My Improbable 10 Year Target

originalmiscellany

Well done that person! Looks like you've got bags of enthusiasm, which'll go a long way Really looking forward to seeing you progressing and prospering. Anything you can clear the mortgage faster is so beneficial in the long term. Keep it up.

MsWow

Hello Phelpsie,

I secretly have the same target as yours but it's still early days as I've just bought the house this year and we need loads of stuff + a new door and windows.

Well done for overpaying your mortgage...it's so addictive!

The best thing to do is to try to lower your LTV and when your fixed mortgage is due, go for a offset mortgage. So many peope from this forum managed to clear their mortgages with the help of the offset mortgages, just read The Mortgage Free Roll Of Honour.

littlemrtinkle

keep up the good work. sometimes it will seem very hard but in the end it will be worth it. i wish you all the best in your challenge.

dimbo61

Well we are over 5 1/2 years into our 10 year plan and have reduced the £120K mortgage down to £39k so on target to be MF in less than 3 years.
once you have built up the savings pot and cleared any other debt then you can throw what ever you have left each month and it soon builds up so keep up the good work

Phelpsie001

Eeeeek no more overtime for me.... That has just hit my income to the tune of approx £200 - £400 a month. Hopefully I can still keep on track!! The encouragement really helps though

Its so depressing to ring the bank and with daily interest, to owe more than you thought...grrrr!!

I am still planning to save between £100 - £200 a month and pay off the same amount from my mortgage

BTW just found out I pay £22 a day interest at the moment =|

newgirly

Hello, just been catching up with your new diary.Sorry to hear about the overtime, don't let it put you off, with a term that long any op's make a very big difference.
Perhaps you could start upping your income a little doing surveys, cashback etc. if you have a bit more time.
I personally find that reading other peoples diaries is a big inspiration and keeps me focused even when I am not oping much , best of luck

Phelpsie001

I hear alot about surveys etc ... are there upfront costs involved?

newgirly

No nothing like that, one poll is a good one as they are only small amounts paid 10p-20p but they are super quick to do in a minute or two and pay out at £40.
Valued opinions is another good one longer surveys paying around £1 ish a go, at all adds up if you have the free time, I tend to do them in the evening whilst watching tv.
Also I find the grabbit board on here very good for getting cheap presents and lots of other stuff.

Phelpsie001

Started them!! Even if its only £1 a week, thats an extra £52 off my mortgage

My OPs will drop to £20-£40 a month for the next few months though, while I build a nice buffer of savings up....

Phelpsie001

Also, does anyone know if you pay off most of your interest in the first 5 years of your mortgage? Or is this just something I have made up and convinced myself it is true?