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

Aless

Curlygirl1971 I think your longer post sets out the exact conflict that all of us have between saving/being frugal and living, and everyone has a different place on the scale. I also think that being single is a extra level of expense, no one to save the bills with, etc.

Our size of payments are due to our income level but we are also careful and sensible and spend a lot less than we could do (and we do a lot better at saving than almost all my friends but in a way they do not need to because they get a lot of family financial support). We could save far more but I would be very miserable if I cut back on some things. For example, one area we could save lots of money is food but we eat very well and I really care about eating meat that has been well looked after and food production methods and their impact on the environment. Food is a real pleasure for us and I have no desire to cut back as we are good cooks and know how to make good food from leftovers etc. so we are frugal in our own way. If we really tried I think we could clear our mortgage in 2 years but we are not going to do that as it would be so miserable (and we would probably be on the road to divorce!) and part of living is enjoying life's pleasures - I say enjoy the boots!

loopy-juice

I don't figure in the top 50

curlygirl1971

loopy-juice wrote: »

I don't figure in the top 50

Neither would I be if I'd set a more challenging target. Knocking £12k off your mortgage this year is fab.......Well done :T, see you next year and KEEP GOING!!!!

unhappy_shopper

Thanks so much to FB, Maz and everyone who takes part in this MFiT-T2 challenge
and all who post in this thread. You help to encourage and motivate me. Yippee!!

Wishing everyone a Merry Christmas and a Happy New Year.

wynnvegas

Loved your post curlygirl. That moment of realisation will be a fond memory for you in the not too distant future if it isn't already. When I got pushed out of my last job in the middle of 2008, our mortgage was £70k and I had all of a couple of days of worry about what would happen if it proved difficult to get a new job. I swore then that I'd do everything possible to never be in that position again and, through a mixture of us both earning good salaries, not having kids and being pretty tight with our outgoings (whilst Moyra thought we were scrimping and saving every last penny, a post about what you would and wouldn't give up to be mortgage free brought her round a we bit - not having the sky+, moving to Tesco value gear and being properly conservative with when the heating goes on being three that would push even me too far) we are lucky enough to be where we are now.

I like the idea of a percentage of target table as it means those that are paying big lumps into their mortgage don't race out of sight because of their personal circumstances (not that it's a competition or anything). I too am hugely impressed with the folk that manage a family or on some sort of benefits and still get their overpayments in. I'll be delighted if everyone hit 100% on 12/12/12.

As for the good bits of being mortgage free, I'm hoping to start experiencing them soon! From the remainder of last month's pay and this month's pay which hits tomorrow, we've got our bathroom to buy and our flights to book. January and February will be paying for the bathroom and boiler to get done and dusted and then, after saving up some holiday money, we'll finally be able to be a wee bit reckless. Found a cracking deal today which should lop off about £500 from the cost of flights to Vegas so the moneysaving never ends...

Cheers,

Billy

RosieTiger

gallygirl wrote: »

You mean pay extra into her pension surely

I though most ladies thought shoes were pensions !!!:rotfl::rotfl:

Mr RT

Please note, following the administration of a punch in the arm ( which hurt), I have been told that whilst Mulberry bags or indeed Jimmy Choo shoes may well be an object of desire on a level with my fascination with the thought of owning an XK Jaguar they are merely dream items for when MF status is achieved and therefore not comparable with a pension.
So while this was meant to be tongue firmly in cheek, I apologise for the sexist comment ( which will also avoid the loss of Christmas presents).:D

shaz_mum_of__2

Hi guys after some advice

Hubby is taking early retirment in february and technically we could pay off our mortgage in full with his cash sum only problem then is we would have no emergency funds

Was thinking that an offset mortgage might help ....as in it would technically be an interest free loan but we could access funds should we need to

What would you do?

Trying_to_be_good

I have an offset mortgage and love it. If you need to make the monthly repayments (if it's repayment not interest only) make sure you can either pay directly from the offset savings, e.g. A current account mortgage, or allow time to transfer funds to your current account, or have other income to cover it.

Also, I can only offset 95% of my mortgage balance (which is so much more than my savings will ever be!) - it's different with different lenders and products, so check out the details.

RosieTiger

shaz_mum_of__2 wrote: »

Hi guys after some advice

Hubby is taking early retirment in february and technically we could pay off our mortgage in full with his cash sum only problem then is we would have no emergency funds

Was thinking that an offset mortgage might help ....as in it would technically be an interest free loan but we could access funds should we need to

What would you do?

I think off setting is the ideal thing for you in this circumstance and ensures you have emergency funds if needed. I would just ensure that you don't leave too much available for emergency to avoid the risk of getting too carried away and using it!
Good luck to you.

shaz_mum_of__2

Thanks guys

I did wonder if there was a limit to the amount you can offset , does anyone know who offers the best allowances? is there a comparison site for offset products ?

I suppose it does make more sense and i understand it will help our credit rating by maintaining a small debt , i suppose we will make a little on the interest to but not much in this climate i suppose.