£133K until mortgage free!

Luckyinlife

well done on getting 57k saved up wow

can you pay of any now ? to lower the interest you pay currently ? so the capital each month is more

msmoneypennyplease

Thanks luckyinlife by we're annoyingly fixed into a 4 year term at 2.89%. It could be worse but it could also be better! Since I have a little one I have opened a savings account for her that has a 3% interest rate and put a lot of the savings in there. We can overpay by only £500 per month which we always do. I hope putting our money into her account (earring gross interest) is not illegal? The way I see it, it is helping her in the long term...

Luckyinlife

I see ya could be worse nice to have the money there tho as a comfy blanket anyway personally if i had 65k in the bank i wouldn't chuck it all at my mortgage id stick at it till i had 5k more and then smash it with a little bit left over :]

good luck either way you'll smash the mortgage at this rate :]

msmoneypennyplease

Savings £59000
Mortgage £96000

Amount until mortgage freedom = £37000

We have 13 months until our fixed term ends so must pay roughy £3000 per month (which includes interest) in order to achieve this goal! This is a lot to pay per month on our salaries especially now that we have childcare to pay and I work part time but we are determined so will think of inventive ways to make money if we have to!

The crazy thing is...we're already looking at other (bigger) houses now!! It's addictive!!

gaffel

Well done on a fantastic job msmoneypenny. You can do it! Have faith, and just keep doing what you are doing.

Childcare is a drain but loads of ways you can save with children. And just think how good it would be to not pay that interest!

msmoneypennyplease

Mortgage 93000
Savings 63000

30K and to pay in 1 year! That's £2500 per month. I think this is gonna be achievable! If so that's our mortgage paid off in only 4 years. It's so true that focus and dedication works and little by little money mounts up. Feeling excited and determined now!

Luckyinlife

That would be amazing :]
could i ask why you dont pay it off as you go along or have you maxed out on the 10% ?

A_Frayed_Knot

Do I have the right Ms Money Penny ??

If so, lets _party__party__party__party_ :bdaycake: _party__party__party__party_

There can't be two of you, can there ??:D


Happy BIrthday. x