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  • FIRST POST
    • FunLovinCriminal
    • By FunLovinCriminal 5th Mar 18, 5:05 PM
    • 370Posts
    • 409Thanks
    FunLovinCriminal
    Planned attack: Less Than 10
    • #1
    • 5th Mar 18, 5:05 PM
    Planned attack: Less Than 10 5th Mar 18 at 5:05 PM
    Mortgage balance of £77000
    10 years left.
    7 years till I am 50.
    Eek
    Those are the facts
    Would love to be mortgage free by 50.... or sooner
    Current deal 4yrs left of a 5yr fixed at 2.18%

    Any hint, tips or cash would be greatfully received...

    FLC
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
Page 1
    • Lomcevak
    • By Lomcevak 5th Mar 18, 5:57 PM
    • 701 Posts
    • 4,186 Thanks
    Lomcevak
    • #2
    • 5th Mar 18, 5:57 PM
    • #2
    • 5th Mar 18, 5:57 PM
    Overpayments of £250 a month would get you there.

    Only you know if that amount is practical, but if it is then my approach is to set up a monthly standing order and let it run in the background. After a few months you virtually forget that it's there.

    edit: general disclaimer though, getting rid of the mortgage is part of broader financial planning, and in many cases you might be better off putting that £250/month in a pension. Certainly don't OP until you have paid of debt (if relevant) and built up suitable emergency funds - one downside of mortgage overpayments is that (short of remortgaging etc.) you can't usually get the money back if you need it later.
    Last edited by Lomcevak; 05-03-2018 at 6:00 PM.
    MFiT-T4#126, £135k to 60k: £55,102/£75,000(73.48%), 2017 MFW#11 £3,151/£12,000 (26.26%)
    £30k-in-’18#11 £12,651.96/£30,000 (42.17%)
    • greent
    • By greent 5th Mar 18, 8:09 PM
    • 7,006 Posts
    • 71,529 Thanks
    greent
    • #3
    • 5th Mar 18, 8:09 PM
    • #3
    • 5th Mar 18, 8:09 PM
    Are your yearly OPs limited? (eg to 10% of balance) - take that into account when making payments What can you pay afford to pay extra per month? Don't forget extra monies from ebay, ziffit, cashback etc are all good sources of irregular extra OPs too
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • FunLovinCriminal
    • By FunLovinCriminal 6th Mar 18, 1:16 PM
    • 370 Posts
    • 409 Thanks
    FunLovinCriminal
    • #4
    • 6th Mar 18, 1:16 PM
    • #4
    • 6th Mar 18, 1:16 PM
    Limited to 10% OP
    £250 Seems a lot - but if it was easy, everyone would be doing it.
    Thanks everyone
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • beanielou
    • By beanielou 8th Mar 18, 10:19 PM
    • 53,900 Posts
    • 213,189 Thanks
    beanielou
    • #5
    • 8th Mar 18, 10:19 PM
    • #5
    • 8th Mar 18, 10:19 PM
    Can you make £125 a month as an OP?
    That would be a great start
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • bexster1975
    • By bexster1975 9th Mar 18, 7:24 AM
    • 1,177 Posts
    • 5,598 Thanks
    bexster1975
    • #6
    • 9th Mar 18, 7:24 AM
    • #6
    • 9th Mar 18, 7:24 AM
    Hello FLC!

    I assume the employment issue for your OH was resolved? Either way, pleased to see you back posting.

    Bexster
    Last edited by bexster1975; 09-03-2018 at 11:56 AM.
    • shangaijimmy
    • By shangaijimmy 9th Mar 18, 7:35 AM
    • 2,702 Posts
    • 13,326 Thanks
    shangaijimmy
    • #7
    • 9th Mar 18, 7:35 AM
    • #7
    • 9th Mar 18, 7:35 AM
    Have some goals - retirement age (work out how much you need), mortgage end. Start with making a list of debts, savings, investments. Then prioritise. Then do a budget and see what you can afford for each, alongside your priorities.

    We started by adopting a 33%/33%/33% approach to savings/pensions, mortgage and living costs. After that we've then added any payrises to the pensions fund.

    Overall i'm not sure there's an actual method to this. Everything has to fit personal circumstances and preferences. No matter how small your payments everything is a step in the right direction.
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • FunLovinCriminal
    • By FunLovinCriminal 9th Mar 18, 9:26 AM
    • 370 Posts
    • 409 Thanks
    FunLovinCriminal
    • #8
    • 9th Mar 18, 9:26 AM
    • #8
    • 9th Mar 18, 9:26 AM
    Hi Bexster
    Sadly yes. She goes on 24th March. Hoping to retrain in nursery childcare - meanwhile the bills in.
    £16k as a redundancy package.
    FLC
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • bexster1975
    • By bexster1975 9th Mar 18, 11:56 AM
    • 1,177 Posts
    • 5,598 Thanks
    bexster1975
    • #9
    • 9th Mar 18, 11:56 AM
    • #9
    • 9th Mar 18, 11:56 AM
    I'm sorry to hear that FLC. Maybe a career change will be the making of all of you. In the meantime, good luck.

    Bexster
    • FunLovinCriminal
    • By FunLovinCriminal 7th Apr 18, 3:59 PM
    • 370 Posts
    • 409 Thanks
    FunLovinCriminal
    So. Kind of mortgage/thread related....
    Yesterday we received my OH redundsncy.
    We have £14,300 plus £2k savings to make work as hard as possible to fund us.
    We have £1500 of the £2k in a TSB account earning 3%
    The rest I think will be in an ISA, VIRGIN have a flexible one arlt 1.16%
    Basically our outgoings are £1800 per month, my earnings are £900
    So £900 per month needs to come from the ISA.
    Any help/advice/loose change is gratefully received.
    FLC
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • bexster1975
    • By bexster1975 7th Apr 18, 4:29 PM
    • 1,177 Posts
    • 5,598 Thanks
    bexster1975
    Hello

    OK. So £14800 to last until finances improve. That will cover the £900 shortfall for 16 months ( plus a little bit). I know your OH is retraining, but can she pick up something in the meantime? If she can, it just means the 16 months can be extended as less shortfall to make up. I know this seems really scary, but there is quite a bit of time to play with here.

    Bexster
    • FunLovinCriminal
    • By FunLovinCriminal 16th May 18, 7:48 PM
    • 370 Posts
    • 409 Thanks
    FunLovinCriminal
    Mortgage now £76k
    Been a tough month. We are supplementing the loss of a salary with survey sites. Tgey are bringing in £150-200 per month.
    This means relying on the redundancy payment less.
    I would love to put survey income down as an overpayment on the mortgage - but we truthfully do not know how long we will be down to 1 income.
    Anyone got any happy news?
    FLC
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
    • turtlemoose
    • By turtlemoose 17th May 18, 12:05 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    FLC you may have done this but just in case - have you checked if you are entitled to any benefits?
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