Mortgage free in 5 years.

kittiej

Thanks puregeordie, let's hope they don't mess it up eh

puregeordie

kittiej wrote: »

Thanks puregeordie, let's hope they don't mess it up eh

Ne worries, sure they won't!

Good luck with your mortgage quest;)

kittiej

Well hello to my wonderful MFW diary, I have neglected you lately so I do apologise for that.

I thought I would give a little update and give myself a kuta to get organised whilst I'm at it.

OK so mortgage stands at £11750 and each time I make a payment at the current rate it reduced by £110 pm.

For the next 3 months I plan on making my usual £150 payment which takes me to September and will see my remaining term being 8 years exactly. I can't overpay for 3 months because we are getting the car paid off which is £1225 atm. This will be cleared on 4th July. We are going on holiday in August so want to save some spending money and I have a payment to make to HMRC of £900 as soon as, so this is why I am waiting until September.

looking at the overpayment calculator if I make overpayments of £850 pm then the mortgage will be paid off in 11 months which brings me well within my original target of MFD Jan 2015.

I dream of the day when I don't have to make mortgage payments anymore :T

Well it will be a journey and making a plan will hopefully keep me motivated