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

VickyA_2

Hi everyone :hello:

I haven't posted on here in AGES. Sorry *hangs head in shame*.

You may recall that we bought our very first house in December last year and set to work bringing it up to date. Well, it really does seem like this house is a money pit. We were hoping to change the carpets etc too (new central heating was a MUST!) but we've just put that on our list of things to do once we have some money.

So, the short story is that we haven't overpaid anything yet. DH and I still can't understand people (ok, our friends) who have interest only mortgages that they picked up a few years ago as they STILL owe all that money. We still owe "all that money", but at least ours goes down by a teensy weensy bit each month.

x

black_taxi_2

june will be my lowest ever payment

building work/painter decorator/ will all be done and paid for.first/last upgrade since 12 years ago.

rogue builder cost me 7k to put things right--stressed out

also managed to find taxi job/can do o/t anytime i want/best owner ive been with.

i hav a tax bill end of july

after that i can get back to challenge/if i dont do it in 3---deffo 4

black_taxi_2

vicky i got central heating for first time

its great--luxury

could never go back

taka

loopy-juice wrote: »

So, on the next declaration, am I correct in saying that all those who have kept to their payment structure have paid off 16.33% of their total mortgage? Is that correct?

It is 16.67% I think - 1/6th of the way through the challenge! :eek:

curlygirl1971

black_taxi wrote: »

also managed to find taxi job/can do o/t anytime i want/best owner ive been with.

Great news!

gerbiljo

taka wrote: »

It is 16.67% I think - 1/6th of the way through the challenge! :eek:

Fantastic!

THRIFTY_GIRL

No overpayments for me this month due to the ongoing renovations. Still in the green zone though:D

Well done to all who are persevering with the challenge.

Congrats on the new job Taxi:beer:

gerbiljo

right trialled the strike out! haha, thanks gallygirl, as demo-ed per signature!

last over payment for me this month, looking forward to chart publication! sounds like good progress is being made and those behind will catch up towards end of year

wynnvegas

Well done Gerbiljo - can't remember whose signature inspired mine but happy to have passed on the trend. There's a wandering eye issue I have which keeps leading me to focus on the December amount and then dragging my attention over the left is still frustrating - not long to go now though!

I'll be keeping an eye on your progress. I wish you the very best of luck.

Cheers,

Billy

Aless

This quarterly update will be artificially high for us. Not only did I manage to persuade my OH to stick most of his bonus in the mortgage, I also managed to persuade him to temporarily put in some more money from his savings account. This latter amount was reserved for house improvements but it is looking like it might take 4 months before they start so we thought we will put it in until then. As that money is going to come out soon it seems a bit fake to include it but I guess that is why we have an offset.

In other good news I got an over due payrise but nothing to get excited about, believe me. Also the mortgage will drop below 200,000 which is a big news for us considering where we started a few years ago. I also think I have talked the OH out of the loft extension we don't need for a couple more years.

Other bad news is after this month the over payments will dry up a bit to pay for our holiday.

All in all I think this quarter payments will be very high but the next two not very impressive. That's why we are in it for the long haul.