Want to be mortgage free asap

Richierichbristol

So been reading these topics on here for a while now so thought I’d start my own. Mainly to gauge how I’m doing within my own overpayments and thoughts of other members. I bought my first house last year I’ve owned it since aguest 2017 but moved in jan 2018 so newly coming up to a year wow how time goes fast. I bought it and totally renovated the house. It cost £230 and it’s valued now at £270/£275k. I’m 27 and solely on mortgage on my own. I was lucky and had an early enheritance and mortgage was £128400. That’s currency sitting at about £123500. I only statrtes overpaying about 5 months ago. I’m aiming for £250 a month but start of next year will be trying to hit £350. I earn £1930 take home and mortgage is £470 and bills take my expenses up to about 800 ish. I do enjoy going out as any single male does and enjoy buying cloths etc

Richierichbristol

Forgot to say I’d like to be mortgage free by the time I’m 40

getmore4less

a bit of a number crunch
Lets go with 2% over 30 years was your starting mortgage.

£128,400 @ 2% £470pm 365m(30y 5m)
that's close enough.

now

£123,500 LTV <50% (any other debts?)

you have a 12y-13y target till 40

£123,500 @ 2% £966pm 144m(12y0m)

with your current £250 & £350 OP targets

£123,500 @ 2% £720pm 203m(16y11m)
£123,500 @ 2% £820pm 174m(14y6m)

if you hit that £820 for a year you are left with £116,000

£116,000 @ 2% £980pm 132m(11y0m)

you can adjust for when 40 is and project some higher overpayments with pay rises.


Looks doable but rate rise will need more or push the dates back a bit.
eg for 2.25% the amount goes up from £966 to £980.

Richierichbristol

Thanks for your reply. I’m hoping to op a lot more than those figures in about 6 months of so once I have a big savings pot so I would feel more comfortable doing so. I have no other debts as of yet. I failed to mention I didn’t make a single op the first year. Was adjusting to owning a house and didnt really pay much attention to it but seeing how much you pay in interest each month the sooner the mortgage is gone the better !