Lofty ambitions to be Free in 10 years!

confused_kid

Afternoon all,


finally going ahead and creating a thread in this group, always been an ambition of mine, but never really had the guts to...until now!


After a few years of being busy with kids and organising ourselves to be in a position where we are happy with our house/location etc...finally I think we may be getting a chunk of salary back each month, some nursery fees back from September this year.


So we re-mortgaged last year Jan on a 10 year fixed @3.24%, I was thinking of this thread then! We have 198k to pay, and would love to pay it by the end of the 10year fixed (or close to!), currently paying around £1.1k p/month (19yrs remaining)


Our two kids are both in Full time nursery so it takes a big chunk of our monthly salary (around 1.4k per month). Our oldest will be going to school in September so plan is to start overpaying from then (£650).


Getting itchy feet, so will maybe try and look for other opportunities to start making overpayments before that if our situation allows...but reading all the threads here really does inspire me to join the club as it were....would be great to then maybe consider an alternative career/job.

getmore4less

looking at your old thread(that got me here) you switched with 2 years to go

£5k fee owe end of 2017

£199,000 @ 5.19% £1300pm £187,915
£204,000 @ 3.24% £1300pm £185,450

that stacked up.

We have 198k to pay, and would love to pay it by the end of the 10year fixed (or close to!), currently paying around £1.1k p/month (19yrs remaining)

£198k @ 3.24% paying £1,100 will be £191k by year end with 8 years to go.

£191k @ 3.24% £2260pm. (if it was 9 years £2040pm)

If you pay £1750 in 8 years you have £56k left in 8 years.

if you look at 2 examples say paying £1500pm and £2000pm then at the end of the fix the rest over 10y @ 5%

£191k @ 3.24% £1,500pm £83,300 @5% £884pm
£191k @ 3.24% £2,000pm £28,600 @5% £304pm