Is this going to be possible?

Hi
My OH can retire at 55(take early retirement with a lump sum and part pension) if he wants to---he is 47 so it is 7.5 years away!!He has worked in his job since he left school at 16 so the chance to leave at 55 would be fantastic!!
At present our mortgage has got 17 years left in Jan 2007----and we can then change it as the 3 years tie in period is up.We are with Birmingham Midshires as we had credit problems(both from our previous marriages---long story!!).I have written to them(copied the letter out of the MSE book) and they did not reply---I then rang them asking what was on offer in Jan and they were very very unhelpful--they stated that they dont reply to letters but only discuss things over the phone. They told me to ring back in November to discuss things further. Now I am wanting to have some idea as to what we can do next.
Our mortgage stands at £57000 and we can overpay soon as the catalogue is paid off and the credit card hopefully in a few weeks!!!
I would like to have the mortgage paid off in the 7.5 years so that OH could retire if he wanted to ----though he may take a part time easier job to supplement our income!
Is this possible do you think? Is 7.5 years been a bit too hopeful?
Thanks for any advice.

Not sure if we could go with a high street bank as we are still blacklisted!!!
Sealed pot challenge 7...my number is 2144.....started Nov 29th ....

Replies

  • Dr.LouDr.Lou Forumite
    266 Posts
    It could well be possible. I think it depends on how much 'spare' money you have to throw at it.
  • becky004becky004 Forumite
    5.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    Not sure if we could go with a high street bank as we are still blacklisted!!!

    I am seriously blacklisted no cheque book or current account (due to previous marital debts which run into 10's of thousands of pounds). Couldn't get a mortgage in 2003. Have just moved in to our new house with a mortgage from the Halifax. I never in a million years thought I would get one and its a normal fixed rate no special terms or higher interest rate.
    I love this board, have "virtually" met so many lovely people, people I am honoured to count as friends.
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  • Joe_BloggsJoe_Bloggs Forumite
    4.5K Posts
    @gilly41
    It may be that any financial quotes from your lender are only valid for three months into the future. Hence they can't forcast further ahead at this time.
    Save your money for possible remortgage costs that will save you money in the future. Perhaps make your next remortgage your last.
    You do not mention your current interest interest rate.

    £55K over 90 months @ 5% is £734 a month repayment
    £55K over 90 months @4.75% £727
    £55K over 90 months @6% £760
    £55K over 90 months @7% £787
    J_B.
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