We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paying down as quick as possible
Options
NWclan
Posts: 2 Newbie
It was about a month ago, with my wife about to start maternity with my 1st, that I realised I needed to get a better grip on our finances. Partly because of the massive reduction in our income that will be happening over the next few months, partly because I want to make sure we can provide for our soon to be born DD. The challenge is could my wife, I and the little DD soon to be, pay off the remaining £155,565 by the time I'm 45? That's about 14 and half year away.
At the moment it's a 30 year term which costs us £775 a month. It was one of the few mortgages we could afford when we bought a house in our mid twenties. Roll on May when we can remortgage and slash the term and get a cheaper rate. Until then it's too expensive to leave it with penalties fee.
With a DD on the way. Massive change in income and more expenses coming out it's going to be interesting to see what happens. Here we go...
At the moment it's a 30 year term which costs us £775 a month. It was one of the few mortgages we could afford when we bought a house in our mid twenties. Roll on May when we can remortgage and slash the term and get a cheaper rate. Until then it's too expensive to leave it with penalties fee.
With a DD on the way. Massive change in income and more expenses coming out it's going to be interesting to see what happens. Here we go...
0
Comments
-
good luck NW! And congrats to you and the wife on the forthcoming new addition:DIf you want something you've never had before, you need to do something you've never done before.
Save up £2000 -> £1000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards