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

financialbliss

nellis10 wrote: »

FinancialBliss can you amend my initial amount from 183500 to 183999?
Thanks!

No sooner than you've joined and you're already making demands...

Tis done on the charts and post #1

FB.
PS Just kidding with the demands in case you failed to spot the wink!

liuhut

arrhhh I'm confused and need help please! I havnt received my mortgage statements for a few months...they get posted to Oz and obv. its just too far for them. Everytime I ring I get different balances so today I have rang and got the balances for the last 4 months and what payments I have made. I think that they are adding the interest at the start of each month but need someone to help me please.

So balance
at end of July 61992.27
payments made of 740
at end august 61420.20 = reduction of 572.07 interest 167.93
payments made of 940
balance at end sept 60641.21 = reduction of 778.99 interest 161.01
payments made of 890
they are saying that my balance at end oct 60073.20...
now I just cannot figure out how it can be that if I paid 890...its driving me mad!! I know I'm missing the obvious!

Edit to say - that is the balance as of today sorry, they are unable to give me the balance as of ed of oct as thee statement hasnt been produced yet...it looks like to me they are adding the interest at the start of the month...

Queen-Bee_2

My November payment has just hit my account and with a balance of £7,400, I've finally broken through the £10k barrier. I might have to extend the mortgage term before my next payment (unless I decide to go a the high risk strategy), cos I need to keep some of my savings to live off, but for now, I'm happy
QB

gerbiljo

Well done QB i'm so jealous

Trying_to_be_good

liuhut wrote: »

arrhhh I'm confused and need help please! I havnt received my mortgage statements for a few months...they get posted to Oz and obv. its just too far for them. Everytime I ring I get different balances so today I have rang and got the balances for the last 4 months and what payments I have made. I think that they are adding the interest at the start of each month but need someone to help me please.

So balance
at end of July 61992.27
payments made of 740
at end august 61420.20 = reduction of 572.07 interest 167.93
payments made of 940
balance at end sept 60641.21 = reduction of 778.99 interest 161.01
payments made of 890
they are saying that my balance at end oct 60073.20... = reduction of 568.01 interest 321.99
now I just cannot figure out how it can be that if I paid 890...its driving me mad!! I know I'm missing the obvious!

Edit to say - that is the balance as of today sorry, they are unable to give me the balance as of ed of oct as thee statement hasnt been produced yet...it looks like to me they are adding the interest at the start of the month...

I'm guessing you're right about interest being applied at the beginning of the month. Guessing you're paying about 3% interest, so £160-ish per month, they've added two months'-worth of interest (October's and November's) to get to the balance for 5 November without any payments yet for November - hence you're about £160 (one months' interest) out in your expectations. It'll all come out in the wash! Figures are guesses as it looks like you've made payments on different dates, not just the one payment the same day as the interest is calculated/applied.

Welshlassie

Hi all
It's been quite a difficult year for me so far. I'm 36 weeks pregnant but have suffered with extreme pain from 8 weeks into it. I haven't worked since 24 weeks and have been on crutches since 21 weeks. Last week I also cracked a rib so pain levels are through the roof again.

As a result we haven't been able to focus on the mortgage quite as much as I would have liked, and we have been paying 2 mortgages for 6 months. However we finally exchanged on our rental property on Thursday with completion due for Friday 12th. We are taking around GBP24,000 equity out of this, GBP10,000 of which is going straight into the mortgage. The remaining GBP14,000 will be used for home improvements, but most of these won't be starting until the spring so a large part of the balance will also be added to the mortgage in the offset account, this might actually mean for a short space of time we'll have completed the challenge,:T but it'll only be short term. Hoping to take advantage of the interest it will save us in the long term.

I'll only be able to put 10% of the mortgage balance in before the end of the year and another 10% in January 2011, but that will still significantly reduce the balance, (and I don't think I'll be able to meet the second 10% in January, but its a target for the rest of the year).

I'll be sending the update through as soon as the money hits the mortgage account and December's interest has been added. I can't wait, after being behind for the whole of this challenge so far, we'll actually be ahead of ourselves for the next few updates. :rotfl:

SHOULDI

Hi WelshLassie,

Wow. What a difficult time you are going through.

My wife is 35 weeks pregnant and we were involved in a car crash on the M1 when she was 28 weeks. She was taken to hospital, but luckily both baby and wife were OK. She has been lucky that her workplace have been very understanding and she has been working from home since the accident, as she is suffering from severe back pain and whiplash which of course she cannot take any pain relief for.

I wish you all the best and just wanted to say, its times like this that health comes before financials. Keep plugging away and I'm sure it will come good.

SHOULDI

liuhut

Thanks for taking the time to look at that Trying to be good! I looked at it again this morning with a clearer head and decided I will just have to wait until I have the figures on the statement...I suppose as long as I'm OP'ing then I'm doing my bit!!

Welshlassie & SHOULDI - I hope the remainer of the pregnancies is better/easier.

L x

JonnyBravo

No.21 reporting in.

:beer: <--- me and the mrs.

Mortgage free status achieved!

Yep we've paid off our £13,577 balance and reached £0 owing.
All done before I'm 40 (later this month).

YAY!
It's a !!!!in great feeling.
Changes our monthly budget significantly. Putting half of the money we were overpaying towards the BTL and "enjoying" the other half.
We aim to finish the BTL in 8 years maximum (currently over 120k owing on a £190k house)

I shall be adding a post in the main MF roll of honour and looking forward to being MF no.3 in this challenge.


Good luck all!

liuhut

Congratulations JonnyBravo, I'm hoping to have mine repayed before I hit 40 as well...fingers crossed!

Good luck with the BTL mortgage
L