Mortgage free in 10 years

dealhunter

Hi,

Just quickly read your thread. Sounds quite similar to my circumstances.

What I would recommend, is any extra cash --> pay off the house, not the flat. Since you'll pay income tax on any money you make off the flat (profit).

Engeroosi

Deal hunter - the problem is i can use the money that goes into the flat mortgage but once it goes into my house then its gone.

I have read in places that you can still offset the interest on the main house against tax on the rental income so might look into this. As it is I am not making much profit so not having to pay any tax anyway.

Engeroosi

Another £400 paid today, also enquired about maybe getting a better rate but not worth it so have to plod on at 6.29%.

Engeroosi

Ok another regular monthly payment made so even more OP'd.
Target for the home mortgage might be set a bit low considering I have 5k set aside to overpay as soon as I have 3.5k in the OP reserve for the flat mortgage. At moment that 5k is in ISA.

Engeroosi

ok things going well, wife earning more than expected and doing overtime. decided to make a whopping 5k OP this afternoon. will update my signature after the payment has cleared. This is very addictive. Think have to re-assess targets also.

Engeroosi

Just realised I have blown my original target already!!! OOPS!!!

Can only pay another £5655 off this mortgage year so will aim for that most likely, that would be amazing if I could reach that amount in the first year of really trying to clear my mortgage.

My wife is kinda on board which helps, she lives normally and I deal with the money. So as long as I leave her enough to go out and play when she wants to then she asks no questions. But she has said that when we have kids she wants to be able to buy things and not get moaned at for the cost. So that means the mortgage free dream will then be delayed once the family starts. Initially at least. Not planning to have family for a couple years yet at least!! BUT if one came along sooner it would make me smile!!!!

Engeroosi

Updated signature, think I am going to try make the full allowance of overpayments before 30th Oct which is ~£5500. If I can manage that then I am doing more than I could of ever dreamt of.
This is turning into a diary more than anything, which is good as I have never had one before. Least I have something to keep me going until mortgage is paid off and in years to come I can look back and smile!!!

Engeroosi

Oh well coming up to start of a new month which means there will be over payments of 400 on house and 500 on the flat made automatically, shall then see what money is left after all the bills and will arrange a manual OP on the home! Hoping this can be a 3 figure sum. The OH found out she had been underpaid for last few months so she got back payments this month. Maybe she will let me get my hands on some of that. She isn't really a money saver person although she does put away money, but I need to get her set up with a decent interest saving account. If only she was fully onboard and understood the difference of paying off the mortgage then we might get there a bit quicker.

Never mind I love her all the same and wouldn;t change her for the world. She just spent money on dresses!!! Argh!!!

Will update sig and let you all know if I manage to scrape together any spare cash after bills have been paid.

llydaw

I'm keeping an eye on your thread as I'm hoping to pay my mortgage off in 10 too. I had to take additional borrowing so mine is now £160k and on two different interest rates. I don't start my o/p's until middle of May so I'm going to read your thread along with a few others for inspiration.

Keep up the good work.

Engeroosi

llydaw, what are your tactics? I am unsure whether I will make it in 10 years but if I aim for that then it will be a hell of a lot sooner than 25 years originally planned. There might be kids in the plan somewhere which could put a spanner in the 10 year mortgage free quest.