By Sea by Land !

Kaiser888

Friends and mortgage combatants !

My dream is to be Mortagage free. Im truly Inspired by a few excellent members(ATB:T) and a few others here who really live the dream of wanting to be mortgage free...

My ultimate mission 170 K in 12 years ..:eek:

Im 40 years young and would love to do this in 10 years ! Am i being unrealistic ? I think i can overpay 12K per year.

I work offshore and also ashore in various positions relating to the Marine Industry.

My mortgage is interest only at the SVR 4.79 again :eek:

I can afford to overpay by about 1K a month and the interest only payment is covered. (About £685 pcm).

Im single so i have only me , myself and I .. the way i like it !;)

I have a FT job and a PT job .. I cant really do more hours as im studying for courses and this takes up any spare time.

However ive just joined panelbase as a way to make a few quid just in the order to keep a few extra quid since all i have goes to the mortgage.

Possible improvements are

**doing online surveys that can cover food expenses maybe a beer or two even ! I need to know more about this...

**Getting a better mortgage rate that ive just asked enquired about.

I thought id start a diary as ive pondered doing so for a couple of years and think the support everyone gives eachothere here is amazing. Much love to you all and best of luck with your dreams :A

So cheers everyone :beer: Pull up a chair have a beer !

I so want to do this..

My main reason is for freedom rather than financial gain.
Id like to be free from the huge mortgage debt i have and enjoy life along the way too.. Sometimes i simply cant sleep as i know i owe so much but i love my house but dont want to sell it as its my first and forever home so buying and selling isnt an option.

Your thoughts and ideas are very very welcome.

Again chink chink :beer:

Luckyinlife

welcome
Defiantly the first thing you should do is change from interest only to repayment if its possible and get a lower rate if possible

How much have you currently OP to date ?

Kaiser888

Hi Lucky !

Due to my work being contract work i dont want to commit to high payments and id rather over pay.. I tried extending the term and getting a repayment but not possible yet.

Ive overpayed 8 K in the last 4 months. But i was able to pay more than usual as i was on a short term contract.

Im thinking if i can get the mortgage down to maybe 100/120 K maybe i can be accepted for a repayment mortgage.

Is there a difference between being interest only and making OP's to being repayment?

This im not clear about .

Also do you have a diary ? Id love to follow / encourage you too.

Thanks for your interest matey !

Luckyinlife

Ya i get what you mean

All depends on your LTV when it comes to rates ect under 60% ltv will get you best rates around currently

8k in 4 months is amazing work

No real difference i guess in terms of paying interest only so if you have a slow month you don't have to make over payments. i guess if you was on a repayment mortgage the interest would be less so more would come off the capital every month from a normal payment.

ya i got a diary
https://forums.moneysavingexpert.com/discussion/5172796

Iv only just started my journey on the ladder this year wish me luck hehe

Kaiser888

Hi my house is probably worth 230-240K . How do i calculate my LTV.
(Sorry im not so up on financial things)

Thanks . The 8K was good going .. I was so happy i made a difference to the mortgage.

(Ive subbed to your diary but im in no poistion to advise as im a newbie apologies in advance)

Also how do you put the mortgage payment record at the bottom of your posts ? is that in signature under your profile (again sorry for being such a newbie)

Luckyinlife

if your house is worth 230k and you ow 170k the ltv is 73% :] which is great

Thats ok always nice to have people watch it and see what im upto :] thanks

go to the top user cp and it be in your edit signature

Kaiser888

Thanks Lucky.. how do i calculate how much i must OP to get a 60% LTV so i can get a better mortgage deal ?

Luckyinlife

152k would be 60% ltv

but you would get a great rate as you are i would of thought and you must earn a fair bit every earn so cant see any reason really

Kaiser888

Thanks Lucky ! Im on such short contracts and im all over the place. Im every mortgage companys worst nightmare as i cant provide a year contract etc etc and i fail to meet most criteria. However ive been also told if i have a better LTV like you say 60 % it opens doors. So if i can get this bad boy down to 152K like you say then things will get better as im on 4.79% !! So it will take prob 18 months to do that.
Sorryto be a pain i edited my signature how do you put the lines through the figures . Its a great way to motivate ones self to do that.
Thanks again!

Petal88

Hi Kaiser,

For a strikethough in your signature (the line through the text), press the S button with a line through it when editing your signature in the control panel.

That will bring up this: [STRIKE ] [/STRIKE ] and anything you put in between the two boxes will have a line through it. Hope that helps!

Kaiser888

Hi Petal,

Thanks ! It worked.. cool beans . I see your signature.. Wow massive mortgage. Do you have a thread? Your place must be amazing.
Good luck with being mortgage free btw