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

cha97michelle

I am going to do my update now. I aim to reduce by 1250 every quarter. This time i would need to be at £28,749.50 to be on target, but we are actually at £27,905.61.

I am so pleased as this is £843 ahead of where we wanted to be at, so less to find to stay on track. I am happier now that i can still get to the same spot if rates go up.

adwat

Hi All

March's balance is £17k :j

Now I'm definitely counting down the months - 5 more payments to go :T

I feel like the light at the end of the tunnel is getting close... Woohoo!

adwat

Hi Michelle, you're doing really well, keep up the good work!

cha97michelle

adwat wrote: »

Hi Michelle, you're doing really well, keep up the good work!

Thanks for the encouragement. You must be too to only have five payments left. Must be really exciting at that stage. What a fab thing to do in Summer too when you can really celebrate.

adwat

BTW for what it's worth, I don't think rates are going to fly up horrendously, they might nudge them up 25 basis points in a couple of months, but don't lose too much sleep worrying about huge rate rises, 'cos it aint gonna happen IMHO :A

adwat

Thanks, we're planning on a couple of weeks in the sun - probably Spain but wherever it's gonna be hot (and reasonably priced!! Money Saving habits are now firmly in place for life lol). Can't wait to be able to spend all our income on what we want rather than paying it all to the nasty old bank - even the morgage interest alone each month is a goodly sum of money to be able to spend.
You're doing great, I've been following your diary for a while now, glad to see you're back to your happy self. Try not to get disheartened - even if you stopped now you must realise that what you've done already is a big achievement.

SHOULDI

Hi,

We've done really well so far this challenge. When we started in Dec '09, we weren't expecting DS1. He is now 3 months old and were are both loving most of parenthood...

Up until now we have both had full earnings, but my wife has only 1 more month off full pay before 5 months of SMP. We have been overpaying massively for years so this will be a big shock to us but we have set ourselves a good base...

We have £37,500 more to pay between now and 12/12/12. I don't know how achievable this will be with nursery fees/SMP/nappies etc, but we are going to sit down together this month and see if we can continue to make even small overpayments.

We have a 10 year bond fruiting in October 2011, (Been paying £50 a month for 10 years) and this will go as an overpayment. £6000 + interest.

Still very satisfied with our progress and it means that since Dec 2007, when mortgage was at its highest of £240,000, we have paid off over £100,000.

Any tips/thoughts on people who have gone through a similar change?

Thanks,
SHOULDI

mfwin2019

My C&G annual mortgage statement finally arrived today - is anyone else still waiting?

Trying_to_be_good

SHOULDI

I think one of the things you're doing really well is recognising how far you've come - celebrate what you've achieved, rather than being disappointed that it won't be so fast on overpaying for a while. Live in the moment and enjoy the little one whilst he's so little!

Jock_Tight

#165 checking in.

Our March mortgage payment has just came off so have updated our balance via google for this months chart. We have an OP going in at the end of this month but wont count for this update.

Balance is now £21,965 :cool:

For chart 5 we needed to be at 41.67% complete, we have actually paid off 44.96% and are ahead of our target by £1,314, which puts us in the green and on target!

Since the challenge started we have paid £17,941 off the mortgage and have 21 months to clear the remaining £21k.

Cheers,
Jock.