Is this totally impossible?

[whattsto]

I have a 218k mortgage. I’m 36. I would like to be mortgage free/close to mortgage free by the time I’m 40. I can overpay by 1k a month and try to save 300 a month on top of this.

is this pointless? Possible? Idiotic? I am a lone parent by choice and would feel much more secure if this was achieved.

Surely you can work out this simple maths, OP?

Have you posted about this before?

So you need to pay roughly £54,500 per year?

Yes.

Try this:
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

@Flavabobble thanks!!!

You posted this before. How many more replies do you need. I dont get your anxiety around this.

There was a recent post with a similar question which I'm guessing was you. Just work it out for yourself FFS, you don't need Mumsnet to tell you if it's feasible.

£1k a month overpayment is great! It'll bring your mortgage down by an extra £12k per year.

Over 4 years that's £48k, though, so unless you're already paying off c. £3.5k a month, plus interest, it won't be paid off by aged 40.

You can usually only overpay by 10% a year without incurring a penalty

With genuine kindness. I think you need to talk to a counsellor and a financial advisor. Mumsnet is not going to resolve this one for you. And I mean that genuinely. Speaking to a professional might cost you but it will give you the peace of mind that it seems like you really need. And a counsellor will help you, because I think you might be redirecting some emotions to this issue.

So you need to pay roughly £54,500 per year?

Only if the mortgage is interest-free. Otherwise about £59,650 per year.

Nobody is mortgage-free by 40. It’s not something you need to be aiming at.

If you have £1K a month spare, there are loads of things you could spend it on for your kids that they will benefit from more than a paid-off mortgage.

@whattsto I agree with this poster and I also am meaning this gently and kindly. Your anxiety over this is not normal and you do need to either see your GP or as this poster has suggested get some counselling, or both.

You will make yourself physically ill if you don't get some help to work out exactly where this anxiety has come from and clearly you didn't get any reassurance in the replies to your previous post, although almost everyone told you it wasn't anything to worry about. Please, please, do something about this for the sake of your little girl, or she will suffer greatly from your anxiety

This. Simple maths tells you that you can't be mortgage free in 4 years unless you have about £60k pa available to pay it down or can move to a cheaper property.

However there's a lot you can do to improve your financial security.

Maximise your income.

Minimise all your essential expenses by shopping around for the best deals and questioning every expense.

Be mindful about what you do with your disposable income. It's possible to spend huge sums every month on non essentials that don't really enhance your enjoyment of life so if this is you then look at what you can to reduce the cost.

Have a look at:

https://ukpersonal.finance/flowchart/

And

https://www.moneysavingexpert.com/family/money-help/

You are earning £1300 more than you need to cover the essentials.

In your shoes, I'd save enough to fund my children's university education. Depending on their ages, S&S (unit/investment trusts) or something less risky. But definitely in an ISA wrapper.

Next: pension. Contribute as much as you can.

Then use some of what's left for fun. Holidays, hobbies, cultural stuff. Et cetera.

If there's anything left, fling it at the mortgage.

And remember: compared to most folks you are doing great!