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Thread: Mortgage free in 10 years

  1. #1

    Mortgage free in 10 years

    I guess it's an odd time to start aiming to be mortgage free, as I'm currently mortgage free, but I've just signed on the dotted line for a 102,000 mortgage.

    Following much saving, and raiding of piggy banks, I've managed to get a cheeky 120,000 offer agreed on a 130,000 house, and just scraped together a 15% deposit instead of the 10% we originally thought we could manage.

    Although the mortgage is nominally 18 years, I want to be mortgage free in 2025. I thought I'd start a diary before I even started.

  2. #2
    Welcome NorthernMonkey

    Starting right now is just the right thing to do There will be many here like myself who wish we had done that too. I started making plans 2 years after I took this current mortgage but the important thing is we started and every little helps.

    Have you had a play with the overpayment calculators?

  3. #3
    I've been playing around with every number ever but I've chosen a tracker mortgage from HSBC due to its unlimited overpayments, due to a sharesave scheme at work which is due to mature soon.

    I've said nominally 18 years, as this assumes no OP, and I'll be aiming for a minimum of 100pm OP. With fair seas and a following wind, then I think a 300 OP is possible. Combined with sharesave, then 10years is just about maybe possible ish.

    However, I've got a lot of outgoings associated with buying a house currently (solicitors surveys etc), and I'm just about spent up to manage the 15% deposit, so I think I'll be doing well to manage an OP before August.

  4. #4
    Come join our Mortgage-Free in 2025-30 Club.

    Good work planning your OPs before the mortgage has even started!

  5. #5
    welcome and join the above club

    i myself am hoping to be MF in 10years or so got to aim big :]

    will follow with interest :]

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