10 Year Retirement Plan - Mortgage Free too

Denzel09uk

getmore4less wrote: »

Starting now you need a minimum of £1,600pm on the mortgage before interest even on a decent rate like 1.5% you need £1,700

if you pay around £1,250 for a year that £1,700 goes up to £1,760 for the next 9 years.

if you are on a lower rate say 1.5% and normal payment is lower with overpayment total £1k in 10y you still owe £90k and paying 1k for a year the 9y payment is now £1,785.

I have 4 separate mortgages all with varying rates, I currently pay £957 a month repayment covering all 4, ranging from 0.94% on my biggest to 1.96% on the smallest.

Im alternating the investments with Mortgage overpayments of £400pm with a lump sum from my bonus at the end of September, unclear what that is yet. Plus i have a side bookkeeping business that is generating an income, but no where near for me to quit work

Thanks for your help with the numbers though.

Regards

Denz

getmore4less

What's the total free cash flow going into debt reduction and savings?

I think you need a target of £2.5k-£3kpm to meet the 10y goal debt free and investment income in the £900pm range.

getmore4less

Passive income needed after Mortgage is cleared £1400
This covers monthly DD payments like Council Tax / Utilities etc
........
After the mortgage is cleared ill need about £900 a month to live the current lifestyle which includes bills.

how have you gone from £1,400pm to 900 pm in 3 weeks?

Denzel09uk

getmore4less wrote: »

how have you gone from £1,400pm to 900 pm in 3 weeks?

Apologies, the 900pcm doesnt includes current levels of savings/Free Cash flow I am putting away.