Mortgage free by the time I'm 40

cj.greenwood

Can £3 payments really make an impact?

I borrowed £136,000 last january, and my repayments are £915 a month.
I'm 26 next month and would love to be mortgage free by the time I'm 40, but can't see it happening...

cj.greenwood

Sorry for double post, but just did a quick calculation using the mortgage calculator on here.

At my current rate of interest, I need to pay around £300 extra a month to get mortgage free by the time I'm 40.

It's do-able but my fiance/wife (9 weeks to go!) will have to stop spending so much!!!

nookey_bear

cj.greenwood wrote: »

Can £3 payments really make an impact?

I borrowed £136,000 last january, and my repayments are £915 a month.
I'm 26 next month and would love to be mortgage free by the time I'm 40, but can't see it happening...

maybe not on its own but its all about paying as much or as little as you can, as often as you can. When you see the interest amount reduce (even by a few pounds) the you will see the impact. I have yet to make my first OP but I can also smell the interest plummeting!!

LittleBit_2

Well for every £3 I pay, I'm taking about £8 off my mortgage (I think, if I've got it wrong someone please let me know). These little payments on their own aren't going to clear my mortgage by the time I'm 40, but at the moment I'm due to go back onto repayment in October, and will have around 18yrs left which would take me til I'm 46. This coupled with the little payments and also ploughing bonuses and other unespected windfalls in will make a huge difference.

LittleBit_2

Another OP this morning £4.74

LittleBit_2

An OP today of £100.95 :D That's a whopper for me :rotfl: I've transferred this amount as we haven't had to pay council tax this month. It's £115, so I've put £15 in the holiday spends acc, and £100 in the mortgage. Also 95p to round my current account down to the nearest fiver.
Also sold some cloth nappies today, so that's another £25 to go in the mortgage pot. A good start to this month, I'm really pleased.

LittleBit_2

OP of £1.64 this morning. Might not be as many this month, as we're going to Scotland for a few days on Friday so will have a rest from the budgeting. I'll just take out the cash we are able to spend, and then if we get through it it's tough.

setmefree2

Well done on all those OPs :T:T:T:T

cha97michelle

You are doing so well. :T Enjoy your break in Scotland. Hope it is a lot of fun for you and you have a nice break from it all.

LittleBit_2

4 OPs today. One for £58 as DH got some expenses from work for travel. One for £25 as I sold some cloth nappies. One for £1.60 to round one of the current accounts down, and one for £2.49 to round the other account down. So that's £87.09 in OPs today