How to be mortgage free after 8 years

MushyPeas

Blimey, quite a story!!! I guess taking up references is a good idea and trying to get recommendations through friends. I think I'll refrain from a newly married couple moving in with me

kazmac_3

Hi There Funky...first of all....thank you!!!

I have just been reading through the various messages that have been posted. I am amazed that certain members have not understood the underlying message you were attemptng to convey!

I have just (today) 'upped' my mortgage payments by £50 per month and feel better about myself already!

I understand how you may feel 'attacked' for attempting to better yourself, after all, isn't it one of the seven sins to work hard, gain a qualification, study endlessly and god forbid, earn a decent salary??!!!

I studied for a degree at Cambridge (self funded by slogging my you know what's off!) for four years, did part time jobs, as a single mother to 2. Now I earn a 'decent salary, have a reliable (not brand new) car and can afford to put an extra amout towards my mortgage....I also have a husband now who feels proud of my acheivements and although doesn't earn as much, all income ends up in the same melting pot!!!!

I will have saved over £19,000 in interest alone, hopefully more as time passes!!!

Basically, well done you for sticking at all those years of studying, it's just lovely doing all those extra hours before studying isn't it???!! I wish you and yours all the very best for the future and good luck with your target!!

pink_fairy_7

Thanks for this TFG.
Our mortgage doesn't start for another 2/3 weeks but we have already worked out a ten year plan with the aim of doing it sooner if possible.
We currently pay as much in rent as the mortgage payments will be so the thought of not throwing our money down the drain every month is brilliant.

pink fairy x

Groovy_Dhruvy

Hello,

I've just read the entirety of this thread and its kept me up well past my bedtime!

I'm going to phone nationwide from work tomorrow and up the montly payments!

Thanks

charlie007

wow, i am so hoping to pay my mortgage off - how fantastic would it be not to have to pay so much money to the mortgage company. I am tied into a deal for another two years where i can only pay 10 percent off the total amount per year but i am going to try my best to pay that 10 percent and then when the two years are up i will have a real aim. Well done you!!

alanobrien

Well after thinking about this for some time and then looking at the numbers in detail i am hooked.

I certainly won't make 8 years and 10 is pretty unlikely but i may just reduce my 22 yrs to 12 and if i achieve that i will be well chuffed.

Not to mention 38k better off having not paid it in interest.


Thanks to the OP for bringing this to the front of my money saving mnd.

Thefunkygibbons

In a good mood

Now the year has settled down, and we have got over the shock of the council tax bill, have bumped the monthly overpayment up by £133

Should help make a difference

halloweenqueen_2

Well I just read most of this thread and well done funky, good for you. Very jealous that i do not have your earning potential!!!!!!
I wish I'd known about making overpayments years ago!

leeds_saddler

Hello.

I have a 10% capital repayment option with the Woolwich and have just enquired about paying off £6k in one lump sum.

However, we're planning to move in the not too distant future and so do all the above savings still apply if you do not tend to stay in the same house for move than a few years?

When we moved last time and upped the mortgage, the term was put back to 20 years and so i'm not sure if you save interest if you're not reducing the term of the deal.

Any help greatly appreciated.

lapat

my mortgage is £135k same as the original poster
now its going to take me "3 years to pay mine of and i do try to overpay as much as possible
i do however take my hat of to this gentleman for being able to achieve his goal as we often fall into the rut of were keeping this car now for four years and then change it twelve months down the line that £4k we lost in ywelve months would have put a good dint in our mortgage.

this man needs to be a mortgage coach to some of us and he could earn even more money and have it payed even quicker

bl**dy good luck to him and his family as h is going to have a hell of a future to look forward to