2018 Mortgage-Free Wannabes

Hi

Can I join in this year please.
Aiming for £6500 in small instalments throughout the year on the btl mortgage. Currently sitting at £28k.

Escapar2020 wrote: »

I'd like to be included this year please. Should the target amount be the amount I want to overpay, or the mortgage balance I want to get to by the end of 2018?

Thanks

Escapar2020

Hi, the target that we each set in this challenge is the amount over the year that you want to overpay. So for example, I have my direct debit set just over £200 higher than it should be so that i automatically overpay each month, so i use this amount x 12 plus what i also think i may be able to afford in lump sum payments on top (which unfortunately for me i think it will just be my monthly amounts this year).

Different people use other factors to decide what they want to set the target to (i.e pay off x amount to reach the next loan to value or x amount to take the mortgage down to the next 10k bracket, or x amount to clear it by a certain date, others set the target to tie in with the % they are allowed to over pay their mortgage in a set year - i.e some mortgages terms may only allow 10% op without penalty.

for example, my regular overpayments are also set to enable me to (fingers crossed) pay off my mortgage within the next 10 years as opposed to the remaining 17 1/2 years left on it officially.

Hi HS can I have a target of £5000 for next year and if possible be number 26 again? Thanks

Hey, I'd love to take part this year please! No previous number. Target for 2018 is a whopping £30,000 please, got to aim high right!
(Technically ours is for our house rebuild not overpayments this year, but we took less on the mortgage when buying the property to do it this way round to try to save on the interest and force us to do it in a year and not over the 20 year term of the mortgage so hoping you'll still let me be a part this year)

Thanks
HOL x