First step, in the long road to being mortgage free.

IHateDida

katsu wrote: »

Great to have more 6 figure mortgages - especially when they are bigger than mine I'm down at 130 but if you make a big dent in yours you'll wizz past me in no time

Welcome to MFW

its quite inspirational seeing what others do on a daily basis to help towards being mortgage free!:T

Tiara_Maker

Thanks for posting the link to the spreadsheet. I'm downloading it now. I'm starting my MF journey this week. Good luck with yours x

Tony_R

Thanks for the tips.

As my mortgage still has 24 and a quarter years i've decided to set myself a a target as I'll be in this for the long hall, and I want a more relatively short term target.

I'm currently on a 5 year fixed rate until July 2015 at 4.99% with the Post Office with an original mortgage of £200,999.

If I made no overpayments whatsoever and I'd still owe £178,000 in 5 years time.

Instead I plan to get the target to below £150,000, preferably nearer £140,000. Knocking £50,000 to £60,000 off in the next four and a quarter years.

That would give a LTV ratio of around 56% when we are up for the mortgage renewal. Getting it below 50% would be especially good.

Tony_R

So I've managed to stick to my guns and make a second monthly overpayment.

This time it is £529.11.

So thats £1029.11 in two months.

madeupname1

IHateDida wrote: »

I agree - the 6 figure MFWs are few and far between! Mine is £115k, down from £142k 3.5 years ago. But it seems a hard trek when you are £100k+ so we need moral support from others in the same situation. Well done on your first OP - have a look at the daily thread - its quite inspirational seeing what others do on a daily basis to help towards being mortgage free!:T

Another 6 figure MFW here to offer support I've got a huge mountain to climb (but too embarrassed to reveal the figure here :cool:)

Engeroosi

Im another 6 figure MFW. Reckon someone should start a 6 figure club!!??

Tony_R

Engeroosi wrote: »

Im another 6 figure MFW. Reckon someone should start a 6 figure club!!??

That sounds like a good idea as it will give me even more motivation. It wil be quite strange looking back in 12-14 years when I finally pay it all off.

mpgsheep

Not that I don't appreciate all the other posters (as I definitely do!), but agreed that is nice to have another 6 figure mortgage to the pile. Of course we are all secretly jealous that we are not down in the magical world of 5 figures!

moggitymog

I also have a 6 figure mortgage, currently at £196000, fixed rate ends in March

Tony_R

I thought I'd better update this. We didn't manage to make an overpayment during May, for two reasons.

Car Service, MOT and Car Tax.

As well as that I got a good offer on gym membership. Normally it is £40 a month, and I was thinking of moving gyms to one nearer where I moved too. But they had a special offer of £398 (up front) for a 24 months which works out to about £16.50 a month. While it is a lump some upfront it will save me a considerable amount of money over 2 years. I've been going to this gym for years, so I know I won't stop going after a few months, and waste the membership.

I'll get back on course with overpayments next month.