22 year old needs mortage advice please

Hello everybody,

I am 22 years old, bought my house when i was 20. I paid £132,000 and lucky enough to have a £105,000 deposit to put down.

I currently have a repayment mortage of £27,000 paying £150 a month over 25 years.

I normally save between £200-£300 a month, which i use to pay for my car insurance upfront at the end of each year.

What would be the best option for me to clear my mortage and how do others do it



  • I would look at how much the interest is on my mortgage then I'd look at how much I'd get charged on my car insurance paying monthly and possibly spend a year putting the £300 towards the mortgage.

    Can you give more details, what is your interest on your mortgage, can you swap to repayment, are you on a fixed rate ect?

    Mortgage Free by 40 Challenge #19
  • dimbo61dimbo61 Forumite
    13.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We know very little about you Matthew ! Are you working ? what you earn ? how much can you afford to overpay and other bills
    Well done on putting down a massive deposit
    Have you got an emergency fund of 3/6 months of income built up yet ?
    Overpay if you can afford to and good luck
  • ztanztan Forumite
    400 Posts
    Not helpful, but where can I get £105k! Well done OP!
    MFW 2010- £112,500 + 20% Equity Loan = £150,000 35 years :o
    2013- £108,877.28 + 20% / current OP = 19 years :T
    Target to be Shared Equity Free- 2016
    Target for holiday to Australia- 2014
    Currently training for a Commando Challenge- drop and give me 20
  • Thanks for comments, my girlfriend and i had money from grandparents which we put together and are extremely grateful. It's a massive help, would most likely be unable to be where we are if it wans't for the deposit.

    I will find out how much intrest i am paying, not sure off top of my head.

    I have started saving for an emergency fund.

    As for my wage i am only earning £15,000 pa. To cut a long story short, i pay the mortage because i put down approx £30,000 where my girlfriend put down the rest of our £105,000 deposit.
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