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

elliemoo

Well happy new year to all and hope the mortgage OPing is going well. Haven't been able to make much of a dent in ours for the last few months but I am now back and keen to get on with the overpayments. I need the mortgage paid off so I can eventually go part time at work when my youngest goes to school.

I have updated the chart with our total and we are sitting at £44,750 so that is where I go forward from. Hopefully the bigger ops will kick in later in the year but at the moment I am still only making token ops but every penny, literally, counts.

Good luck all

mortgagenomore_2

Happy New Year to you all and i hope we all have a good year overpaying, in 2010 i put every spare penny i had into the overpaying of the mortgage but unfortunately i now have credit cards with £11k on them, house completely refurbished so worth it and all at 0% but i obviously need to concentrate in lowering these as opposed to mortgage but 2012 should see me back to business with no credit cards, well thats the plan, well done to all of us who managed to overpay regardless of amount every little helps!

RosieTiger

mortgagenomore wrote: »

Happy New Year to you all and i hope we all have a good year overpaying, in 2010 i put every spare penny i had into the overpaying of the mortgage but unfortunately i now have credit cards with £11k on them, house completely refurbished so worth it and all at 0% but i obviously need to concentrate in lowering these as opposed to mortgage but 2012 should see me back to business with no credit cards, well thats the plan, well done to all of us who managed to overpay regardless of amount every little helps!

It always amazes me to see just how resourceful we all are in coming up with different means of achieving the same goal!

Are the zero percent deals still that easy to find and do they still make sense?

pawlala

OK so instead of saving towards a new property at the end of 2012 I'm going the opposite way and beginning a new (but gentle) mortgage in 2011. I doubt I'll reach my MF target by 12/12/12 now, more likely 12 months too late!

black_taxi_2

12 months is nothing if you look at over-all bigger picture

SuiDreams

Well, I'm afraid our mortgage is going to go backwards for a while, we're getting a new Bathroom, I've already pulled some of the money for it out of the mortgage account, and its currently sat in the offset savings account waiting for the credit card bill to come in. We chose and ordered the bathroom suite on Saturday and are waiting for a date for Installation and a quote for all the extra's Tiling, laying new floor and installing a Towel radiator, Still need to choose the Tiles, flooring, Towel radiator and all the other extras. Fingers crossed we can get a good deal on them. Hoping to get it all paid off as quickly as possible.

Superfast_Gran

SuiDreams wrote: »

Well, I'm afraid our mortgage is going to go backwards for a while, we're getting a new Bathroom, I've already pulled some of the money for it out of the mortgage account, and its currently sat in the offset savings account waiting for the credit card bill to come in. We chose and ordered the bathroom suite on Saturday and are waiting for a date for Installation and a quote for all the extra's Tiling, laying new floor and installing a Towel radiator, Still need to choose the Tiles, flooring, Towel radiator and all the other extras. Fingers crossed we can get a good deal on them. Hoping to get it all paid off as quickly as possible.

Good luck with all of that. Just remember that it'll help towards a better price if and when you decide to sell xx

RosieTiger

And you'll get the enjoyment of a swanky new bathroom, so I would have no qualms in doing this.

SuiDreams

Well it really needs doing, just wish it wasn't such an expensive thing to do. We've only got 4 weeks to buy the tiles and all the other extra's and we're still not sure on tile colours etc.

pawlala

ok so this is where I'm at, 12 months after paying off the first mortgage. Having had 12 months to build up some savings to pay for deposit on a bigger house for our kids, I'm taking on a new mortgage much earlier than expected. I didn't want to move until the very last minute, perhaps in line with my MFiT target at the end of 2012. But needs must and I'm moving to a different part of the country where the work is.

By the summer I will know where I am at with everything, but for now its a period of uncertainty, and I hate change.

So.... part 2 is most definately underway now, that is for sure. I have estimated that I will be completely mortgage free by June 2013 under current circumstances. I will try to update my diary when I know more :eek: