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

Kaz2904

I agree with JonnyBravo, you're willing to pay an extra £360 per year to have the money sitting in the same spot?
Don't forget that if you withdraw your ISA money, it has then lost it's tax free properties. I think that's a risky strategy IMHO and I wouldn't do it.
We were caught by the interest rates unfortunately and paid 5.29% for 5 years. When we dropped to SVR the BoE base rate was 0.5% so we expected quite a drop. We dropped to 4.99%. We are at that level of debt where it is not worth our while to remortgage anywhere else because of the fees and we hope to be cleared before a 2 year product would be up anyway. Unfotunately this leaves us at the mercy of the BS because if they decide that our rate's going up, we can do nothing about it.
Right, off to update signature now too.

black_taxi_2

yeah-- i agree keep isa

someday_soon

mummyofonechild wrote: »

Is it too late to join in?

I can remember reading that and hoping you would be allowed to join. What strides you have made since then. You have done brilliantly, and you must be so pleased.

Fantastic work

Someday Soon

mummyofonechild

someday_soon wrote: »

I can remember reading that and hoping you would be allowed to join. What strides you have made since then. You have done brilliantly, and you must be so pleased.

Fantastic work

Someday Soon

That was me "please let me in, I promise to send all my updates" and I did

Will send my final one before June 12th

RosieTiger

Thanks for all the comments. It makes more sense when you see it as THREE HUNDRED AND SIXTY pounds being given away !!!

spidystrider

My statement came through today. I now owe £119,126 and have 14 years & 7 months left. I will go and update now :j

shala_moo

mummyofonechild wrote: »

Good Morning

Just a tiny update.

Today I am going to make a capital repayment of £1000. It will take about a week to clear. Next Tuesday my very last payment will be made by direct debit. It is due on 28th so would be too late to cancel. Then I will be mortgage free

Have a lovely day.

MOOC

What a fantastic position to be in :j:T:j:T

How will you be celebrating??

liuhut

My end of May payment has just gone out so will do my update. Mortgage stands at £56,520.
I'm managing to pay 500 off the balance each month so pleased with that. I have also managed to save $17,000 up, I keep moaning to my OH through that we are skint and I think he is starting to get a bit peeved with me. I think that I need to start loosening the reins a bit and sit with my spreadsheet to get a saving figure that we are comfy with....
I think I'm just struggling with the 'balance' at the moment...arh well.
Looking forward to seeing everyones updates

mummyofonechild

shala_moo wrote: »

What a fantastic position to be in :j:T:j:T

How will you be celebrating??

Thank You and havent decided yet, probably just a meal out

RosieTiger

liuhut wrote: »

My end of May payment has just gone out so will do my update. Mortgage stands at £56,520.
I'm managing to pay 500 off the balance each month so pleased with that. I have also managed to save $17,000 up, I keep moaning to my OH through that we are skint and I think he is starting to get a bit peeved with me. I think that I need to start loosening the reins a bit and sit with my spreadsheet to get a saving figure that we are comfy with....
I think I'm just struggling with the 'balance' at the moment...arh well.
Looking forward to seeing everyones updates

The balancing act is always difficult. Maybe agreeing on a slight loosening of the strings or a present when you reach a given target ???
We have tried to avoid temptation to spend by paying off the mortgage, but that's another balancing act to makes user you leave yourself with rainy day money.
Either way, making the progress you have already and building those savings up mean that you are doing incredibly well. Show him the expected MF date and hopefully he will get on board more??