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

black_taxi_2

mortgage/debt -- 5k is debt---bank loan----with a bit of savings an o/d im going to TARGET it to clear it next 4 months.that will leave me just with mortgage.MF dec2012--think i will miss target by about 8 months.

another TARGET will be reached after nov payment--thru 40k barrier

first 10 months of this challenge have flown by-thx FB again--next few weeks will seem longer.

well done everyone

p.s.--as this challenge goes on monthly/yearly its great to see MF posts

setmefree2

curlygirl1971 wrote: »

My god, when I look at your sig.......it's an amazing achievement....well done!

Why Thank You

gerbiljo

Well done EVERYONE. Well done wynnvegas. I don't think you should worry about the second mortgage for land, the fact is your house is secure and you shouldn't undermine your achievement. Getting a second mortgage will open up a new opportunity and a new challenge that perhaps can be taken at a more luxurious rate!! We too are likely to want to upgrade our house after paying off the mortage for a dream house, something that might not of been achievable without clearing our mortgage first at least it wont risk your home. If we do it again we will do it less extremely as it is tough paying so much off a month. Well done!

wynnvegas

Good afternoon Everyone,

What a merry mess! I've been considerably damning HSBC's eyes all morning as they were of the ridiculous opinion that they needed to run my request to pay the mortgage off by the good people in India, request a formal call back from the other side of the world, mince about with the security questions no less than 4 times and then finally (and without any enthusiasm yet again!) transfer the final amount from the current account to the mortgage.

However, now that it's done, I'm inordinately pleased to announce that the mortgage has gone in totality. With a nod to others who have come and gone before me, I'll regale a few stats and such for the final time.

Today

Overpayment - £2,500
Interest (Oct '10) - £2.57
Outstanding Amount - £0

The Mortgage Story

Mortgage at start - 01/04/2004 - £105,000
Total Interest Paid - £34,133
Mortgage Redemption - 28/10/2010
Time Saved - 18 years, 5 months, 2 days early
Interest Saved - £81,866
Mortgage Free Age - 29 years, 3 months, 9 days

Needless to say, I'm absolutely delighted and we'll celebrate properly (and hopefully, fittingly) with a first meal in the house that we own. We've got a few plans going forward including a bit of a blowout in November, a lot of home improvements, a few nice holidays where we can treat some family members to trips they would otherwise only be able to dream of and, finally, the build of the "forever" house that we want. This may mean another mortgage somewhere down the line but I'll avoid that if at all possible. I'll keep looking in on and rooting for everyone in this challenge but this will be my last (and favourite) post in the MFIT-T3 challenge. Well done to everyone for the mass of overpayments made this year alone and many thanks to you all for the consistent advice, encouragement and shared passion for being free of the dreaded mortgage. I wish you all a speedy journey to mortgage freedom!

Cheers,

Billy (#85)

p.s. - Thank you so much to FB for setting this challenge up and allowing me to join in for the first year. The work that goes into this is hugely appreciated. I'll update the googledocs just for the sake of good form! Hope you don't mind sneaking in a wee inter-update revision!

black_taxi_2

AWESOME WYNN

where do your legal documents go?

curlygirl1971

wynnvegas wrote: »

I've been considerably damning HSBC's eyes all morning as they were of the ridiculous opinion that they needed to run my request to pay the mortgage off by the good people in India, request a formal call back from the other side of the world, mince about with the security questions no less than 4 times and then finally (and without any enthusiasm yet again!) transfer the final amount from the current account to the mortgage.

:rotfl:

A HUGE Well done Billy!!!!!! - Amazing. You were one of the people who inspired me to hop on to the MFW bandwagon in the first place and its great to hear this. Hope you enjoy your spending spree's....and yes you must keep posting as otherwise you shall be missed. Maybe see you again in some future MFW quest...........been looking at my figs again this morning and it's still going to take me a good while

taxi73

Absolutely fantastic Billy xxxxxx

Congratulations I'm so happy for you and wish you loads of luck in your future plans x

Courgette

:beer::beer::beer:WELL DONE!!!!! :T:T:TFantastic achievement, I bet it hasn't sunk in yet!!!! :T:T:T:T:T:T

wynnvegas

Thanks All,

Thanks BT - they're coming to me. I did a bit of digging a couple of months back and it's not the big deal it used to be as all the records are stored electronically so in the event of loss or fire or any such thing it's just a case of getting a copy. I'll make at least one copy just to be on the safe side and keep it elsewhere.

Cheers Curly - I'm glad my witterings have proven useful to a couple of people. I fully intend continuing my support of everyone else on the challenge and beyond. It's great to see so many personal and financial achievements and, on the flipside, the vast majority are brilliant in bad times as well so I've no intention of disappearing off into the sunset!

Thanks Taxi and Courgette - It hasn't totally sunk in yet. I think when the deeds come through the door, that will make it all the way official but that the money has gone from the account and they've removed any trace of my (old) mortgage from the online views so that'll do plenty for now!

Cheers again,

Billy

museumworker

Congrats billy, what an incredible achievement - MF before 30!!! :j:j:j