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  • FIRST POST
    • juicygirl
    • By juicygirl 4th Jul 18, 10:58 PM
    • 654Posts
    • 2,089Thanks
    juicygirl
    165k in 10 years. Can it be done?
    • #1
    • 4th Jul 18, 10:58 PM
    165k in 10 years. Can it be done? 4th Jul 18 at 10:58 PM
    Hi !!!128075;

    Any opinions? Success stories? Where to even start?

    (We are 2 adults with joint income of approx 80k and 2 young kids).

    Thanks!
Page 1
    • zx81
    • By zx81 4th Jul 18, 11:11 PM
    • 19,327 Posts
    • 20,630 Thanks
    zx81
    • #2
    • 4th Jul 18, 11:11 PM
    • #2
    • 4th Jul 18, 11:11 PM
    Yes, it can be done.

    Looking at your income and outgoings is your starting point.
    • zagubov
    • By zagubov 5th Jul 18, 12:24 AM
    • 15,604 Posts
    • 132,103 Thanks
    zagubov
    • #3
    • 5th Jul 18, 12:24 AM
    • #3
    • 5th Jul 18, 12:24 AM
    Yes.
    We're Londoners in that situation, 150k over eight years.
    As zx81 says, make a spreadsheet of your income and outgoings.
    Pay off all credit and store card debt.
    Get the cheapest (re)mortgage you can find. Overpay when possible.
    Shopping in Aldi and Lidl.
    Run second-hand cars bought in cheaper parts of Britain, using cheapest insurance and breakdown service.
    Changing uitilties and insurances annually if necessary.
    No takeaways, plan and cook all our meals, and make lunches.
    Do all the overtime we can get.
    Stuff the maximum into pensions we can get.
    Cheap non-fancy phones on cheapest monthly contracts.
    Timing purchases to avoid current account overdrafts.
    Avoiding the lure of new consumer toys, fripperies and gewgaws.Paying off credit cards completely to avoid interest while getting consu.mer protection.
    Spending far too much time on this website.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • mortgageFTB
    • By mortgageFTB 5th Jul 18, 6:41 AM
    • 115 Posts
    • 102 Thanks
    mortgageFTB
    • #4
    • 5th Jul 18, 6:41 AM
    • #4
    • 5th Jul 18, 6:41 AM
    It can be done!

    Our opening mortgage balance was 160k, the balance is currently 90k after 3 years. We are at our overpayment limit for this year. When our fixed rate is over next year, the balance will reduce to approx ~35k.
    • VDOT47
    • By VDOT47 5th Jul 18, 9:04 AM
    • 186 Posts
    • 569 Thanks
    VDOT47
    • #5
    • 5th Jul 18, 9:04 AM
    • #5
    • 5th Jul 18, 9:04 AM
    Yes, very much so. On that income you should be able to set aside up to 1000 per month for savings and overpayments, which would see a mortgage that size paid off in 6 or 7 years, so doing it in 10 if definitely very doable ..... unless you have some massive unsecured debts or other big outgoings each month which would make overpayments of that size difficult.


    Put it this way, we have a lower combined salary than you and I think we could have paid off a mortgage of 245,000 in 7 or 8 years.


    Good luck!
    Original Mortgage (Feb '17) 269,995
    Current Mortgage (05/11/18) 239,887
    End Date April 2040 Original End Date February 2042
    • louloubelle79
    • By louloubelle79 5th Jul 18, 7:12 PM
    • 370 Posts
    • 196 Thanks
    louloubelle79
    • #6
    • 5th Jul 18, 7:12 PM
    • #6
    • 5th Jul 18, 7:12 PM
    You can do it if your sensible; we are aiming to clear our mortgage in 10 years ( 115k) starting total on joint salary of 45k with two small kids. 18 months in total 102k still a long way to go but working hard to save; pay pensions and being frugal
    • kev2009
    • By kev2009 5th Jul 18, 9:54 PM
    • 264 Posts
    • 375 Thanks
    kev2009
    • #7
    • 5th Jul 18, 9:54 PM
    • #7
    • 5th Jul 18, 9:54 PM
    Interesting thread and opinions, i'm hoping to clear my mortgage in 13 years fingers crossed. I'm on a 5 year fixed at the moment (ends in 2020) and then i'm currently thinking of fixing again for 5 years and then re-evaluating where i'm at and then possibly fixing for 2 years and then maybe 1 year fixed or variable (depending on the rates) and then pay off the remainder after that. I currently owe approx 118.5k, income of 35k, single person. It might be a bit tight tbh. To date I have not overpaid anything as I've been buying bits and pieces etc for property etc so its taken a while as i put all i had down for deposit etc, leaving myself a bit of a cushion should anything drastic happen. So fingers crossed, 13 years i hope to be done. I was looking to overpay this year but had some unexpected things to come up and its currently on going (along with costs) so i don't have a exact figure it will cost so makes it hard to say right i need x for this and i can put the rest on the mortgage so at the moment i'm currently thinking to overpay maybe 2k on my mortgage this year and then next year i'm going to try get as close as I can to the 10% limit i'm allowed before i have to pay a hefty charge for overpaying.

    So fingers crossed, i'm hoping i can do it in 13 years, would be great. I figure if i work at it and meet or get close to my targets then worse case scenario, i'll low a much much lower figure and my repayments would be pretty low if the worst happened. I'm also paying into my works pension so its all a balance.

    Kev
    • aj9648
    • By aj9648 5th Jul 18, 9:54 PM
    • 1,212 Posts
    • 110 Thanks
    aj9648
    • #8
    • 5th Jul 18, 9:54 PM
    • #8
    • 5th Jul 18, 9:54 PM
    Yes it can be - we did 150k in 5 years. We have 2 kids and all made sure we didn!!!8217;t sacrifice a lot

    Discipline is key and overpay as much as you can.
    • zx81
    • By zx81 5th Jul 18, 10:09 PM
    • 19,327 Posts
    • 20,630 Thanks
    zx81
    • #9
    • 5th Jul 18, 10:09 PM
    • #9
    • 5th Jul 18, 10:09 PM
    The only thing I would add is not to focus solely on the mortgage.

    We cleared ours with large overpayments, but in retrospect, it would have been far more financially rewarding to have ploughed more into pensions.
    • zagubov
    • By zagubov 5th Jul 18, 10:17 PM
    • 15,604 Posts
    • 132,103 Thanks
    zagubov
    The only thing I would add is not to focus solely on the mortgage.

    We cleared ours with large overpayments, but in retrospect, it would have been far more financially rewarding to have ploughed more into pensions.
    Originally posted by zx81
    Good advice. Unless your mortgage is an offset, it needn't be your top investment. That has to be your future income, meaning your pension.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • juicygirl
    • By juicygirl 5th Jul 18, 10:44 PM
    • 654 Posts
    • 2,089 Thanks
    juicygirl
    Thank you all for taking the time to respond. Plenty of food for thought,

    My main weakness is nice foreign holidays. That would need to be our biggest change!
    • Lomcevak
    • By Lomcevak 6th Jul 18, 6:28 AM
    • 743 Posts
    • 4,360 Thanks
    Lomcevak
    The only thing I would add is not to focus solely on the mortgage.

    We cleared ours with large overpayments, but in retrospect, it would have been far more financially rewarding to have ploughed more into pensions.
    Originally posted by zx81

    Agree with this - we are on track to pay off 188k in seven years (have paid off 113k in five, plan is 50k over next two followed by 25k from savings to finish) so your target is perfectly possible, but I have also used the full pension allowance during this time. As a HR tax payer I would cut OPs before pension contributions.

    (We are 2 adults with joint income of approx 80k and 2 young kids).
    Our joint income is a bit higher than yours although not massively so, with three teenagers - oldest two both in university. The key thing for us is that our outgoings aren't significantly different to when we were both on 30k ten years ago - so as our incomes have risen, we just push more and more into savings.

    Overall goals are important too, i'm early-40s and want to have options to either retire in my 50s or at least step back from a high-pressure job, so a high savings rate (both pension, mortgage, and other savings) is a particular priority. Your situation might be different.
    Last edited by Lomcevak; 06-07-2018 at 6:31 AM.
    MFiT-T4#126, 135k to 60k: 70,651/75,000 (94.22%), 2018 MFW#11 14,607.55/15,000 (97.38%)
    30k-in-18#11 42,830.91/30,000 (142.77%)
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