New Mortgage-Free-Wannabe looking for advice...

MFW-Ally

Hi All,

Firstly, CONGRATULATIONS to all those who are Mortgage-Free already or on their way there - I'm sooo jealous but I hope to join you in a few years time!

I've been lurking around for a while and now, having paid off all other debts - YIPPEE! - I've been bitten by the Mortgage-Free-Wannabe Bug!

I've got £200,000 left to payoff on a fixed rate deal ending 30/09/08.

I'm thinking of switching to a current account mortgage because having used a couple of the online "mortgage shrinker" calculators, I could be mortgage free in around 6 years - if I overpay enough! - which will make a nice 40th birthday pressie!!

I can be quite stunningly thick sometimes - especially when it comes to £! so I was wondering what you think of my plan and any advice on whether this is the fastest route would also be most appreciated.

Cheers,
Ally

Welshlassie

I'm assuming you mean an offset mortgage.

You would need to provide a little more information for a more accurate answer, but an offset mortgage is great if you have the will power not to spend too much on it, and have sufficient savings to really make a difference to the balance, especially as offsets can be more expensive rates in the long term.

It depends on how much you have available to overpay as to how quickly you can pay your mortgage off and how long is left of the actual term.

Welcome and good luck iin your journey.