Hoping to be mortgage free in 7 years

set
set Posts: 291
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edited 20 April 2023 at 8:03PM in Mortgage-free wannabe
Hi 

Well I have been lurking around this board for a couple of years. It really is inspiring reading the posts on here. So this is our mortgage free journey.

Mortgage year’s remaining 18yrs 4m  :o
Mortgage remaining £70000.00
Current rate 1.7%
Current mortgage monthly payment £372.00

New Mortgage rate in 4months will be 4.55% fixed for 2 years
New mortgage payment will be £470 per month

We will overpay £300 per month for 12 months, then we will be able to up that to £500 per month.

We have enough money over per month to still have our three week holiday each year plus also putting £500 per month away for maintenance / miscellaneous/ emergency fund. We could pay more but we really don’t want to give up the holiday.

We have the following debts
£2500 credit card
£12000 car loan

Not too bothered about the car loan as it’s a good rate and also I think that one way or another we will always be paying for a car as we will probably be looking at trading it in by the time we have finished paying it off  :D if that makes sense.

Anyway, sorry for the waffle. I have roughly calculated that we can take about 11 years off our mortgage.  So hoping to be mortgage free in 7 years  :) 
.

Comments

  • beanielou
    beanielou Posts: 89,295
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    Happy shiny new diary  :)
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  • set
    set Posts: 291
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    Thank you. Can’t wait to get started  :)
    .
  • savingholmes
    savingholmes Posts: 26,851
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    Good luck on your journey.
    Achieve FIRE/Mortgage Neutrality by mid 2030
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