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Paying down as quick as possible
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
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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
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