The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

Morning All,

Delighted to report the September payment has now gone through so the mortgage now sits at a happy (and yes, perfectly rounded) £5,000. Just two more payments to go. We had a band of merry men in yesterday to start the planning phase of our attack on the house and that's looking very promising and not nearly as expensive as we had originally thought. We seem to be able to get a new bathroom, new downstairs toilet, new boiler, new kitchen, new flooring and new stairs without skimping on the quality for somewhere in the region of £18-20k. We're planning to attack the house in phases next year (boiler, bathroom and toilet in February), (kitchen in April) and living room floor, stairs, and halls in July) before we kick off our somewhat more relaxed saving and investment campaign which will, all things going to plan, allow us to start looking at buying land and building our forever home in about 5 years. Friends and family are adamant that we should look now or soon whilst the market is depressed but I've vowed, perhaps a wee bit tunnel-visionedly, never to have another mortgage.

The stats so far for September (and the 2010 portion of the MFIT-T3 challenge) (just remembering that it's update time again!!):

Normal Mortgage Payment: £827.06 (£7,443.54)
Interest Accrued: £10.13 (£215.73) - that is about £100 less than the monthly interest when we kicked this mortgage off!!
Overpayments: £2,183.07 (£19,487.92)
Total Payments: £3,020.26 (£26,931.46)
Mortgage Outstanding: £5,000

Cheers,

Billy (#85)

September's here and my new balance is £29k

Thought I had 12 months left but when I checked this morning found out that it's 11 months which is an unexpected surprise!

Number 100 reporting in with the quarterly update. The balance when checked earlier on was £101206.52 which is frustrating just above the £100k mark.

We've taken a small overpayment holiday this month and next to get some furniture bits needed for the house. I feel bad about doing it but they are bits that are needed before the end of the year and I don't want to have to put it on a CC.

This means that I am still in yellow and not venturing into the red. Hopefully January's update will show an improvment as we'll be able to overpay an unlimited amount plus (if int rates remain as is) the % rate will go down as well.

Floxxie wrote: »

I'm sorry but I am going to have to pull out of the challenge. My husband decided to have a mid-life crisis and leave me and the children yesterday.

My priority now is to put the house on the market and then get the solicitor to make sure that I get some of the equity back.

Good luck with the rest of the challenge.

Good Luck and Best Wishes for the future Floxxie to both you and your children xx

No.19 udate for September.

We re-mortgaged last month with First Direct, which means we had to pay a redemption fee of £1,940. :eek:

OH was convinced that rates will stay low for a little while longer and it bothered him that we were fixed at 4.79% until 2016 and limited on overpayments until then.
If (and it's a big if) rates stay low OH reckons we will have covered the cost of the ERC in 13 months.
Let's see what happens.
Hopefully, we can throw as much as we can at the mortgage without the fear of charges and clear it in the next 3/4 years.

Some pending changes at OH work have hardened his resolve to be mortgage free ASAP.
Overpayments are currently £1200, but will be going up in November to £1300.

Mortgage is £67,404.