Plan to be mortgage free in 5 years

sassman
sassman Posts: 32
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edited 15 July 2021 at 9:17AM in Mortgage-free wannabe
Dropping by and saying hello!

Last year was all about clearing credit card debt - those nasties will be settled by Sept-2021 and the cards will used for day-to-day expenses, settled monthly to keep the credit history 

I'm now looking forward to hammering the mortgage and own every brick by 2026.

Currently owe £94.7K @ 2.09% ending in June-2022.
Monthly payment is £746 / month.
LTV: 34%

From this month, I've started overpaying by £750 / month and will contribute lump sums taking me to the maximum allowed per year.

I'll update periodically as I go.

Take care all!

Comments

  • LadyGnome
    LadyGnome Posts: 801
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    Welcome and best of luck
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
  • ElmoR
    ElmoR Posts: 398
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    Welcome to the MFW family :)

    Maybe add a statement of affairs and people can help you streamline outgoings and maximise O/Ps
  • sassman
    sassman Posts: 32
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    ElmoR said:
    Welcome to the MFW family :)

    Maybe add a statement of affairs and people can help you streamline outgoings and maximise O/Ps
    Hi ElmoR, thanks for the Welcome!

    Really appreciate the suggestion of an SoA - I completed a very through review/action of finances last year whilst paying off credit cards. I now do what I term as maintenance reviews monthly.
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