i want to be mortgage free to escape the rat race.

suebrayj

okay so a 7 months ago I uploaded the spreadsheet and started paying whatever minimal over payments I could even if it was only £20. So far I have reduced my debt by £8000 this does include my regular mortgage payment as well. I have £191600 left to pay. How realistic is it to pay this off in 8 years or am I setting myself up for disappointment.
My dream is too move to North Devon and walk my soppy lurcher on the beach Any tips and tricks appreciated.:beer:

User1489

that would definitely be a challenge, but of course would depend on your balance (191.6k), interest rate, regular payment and then any disposable income you can throw at it - and of course, 8 years of status quo and discipline...

Moneyfordreams

I planned to pay off £182k in 8.5 years. To achieve this I need to pay off around £2k each month, and keep interest rates as low as possible by remortgage.

I'm hoping annual pay rises however little will play a part, and lifestyle changes such as kids leaving home. I'm trying to live simply (but spend a bit too much ) and earning extra income with room lets. One year in it's not too bad, still doable....

MvM is right, it takes discipline .. good luck

Watty1

oh time for a spreadsheet to see if it is doable. Lots of us on here have overpaid some pretty big mortgages in short time so why not go for it

Best_Auntie

Found you Sis!

Go for it. I know you can do it.

I remember all those years ago when everything turned to cr*p and you thought you couldn't get by. We sat down and drew up a budget and put money in jars. You did it then so I know you can do this now.

Remember even a few pence over paid is a few hours less you need to work and a few hours closer to your dream.

:):)

suebrayj

Thanks for all the tips I have manages to pay off since last post £2700 sometimes its only £50 but everytime a month is knocked off its soooooooo worth it thanks everyone for the encouragement £190460 balance.:j:T

fudgecat

Fantastic that you have reduced your balance so far. I found that hiving money off into a savings account (so I could not spend it), worked better than sweeping whatever was left over at the end of the month. Regular savers might get you a better rate than the interest rate on your mortgage and then, when they roll up at the end of the year, you can pay off that lump sum. Very pleased that we stepped off the rat race this year - went to Norfolk and are now mortgage free. Your dog will love it! Wishing you success in your venture.

suebrayj

okay so its 2017 and my aim for this year is to get from £190460 to 176000. So that is an extra. on top of my mortgage I need to pay an extra £150 a month. A big ask but I will do my best.:j:j:j

michelle09

Good luck!