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

RosieTiger

And with inflation faling slightly ( albeit the BoE and Govt. having no idea why !!!) we should at least see interest rate staying as is for a bit yet.

black_taxi_2

think of all the disposable income we will all have once mortgage is paid off---you will feel comfortably off

provided you dont go crazy---more debt/loans/bigger house which u cant afford

RosieTiger

Currently working out some options for pulling from ISA to mortgage account. Decided now that we want to get the mortgage down, big plans as a share option is maturing soon!

abouttimetoo

Hi all, wow, half way through the challenge already, I can't believe it, where does the time go to!

Regarding the percentages of salary to the mortgage, my average for the last 12 months has been 37% of my net salary has gone to the mortgage (that includes normal payment + OP) I really belive that I could do so much more but things keep cropping up but that said I know I could focus better and do more.

Onwards and downwards, thanks for all the inspiration and motivation you all bring to this thread

black_taxi_2

rosie--id keep cash-isa going--interest rates will rise -use share option

but im not a financial adviser--just have a good think

RosieTiger

black_taxi wrote: »

rosie--id keep cash-isa going--interest rates will rise -use share option

but im not a financial adviser--just have a good think

Thanks. In typical fashion we have gone for a compromise and kept one going. We have exited some of the shares we owned, mainly due to watching fluctuations playing havoc with our mortgage less savings position. The view we are taking on the option which we get at the end of May is that we won't miss what we have not had.

We tend to work out the difference in value between the savings rate and the mortgage and while it might be mathematically better, seeing the far lower number on the mortgage just becomes too tempting. Like everything, it's a personal call although I would not want to encourage others too strongly in doing the same either.

greent

No 117

Hello all, have lost the plot recently and not sure what I'm meant to be posting & when, but April's OPs were £556.84, bringing YTD t0 £3272.36

Re % of salary to mtge, we draw £1054/ mth salary between us from hubby's company last year - monthly mtge DD was £1250...

Jonesy_Bonesy

Hi All

Sat here a bit drunk sipping champagne! Had a letter today from the bank confirming that the mortgage is fully paid off and the account was closed :beer:
I've managed it with a combination of hard work and effort, combined with a big slice of good luck.

From the 1st MFi3 challenge and into this one we've paid down from 95K to 53K. At the back end of last year I found out I was going to be made redundant which was extremely stressful as I am the only earner. The company did offer a generous package and I was able to pay the remaining balance off in full with my redundancy payment

To top off my good fortune, I had managed to line another job up in the same field which is a bit less paid but more than enough, especially with no more mortgage payments coming out.

I'm 37 and mortgage free. We won't be moving as we had an extension last year. Hasn't quite sunk in yet, but I'm so happy and wanted to share

Thanks
Bonesy


P.S. The champagne was a leaving present - I didn't buy it myself!!!

Kaz2904

YAY Jonesybonesy! Espescially moneysaving too as you didn't pay for the champagne

gerbiljo

CONGRATULATIONS jonesy