A question about : Mortgage free, we shall see.... Ј145k arghh
Hello all,
After spending much of my 20s saving for a mortgage, me and OH finally bought our first house in November 2014. Fantastic as I really wanted to be on the housing ladder before I was 30 (in few weeks time eek). Now the reality has set in that we have a 28 year mortgage, we are very keen to overpay and decrease this term. Luckily OH is on board after seeing Martin's show on overpaying the mortgage and saving thousands and shedding years off the mortgage. We currently overpay Ј201 per month and are hoping to make small extra overpayments over the term. We can overpay up to 10% per year. So we start with a balance of Ј145,808.98. We have no set goals/ timescales in mind just to overpay as much as we can whilst we can. I already feel that this is becoming addictive and have spent a lot of time playing with the mortgage overpayment calculator.
Best answers:
- Good luck on your journey. Are you going extreme or slow and steady?
- If it was down to me it would be extreme but OH is in favour of slow and steady. We also need to spend some money on the house. With our current overpayments we are due to shave 9 years and 4 months off the mortgage but of course I want more!!
- Welcome snowbrow! I've recently started the MFW journey and am battling a 6-figure mortgage too. Will be following your diary.
Best of luck
SR
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