Mortgage Free by 40? 8 years to go

BaconandEggs

Looks like there are a few of us trying to be MF by 40.

I too am 32 and would like to be MF by 40.

On the issue of spreadsheets, does anyone know if the spreadsheets allow you to enter specific different payments for different months and track the total interest saved? (as opposed to setting a regular overpayment or entering a single one-off overpayment?).

jimmyjones_2

I am 33 and also trying to be MF by 40.

I use this spreadsheet on google docs:
https://docs.google.com/spreadsheet/ccc?key=0Ao3I92JhlIiPcE8zWmU2Mk9BVTJGUWhPTmZEYURXWXc#gid=0

You can put an over payment for each month. It works great for me apart from when the mortgage interest rate changes... when that happens I just start a new spreadsheet for the remaining term.

Good luck fellow MFWby40

PiggyBankShaker

I'm 31 (32 in two months) and I want to clear the mortgage by age 40 too! We currently owe £84,600 at a rate of 2.5%. We're only making small overpayments at the moment as we are paying down some other debts too.

Good luck!

argomatt

Thankyou for all the spreadsheet ideas, I have put my data into the Google spreadsheet suggested by Jimmyjones, and it already says I have reduced my term by 2 years I am going to try the others too, to calculate some more data and try to generate some graps :-)

BaconandEggs

Graphs - brilliant!

I'm not allowed to mention graphs to my Mrs. anymore :P

argomatt

Having a NSD weekend, which will all help.
I have just used the Student Loan calculator on this website to discover I haven't got as long to go on that one than I originally thought. Although it's a low interest rate, I really would prefer to pay that money into the mortgage!

Job for next week is to find out if the benefits from £12/month current account are worth it, or if I should cancel and buy the benefits I need separately - breakdown and travel insurance are the only ones I really need, although home emergency and mobile phone insurance are nice things to have

rd07

Hi, I'm in a similar position to a few people on here. 31 next week and aiming to to be mortgage free at 40.

Currently stuck on an expensive fix (only mortgage I could get at the time) but it does allow one overpayment in January each year. Plan on overpaying £10k this month so that when my fix ends (Oct this year) I should be under 60% LTV meaning I can get a good rate.

Based on rates currently available, should be able to get my monthly payments down by about £250-300 but plan is to continue paying what I do now so I'm overpaying the difference each month, then top this up so that I'm overpaying £5k a year in total.

It is ambitious, particularly as we expect our first child this year, but looking forward to the challenge!

argomatt

Hi All :-)

Just made a call to the bank to set up a regular overpayment of £44 to round up my monthly direct debit.

I am sure I am not the first to try this, but the phone operator was highly confused by it, and very concerned that this regular overpayment might push me over the £2000 overpayment limit I have to play with before the end of July.

Trying to explain that 7 overpayments of £44 each was well short of £2000 didn't get very far but reluctantly they accepted my calculation and authorised it..

Hard work but at least it's a small beginning!

Jock_Tight

All the best on your mortgage free by 40 journey!

This was one of my main goals when I started my MF journey some 6 years ago........which I achieved

Became MF in Oct 2012 and turn 40 this Sunday 13th January

dawyldthing

I know when I applied for the mortgage in branch she seemed shocked that I wanted it paid off as soon as possible so its not under my head. Why not though, waste of time giving them more money than we all need to