acemfw aim to be MF by 40

setmefree2

Acemfw wrote: »

Quick update, Just paid the remainder of the 10% (this years allowance) of £1180 so

well done :T:T

dimbo61

If you can I would pay the £3000 in Jan and carry on paying £500 each month until you have paid £2900 over next 6 months then start to fill an ISA for 6 months then pay another £3k next jan 2011.
You would be MF before you are 40 !!!

Acemfw

Looking fine for a 3K overpayment at earliest opportunity in January :beer:

It quite addictive;), I plan to build a garage at the end of the Garden in Spring so things may get a little tight in the Spring

dimbo61

Dont borrow money with a loan if you have £3k in the bank better to use savings to pay for the building materials.

pammyj74

your doing reallty well, good for you.
Keep it up and as they say prob best to use your 3k to do the garage and carry on paying £500 a month if you can.

good luck

Acemfw

Dont worry Dimbo I wont be taking out a loan for the Garage, My mortgage is my only debt ( and I want that gone )
Got the letter from Abbey today Outstanding Balance is now £58992.68 :T
Mortgage is in two Parts

Amount Years to pay
37348.90 21Years 1 Months
21643.78 10Years 10 Months

Its all the same rate of 5.99% I ve done a little spreadsheet based on all this new information.

Acemfw

Not been on for some time, moved my mortgage to a variable mortgage now paying 2.39% but will change when interest rates rise (which now I have done this they will) I now have an outstanding balance of 56000 but can overpay by any amount. I will keep my mortgage payments the same as before changing (saving over 100 a month at mo!!). garage built and have a healthy emergency fund. just hope interest rates dont rise to much!!

Ace