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

gerbiljo

tattycath wrote: »

Thanks-I'l endeavour to perhaps put the total months in my signature and then reduce them periodically-so as not to have endless numbers...it just seems like such a mountain to climb...right best get started :j

I guess its starts as a mountain and as u chip away it becomes a hill and then a mound.... I guess its another milestone then when u can restart ur signature!

Welshlassie

We have completed selling our rental property so now have approx GBP23,500 to put towards our residential mortgage and home improvements. Cheque should arrive tomorrow so I can bank it and start moving money around middle of next week. Very pleased. We will be able to meet and exceed Decembers target and keep us on track for quite a few months as the majority of the home improvements aren't starting until the spring.

WorkingHardDFW

I've not checked this thread for a while and had a minor worry that I'd missed an update. So I was relieved to discover that its next month .

Jonesy_Bonesy

Hi All

Just reporting in with an update.

Completed the remortgage over to HSBC this month, so moved from interest only to repayment at 1.69% above base rate for life with a £99 set up fee which I was really pleased with.

Made a lump sum payment bringing the balance down from £95K to £60K. We used the rest of our savings on a large ground floor extension extension and new kitchen, so estimate the house is probably worth around £160K now ( will get it valued after all the work is complete just out of interest ).

Will be focusing more on this challenge now as the building works are all complete and I am just decorating the rest of the house so it all looks nice and new!

I have an added incentive now to get the mortgage down as fast as possible, just found out I am going to be made redundant in the first half of next year :eek: Mrs Bonesy doesn't work as we have 2 little ones, so there will be a lot of financial pressure coming up. Have 14 years service so should get a decent payoff, but would much prefer to stay in my job and have security of wages every month.

Expensive time of year coming up, but also have home and car insurance in December just to add to it.

Anyway, well done to those who have become MF in the last few pages of this thread.

Jonesy Bonesy

P.S. In post #1 my name is spelt wrong !! and my target is reduce mortgage from 60K to 40K. Thanks

black_taxi_2

JB also make sure you hav an emergency funds to live on.

Jonesy_Bonesy

Will do thanks. Any overpayment money will actually be going into a savings account for when the worst happens.

I won't actually make any overpayments until I have a job

hoobydoobydoo

Hello everyone!

Well honestly, I turn my back for 5 minutes (OK - it was more like three weeks) and two of you become mortgage free! Well done Billy and Jonny!

I can't believe that in less than one month it will be the end of the first year. Just checked my current balance and was delighted to find that it is just £8795.90. Looks like I'll definitely clear this account before the end of the challenge........... then I can start attacking our main mortgage - current balance £116,261.87 _pale_

Good luck everyone
Hooby

RosieTiger

Jonesy_Bonesy wrote: »

Will do thanks. Any overpayment money will actually be going into a savings account for when the worst happens.

I won't actually make any overpayments until I have a job

Seems sensible option - at least what you have done so far should at least help if the worst comes to the worst. Good luck.

cha97michelle

I've just been doing my calculations of where i will be for next update, and i will be at £30k. £5k reduction in a year, which on one salary i am quite pleased with. This will place us in the green again, and is a strong point to start the next quarter.

I can't see me making any more overpayments now until January as i have too many presents still to buy, along with my annual car insurance, cat annual health checks, car service, cattery over the festive period.

I'm looking forward to seeing the chart now and seeing how well we are all doing.

Queen-Bee_2

After another year in which my belt has been tightened as never before, I've managed to get my mortgage down to around £7.5k by cashing in the savings I had built up over the last few years, a redundancy payment and managing to live off next to nothing.

Currently, I am doing a Masters and trying to find some part time work to keep me going during my studies.

As my savings are now running low and there are still no jobs in sight, I've been considering reducing my monthly payments so make what's left last for longer if I need it.

When I called the Nationwide to discuss it yesterday however, they told me that if I wanted to clear my balance before my fixed rate ends next March, I could do so without incurring a penalty.

This was the opposite of what I'd rung up to arrange, but is still tempting... I can just about manage to maintain my current payments (ie cash in one of my last ISAs and clear the outstanding balance over the next two months), but as I've yet to find that elusive part time job, feel I might be taking a bit of a risk.

I think I might try and calculate how much interest I'd save before making a decision, but thought it was worth posting just in case there is anyone else out there with a fixed term product who doesn't realise that [at least some] building societies are prepared to waive early repayment charges before the expiry of a fixed term product.
QB