22 year old needs mortage advice please 15 September 2010 at 9:31PM in Mortgage-free wannabe 4 replies 1.3K views

MatthewJames

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

thanks

wkdhoney

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?

HTH

dimbo61

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

ztan

Not helpful, but where can I get £105k! Well done OP!

MatthewJames

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.