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Dreaming of a 10yr Mortgage...
jlaw4
Posts: 122 Forumite
Hi Everyone!
I've been on here looking at peoples tips and advice whilst i got bought out of a house owned with my ex and my new purchase went through...longest year of my life!
I now have a mortgage of £100,800. It is on a 35 year term as at the time we weren't sure if i'd have to sell the other house and this was the only way i could 'own' both.
I want to pay it off in ideally 10 years but happy for 15 if it takes a bit longer.
I have a nat west 5 year fixed mortgage, what is the best way to overpay? small monthly overpayments or chunks? I've also seen i can make a term amendment, would that be worth doing?
any help much appreciated!
j x
I've been on here looking at peoples tips and advice whilst i got bought out of a house owned with my ex and my new purchase went through...longest year of my life!
I now have a mortgage of £100,800. It is on a 35 year term as at the time we weren't sure if i'd have to sell the other house and this was the only way i could 'own' both.
I want to pay it off in ideally 10 years but happy for 15 if it takes a bit longer.
I have a nat west 5 year fixed mortgage, what is the best way to overpay? small monthly overpayments or chunks? I've also seen i can make a term amendment, would that be worth doing?
any help much appreciated!
j x
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Just popping in to say happy new diary
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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 -
So it begins!
My payments are £369 a month and were due to start coming out this month so i've called up and increased to £400 a month for now.
I thought having small manageable goals would be better than aiming for something huge in the beginning so my next 6 months aims are:
Meal plan more - takeaways are SO tempting after a tiring day
Keep up with my tilly tidying - I tend to put away £30-40 a month atm.
Plump up my savings to £10K - Kitchen showrooms should have a disclaimer that it'll cost ££££ more than you think and may induce shock!
I hope to increase the monthly DD to £500 by Christmas... this is majorly dependent on if i need a more economical car as i have moved considerably further away than i was previously and my car is a little guzzler anyway!
Happy Friday
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Congrats on startingAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250
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