Reduced Mortgage Term

thegirlinthegreenscarf

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!

beanielou

Just wanted to pop in & say hello :wave:

A_Frayed_Knot

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 and start making bigger target and goals for o/paying. It's addictive

Good Luck

MichaelDH

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!