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

Jock_Tight

Regular mortgage payment for April now off the account taking the balance down to £7,930

216 days and 15 payments to go

RosieTiger

Another milestone hit Jock well done!

RosieTiger

Strange thing about the fuels crisis some years ago was that the roads suddenly became a great place to cycle on. I couldn't help wonder how much more pleasant it would be if that was normal.

Kaz2904

Do you not think that "progress" has stopped this being a possibility for most people? I highlight the word progress with irony, we need cars because we're so short of time. We don't live locally to our work places any more and both parents generally need to work. It's really very difficult.
My DH has taken to walking to work. Firstly he dropped the very wasteful habit of coming home at lunch time which was great for me because he always used to wake me up! Then he started walking. He still needs his car for when I'm working though. I need mine because I can't get between the kids 2 schools in the time available and they're not quite old enough to go it alone. DS will go up to middle school in September so I'll be able to walk when I've not been on nights.
I now car share as often as possible with a friend from work but it's one only 5 shifts per month. Still it's a saving. It saves parking too!
We're just on the last bit of the slog and we have 13 payments to go!

glitterball

OOPs forgot to update in March but I'm still over paying:)

chickadee

I am getting so close to the finish line now. At the end of March I managed to pay a decent chunk off the mortgage (£1.334) and my balance now stands at £3,651.

At the moment it looks like it will be paid off by the end of July. I have a few costly things happening over the next couple of months - car service, holidays to be paid for, etc. otherwise it would be paid at the end of June.

I can't quite imagine how I will feel when it isn't there any more. I'm trying not to wish the next four months away, but I'm getting quite excited. I don't really have any savings, so I think my first priority will be to fill up an ISA with some savings I can get at if I need to. The house needs some rather expensive work as well - new boiler, bathroom, etc. so I'm sure there will be plenty to spend my money on.

Well done to everyone else who is on this quest. Interest rates are low at the moment, but we'll all be well-placed when they start to rise. Keep going!

Trying_to_be_good

Great news Chickadee!

Last tax year was the first when I haven't used my ISA allowance - our offset mortgage rate is 4.49%, and I couldn't match that against the term of our fixed rate (which ends July 14), so I left the money in my offset savings instead. I'll do the same this year unless the rates get better!

My kitchen is nearly done, OH is half way through his tour in Afghanistan so even he is finding it hard to spend money, though he has plans to spend all his savings and allowances when he gets back! Seems a fair deal to me, given what it's like for the guys and girls out there, even if it does put the mortgage-free-ness off a bit longer. I think four to five years is realistic for us, alongside the house improvements we want to make.

Fortunately we're not into big holidays at the moment, and we scrapped my car when he deployed as we don't need two cars whilst he's away, and will see whether we need a second car when he's back.

Happy Easter everyone! :EasterBun :easter_ba :icotbaske

black_taxi_2

going for a short holiday beginning of may--portugal-6 days.also 1/2 yearly tax bill july.

so probably no o/p june/july.good news is i havent taken out a loan to cover holiday.

still on course to be MF 12/12/14

g/l all

TheBees

Quick update from TheBees - #80
We've had a very good Easter - my parents didn't give us an Easter Egg - instead they gave us a cheque for £20K to pay off half of our mortgage!!:j:j:j (The rest will be paid off in 2014 with the proceeds of our endowment!) :j
Due to us being on a fixed rate until July we can only pay off £4K now and as much as we like after July. And to avoid inheritance tax etc they're going to give it to us in chunks so the tax man can keep his paws off it!

Will promise to update for the next chart.

Good luck everyone.

gerbiljo

The bees that is fantastic, I wish someone would drop me an extra 20k!!