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Mortgage free in 100 payments
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runninglea
Posts: 907 Forumite
Hi - My mortgage is on interest only but for last 12 months been on 1.94% plus BR thus come down considerably.
I havent been able to overpay up to now as had debt etc.
My plan is to split the balance - 165K in to 100 repayments and carry on paying the interest part by DD
Am going to ring up the mortgage company to make my first over payment - hopefully today if I get chance
Using this site will hopefully give me the motivation and will keep giving updates
I havent been able to overpay up to now as had debt etc.
My plan is to split the balance - 165K in to 100 repayments and carry on paying the interest part by DD
Am going to ring up the mortgage company to make my first over payment - hopefully today if I get chance
Using this site will hopefully give me the motivation and will keep giving updates
Year 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,600
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,600
0
Comments
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First step has been taken. Good on you for tackling your debt head on
0 -
Rang mortgage company - owe £165,598
Just paid £1700 - Owe £163,898 (1.026%paid)
LOL - its a startYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
well done mate keep it up0
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i add debt & mortgage together---lower balance every month gives you motivation.(my 9k debt loan clears may--giving me an extra £367 a month for debt snowball)
if you struggle 1 month and feel down---doesnt matter
main thing is toatl balance isnt going up with new loans/credit£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000 -
Well done you Get a signature which includes your key info, percentage overpaid, amount to go etc.
That'll keep you focussed! Works for me!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 -
100 payments sounds fantastic :j I started nearly five years ago paying a 30 year mortgage, 360 payments! Just reached the 200 payments to go! Can't wait until I reach the half way mark. I'm just about to from 5.99% fixed rate to a variable of 2.99%:T
Hopefully this should help us, if we keep our repayments the same rate.
Keep posting your journey as we have similar amount and it will be interesting to see how you get on the MFW :beer:Mortgage Free Date
[STRIKE]Original: Jun 2041[/STRIKE], Current:Nov 2022, Target: Oct 2020
Debts
[STRIKE]2010/02 £14,500[/STRIKE], 2011/02 £13,000, Target 2012/01 £0K
11k in 2011 challenge #32 4.8%0 -
Excellent idea in breaking this down into 100 steps, and each month is a step - good thinking batman!
I have devised a powerpoint where I have sections of the house which I colour in. It's another way of showing how much I've paid and have to, and I'm a visual learner which is good. Well done though, good start.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 -
updated my signature so just 99 steps to goYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Quick update - got paid on 17th so paid 1 more step. Another £1700 off the mortgage.
Signature updated - going to be a long processYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Well done! Great signature too, you have a load of info - and 2/100 down is good progression - keep it up.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
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