How big is your mortgage and how many years is it?

Sandrock

£100,000 - £149,999

I have approx £129k outstanding. It is a 25 year term (24.5 years remaining) but with the overpayments I have been making since the first payment, the term is expected to be 16 years.

I've got a payrise due in April and coupled with some savings to be made in our budget, this should reduce the expected term down further to about 12 years.

My target is to pay it off in 10 years.

chirpchirp

£200,000 - £249,999

I can't remember what mine is until this posts and I can see the sig. In April 2009 when I first started my diary it was £241,000 and now it is about £234000

I have 17 years left on the term. Skaps, you can see how I've reduced it by reading my diary but mainly through using comparison sites for insurance and electricity, being more careful with shopping and most of all from the change in interest rates. I have an interest only flexible mortgage and have no intentiion of trying to change the term. I can overpay by as much as I want so there is no point in me changing the term.

mummyofonechild

£50,000 or under

Took out mortgage of £25000 in 2002, originally due to be paid off in 2017. We now owe £9500 and hope to be mortgage free at end of 2012.

tiernsee

£100,000 - £149,999

Mortgage was £105,000 plus a negative equity component of £20,000. Latter paid off and mortgage now £32,000 with six and a half years left. Plan to either pay off end of year, or at the end of year to move one more time and then pay off any resultant mortgage (which would be up to £80,000) as soon as possible.

teachmech

£250,000 - £299,999

£264000 for 20 years started may 2009.

hillcats

£100,000 - £149,999

Full Details in my signature below...

Gillybean

£100,000 - £149,999

When we moved to this house we borrowed £134kish over 25 years.

Now we owe around 110k over 20 years having overpaid here and there.

We have an unofficial goal of being mortgage free on this house by the time we're 40, 6 years away. Then we'll be able to borrow as little as poss to find our forever house.

shangaijimmy

£150,000 - £199,999

In 2006 we borrowed 163k over 30 years. For the first 3 years we could only make the basic payments and work hard to clear an 8k loan. As of Sept 09 we started to focus all our efforts on the mortgage with the loan gone, wages increased and the low interest rates.

So after our first 5 months we are £47 from getting into the 156k's and picking up loads of strategies and motivation along the way.

Our long term goal is to be mortgage free in 15 years (me aged 46 and partner 43), with a dream target of 10 (41 & 38) and an acheivable target of 12 (43 & 40)!!