125 payments - Can we do it?

bedhair

Bit of history:
House purchased in 2010 for £250,000. Mortgage of £215,000
Valued in 2012 at £320,000 after home improvements

Existing mortgage of £185,000 with 16 years left to go.
Want to pay this off in just over 10 years (hence 125 payments).
Our repayments are £1200 a month :eek: already, without overpayments, so this will take some doing :money:

Wish us luck…….

Alchemilla

I wish you luck.
Your numbers are about the same as mine.

What strategies will you use?

bedhair

We both have good jobs. Our outgoings include childcare and payment for a holiday home. My strategy is watching pennies carefully (avid spreadsheet fan!) and snowballing when one payment is finished onto the next.
My spreadsheet says it is doable, but can we stick to the budget is the question.

Alchemilla

You have a spreadsheet?
The spreadsheet addicts will be here any minute!

Is your budget realistic?

bedhair

Yep - realistic at the moment (who knows what lies ahead…) and allowing for savings too.