Finally concentrating on becoming MF

gallygirl

hoglet121 wrote: »

On the good side I've done a bit of maths and in 2 years when some of our financial commitments reduce, the money that is currently being used for those is exactly what we need to save to put into the mortgage at renewal time to meet my goal of 12 years till MF. Always being up for a challenge maybe I should make my goal 11 years....

10 has a nice ring to it don't you think :rotfl:.

hoglet121

Hehe it sure does..... We shall see!!!!!

Thistlewhistle

I love the sig, especially the 343 payments. Makes it sound so much better than years and months!!!!

Hurdler

Thistlewhistle wrote: »

I love the sig, especially the 343 payments. Makes it sound so much better than years and months!!!!

Agree - that is a great approach

hoglet121

Thank you everyone for your encouraging comments :-)

As of today it's 'only' 342 payments to make, off to update the signature now....

Elderly vegetable and frozen prawn stir fry was a good success last night. I have plans for tomato & chilli jam tonight - the tomato glut it never ending it seems and I really want to make the most of it

hoglet121

Oooops got ahead of myself! Money goes out tonight so can't update total just yet...!

hoglet121

I've been playing with my bank's mortgage calculator, and putting in a pessimistic figure of $10K lump sum going in at renewal date, if we reduced the term by 5 years then our repayments would only go up by $100.

If we put in $20K we could shave off 5 years and pay an extra $40 per month. That's such an incentive to keep up the saving.

All depends on what happens with the interest rates here - at the moment I'm seeing mortgages at over 6% eeeek!!! House prices continue to rocket up here so I'm considering if we had the house revalued at renewal we would no longer be paying a higher rate (currently an extra 0.6%) for high LTV.

hoglet121

After a small panic as to where I was going to find all these savings from, I have resolved to buy nothing from my 2 work bonuses during the year and plough that money straight into the lump sum.

It's 30 degrees here still (sorry, sorry, i know the UK weather is horrendous) but DH requests 'big comfy hot chocolate with marshmallows' last night.... Well that's the end of the milk for the week! Never heard hot chocolate referred to as comfy before but it seemed quite apt and I thought it was cute :-)

Tilly_MFW_in_6_YRS

I'd quite like some of your heat please

It's amazing how you can cut the term and payback amount isn't it. Good luck with the calculators.

Tilly x

hoglet121

sure thing Tilly, I'll send some right over :-)

those calculators are additive - wish we'd taken out a 25 year mortgage to begin with rather than 30 but hindsight is a wonderful thing...