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Mortgage free at 41
SGreen
Posts: 7 Forumite
Having been lurking on here for (probably) years, I've finally decided take the bull by the horns and start putting some serious dents in my mortgage.
Current mortgage - £142500 with Coventry BS (house value of £225000)
Current term remaining - 17.5 years (finishing when I'm 51).
Current payment - £1040/month
My tie-in period is up in August and allows me to move to a new product. By paying £1300/month, I'll be able to bring my term down to 10 years which seems like a good deal to me!
The trickier part is then to find the money to overpay enough to get me cleared in 7 years. Not impossible but will require being sensible and not frittering money away on things I don't need.
Onwards and upwards!
Current mortgage - £142500 with Coventry BS (house value of £225000)
Current term remaining - 17.5 years (finishing when I'm 51).
Current payment - £1040/month
My tie-in period is up in August and allows me to move to a new product. By paying £1300/month, I'll be able to bring my term down to 10 years which seems like a good deal to me!
The trickier part is then to find the money to overpay enough to get me cleared in 7 years. Not impossible but will require being sensible and not frittering money away on things I don't need.
Onwards and upwards!
0
Comments
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Good luck to you!
GOAL:- £450k in Savings by March 2028 SAVINGS: – £400,520 COMPLETE GOALS - Debt Free, Mortgage Free, £400k Savings Save 12k in 2026 #21 = £7567 / £25,0000 -
All the best on your journey SG, I'm aiming to be MF at about the same age as you.
Tini xMort Dec 11 - £100kMort Dec 13 - £83kOriginal MFD - 2032 ** Aim MFD - 2026 ** Now 20210 -
Keep checking out the other diaries on here - some of these people are crazy creative when it comes to saving money. I am also a fritterer
, sometimes I can control it and sometimes I can't.
Good luck!Mortgage March 2013: [STRIKE]£55,956 [/STRIKE]£38,500 (aim to pay off by 2020)
Overpay aim 2013: £9,974/ £5,000 :T:T:T
Overpay aim 2014: £3,800/£12,000
Kitchen and curtain fund: €1,000 / €4,000
Emergency fund: €1,000 / €2,0000
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