mf by 40, thats in 9 yrs ! - its time to try

dave_wolves

Hi oh_know

Great start on your MF journey, we'll be starting our diary later this year once our extension is finished and the dust has settled a bit (so to speak!). Can I ask what spreadsheet you are using to show the impact of OPs? I'd like something similar to add to the motivation eventually.....

Keep up the great work...

oh_know

The spready I use is one I concocted from an internet search.
There are loads out there, search for overpayment calculator spreadsheet
Alternatively search the forum - there should be plenty out there
If all else fails I can attempt to email it or upload it

oh_know

1k paid off this month

Targeted OP for year 20k, OP so far 12k

MORTGAGE AT START OF YEAR 210K, 3.7%, 24 YRS REMAINING
(12k op'd in 2011 thus far)

oh_know

15k overpayments for the year
ok i set the target at 20k but that was always going to be V tough. I might eek out another 1K before the end of the year but we shall see - I have Switched mortgage now (or am in the process of doing it) to YBS on a 5 yr tracker to fixed deal.

My new mortgage term is set at 10 years ! which is going to make us have some larger payments and force the overpaying even more! But on top of this we will top it up a bit.
Aim for next year is to OP by 17k.

Twiddy

Hi oh_know

Great achievement so far, keep up the good work!!

Cheers
T

oh_know

2011 overpaid 12.5k
2012 overpaid 7.5k

Aim is over pay circa 7k per year but now have baby boy so lots more expense plus wife will probably go back half a week so less income

Anyway all good and I pat myself on the back

Mortgage free by 40 is still a tough ask but shall keep aiming high

Sstripey

Very best of luck to you. We started doing something like this much later in our life and mortgage than you, but put everything we could into getting MF, and made it nearly seven years early at the end of 2010. It's very very worth doing. Don't beat yourself up if you can't make your extremely tough target, though - getting down to 0 from 210k is a heck of a long way!

HelenDaveKids

Oh_know

Is that abbreviation for Other half knows best!!!(we all know its true)

Good luck with the rest of your journey!!

oh_know

2011 overpaid 12.5k
2012 overpaid 7.5k
2013 overpaid 11.5k

Aim is over pay circa 7k per year but now have ANOTHER baby boy so lots LOTS more expense plus wife will probably Leave work so less income

Anyway all good and I pat myself on the back on all counts

Mortgage free by 40 is going to be near impossible but will keep going and see how I get on