Mortgage free asap

weeblesim

Hi all,
I thought I would start my own mfw diary to keep me motivated and on track. I often start projects with great enthusiasm then slowly become lazy!

So me and Mr weeble bought our first house just over 1 year ago. It needed loads of working doing to it and most of it is done! The money to pay for all this will be paid off (0% cc) this Wednesday :j

Current mortgage balance: £79,061
Original MF time: 23 years 11 months.

I therefore called our mortgage lender and set up an extra £100 to be paid off the dd to start at the end of this month.

I've calculated that if this payment were to remain our remaining time paying the mortgage would be: 17 years, 2 months.

I feel much better for this as I have been wanting to start overpaying as soon as possible. Our interest rate is currently quite high (5.59%) as we only put a small deposit down and it was right before the interest rates start to decrease. :mad:

Ideally we would like to be mortgage free within 5 years. So I'm looking to increase the over payment amount a lot over the next few months. Just need to build up some savings again.

Anyone out there who is reading, thank you.

abouttimetoo

Welcome to the gang Weeblesim (used to love the Weebles )


Best wishes with your plans and really great that you can start the Op's so soon where they will make a real difference


Regards
ATT

Luckyinlife

Good luck will follow with interest :]

5 years is an amazing target it do it :]

weeblesim

Hi, thanks for the support and interest!

Update: so the first over payment has gone out! :j I'm not sure what my actual mortgage balance is as they have yet to calculate the interest to be added.

Still waiting to pay off my credit card, tried to do this twice now online but the website keeps crashing, so I will try later. Finding this frustrating as I was meant to pay it off last week. But car tax was due at the end of the month and some friends still owe me some money.

Once this payment is made I will be debt free apart from the mortgage which is a great feeling. I feel that I have been chasing my tail with money since I graduated uni. Finally starting to feel in control!

Mrs_Rachel_Trelfa

Hi and welcome

I know the feeling about the high interest rate. We were in a similar boat and ours is 4.99 for 5 years when we bought almost 18 months ago. It's gutting when I look at the current deals and if we were buying our house now our rate would be approx 0.25 cheaper Grrr.

ii will follow with interest

Seanymph

Hi there, good luck in your endeavours.

I'm on the same train - it's a slow one!

weeblesim

So a bit of an update. Another monthly over payment is due to go out on 22nd. Been a bit of an expensive month. I don't get paid for my time off and had to take some over Easter.

There was also a few expensive days out over this time. However now that I am back in work, I need to start building up the savings pot with my shiny new ISA that I opened up the other day.

Hopefully the rest of April and May won't be as expensive!