MF within 10 years or less

qwerty001

Well NOT going to be done by the Summer 2015, a few unexpected and unavoidable expenses to take care of.

But still hoping for a 2015 finish, reachable I think.

Before March 2016 makes it before the end of the 5th year.

Not going to be counting any chickens, will see how it transpires.

qwerty001

A bit fed up now, the unexpected and unavoidable expenses seem to be dragging on...
Also being off work sick has not helped the finances, back to work soon though (disguised blessing???).

At least the over payments I've made so far means my monthly mortgage currently stands at about £40 (interest rates permitting).

Which was the aim of making over payments to reduce the Capital and retain the Term.

A bit of breathing space when times get hard.

qwerty001

Another one down for now.

FOUR more overpayments and then a FINAL payment to go???

Five months if I'm lucky, but am prepared for it to take longer.

Mortgage at £32 per month now, first payment was £422 then £387, took a lot of scrimping and saving without going overboard and unacceptably reducing quality of life too much.

Countdown: FIVE.........

gallygirl

Regardless of how many, it's going to be this year, which is ace :T.

qwerty001

Hi gallygirl,

yes and thanks,

I am looking forward to it being later this year :j

Luckyinlife

Amazing job there and your Sig is amazing love it

smashed this mortgage wow

I like the idea of reducing the amount not the term as well
My mortgage is very similar amount to what you had 67k when i took it last month hehe

Will you try to stay mortgage free now for a good few years to save up ?

qwerty001

Hi Luckyinlife,

reducing the amount helps to mitigate against uncertainties.

hope to remain mortgage free for a while, whilst we decide what our next steps are:

1- less work - more leisure
2- easier/more-interesting (but less well paid) work (NOT currently well paid, but above NMW for now)
3- start a world-wide business empire
4- semi-retire early (if possible)
5- holidays/leisure/conspicuous-consumption
6- something else perhaps?

Luckyinlife

I see ya you was saving for a Emergency fund Lucky i was able to save an EF as well as a deposit

Have you or would you use the EF to pay off the mortgage now its down to 6k wow hehe

Sounds like a great plan life is about living isnt it not paying for the rich to become even richer

qwerty001

I could not keep the Emergency Fund. The call of the Overpayments was too much for me to bear.

Very naughty I know, but I always had a Credit Card to fall back on if needed.

If I did get caught out, then the OP's would have stopped and the EF would have been saved up again (hopefully), after clearing any New Debts.

Luckyinlife

I see I know how you feel tho
I myself have 10k Emergency fund so can now save to OP but if i had 10-15k on the mortgage left i would easily use half or more to pay off the mortgage

Is there 2 of you at it in your household