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

tattycath

Superfast_Gran wrote: »

Okay - here's where we are! Sold the house for a crappy figure but still way more than we paid for it 5 years ago and bought our new house for £% less than they wanted! Yeah!!! We move on the 23rd! Yes, of this month! As I'm sure you can all imagine, things are frantic here - so much so I got the balance of our mortgage for the update - and cannot find it anywhere!!!! Will have another look over the next couple of days and hopefully get it in in time!

That's brilliant!!! all the best for your move hun-hope it goes smoothly!! xx

Superfast_Gran

Thanks guys, it does mean an increase in our mortgage but it's a semi-detached bungalow with everything I need on the ground floor with 2 attic bedrooms for family to stay! We're both really excited - helps that we're on our 2nd bottle of wine tonight!!!!!!!!!!

cha97michelle

That is great news superfast gran. Great when a plan comes together.

abouttimetoo Sorry the tax man got it wrong. We were suffering too but the other way. For the past 2 years they had my hubbies tax code wrong and every month we were short and then we would have to claim it back from them. We contacted them on a lot of occasions and could never get it changed until this all happened with the tax codes for other people. It has affected a lot of people. I would definitely appeal to pay in a longer time span. Why should you be so out of pocket in one go? We couldn't afford to pay that much and would have to borrow, as would most people i imagine. Keep us posted how you are getting on.

curlygirl1971

Hi guys

Another milestone Wishing my life away.....but actually look forward to getting these deadlines behind me

* Closing balance for 12/03/11 will be £35121.64 (compared to £44035 without any OP's)

* Have OP'd £3798.00 since 12/12/10

* Have reduced Capital by £4226.01 since 12/12/10

* I have now reduced my term by 48 months

Op's have been financed by:-
* Budgeted amount
* Bonus from work
* Bit of savings
* Halifax Rewards
* Cashback
* Council Tax and bits of other cash budgeted and not spent

I had hoped to get bal at the £34999 mark - I have the cash but just not had opp to go into bank before 12th and make that payment and no private phone line at work. No matter - paying £123 at 3.5% earlier than 12th is hardly going to make a difference so won't get my knickers in a twist over that (Over other things - yes, but not over that)

Budgeted OP is getting squeezed at the moment - a couple of bills have gone up (Water, Gas, Elec) and due to increase in Car Insurance costs I've increased the amount I put away towards that every month. Have swapped the bulk of my shopping from Tesco to Aldi - working out well so far. Become MPG OCD. The good news is that my Council Tax has not increased this year :T

Big expenditures coming up - Boiler (Saved up for), Holiday (saved up for)....so not worrying about those

Waiting to hear if I qualify for the Halifax 'Goodwill' payment for those on SVR.....If I do then I reckon I will get about £800? Fingers crossed. Will hear next month.

Have updated googledocs FB - thanks for facilitiating & motivating month after month

Well done everyone - some inspirational progress being reported on this thread

Cx

lunar

ATT, so sorry to read your news. we are in the same boat almost, we had to pay just over £4000 in January. we only had a couple of weeks to find the money too.

I have just inputted our figures, we are still making the %20 overpayment directly that HSBC allow. We are also saving a lump sum for when our mortgage is out of the fixed period next year. I am not including that amount in my total so it looks like we are really lagging behind on the chart. We will look at the remortgage options next year and decide how much to pay off, we currently have %30 equity in the house so are hoping that we may get a better deal if we can save to take that up to %40.

We have about £10000 in savings and %10 of our house value would be £17500. we should be able to save this amount in time with some careful planning. Then I can spend ages repeating to OH why it saves us more money to have a lower interest rate on the mortgage than we would gain from having the money in savings.

Obviously we will need to save more than the extra £7500 needed for the %10 because we need to keep an emergency fund in the bank.

I forgot to add that since the last chart update we are debt free, so all that energy is now going into paying off the mortgage.

hoobydoobydoo

Just submitted my updated balance - £6418.73. I am sure that we wouldn't have achieved this by now without the challenge so I am truly grateful for the help and support available here.

Well done to everyone else, and hugs to anyone who needs/wants them!

Best wishes
Hooby

greent

117 here

Balance o/s = £87432.56.

opS are continuing, but at a decreased rate - OH has not had any work since 22nd Dec There will come a point when I may have to stop them temporarily, if no work turns up, but will try everything in teh meantime to not get to that point!!

On which note.. it's about time that I planted some veggie seeds

Penny_pauper

Hi Quick update.
Mortgage is standing at £143388.48 pretty crap as last quarter was £143,758.17! Into the last of my maternity leave so living off savings. Always knew we'd fall behind at this point so hoping to make huge strides in the second half of the year. Good luck everyone and keep up the over payments!
PP

ElusiveLucy

Well I've just blown an additinal OP thi smonth by scraping the side of my car along the OH's car's bumper and thereby damaging both cars. With my insurance excess quite high I think I will have to fund both the repairs......goodbye OPs for a while (sob) but I only have my own stupidity to blame I guess.

My car could wait a bit as a lot of the scraping has polished out, but there are a couple of scuffs and the alloy wheel is scraped. OH's didn't fare so well adn will definitely have to be repaired ASAP.

financialbliss

Evening. Afraid to say that of all the charts published to date, I'm probably the most disorganised for this one.

Need to create a temporary holding chart to add the chart 05 figures in, then copy to the real chart 05 on 12th.

Going to be a push, so for once the chart could be published later in the day on Saturday 12th instead of sooner.

Don't worry though - it will get published on the 12th though - just a matter of finding some free time...

If you haven't put an update in just yet, please do so if you can.

FB.