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

KazLA

I am very interested in joining this, I keep thinking we must overpay on our mortgage, but haven't got round to doing anything about it.

I can find out how much will be left nearer 12th Dec (around £97,000), and our aim will be to overpay by £50 each month - I just don't know how to work out what our target would be by the end of the 3 years

Karen

twinklie

I know what you mean lamorna. I'm bad for it as well. I wish weeks away at a time anyway though...the curse of the teacher!! Ha ha ha. Just muddle on through till the next holiday! :rotfl:

financialbliss

KazLA wrote: »

I am very interested in joining this

Consider yourself joined Karen. I'll sort that out sometime this evening...

KazLA wrote: »

I can find out how much will be left nearer 12th Dec (around £97,000), and our aim will be to overpay by £50 each month - I just don't know how to work out what our target would be by the end of the 3 years

Karen

Try this spreadsheet out. Taxi73 - may want to try this too.

1. Monthly mortgage reduction spreadsheet. See post no's 534 and 536 linked directly below:
http://forums.moneysavingexpert.com/...&postcount=534
http://forums.moneysavingexpert.com/...&postcount=536

Won't be absolutely 100% accurate, but it's a sheet that can represent your mortgage in a small number of rows over many years and you can adjust the mortgage rate, payments and overpayments as much as you like!

FB.

shangaijimmy

I've been playing around with this mortgage free thing over the last 6 weeks and am all prepped and ready to join the challenge.

By 12/12/09 we will have £158,000 and aim to reduce by £30,000 by 12/12/12.

So Count Me In!!

Horse_Owner

I can't believe this is up to 25 pages already. Good luck everyone. I am on a fixed rate until next June so am hoping that the low interest rate lasts at least until then. I have had no benefit so far

twinklie

Me neither Horse Owner...I'm fixed rate till Oct 2011!!! Rubbish.

maz123_2

Hello Twinklie and Horse Owner i was also on a fixed rate but looked into it and decided to pull myself out of it and go onto a offset mortgage. If your able to you might be able to decrease your term with your mortgage, if your able to, I know i did that (I was with Nationwide)
I'd got critical care with the fixed rate and soooooo could have done with it now. I cancelled it when i changed to an offset..........that's life!
maz

deefadog

I am stuck (on 5.19%) as well until Oct 20011 - 5k exit penalty until that date with NR - so i am sticking with it!

twinklie

Ours is 5.39%!!! :eek:
We also have a big exit fee but I will look into what you suggested Maz. Thanks.

taka

KazLA wrote: »

I am very interested in joining this, I keep thinking we must overpay on our mortgage, but haven't got round to doing anything about it.

I can find out how much will be left nearer 12th Dec (around £97,000), and our aim will be to overpay by £50 each month - I just don't know how to work out what our target would be by the end of the 3 years

Karen

Have a look here for some overpayment calculators! Its one of the stickie on this board. Its amazing what makes a difference... even me OPing £5 a month knocks off 5 months of my mortgage term - its very motivating!

I'm another one stuck on a fixed term (5.78%) for the next couple of years. :wall: Why didn't I have the courage to take the tracker I was also eyeing up at the time ?? My int rate would have been ~1.5% now... Actually even if I'd just dropped onto the SVR and done nothing I'd still be better off. :rolleyes: I'm too cautious for my own good sometimes. I should have learnt that every time I fix the rates go down - this is the 3rd time now... :wall: :rotfl: