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RosieTiger MFI5 Challenge

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  • StuartGMC
    StuartGMC Posts: 2,175 Forumite
    RosieTiger
    I think from experience the best route is talk about the mortgage as a debt and what a good resource MSE web site is to help clear it early. If there are any signs of interest in this fact point them at the MFW board and let them read for themselves.

    At work a couple have just run the mortgage calculators after we were chatting about them and realised how much interest they'll save and pay back faster via OP, whereas their view had been "our payments are easily manageable now and if anything goes wrong jobwise".

    Slowly but surely the message gets out; unfortunately for many they'll view the low interest rates as a reason to not pay in extra without considering the rates we may face over the next few years. You can't save them all....

    Radish
    Yes, they are addictive and we have told people over and over again about this :D
    I think it is the fact that you get back into control and proactively address finances rather than reactively making changes according to the current a/c monthly statements etc.
  • Hi all,
    Mortgage revised payment arrived today - £40 lower so upped the OP by £50.
    According to my calculator almost 2 months off my estimated early completion date !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    Overpayment now takes in the last rate reduction and has been paid to lender - my calculation has our outstanding as sub £140K for the first time!

    First target met !

    :beer:
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • evab_2
    evab_2 Posts: 2,336 Forumite
    Well done on meeting your first target, what's the next one?
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    We like to think in 20's, so £120K would be nice !

    That said, I have £100K in my head as that sems a real breakthrough figure.
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • tutti_2
    tutti_2 Posts: 59 Forumite
    Congratulations on meeting your first target.

    Good luck for the next one:D
    Make 11k in 2011 422.29/11,000;)
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    RosieTiger wrote: »
    Overpayment now takes in the last rate reduction and has been paid to lender - my calculation has our outstanding as sub £140K for the first time!

    First target met !

    :beer:

    yay.gif well done on that :T
  • Radish72
    Radish72 Posts: 2,075 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Congratulation on hitting your first target :beer: and wishing you continous success
    Mortgage Aug 12 £165K, Aug 19 £0
    ISA challenge start 2019 £3000/£1500 (50%)
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    Thank you all for your encouragement - it gives me a real kick whenever I log on !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    I an posting my current signature in to the main body to ensure I don't lose the figures achieved on the journey so far, as I intend to update the signature on at least a quarterly basis.
    We are awaiting the value of the latest cut to be confirmed by the C&G which will be added straight on to the OP standing order. We also have some expected bonuses coming our way which will allow a fairly chunky additional OP at month end.

    Good luck to everyone else, the current rate levels offer a great opportunity to make a strong headway !


    RosieTiger ( MFW 2009 No.228 / MFiT T2 No.28)
    Mortgage at it's highest £242,000 Feb 2004 :mad:
    Dec 2008 £146,000 to finish March 2026:eek: LIGHTBULB MOMENT:eek:
    MFW 2009 Challenge - £12,000 overpay 2009 :money:
    Mar 2009 £1,150 / YTD £3,350
    Balance £140K / Current Est. End Date July 2015
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
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