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My Improbable 10 Year Target

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Comments

  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    Phelpsie001 wrote: »
    I have a 10 year mortgage dream people!! Let me give you some key facts:

    Mortgage debt - £123,256.56
    Monthly repayments - £761.72
    Interest Rate - 6.59% fixed until August 2014

    Income - £25,600 p/a
    Overtime - £4920 p/a (at the moment)

    Other debt - £6,000 family loan, paid back at £100 a month.


    I'm not sure if this is possible but ... I want to pay this mortgage off in 10 years. Now I want to built up £5,000 in savings first (already at £3,200). I am currently managing to save between £200 - £500 a month depending on my outgoings.

    I live pretty modestly and am making small overpayments each month. I overpaid £4,000 last year and would love to overpay by £2,000 this year!!

    My aim is to drop below the 120,000 mark by end of year!! My capital repayments on my mortgage are only £80 a month though...the rest is interest!!

    Anyway, if anyone can help/advise me on my journey that would be great!! I'll keep updating this post for the rest of the year and beyond anyways =)


    Quick update on where I am!!...

    Mortgage debt - £122,000
    Monthly repayments - £804
    Interest Rate - 6.59% fixed until August 2014

    Income - £26,600 p/a
    Overtime - £0

    Other debt - £6,000 family loan, paid back at £100 a month.
    HP Debt - £1000, paid back at £80 a month. Due to end at the end of 2011!

    My savings are about £2,500 as I used some to pay off the mortgage and I gave some to my dad who was really really struggling. I don't know if it is possible to break the 120k mark by the end of the year, but I will definately break the 121k mark!! This still leaves me on track to hopefully hit the 100k mark by 2014!! =)
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Great going phelpsie, well done :T
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    Not sure if I have got the maths right....but...:

    122,000 left on my mortgage / 365 days, * 0.0659 (which is my interest rate of 6.59%) = 22.03

    So my interest rate is £22.03 PER DAY!!

    Eeeeeek!!!!

    When I started it was 130,330 / 365 * 0.0659 = £23.53 per day!!
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • LilB_3
    LilB_3 Posts: 135 Forumite
    Whatever you do, don't work out what it is per hour! :eek:
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    edited 10 July 2011 at 6:26PM
    Now you know I have to work that out now!!

    92p per hour!!
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    Just enquired about ending my mortgage term early ... 37 months early ...

    Hmmm ... didn't hold out much hope ... £5,000.

    I somehow don't think that I can afford that =P Continue with overpayments as it is!
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    I'm going to overpay by a tiny £8.22 at lunch time, as I have £108.22 in my account =)

    That will bring my O/Ps to £1,356.83 year to date =) I wanted to do so much more but I really can't afford it =(

    I'll update my signature when I make the O/P =)
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • remote_control
    remote_control Posts: 642 Forumite
    Part of the Furniture 500 Posts Name Dropper
    wowzers that is great total OPs. Well done :j
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    BaconandEggs wrote: »
    Hi phelpsie - read your posts with interest. Similar goals to myself.
    Particularly interested in
    1) lifetime trackers
    2) ditching fix
    3) offsets
    going to try and get more info on these.

    In terms of reducing payments/reducing term I've opted for reducing term for the same reasons you outline above.


    JUst reread this .... this is EXACTLY what I am looking for too! If you get any more info, please share!! :D
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
  • Phelpsie001
    Phelpsie001 Posts: 229 Forumite
    edited 15 July 2011 at 7:49AM
    I have just requested to move offices at work so I might work 3 miles from my house, rather than 15 miles. This will save me a fortune in fuel and my route would take my down quiet country roads, so I could even cycle it and save about £100 a month, of which I would save £50 and OP £50 =)

    Also, just managed to save £10 a month on assorted items as the cleaner at work disposes of cleaning products, washing up liquid etc waaay before they are finished so now she gives them to me to take home =D
    Original Mortgage Debt - £130,330.
    Current Mortgage Debt - £116,605.
    2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
    Original Loan Debt - £6,000. Current Loan Debt - £3,500.
    Original HP Debt - £1,000. Current HP Debt - £240.
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