We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
£195,000 mortgage
dizzyblnd
Posts: 589 Forumite
Just about to take on a huge new mortgage. Anyone in the same boat? Anyone done it before? Is it doable?
Mortgage free wannabee 2022 #82
0
Comments
-
Hiya
Yes it is totally doable!
We started with Mortgage of £170995 in September 2016, we've just done our first remortgage already and the time is flying
We do small overpayments each month and keep on just chipping away slowly at the Mortgage!
Good luck for yours!First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!0 -
Have to agree with the post above, definitely possible
We started with £198k mortgage 2 years ago and just re-mortgaged for £167k, which meant that we qualified for a better interest rate as our LTV dropped below 75%, meaning that our daily interest dropped from £14 to £10. Overpayments do make a huge difference, in the long run saving you thousands.
Good luck with your journey!0 -
Anything is possible.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
I hope so, i just took out a mortgage of £213,750!!
Its only been 3 months since we got the keys, but were hoping to start making over payments soon 0 -
I dream of my balance being £195,000 :rotfl:
Current mortgage is £218,462
Cant overpay this year as getting married in June and going on holiday to Australia in December but going to start next year0 -
Little and often goes a long way I know that each month I overpay takes off a few months off the life of it - although some of you are able to make much bigger overpayments than me! Either way we are all travelling in the same direction and aim to clear the mortgage sooner rather than later Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Welcome and enjoy the journey, once you have that lightbulb moment anything is possible :money:0
-
Ours was £264k originally and we'll have knocked just of £20k off in the last two years. It can be done! At the very least, remember that you're eroding away the capital every month with the standard payments. But every little extra pushes you closer to the end. Play with the OP calculator on this site to see how much it saves. 0
-
We're waiting to exchange, FTB, mortgage will be £283,500 + £999 arrangement fee added on top.
Hope to get this down PDQ!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards