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Reduced Mortgage Term

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
3 replies 691 views
thegirlinthegreenscarfthegirlinthegreenscarf Forumite
95 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hi


I am new on here, although I am already on the debt-free wannabe thread as I have a (0%) credit card and an (intrest free) loan from a family member to pay off. However, after taking out a 25 year mortagage with my (now) husband in July 2005, we should have just over 12 years to go, but on Monday we reduced the term to 8 years. We are tied in with Nationwide for 5 years, when we will have 3 years, and approx £20-25k to pay off.


Having just reduced the term, which puts the payments up by approx £150/m (and also having a 6 year old, who insists on needing fed and clothed lol) I am not sure if we will be able to make much more in the way of overpayments. Indeed, I don't know if we even should, or if we should just save for the move (hopefully to our "forever" home) that we would like to make in the future.


I guess what I am looking for at the moment, is a bit of encouragement, and lots of tips and advice from you lovely people!
MBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
CAR (Was £300) Now
£2, 000 (Interest free loan from family member)



**Want to be on my way to being debt free for 42**

Replies

  • beanieloubeanielou Forumite
    76.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Just wanted to pop in & say hello :wave:
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    Welcome,

    just start reading some diaries on here, and you can adjust their hints and tips to suit your lifestyle :)

    I have been amazed over and over again by what you can achieve with a little focus. Start with a small(ish) target and see how you get on, once you reach that you will have the bug :D and start making bigger target and goals for o/paying. It's addictive ;)

    Good Luck
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • MichaelDHMichaelDH Forumite
    151 Posts
    Third Anniversary 100 Posts Combo Breaker
    Welcome!

    Wow, 8 years isn't very long at all!

    What is the time frame for moving to your forever home? I think in your position I would put all my efforts in to clearing the credit card and loan (even though interest free) which will then free up extra cash to go to the mortgage/savings.

    Good luck!
    Starting Balance August 2016: £170,199.00 | Remortgaged August 2018: £212,000.00
    Current Balance (15th February 2019): £209,278.85 :eek:
    Target: Balance below £170,000.00 by August 2023 :)
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