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

wynnvegas

Morning Folks,

The first of the month, the long planned visit to the bank to see what's what and a miserable, rainy day in Edinburgh with bank and phone shop customer facing staff who need a proper kick in the proverbials! I'll leave that for the diary entry as I'm in very serious danger of turning into not only a snob and a racist but also a grumpy old man in very short order!!

After today's penultimate payment to the mortgage, the tale of the tape, month and (year to date), is as follows (with a few pencekeeper stats and Froggy-G inspired countdows to boot)!

Normal Mortgage Payment: £827.06 (£8,270.60)
Interest Accrued: £5.71 (£221.44) - landmark of under a tenner a month and under 20p a day!
Overpayments: £1,678.65 (£20,950.84)
Total Payments: £2,511.42 (£29,442.88)
Mortgage Outstanding: £2,500

Better still, it is definitely as simple as phoning up HSBC on the 29th, getting the interest as it stands added onto the account and then clearing the lot so that now takes us to exactly the 29th of October 2010 for mortgage freedom! That, in Froggy-G time, is 768 hours, 46,080 minutes or approximately 2,764,800 seconds to go!

Cheers,

Billy (#85)

taxi73

Wow..you are so close..that's fantastic to be mortgage free in a few weeks.

black_taxi_2

£141 paid oct

£41343

lower payment this month--getting out of bank o/d for good.

my bank is charging from dec-standard charge wether you use o/d or not.

hope to break 40k by dec

then get stuck into higher payments 2011

taxi73

good luck Black Taxi am sure you'll do it.

twiga_2

Just a question, how do I join since I just found this thread but have had my Mortgage since 12/09 and been making payments? My current rate is I've made 60 pmts of 360 pmts in 12 months.

I now have a goal 200 pmts of 360 pmts on 12/12/12.

RosieTiger

twiga wrote: »

Just a question, how do I join since I just found this thread but have had my Mortgage since 12/09 and been making payments? My current rate is I've made 60 pmts of 360 pmts in 12 months.

I now have a goal 200 pmts of 360 pmts on 12/12/12.

Twiga, this challenge is effectively closed as it started last December. There is a 2010 MFW challenge, which will no doubt be replaced by a 2011 challenge for next year.

deedee71

I've just sent through my update for September, hope it's not too late to be included. Got totally mixed up and thought it was due this month, sorry.

twiga_2

Thanks so much RosieTiger. Appreciate It. Good luck to all for 12/12/12.

mfwin2019

Well I have made a £3000 overpayment by taking some money out of an ISa &putting it into the mortgage - it is still not enough to put me on track but at least I am not far behind now

wynnvegas

Morning Folks,

With interest rates held again, is it worth a straw poll of this board to see how many are actually benefitting? I hate to think anyone took out a fixed rate in the middle of 2008 for 5 years and now regrets it but those that were lucky enough, for whatever reason, to have a mortgage payment that fell in line with the baseline rate, I hope you're all enjoying the additional flexibility! Is everyone overpaying what they're saving or are people thanking the world economic crisis and splashing out?

Cheers,

Billy (#85)