Mortgage Free in 10 Years - My MFW Diary

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Our Aim is to completely pay off my mortgage in 10 years. We bought the house in May 2010 and have lived there 1 year already, so we have 9 years left to go!

The first year in our house was spent repairing, renovating and decorating and doing some overpaying. The remaining 10 years will be spent doing all three but with more of an emphasis on overpaying!

10 years is a long time (but then we have a very large mortgage) so I will have smaller milestone challenges along the way. The first milestone started when I bought the house in May 2010 and it was started initially to help lower my mortgage Loan To Value (LTV) so that I could get a decent mortgage rate when my current mortgage period was up in 3 years. I decided that a 50% APR would be a good target to aim for because even if I missed a little bit, I would still have pretty much all mortgage products available to me to choose from

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Mortgage Free in 10 Years Mini Milestone Challenges:

Mini Milestone #1 - My 3Yr 50% Equity Challenge!
This mini challenge was to overpay the mortgage to the point where we had a 50% LTV, i.e. we owned as much of the house as the mortgage lender! In order to be able to calculate the percentages we used the purchase price of the house as the valuation figure. I know it is unlikely to stay fixed over the 3 years as house prices fluctuate, but it's the valuation figure the mortgage company has and the challenge takes place during the mortgage period.

My 3Yr 50% Equity Challenge (May 2010 - May 2013)
Date.........Valuation....Mortgage....Equity.......Equity %
May 2010...£450,000......£300,000......£150,000.....33.33%
May 2011...£450,000......£270,000......£180,000.....40.00%
May 2012...£450,000......£----,---......£----,---.....--.--%
May 2013...£450,000......£----,---......£----,---.....--.--%

Mini Milestone #2 - ??????????????????????