Mortgage Free in Three Yrs

Karen_L_2

Well, here goes

Mortgage as of 1st April 2007 = £88,122
I am on a ten year fixed rate of 4.69%with the Leeds paying £988.51 per month. Cashed in some shares & made a £10,700 overpayment last month so current balance should be around £76,656.

Aiming to make maximum overpayment each year of 10% of original loan so target date for repayment all being well is January 2011.

Target for April 2010 = £17,697

FrugalNotTight_2

Trying_to_be_good wrote: »

it's enough of a challenge as it is with just me paying!

Me too. Tough isn't it!!! :mad:

dang

"I am on a ten year fixed rate of 4.69%"

Thats a nice low rate Karen, I would be putting my money in an ISA instead of paying off a mortgage with such a low rate - in fact you only need to see one more interest rate rise and you would be in profit putting the money in icici or one of the other top rate accounts.

Trying_to_be_good

Frugal
But at least you don't have to convice anyone else and no-one else can mess it up!

FrugalNotTight_2

BANG ON!!!! :beer:

Karen_L_2

Thanks Dang,

Hadn't really looked at it that way.

I do put the max into a cash ISA each year but I guess I need to do the sums next year to see if overpaying or saving makes the most sense. There's just something psycological for me about paying off the mortgage!

angelavdavis

Thanks everyone for the warm welcome.

I made a similar move to DD and went freelance - having been paid a very low salary for a few years whilst studying for an MBA.

I am going all-out to pay off my mortgage and also get my (soon to be husband's) b/fs mortgage down to a lower level in the next few years so we can rent out his place to cover the mortgage and maintenance costs and keep it as an investment.

Congratulations Catowen on the win! ..... reminder to myself to dig out my premium bonds and make sure they have my address!

pink_fairy_7

Welcome angela.

It's payday today so paid some money off of the cc's and loans. I have reduced the total debt by £846 now and got below the £160K mark :eek: . Mortgage pyt not due until 1st. We plan to save £100 towards an overpayment from the bills account this month. We can only overpay in amounts of £500 or more so will have to do it this way.

Congrats on the win cat

pf x

jobbingmusician

At last I have the details to post

Mortgage as at 1.04.07 = £35,589.37

Just made an extra repayment (I pay £1200 a month, but have just shovelled an extra £2500 in)

Mortgage outstanding now = £32,090.63

TallGirl

Thank you JobbingMusician I have added you to the chart you are no 22 by the way.

Well done on the overpayment.