Smashing 300k in 10 years

miss_undastood

I found you on the overpayments board. It’s so nice to find someone else with a scary mortgage balance. 

I don’t think it’s achievable but I’m going to give it a really good go!

Our daily interest is now just £13 but we have remortgaged in the last couple of months from 4% to 1.36%!

miss_undastood

Our daily interest was about £26 before we were able to switch 🙈

rugbymadfamily

Yes it is good to find others! That's a really good remortgage. We only had 10% deposit and were worried about Brexit when we were buying as it was looming so fixed for 5 years, so hoping to smash away at it and get the LTV down by the time we remortgage. Our aim is mortgage free by age 50 which is 15 years....feels like ages away so in it for a long slog! Its tough trying to balance living life and putting future finances in best possible position, it's definitely about prioritising.

miss_undastood

Absolutely. I’m 35 too. I am aiming for 10 years but 15 is more realistic. But if I aim for 10 and don’t have much left it will focus my mind!

We are at 60% LTV now - we were on a 10yr fix at 3.89% - 7 years in and our ERC halved so we swapped rates while it was low!!

It’s all just working it’s way through so I need to work out how much we have going out and what is left and if we can save more or not at the moment. But with covid/Xmas and whatnot I’m trying not to overcommit. But I would like to lower our future liabilities. 

It’s hard while only working 2 days a week too there isn’t much free cash  

alt80

Just saw this as a headline and was somewhat impressed so thought I'd drop by to say good luck. 

I've no plans to pay my res home off (around £290k owing at around 46.5LTV currently) but I've got personal guarantees on investment property - to get them to a LTV a lender would consider without PGs amounts to about the same as your mortgage goal - £300k so probably why I was attracted to your post.

miss_undastood

Thankyou. We have made December’s payment and we are now sitting at 303k, hopefully by Easter we will be under the magical 300k mark. The psychological barrier of seeing it start with a 2 will be great. 

It’s just depressing that it was a 1 before we took out a further advance!