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

gingernutbizkit

RosieTiger wrote: »

No chance to negotiate on when she would go back to being a student ?

18 months or 2 years could make all the difference !

Who knows! She wants to train as a teacher so it's a good position to aspire to, however it will seriously impact our finances. I suggested waiting until after 12/12/12 and she laughed when I said we'd be debt free by then :mad: . She's a realist...... I like to set my sights high after all, as they say...... if you aim for the moon and fail at least you'll still be amongst the stars

maz123_2

If she's the realist your defo the optimist, what a lovely combination!:A

realistically i won't be debt free but will be defo getting there by 12/12/12! Why don't you look at part time courses etc and see how you get on? it's a good thing she wants to aspire to and to wait to be debt free before she starts training is a long time to ask her to wait, i think the word is compromise?;)

I wish my re-mortgage was going through quicker!:j

gingernutbizkit

Compromise........... what's that? LOL :rotfl: :rotfl: :rotfl:

Decided instead to 'mention' her thoughts to a few teacher friends who can advise her of the benefits.

She's having second thoughts now :rotfl:

in all seriousness I would always support her in whatever she wanted to do as long as it madeher happy.

Ging x

uzubairu

Jonbvn wrote: »

Remember that with most mortgages (except offsets) once you make an overpayment it is impossible to recover the money.

Our Nationwide mortgage is just a standard repayment mortgage on a fixed rate (currently) and our overpayments can be recovered very easily.

diadeb

Thanks Jonbvn for your thoughts. I guess we may do a little of both - round up the figure we pay into the mortgage and then put the bulk into a savings account to be used as and when the time is right. I have an account that I called mortgage savings but I think I might rename it the mortgage pig as that sounds more fun to feed a piggy!

I also need to find out the position with overpayments and how our bank will treat them.
Thanks again :T

RosieTiger

A further OP for April of £3,677 on top of regular OP of £1,200.
I calculate £13,227 for the year so far !

maz123_2

rosietiger--- WOW!!! Well done!!!
I wish my remortgage was going through quicker, think a phone call might be in order

RosieTiger

maz123 wrote: »

rosietiger--- WOW!!! Well done!!!
I wish my remortgage was going through quicker, think a phone call might be in order

Maz good luck with that, switching lender last year was our first step and it's made a difference for us !

gingernutbizkit

Hi all,

Just been updating my snowball. In 6 months we have now paid off over £12800 :T:T:T this is great for us but we know we will have to make a significant effort to increase this for the next 3 years.

Our debt free date in now August 2017 which is down 15 years but still no where close to the 12/12/12 date we are planning on.

Four of our debts are gone though. Still plan to get the rest of our non-mortgage debt gone before the start of the challenge. :D:D As already mentionned I hope to pay a chunk off my NR loan at the end of this month (approx £3000/£8500) and by August my car loan will be gone (approx £1500) :beer:
I am already starting to make some changes now to make life easier for when the challenge really starts. Takeaways are down to once a month (not 3 a week ), we are growing veggies to keep the grocery bills down, I've started shopping around for better loans and savings etc etc

Hope you're all doing well,

Ging x

Ging x

AvidSaver

#38
Have thought long and hard about my own challenge. We seem to have such a huge mortgage (should be down to maximum of £245K by December 2009) compared to others, but does give me incentive. My own challenge is to reduce mortgage to £200K by Dec 2012. Have an endowment which should end June 2012 which will help and rest will be achieved by regular overpayments and small time "extras" which generate additional income - car boot sales, leaflet delivery for my employers, generous mileage allowance (guess who volunteers to drive to courses) etc. Currently working on 2009 MF Wannabee challenge and looking forward to this new project.