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Hoping to be mortgage free in 7 years
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Posts: 291 Forumite
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
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.
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
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
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
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
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
.
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Comments
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Happy shiny new diary I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
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.2 -
Thank you. Can’t wait to get started .1
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Good luck on your journey.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £175.8K Equity 32.38%
2) £4K Net savings after CCs
3) Mortgage neutral by 06/30 (AVC £18.8K + Lump Sums DB £4.6K + (25% of SIPP 1K) = 24.4/£127.5K target 19.14% updated 7/5
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.3K updated 7/51
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