Working Out MFD - Possibly Stupid Question!

GreenSaints

Hi all,

I downloaded the fabulous Mortgage Repayment calculator by Chris Gamlin (haven't got the original link, but it's on here) and I'm working out overpayments and the like to work out our MFD.

The question I have is, what is my MFD? Do I use the date that our original term is (30 years! :eek:) or do I use the date that I've worked out on here, even though I'm basing it on the interest rate we are paying now (a super low 2.5%)

Any advice would be great.

Thank you

dimbo61

I would take the date you have worked out BUT you will need to adjust it when rates do start to rise if your not on a fixed rate deal
Simple

GreenSaints

dimbo61 wrote: »

I would take the date you have worked out BUT you will need to adjust it when rates do start to rise if your not on a fixed rate deal
Simple

IF they rise? No, no, no - they are going to stay like this until.......*checks MFD* December 2025!

Thanks for the response. That means we could potentially knock off 8.7 years
:j Just need to make sure we can overpay as much as we can without struggling