Would like to be mortgage free by 2029

fletch049

Hi, I really would like to start over paying my mortgage by 300 a month at the moment if I carry on paying what i pay I will finish in 2042. Can anyone please help with how I go about it and how they've done it. any information would be much appreciated. And can anyone tell me how to do the signatures so I can do updates on it please.

Calfuray

Signatures: On every page there is a green banner, with 'Main Site' 'Forum' etc labels. Look near the left, there is one for 'Quick Links' and that has an edit signature option

Now, OPs. These depend on a few things, does your mortgage lender have a maximum OP limit, or can you make unlimited OPs? Do you have an emergency fund first before you start OPing? Do you have online banking access to mortgage to make payments? Depending on how it works, you may be able to amend your monthly SO, or you might have to send cheque etc. Let us know who your mortgage is with and we may know how to start

fletch049

Hi thanks for the reply, I'm with northern rock I think its 10% limit a year on OPing. I don't have online access to the mortgage I pay by direct debit. We have an ISA that has 6000 in at the moment.

Calfuray

Okay, so as long as ISA covers between 3-6 months of essential expenditure, looks good

I would give NR a phone and double check exactly how much you can OP, and see if they can amend your DD amount (as long as you think you will definitely pay that each and every month), or otherwise find out what details you need to make one-off payments.

Good luck!

*Jellie*

I can't add any better advice as Calfuray has already done an excellent job. I just wanted to welcome you to MFW.

fletch049

Thanks everyone. Hoping to pay my first £300 hundred off next week.

fletch049

Got my most recent mortgage statement today and its more than i thought so now looks like it will add another 2 years on to what i thought. Also got a letter saying they where looking into part of it due to the errors NRAM did in paperwork so they might refund some of the interest over than last 5 years, so fingers crossed that happens as it will bring my mortgage down.

fletch049

Have finally set up my direct debit with NRAM so instead of paying 549.70 each month I am now paying 880 a month. Fingers crossed we'll be mortgage free by the time my daughter goes to high school.

streethack

How much is your mortgage?

fletch049

its currently 104890 that I need to pay back it was 110,000 over 35 years taken out in Jan 07

fletch049

Hi just got a letter from NRAM confirming my overpayment but it still says it will take 29 years to pay off is this normal or should i phone them up. I also got a letter of them to say they messed up on part of the mortgage loan so we will be getting a revised statement and the money they owe will come of the mortgage so happy about that as every little helps.