Financial Freedom - I'm coming for you!!!

angelicious

Hi all

Been around these forums for a while now but need to get myself cracking and get rid of my mortgage and get myself financially free.

So I rang up last Monday and mortgage was £160,306.48, scary!!!!!!! What's even scarier is the mortgage is interest only and only has 9 years and 4 months to run, GULP!!!!!! So i need to get my !!! in gear sharpish and gets this under control.

We currently pay an over payment of just over £200 a month but need to up this substantially to make any kind of a dent in the mortgage over the next few years. Have made 2 over payments this week, one of £307.48 and another of £19 so total now at £159,980.

I know it's gonna be tough but it can totally be done, failure is not an option lol!!!! so here we go I'm on the road to financial freedom:T:j:T:j:T:j

Kittenkirst

Good start with your two additional overpayments this week

Best of luck with your mortgage free journey

beanielou

Kittenkirst wrote: »

Good start with your two additional overpayments this week

Best of luck with your mortgage free journey

From me too:)

try_harder

Best of luck .My mortgage is around £166,000 with around £10,000 on a repayment and £156,000 on interest only and i have just under 8 years left to pay it off so we are in a very similar situation.

A_Frayed_Knot

Well done with your 2 o/p's so far.

Nice to see you making knotty o/p's Keep a zero at the end of that mortgage balance :j

Good Luck

greent

Hello and welcome!

I feel your pain - albeit on a smaller scale - we have an IO mortgage (on the BTL) of just under 60k with 4y 10months left to go

Great start with your OPs this week!
x

angelicious

Thanks everyone for your welcome. I can't believe I've dallied about for so long without making any real actual attempt to pay this mortgage off.

Anyway, I'm a bit obsessed now I have to say, hopefully this enthusiasm stays with me lol:j

Another payment made since my last update of £430. Patiently waiting now for payday to get all bills and budgets out the way and I and pay more off.

Ideally i'd like to be able to pay £1000 a month off the capital, scary stuff!!! I plan to take on all the overtime I can, sell as much as I can (we literally have a a house full of stuff we don't want or need!!!) and by just generally being more frugal. Don't how achievable this total is but it's good to have something to aim for.

angelicious

try_harder wrote: »

Best of luck .My mortgage is around £166,000 with around £10,000 on a repayment and £156,000 on interest only and i have just under 8 years left to pay it off so we are in a very similar situation.

Hi try harder, thanks for your reply. It's nice to know there are other people out there in the same position we are. Do you have a diary on here? I'd love to follow it you do. Maybe we can keep each other motivated and egg each other on xx

angelicious

greent wrote: »

Hello and welcome!

I feel your pain - albeit on a smaller scale - we have an IO mortgage (on the BTL) of just under 60k with 4y 10months left to go

Great start with your OPs this week!
x

Hey Greent,

IO seemed like a great idea at the time and to be honest was probably the only way we were going to a mortgage to buy the house we wanted, I'm just sorry it didn't dawn on me earlier to start paying more off it. Good luck on your journey xx

greent

I think £1000/ mth is a great target to aim for

And don't beat yourself up about not repaying it before now - you're taking action from this moment onwards - and that's the great bit. Hindsight is a wonderful thing, and all that.... :)xx

caeler

Good luck! I'm pretty focused on overpayments now - I must admit I quite enjoy getting the letters adjusting my term!