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Mortgage free in half the time.
Mummy2cheekymonkeys
Posts: 441 Forumite
Hi everyone.
I wanted to start a diary on here to keep myself motivated on our journey to being mortgage free. Our household consists of my husband and I and our 2 young sons. We bought our house together in June 2014. There was a lot of renovation work needed. Once that was sorted we moved to overpaying the mortgage. Our mortgage started on £135,000 over a 20 year term. We fixed our current rate of 2.19% in January of this year for 5 years.
As it stands now we have £88864 left and have used our 10% overpayment allowance for the year.
My goal (fantasy) would be to use our full 10% overpayment allowance for the next 4 years and to save enough to clear the remaining balance when the fix comes to and end. If we can do this by the June we would have paid the mortgage up in 10 years instead of the 20. Whilst I realise this is probably over ambitious me and my OH are very much on the same page and will try to make it a possibility.
Thanks for reading x
I wanted to start a diary on here to keep myself motivated on our journey to being mortgage free. Our household consists of my husband and I and our 2 young sons. We bought our house together in June 2014. There was a lot of renovation work needed. Once that was sorted we moved to overpaying the mortgage. Our mortgage started on £135,000 over a 20 year term. We fixed our current rate of 2.19% in January of this year for 5 years.
As it stands now we have £88864 left and have used our 10% overpayment allowance for the year.
My goal (fantasy) would be to use our full 10% overpayment allowance for the next 4 years and to save enough to clear the remaining balance when the fix comes to and end. If we can do this by the June we would have paid the mortgage up in 10 years instead of the 20. Whilst I realise this is probably over ambitious me and my OH are very much on the same page and will try to make it a possibility.
Thanks for reading x
0
Comments
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Good luck!0
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I've just made the first overpayment of the year!!! Our overpayment allowance was £8864. We managed to save £5000 which has just been paid off. It took 9 months off the remaining term and saved us £1380.58 in interest.0
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Great job! What a nice gift you gave yourselves to start the new year!Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230
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