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I wanna be mortgage free!
stevenc1979
Posts: 25 Forumite
Well I have made the first steps today.
I had 24 years left on mortgage and owe 97k @ 6% and was paying around £650 per month.
Just called the Woolwich to reduce my term down to 7 years taking payments to £1423 per month, I will also be making the maximum overpayments allowed which should hopefully mean being mortgage free in around 5 years.
:beer:
SC
I had 24 years left on mortgage and owe 97k @ 6% and was paying around £650 per month.
Just called the Woolwich to reduce my term down to 7 years taking payments to £1423 per month, I will also be making the maximum overpayments allowed which should hopefully mean being mortgage free in around 5 years.
:beer:
SC
Virgin Mastercard £0/£3500, BarclayCard 0/£8500, Citi Platinum Mastercard £0/£6000, MBNA Platinum Card £0/£3000, Mortgage £96000 83 more payments to go
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Comments
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Nice one = well done.
You must have some disposable income to pay £1423 + make maximum overpayments. Are you driving around in a really flash car with "blacked" out windows with a weighing machine also in the car?0 -
Are you in a position to afford it if rates go up?
You didn't say if you're on a fixed or variable rate...
Sounds like if you're in a position being mortgage free in 5 years will be amazing! Of course if your salary is huge then 1.5k pcm is not a problem
But well done on seeing the benefit of a fast mortgage clearance.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Good for you - go for it!
2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
But now I'm not - (Joint) Mortgage £104704.New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%No 17 Lewis Lane0 -
Wow. What a saving in interest, good luck!Nov 2025 - part 1 - £13,878 part 2 - £20,953 Total - £34,832 24 months to go!0
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Yeah I am currently on fixed rate for 3 years so payments will stay the same.
Nope I'm certainly no drug dealer.....married, 2 kids, I work offshore 6 months of the year, wife is also in full time work.
I've just had a payrise taking my take home pay to £4300 per month which is a £1000 per month rise so after looking at some mortgage calculators decided the best thing to do with the extra would be to try and get my mortgage cleared.
SCVirgin Mastercard £0/£3500, BarclayCard 0/£8500, Citi Platinum Mastercard £0/£6000, MBNA Platinum Card £0/£3000, Mortgage £96000 83 more payments to go0 -
Make sure you also have a good emergency fund of upto £16K just in case0
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Well done on this! Very encouraging and inspiring.
Your mortgage is similar in amount and rate to mine,here's wishing you all the best.
I will certainly follow this thread for encouragement-I need lots of it :rotfl:
I havent been able to OP yet, however by increasing my monthly payments by about £40 a month, I have brought down my term form 30yrs to 25yrs. Its amazing how much interest you save with just a few steps taken.0 -
Well that's my first new payment gone out yesterday, I've also used some of my savings to clear all credit cards, next to pay off a loan I have with Barclays and then start making some overpayments on mortgage.Virgin Mastercard £0/£3500, BarclayCard 0/£8500, Citi Platinum Mastercard £0/£6000, MBNA Platinum Card £0/£3000, Mortgage £96000 83 more payments to go0
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Well I won't be mortgage free for some time now. I am in the process of buying a new house, I will be porting my existing mortgage and borrowing a further 95k, and I have increased the term of the mortgage to 20 years from 7.
My new payments are around 250 per month less than I am paying at the minute so will probably look to make overpayments each month to try and shorten it a little.
Was a bit worried I wouldn't get the new mortgage as the whole process seemed to be taking a long time, but have eventually received the mortgage offer in the post.
The house is expected to be finished by early December and we are hoping to be moved in before Xmas...Can't wait!Virgin Mastercard £0/£3500, BarclayCard 0/£8500, Citi Platinum Mastercard £0/£6000, MBNA Platinum Card £0/£3000, Mortgage £96000 83 more payments to go0 -
Well that didn't last long...:rotfl:MFi3T2 #98 - Mortgage Free 15/12/20110
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