Opinions please!

Jock_Tight

Mumto3cheekymonkeys wrote: »

How old will you be JT when your mortgage free (im so nosey!)

I'll be mortgage free in 5 months, at the ripe old age of 39

Mumto3cheekymonkeys

That is brilliant! Well done to you!

beth111

Balance is the key for us. As already said check out the morgage calculator it's a great eye opener.

I don't set my self a monthly op amount, I pay what I feel I can that month without compromising family fun.

Good luck I your journey, it's the best feeling and very adictive.

Mumto3cheekymonkeys

Hey all just to let you all know that I called my mortgage company and I can make an over payment of £50 per month! I think its a small amount however they tell me that this is due to it being my first mortgage and first term. They say when Im on my second term I will be able to make over payments of a larger sum, so I will be going with this and then up the payments when it comes to it.

Ma77hew

Are you sure your calculation of available cash is right?

If I do some very rough maths.

£26k / 12 = £2,166 c20% in tax leaves £1,733

£1,733 less £800 savings is £933 less mortgage is £577 for all bills etc, but you think you have £100 per week spare which would mean £177 per month goes on bills/food/clothes/insurances etc.

I think it would be worth doing a SOA, as I dont see how your numbers totally stack up and you wouldnt want to be putting money into the mortgage and then realise you didnt budget for something.

BaconandEggs

Definitely worth doing an SOA anyway. I found doing one extremely worthwhile and regularly check it to see if there are any potential savings. The challenge after that is sticking to it and making sure it accurately represents spending.

LauraJo

Jock_Tight wrote: »

I'll be mortgage free in 5 months, at the ripe old age of 39

OMG its people like you that keep me motivated!!!

Mumto3cheekymonkeys

Thanks Ma77ew for your sensible advice. I had previously done an soa however I had not included certain things ( like car tax insurance etc) the amount I have ended up with after all costs (except clothing) is £925.18. I think this is a reasonable sum to be left with after paying for food etc however I will start by saving £200 pm and then whatever is left after the month I shall also move over until im allowed to make over payments.

Thank you all. X