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

scottiedog

scottiedog wrote: »

Hello everyone can I join please?
I have been following this MFW thread for about a year now. We cashed in some off our savings to throw at the mortgage and have overpaid for 10 off the last 12 months. We have reduced our mortgage from £66000 to 49500 in the last year - and that in itself is a fantastic feeling. We won't be able to pay anymore from our savings towards the mortgage because we are keeping that as a buffer incase of illness/job loss/ emergencies etc. So I think by joining this thread it will be the incentive I need. I hope to have cleared the mortgage by the end of 2012 - with a lot of hard work.

Scottiedog

Sorry Iv'e just realised the amount I have put in above is incorrect - the mortgage is £39500 (not £49500)
Scottiedog

shaz_mum_of__2

Hi there can I join in we would like to pay off our mortgage in full so my hubby can retire early and live on a smallholding being as self sufficient as possible

Already do a lot of OS stuff but rarely venture to the money threads the mortgage is roughly 58K will update when we get a statement next week if thats ok

off to read the rest of the thread

see you soon
Shaz

see you soon

Courgette

Exciting - we're nearly ready to go! :beer:

My aim is to pay off my £30k mortgage by 12/12/12. Currently have £7k in rainy day savings so am actually 'only' £23k in the red - paying off £638.88pcm x 36 (including what I'm paying each month anyway) clears it. It'll be tough especially as we're trying for a baby now so will have maternity leave to factor in but we're up for it!

Good luck everyone :dance:

Floxxie

Good luck Courgette!

tiddles

Hi!

Please could I join the 'mortgage-free in 3 years' challenge? Hubby and I owe approx. £80000 and intend to pay this off using the proceeds of two endowments and overpaying by £500+ per month on average. We'd love to take early retirement and live a simple life in the countryside in France!

Thank you!

Tiddles

twinklie

I wish we were aiming to pay our mortgage off completely! A reduction will have to do for now though. Boo....still, there is always a small lottery win or the premium bonds! I'll get it paid off somehow!! :rotfl:

I'm getting excited that it's nearly the start date in either case!! Woop woop.

shaz_mum_of__2

So where do i start ? hubby is going into halifax to get a statement and ask about overpayments (restrictions etc)

i am assuming that switching might not be good as we have just over 2k in fees to pay if we do plus any charges for arranging new mortgage and i guess the new lender would not be happy if we pay it off too quickly....................total newbie regarding mortgage stuff so be gentle and talk simply......:rotfl:

Also.....We do have 20k of savings , but we cannot use it to pay off as it technically is hubbys daughters college fund which will be paid incrementally over 3 yrs starting next summer we have a smaller pot of savings and both have full isas (for the last couple of years) so would offsetting be a good idea or justify the tranfer fees and penalties ?


Thanks

Shaz

weezl74

Hiya shaz, long time no see!:kisses3:

Are you on a fixed deal with the halifax, and what's the interest rate?

I think all of their mortgages allow a 10% overpayment.

Do you think paying the £20k off the mortgage would free up enough for you and DH to give his daughter her chunks by saving for a couple of months, giving it to her then doing the same again?

All the bestest in your challenge, I look forward to progress reports

Weezl xxx

shaz_mum_of__2

Heyup weezl

we are all fine hows you and ferg and acetate monkey ?

the current mortgage is a bit complicated some is tracker(1.25% as of aprils statement) some is fixed (5.85%)and some Standard variable rate(3.5% as of aprils statement) not sure how much of each though as hubby had the mortgage before we met its the fixed part that will attract the repayment charges

Is that 10% per month ? we were hoping to overpay at least 30% extra a month

We had considered using the savings and the re saving it but not sure i like the idea of the pressure it would put us under to recoup it although I understand it may make more sense ..................i have just never thought of it as our money ,luckily his other daughter will get a scholarship (they live in the states) We also have to pay to visit them next year too but just flights and spending money as his ex will put us up ............................i know it sounds weird but we all get on ok and apparently their house has an annexe so we can have our own space (they stayed here last year for a month,but just the girls )

weezl74

shaz_mum_of__2 wrote: »

Heyup weezl

we are all fine hows you and ferg and acetate monkey ?

the current mortgage is a bit complicated some is tracker(1.25% as of aprils statement) some is fixed (5.85%)and some Standard variable rate(3.5% as of aprils statement) not sure how much of each though as hubby had the mortgage before we met its the fixed part that will attract the repayment charges

Is that 10% per month ? we were hoping to overpay at least 30% extra a month

We had considered using the savings and the re saving it but not sure i like the idea of the pressure it would put us under to recoup it although I understand it may make more sense ..................i have just never thought of it as our money ,luckily his other daughter will get a scholarship (they live in the states) We also have to pay to visit them next year too but just flights and spending money as his ex will put us up ............................i know it sounds weird but we all get on ok and apparently their house has an annexe so we can have our own space (they stayed here last year for a month,but just the girls )

We are well, and another bump is due March 2010:j. Another boy

10% per year as a lump sum usually. You can pay more off each month by reducing the number of years left on the mortgages, this will increase your monthly payment and achieve the same thing (they do it without an admin charge, but it used to be £10)

I see what you mean about the college fund.... Hmmmn I'll leave that question to someone cleverer than me!

Yay for America trip :beer: