2010 resolution MF by 2020

Kidneykid

Hi all

newbie here, 29 approaching 30th birthday(boo hoo) seeking to be mortgage free before my 40th. I've a beautiful hard working wife& 2 beautiful children primary school age.

Our mortgage stats at present are as follows;

Mortgage balance £140k

21 years 8months remaining

Rate fixed at 5.29% for another 1 years& 8 months

l have recently requested my mortgage roll number to allow me to transfer extra payments off my lump sum on a monthy basis

I would be very grateful if anyone has any tips or advice

ps username due to a serious illness that led to renal failure, hence the desire to pay off the mortgage whilst relatively fit for work etc

Kidneykid

Forgot to add, Many thanks in advance

Kk

starnac

hi kidneykid. good luck in your MF journey. you sound like you have a good reason for wanting it paid off asap.

pop over to the debt free wanabee board as they are always full of advice on money saving. the MF in 3 is also a good support thread.

good luck and i hope you are MF in the next 10 years

dimbo61

If you use "whatsthecost" website and type in your mortgage balance £140k and your current interest rate 5.29% over 10 years it will give you a good Idea of how much your monthly payment would be to clear the mortgage in ten years.
Set up your DD to that amount ( check with lender if you can reduce the term!)
GOOD LUCK

SmlSave

Welcome and hello KK

Look forward to hearing about your progress

dimbo61

Its about £1505 a month which is alot more than the £900 ! a month you are paying right now.
But you will save £60,000 in interest if you can pay it off over 10 years instead of 22.
GOOD LUCK

Kidneykid

Many thanks folks for the messages of support, i've been a long term browser here

looking forward to the journey!

Cheers for now

RosieTiger

Good luck and welcome aboard.

Treat your OP's as regular bills, set up to pay it by standing order then you don't have to worry about it.