Taka taking control!

taka

Thank-you for the welcome!

Right... after much confusion the spreadsheet of wonder says OP's of £160/ month *should* be possible provided I've calculated my new take home pay correctly! :j It also says I've gained a random £48 odd from somewhere unknown but I my head hurts now so I'll work out where from later! :rotfl:

Today is the anniversary of me taking out my 1st mortgage... 17 years ago. This means I have exactly 8 years left to meet my pay everything off by the 25th anniversary of taking out my 1st mortgage target. Need to get rid of 6.5 years somewhere! It also means that I'm old enough to have bought a flat 17 years ago! :eek: How the £$%& did that happen? :eek: :rotfl: Harumph! :cool:

If I manage to keep OPing £160 a month for the next 8 years I'll be just short of my target presuming than my interest rate stays the same. Who knows where interest rates will go though! I'm praying they stay low for a while longer - I'm on a fixed rate of 5.78% that expires in June 2012. After that it'll drop to a maximum of base rate + 2% (Thank-you Nationwide! ) so it'd be nice to have a low rate for at least a wee while! All the more pennys for OPing!

[Deleted User]

Hey there!
Nice to see you back
Sorry to hear about the job- but great you have got something out of it even if the pay is lower...
Calculations look good- do you think 8 years is a possibilty for mortgage freedom? (plus you are only as young/old as you feel!)

taka

8 years is still definitely a possibility but mortgage free before I'm 40 (4 years) definitly won't happen. According to my OPing spreadsheet I need to pay £171.24/month to hit the 8 year target so £160 is pretty close. Hopefully the interest rates after my fixed rate ends will mean a reduction in payment so freeing up more for OPing. Mind you this relies on having a job in 18 months time! :rotfl:

Anyone know how to calculate what I'll be paying if interest rates stay the same?

slowlyfading

Sounds good to me No idea how to calculate that though, sorry! I'm sure finding the extra £11.24 wouldn't be impossible either but OPing anything is great so well done you!

taka

:hello: Linky to new diary!