20/12/2012 challenge, interested?

maz123_2

Afternoon people,

does anyone fancy a 3 year challenge to either clear or reduce their mortgage by as much as poss by 20th dec 2012?
I did think of 12/12/12 but give or take a couple of days i don't think it makes much difference.
Ideally i'd like mine cleared, realistically it won't happen.
My mortgage is currently £47,676 with Nationwide fixed rate 6.13% :eek: and i've got o/p in of £4,600.
My biggest expense is childcare ( my little one goes private - my choice and i don't want to change or debate this ) and so i pay a year in advance and will have to dip into my mortgage o/p in september.

Anyone?!? I think it will help giving me something to aim for

Ed_Zep

Sure will. The only thing is that the world may end on 21/12/2012 (according to the Mayan calendar, that is....)

Floxxie

Yes please!

I'm planning a new career by the end of 2012 so it would be great to be working with no mortgage to pay.

Details of my mortgage are on my signature - all overpayments are made by taking part in the challenges on this forum and selling my unwanted stuff.

Floxxie

Robert_Tycelyn

Dec. 2012 is exactly when I would like to end by mortgage (....just wish it was only 3 years but is actually 4 years away...).
Never mind. Remortgaged with HSBC last September (Tracker - BOE +0.38%) so am in a favourable position to overpay and reduce the proposed 8 year term. Currently overpaying to reduce the term to Dec. 2012 so would be keen to join you in the challenge.




£72k- interest only (endowments projected to pay £80k on July 2012)
£92k - repayment

financialbliss

Robert_Tycelyn wrote: »

Dec. 2012 is exactly when I would like to end by mortgage (....just wish it was only 3 years but is actually 4 years away...).

I'm aiming to end the mortgage on 12/12/12 (or earlier) and as of today, it's 1,442 days away or 3 years, 11 months and 12 days.

So yes, it would be nearer a 4 year challenge than a 3 year one.

Financial Bliss.

Welshlassie

I'm in although we won't we clearing it but want to have reduced it by a significant amount as we will ready to remortgage in the Jan 13 so want a small a mortgage as possible, currently £192,000 IO. Would like to have knocked off another £20k at a minimum.

Ed_Zep wrote: »

Sure will. The only thing is that the world may end on 21/12/2012 (according to the Mayan calendar, that is....)

I've just finished reading a book (fiction based on fact) about this and 13 crystal skulls that will save the world.

PowneyGirl

I would like to join this challenge please. Aiming to reduce mortgage by at least £30,000 by that date. Just waiting for quarterly mortgage statement to come through and then will add amount to signature.

Good luck everyone!

blueberrypie

We're about to sign our remortgage deal - appointment with the solicitor next week to do so. We'll be tied into this mortgage for four years, and although it's a 15-year term, I want to be ready to pay it off when the four years is up, at the beginning of January 2013. So I'll join, and have a goal of having the money ready to pay my mortgage off by 12/12/12 - great hook to hang a goal on! :-)

sweepster

Count me in 3 years for me 30k at least off my mortgage is 100k at mo.
sweepyxx

DawnW

I would like to join in too please. Last time I checked, my mortgage was around 56K, down from 70K back in April 2008 when it started, so I have been overpaying lots already, subject to avoiding erc of course. It is likely to be less than this when I get my annual statement (soon I hope, C&G)

It was taken out over 10 years in Feb 2008 (payments started April), and I am choosing to reduce the monthly payments rather than the term, as I want to work fewer hours at my stressful job (I am 55 now, and would like to take things a bit easier), though I will still overpay if possible. Also, as I am a contractor, I don't know what this year will bring with the economic downturn. I am ok till july 2009 when my current contract expires. My OH works too, but does not earn as much as I do, and we would struggle to overpay if we just relied on his earnings. I can overpay by the same amount as the monthly payment each month, and by 10% of the amount outstanding in the January of each year as a lump sum (if this makes sense, it took me a while and a couple of phone calls to get my head around it), and consequently I didn't start to overpay till around August.

Ideally, I would like it to be paid off completely by 2012, but realistically this may not happen. However, I think I should be able to get it down to a pretty low monthly payment by then (started at just over £787 per month :eek: , currently down to £667)

warrior_princess

hey ppl
count me in ..........i ve a huge mortgage of 158k currently offset as below
aim 2 b mf by 12 / 12/ 12....huge task but will be happy if i can get it down by 100k