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blacksta - MFW - I want to be free

I have an existing mortgage of £158105
currently on a tracker rate of 2.65%
paying about £349.16 interest only every month with about 20 years remaining on the mortgage.

I am inspired by all i have read on the site ,. Please help me i want to drastically reduce my mortgage.

PLEASE HELP ME :o
I owe £3233 @ 0%

Replies

  • LilB_3LilB_3 Forumite
    135 Posts
    Welcome blackstar!

    Fill this in and I'm sure the veterans will be along shortly. :)

    SOA - Statement of Affairs
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Hi blacksta - As you're on interest only, you do have some way of paying your mortgage off don't you? Some savings/ISA being filled up to ensure your mortgage can be cleared in 18 years time?
    You've got a v. good interest rate at the moment BR + 1.5% (at a guess)?

    Do you have any other debts? If so what are the rates and how much?
    Do you have any savings?
    Roughly what's your salary? important to help work out what's possible in terms of savings etc.

    As LilB said, get an SOA filled in too, to help pin point where you may be a little generous in your spending currently.

    and finally welcome!
    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 - 2037
  • goobergirlgoobergirl Forumite
    119 Posts
    Welcome Blacksta and good luck to you.:beer:
  • adwatadwat Forumite
    255 Posts
    Mortgage-free Glee!
    Forumite
    Hi Blacksta, welcome to the MFW's!

    My advice would be to transfer to a repayment mortgage if you are able to - this will guarantee you being able to pay off the mortgage in it's term - with an interest only you will be left with the original debt at the end of the term (sorry, I know it's obvious but just in case you weren't sure!).

    If after that you're able to afford them, then I'd recommend making overpayments to reduce the term still further - as much as you can afford if you really want to get shot of the mortgage as soon as possible. Obviously that's not what everyone wants but it's what I've done so far and am really chuffed that the mortgage is nearly gone.

    Best wishes for all your MFW goals that you set yourself!
    MFi3T2 #98 - Mortgage Free 15/12/2011
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