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Missu's mission to be mortgage free
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
I couldn't think of a snappy title!
Anyway here I am; seven and a bit years from retirement and possibly 2 years from redundancy (local authority cuts). I have another 10 years on my mortgage. The house is worth about £130k and the outstanding mortgage is £79k with £55k on base rate plus 2% and £24k at 4.64% fixed for another 2 years.
I desperately want to clear the smaller part of my mortgage over the 2 years that my job is safe. If I manage this then my monthly payments will be more manageable moving forwards.
Wish me luck!
Anyway here I am; seven and a bit years from retirement and possibly 2 years from redundancy (local authority cuts). I have another 10 years on my mortgage. The house is worth about £130k and the outstanding mortgage is £79k with £55k on base rate plus 2% and £24k at 4.64% fixed for another 2 years.
I desperately want to clear the smaller part of my mortgage over the 2 years that my job is safe. If I manage this then my monthly payments will be more manageable moving forwards.
Wish me luck!
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Comments
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Good Luck!GOAL:- £450k in Savings by March 2028 SAVINGS: – £407,523 COMPLETE GOALS - Debt Free, Mortgage Free, £400k Savings Save 12k in 2026 #21 = £14571 / £25,0000
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Good luck!Sealed Pot Challenge - No. 117
Bank of Mum & Dad - £3150/£10,000 (£6850 to go) Bank of In Laws - £4600/£12,000 (£7400 to go)
MFW - MFD - [STRIKE]5 Apr 2029[/STRIKE] 5 June 2025 : AIM = NOV 2019 (back up aim = MAR 2023)0 -
Good luck Missu.
If you need any hints or tips to cut back on spends or make your money go a little further then you have come to the right place.
Are you actively overpaying? Or do you have a plan to start overpaying?
HM0 -
A quick update...I will be starting my attack on the mortgage balance in earnest later in the year but as a first step I've just paid off.....drum roll please......£50!
Ok I know it's not huge but it's a start :-)0 -
Great that you have started! Good luck!!Mortgage (Start Sep 2014)- £70,295/£0 - 100%
Overpayments - £48829.37 :j:j:j
Mortgage paid off Jan 20200 -
My mortgage balance today is £79233. This doesn't show my small overpayment nor the monthly payment due in a couple of days when it will break the £79k barrier.
I can see this op lark becoming compulsive!0 -
A quick update...I will be starting my attack on the mortgage balance in earnest later in the year but as a first step I've just paid off.....drum roll please......£50!
Ok I know it's not huge but it's a start :-)
A journey of a thousand steps and all that!
And also when you play with the OP calculator it will show you that you've probably saved around £50 in interest by making that early payment.Sealed Pot Challenge - No. 117
Bank of Mum & Dad - £3150/£10,000 (£6850 to go) Bank of In Laws - £4600/£12,000 (£7400 to go)
MFW - MFD - [STRIKE]5 Apr 2029[/STRIKE] 5 June 2025 : AIM = NOV 2019 (back up aim = MAR 2023)0 -
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My monthly payment has gone out meaning I've cracked the £79k barrier. If I overpay by £100 next month then I the balance will start with £77. Wayhay!!!0
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Hi Missu,good luck with your plans, it does get a little addictive, but in a good way
Best wishes Tilly2004 £387k 29 years - MF March 2033:eek:
2011 £309k 10 years - MF March 2021.
Achieved Goal: 28/08/15 :j0
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