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I want abit of this...
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crazy_runner
Posts: 2 Newbie
Hi folks!
After reading quite a few posts on here I thought it would be nice to clear my mortgage by the time I am 50......so here goes:
The amount owed at the moment is a whopping £117,517.30p and the value of our house is £185000.
The high mortgage scares me which has prompted me to do something about it.
My current payments are £572pm with 24 years left.
I currently pay an extra £200pm in over payments which brings the term down to 15 years.
I have a savings account which I chuck £300pm into but after reading all the posts on here I have decided to lower my savings per month to £100 and increase my over payments by £228 making an over payment £428 which will pay the mortgage of in 11 years.
Ok so if the interest rates change then I guess it wont work out as predicted but until then chucking what I can at the mortgage has got to be a good thing
woo hoo bring it on!!
Thanks for reading and I'm happy to be part of the MFW
Crazy runner
After reading quite a few posts on here I thought it would be nice to clear my mortgage by the time I am 50......so here goes:
The amount owed at the moment is a whopping £117,517.30p and the value of our house is £185000.
The high mortgage scares me which has prompted me to do something about it.
My current payments are £572pm with 24 years left.
I currently pay an extra £200pm in over payments which brings the term down to 15 years.
I have a savings account which I chuck £300pm into but after reading all the posts on here I have decided to lower my savings per month to £100 and increase my over payments by £228 making an over payment £428 which will pay the mortgage of in 11 years.
Ok so if the interest rates change then I guess it wont work out as predicted but until then chucking what I can at the mortgage has got to be a good thing
woo hoo bring it on!!
Thanks for reading and I'm happy to be part of the MFW
Crazy runner
0
Comments
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It's certainly nice to watch the balance owed dwindle away!
Best of luck with this, its worth it...ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
Hi Crazy runner:wave:
I too want to be mortgage free by 50 so that gives me a mere 7 years to achieve it. I am currently at 90K(ish) and am going to do my darn best to kick this debt to the curb:D.
Good luck!! Keep us posted:)
Del B. xxxL.B.M Dec 12 mort £91728 (£7327 sec loan incl)
Feb 13 mort £89629:D
2013 Challenge to op £5400/1700 paid so far
Aim - to be mortgage free Jan 2020:j was 2025:eek:
I'd rather laugh with the sinners than cry with the saints, the sinners have much more fun......:D0
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