So I was thinking for my challenge I really need to think about some targets, both to keep me motivated, by giving me something to aim for.

I have already set my first target at aiming to reduce my mortgage to £120k by the time it comes up for renewal (Oct 2011), this would mean the mortgage multiple is 3 times my single salary which I think is a pretty safe multiple to be aiming for.

But what about longer term, if it is possible to achieve the first target, where should I be aiming to completely pay off my mortgage.

I have a quick look at my calcs and decided that if I was able to achieve target 1, then to completely pay the mortgage off within 5 years I would need to find overpayments of £2,000 per month.  This would actually be a reduction in the overpayments I would need to make in the first part of my challenge.

Maybe I’ve aimed the wrong way round, either way that will be my main aim, pay of my mortgage in 5 years with a mortgage free date of Oct 2014.

So this will require me to overpay my mortgage by £190k over the 4 years, £40k I already have so I need to find £150k which averages out at £2,500 per month.

For motivational purposes I now have 3 targets or aims.

1. Aim to overpay by a minimum of £2,500 per month to achieve my overall target

2. Reduce my mortgage to £120k by the next mortgage renewal.

3. Completely pay of my mortgage in 5 years (2014)

The numbers are pretty frightening but for some reason when you write them down they don’t seem to bad.  With my day job I deal with numbers so perhaps its just that I’m used to seeing millions rather than thousands.

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