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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
4 replies 681 views
moochymoomoochymoo Forumite
3 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hello all! I am in awe of your commitment.

Finally decided I had better get my finances in order and my mortgage sorted out! I'm early 30s and dislike debt...
Id like to become mortgage free in the next few years - so a spreadsheet is on my TODO list!

Mortgages (B2L):
£50,000 - 15 years left. Tracking mortgage (House worth 600-700k)
£250,000 - 20 years left. Tracking mortgage (House worth 500-600k)

Income (after tax)
£16,000 per month

Major outgoing - rent:
£2500 per month

I want to clear the debt over the next 5-10 years. Sooner the better! Thanks all!

Replies

  • Hi moochymoo, I am new here too and hoping to get MF.

    i am sure others will be along with advice but perhaps you could give some additional details on your outgoings?
    £16k income a month seems like a very health pot to start some serious over payments. Think you might be MF before me! good luck.
  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
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    I expect there is no " advice" as this doesn't look like a tricky fix. I agree SOA would tell you what OP spends. Let's assume it's £6000 a month, that leaves £10000 a month to pay off mortgage. If OP has been earning £16000 a month fir even 12 months, they should have £100000 to pay off mortgages if this is what they want to do.

    Assuming obviously that there is no inaccuracy in the OP details....

    Bexster :)
  • thanks! No inaccuracies.

    Between 6-10K per month is correct. I am going to try and save 5K per month so aim for 60K per year. Paying off the mortgages still seems like a way off.

    It'll help logging it here. Thanks for the replies
  • Hi moochymoo, I am new here too and hoping to get MF.

    i am sure others will be along with advice but perhaps you could give some additional details on your outgoings?
    £16k income a month seems like a very health pot to start some serious over payments. Think you might be MF before me! good luck.

    Spend 6-10K per month. Restaurants, PT, gym, city breaks. I would cut down on some of the luxuries to reach my goal.

    The mortgages cover themselves on the properties with a few hundred quid to spare.
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