FTB... how long will it take me to be MF??

tara747

I'm a FTB with £90,000 in savings (and still saving). When I buy, I would like to be MF within 10 years. I'm looking at houses up to about the £170,000 mark. So I'd be borrowing about £80,000 at most.

Ideally I'd like to buy at a fixed rate for at least 5 years (preferably 10) so that I know what my repayments will be. And then I'd overpay as much as possible. How much can you overpay on a fixed rate??

My salary is about £38,000 and I'm single with no debts and fairly low outgoings.

Is 10 years realistic, or am I not being ambitious enough?

Any advice, tips or encouragement for me?

getmore4less

http://www.whatsthecost.com/mortgage.aspx

Stick £80k in set term to 10years aet an interest rate and calculate the payment.

eg £80k 10y 5% will be around £849pm can you save that every month now?
play with the term and rate to get a feel for the difference each make

9y £921
2.5% £755


got a payment in mind say 1000pm, set to interest only and see when it is paid off 98 months 8y 2m