Wish me luck.

MF_IN_7YRS

Please suggest if anyone knows any UK website which shows the Mortgage payments/Overpayments chart.

I've just made some initial calculations and I think i can overpay £500 per month. Wish could pay more if not for my monthly fuel/petrol bill which is £450 per month :-(

SmlSave

Hi MF7

Welcome and Hello. Well done on your new job.

Can't help you with the websire q but I'm sure someone will know.

Luck and look forward to your diary

Peelerfart

MF_IN_7YRS wrote: »

Please suggest if anyone knows any UK website which shows the Mortgage payments/Overpayments chart.

I've just made some initial calculations and I think i can overpay £500 per month. Wish could pay more if not for my monthly fuel/petrol bill which is £450 per month :-(

Try this one

http://www.themoneypages.com/calculators/fleximortgage.html

Good Luck

PF

setmefree2

and Good Luck. Look forward to reading about your progress.

chirpchirp

Welcome and good luck with your plans.

golfiematt

good luck with your mf challenge, own a peugeot 206 1.4hdi, its fuel efficiency is 63mpg average and tax for 12 months only £35 . if you bought a similar car the savings would pay back in less than 3 years for the price you payed for the car. http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html , i use the egg mortgage calculator to work out how much interest i can save

MF_IN_7YRS

Thanks for all the support and suggestions so far. Thanks golfiematt for suggesting Peugeot 206 1.4 and everyone for the links to calculate mortgage repayments.
The bigger step for me now is to replace my petrol car with the diesel one.
I've checked few and the more I check in Auto Trader the more I get confused. But I think I'll opt for VW Golf. And a decent one cost around £5500 and was wondering if its worth. I guess it is in the long run.
Also I was doing some more calculations regarding repayments.
If I target £8000 overpayments a year, I'll pay £56,000 overpayments in 7 years (which is my MF target date). 56K is just the half of my current mortgage (£124k). In addition to these overpayments I'll be paying regular payments and interest as well. With this current plan I'll still have £35K (or around) outstanding after 7 years. Which is not bad. :-) I think I can get that much from savings and others I have or might build up during these 7 years. Feeling good already. I hope these calculators will help me getting the exact numbers. I'll discuss my progress further soon. Now back to Autotrader.com ;-)

MF_IN_7YRS

Update:
Finally I bought a Diesel 51 Reg Peugeot 307 HDi. Not in mint condition but not bad for £2350. All the fuel saving will now go as over-payment to my Mortgage account. Ofcourse there additional expenses now like tax and Insurance and some wear tear repairs but hopefully the fuel side ov savings will take care of everything.
Now just have to plan a budget for another month and then will see how much I can afford as overpayments as of now.
I think I better add signature now to show the figures.

MF_IN_7YRS

Updated figures in my Signature now.

golfiematt

well done on getting the car , hopefully you wont have any big problems with it and you get your money back soon through fuel savings!