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

Trying_to_be_good

TheBees wrote: »

I was planning on using the council tax for the two free months to pay a bit more off too. :T

We only get one free month this year, as we moved during the year, so we still have a Council tax payment in Feb. But the good news is, our Council Tax for 10/11 should be cheaper than we've been paying for the last four months, so I might be able to squeeze a few more overpayment pennies out of the budget!

deefadog

Yep me three so £400 to go on for me (Yes we get hit hard, but we get a green wheelie bin, so that makes it alright:mad:)

tattycath

I've just been working out and my council tax should be more than the monthly average i worked out. This was because I paid more than I should have done in the first few months, so when I work it out properly i should be able to pay an extra £200 in the next couple of months. and I paid £50 off it last night so that should help towards my objective

SuiDreams

Well not sure what we'll be paying off this month just had another set back. The heating system decided to spring a leak last night. BG came out last night to shut the water off in the system and stop the leak (under the service contract Thankfully) and will be back some time today to actually fix it (hopefully). Unfortuantely the leak came through the living room ceiling and onto the floor (luckily lamitated flooring so no damage there), but we'll have to wait a few days for the cieling to dry out before we know how much damage there is there (hoping for none at all, and it will just be a repainting job). Fingers crossed.

setmefree2

Oh dear Sui that

brizzledfw

Just got my paper annual mortgage statement through and see that we paid off £16,800 odd off during the last year. Thats good and makes my target of £20k seem achieveable this year BUT what I found really uplifting was that only £3000 p.a (at the moment but as its a BoE tracker its dependent on rates) went on interest charges this year. Last year when rates were at 4 or 5% I was spending much more - £9000. This is acting as a real incentive to save even more whilst interest rates are so low.. I am now quite upbeat it is fantastic to see it in black and white..

setmefree2

brizzled :T

SuiDreams

More bad news, I've got a capped mortage arrange before the rates plummed and now BS have decided to change SVR from 3.5% to 4.95% claiming exceptional circumstances. Unfortunately don't thik I'll get a better deal elsewhere on a mortage thats less than £25K

taxi73

Sorry to hear that Sui...it's hard to get a mortgage under £25k.
The only way I know how to do it is say the lowest is £30k ...take an offset product and put the extra £5k into the offset bit.
The best advice is from mortgage brokers.

taxi73

I'm sorry to say that I'm going to drop out of this challenge as I have decided to pay off 2 loans and all CCs before attacking the mortgage so will be way behind in the challenge.
If I get rid of all that debt then I can throw about £2k p/m at the mortgage and be nearly mortgage free at the end of 2012.