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!
15 year target!
Lauralou79
Posts: 268 Forumite
So shiny new diary eeeek! Not sure how often I'll update but thought I'd join in. We bought last summer, FTB! Luckily had a large deposit so our LTV is around 47% and a 25 year term.
We are fixed for five years so after 6 months settling in I started a regular overpayment in January. The overpayment is £100 so takes our payments to £469 monthly.
Our target is mortgage paid in 15 years as we are close to 40 and I don't want to be paying into our 60s. We both have jobs in local government and NHS, so have decent pension schemes and also continue to save.
Once we have some of the household jobs out of the way I hope to throw a little more at the mortgage. But it is really important to us to also enjoy life in the present and we work really hard.. We enjoy (cheap) meals out, pubs, gigs, days out, walking and a couple of small holidays a year. I'm hoping we can get the balance right!
We are fixed for five years so after 6 months settling in I started a regular overpayment in January. The overpayment is £100 so takes our payments to £469 monthly.
Our target is mortgage paid in 15 years as we are close to 40 and I don't want to be paying into our 60s. We both have jobs in local government and NHS, so have decent pension schemes and also continue to save.
Once we have some of the household jobs out of the way I hope to throw a little more at the mortgage. But it is really important to us to also enjoy life in the present and we work really hard.. We enjoy (cheap) meals out, pubs, gigs, days out, walking and a couple of small holidays a year. I'm hoping we can get the balance right!
0
Comments
-
Good luck in your journey - I will be joining this thread soon as almost debt free - after that I will be aiming to clear the mortgage
Me, DD1 19, DS 17, DD2 14, Debt Free 04/18, Single Mum since 11/19
Debt £2547.60 / £2547.600 -
Thank you! We have no other debt and hope to remain that way! So the mortgage is the main target. We have bits to do on the house too tho.0
-
Happy shiny new diary 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 -
Enjoy the journey;-)0
-
Getting the balance right is key, well done for recognising that at the outset :T
When we bought our new build property, the first year was a write-off due to having to buy furniture & generally make the house habitable. It's only been the last few months we've bee able to regularly OP.
Best of luck as you go along :beer:0 -
We will be knocking around with you for the next 15 years also, aiming for 12 but 15 is more realistic but worth a try.
Good luck0
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