I'm new to this forum.......

Tommyh

I'm new to this whole concept but want to do it as soon as possible. How do I start? Where doI start? How do I work oout how quickly i'll pay the mortgage off?
Any help and pointers would be great. Thanks!

shangaijimmy

Unfortunately your best way to get your head around it is to start reading the diairies on here (very inspirational) as that;ll give you lots of tips and ideas. Then it's a case of getting your maths head on and doing lots of workings out.

It's hard work getting prepared but wery much worth it!!

setmefree2

You should read this.

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

Martin Lewis' guide to paying off your mortgage.

pammyj74

also look at a mortgage calculator and it will work out the end date for the amount extra you are overpaying, I think there is a link to the egg one which is pretty good.
I also look at the guardian mortgage repayment calcultor which works out how much you would have to pay after you enter the amount, the rate and the amount of years you want to pay over. It also tells you how much in interest you pay and seeing the difference when you change the years terms shows just how much you save by overpaying
this is a good motivator to me as I am currently on 20 years left but the guardian calculator with my new rate says I can reduce my term to 15 years

good luck

improviseadaptovercome

If your a bit rubbish at percentages and compound payements etc, ring up your mortgage firm, ask them....

Its the best place to start and you can double check re penalties, limits and stuff.

Reading the diaries is a really good way, I recommend financial bliss, sound head on that one.


Work out what you can overpay and come back on here, advice will be free, good natured and usually quick.

However .... as the OH reminds me I am prone to being zealous in this department.....

black_taxi_2

heres a simple calculator for mortgage o/p

http://www.whatmortgage.co.uk/calculators/fleximortgage.html

Tommyh

Thanks a lot everyone. I'll sit down with the OH in the next few months and really work out lots of things.

Jock_Tight

If you use a spreadsheet to calculate your mortgage free date it helps to show the months you can save by making small additions.

It actually becomes quite addictive when you can see that every penny makes a difference.......then you can try and set a completion date (like 3 years etc) and see what overpayments are required to meet your target. This can help you focus on ways to cut back to achieve your goals.

All the best (from another newbie)