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

maz123_2

Hello Horse Owner, (aren't they expensive? only joking we have to live as well!)
The more the merrier, my own target of clearing the mortgage is very optimistic but there's no harm in trying.
I've got a drawer full of socks to darn tonight 'cause i refuse to buy any new ones, save the pennies and the pounds look after themselves!
maz123

travellady

Hello I'd really like to join this too as we have been saying we'd like to do this for a while now- it's time to take action! Think we have to say no to the TV we were thinking of!

Mortgage of £88,000 and would like to reduce this to 40,000 by 12/12/12.

Good Luck to everyone

maz123_2

I just thought that i'd come to let you all know that i'm re-mortgaging to first direct so my interest rate is coming down from 6.13% to 3.69% I'm not going to decrease my payments so i can over pay the extra money into that and also become a master stoozer!
travellady - I've just had my bedroom decorated and it would so suit a nice flat screen tv on the wall rather than the 17inch very bad pictured portable that i've got! I'm working on the theory that until anything dies, its not being replaced, Who needs channel 5 anyway?

Welshlassie

maz123 wrote: »

I just thought that i'd come to let you all know that i'm re-mortgaging to first direct so my interest rate is coming down from 6.13% to 3.69% I'm not going to decrease my payments so i can over pay the extra money into that and also become a master stoozer!
travellady - I've just had my bedroom decorated and it would so suit a nice flat screen tv on the wall rather than the 17inch very bad pictured portable that i've got! I'm working on the theory that until anything dies, its not being replaced, Who needs channel 5 anyway?

Nice one - are you remortgaging because your rate has come to the end or because you can get a better deal that will save you money??

I've considered changing providers as our rate is 6.39%, but don't we'll be able to get a mortgage anywhere now DH isn't working and I'd have to use all our savings to pay off the ERC instead of reducing the amount owed to give us a better LTV which is what I want to do with it.

FlowerPower

Hi everyone! It's my first post having lurked on this site for over a year. I'd really like to join this challenge please. I'd like to reduce my mortgage from £125k at the moment to £100k by 12/12/12.

Really looking forward to starting this challenge!

Little_Mama

maz123 wrote: »

I just thought that i'd come to let you all know that i'm re-mortgaging to first direct so my interest rate is coming down from 6.13% to 3.69%

So are we at the beginning of next month....I'm so excited! (How sad am I?:o) We're coming down from a fix of 6.25% but like you we are not changing the monthly payments. :j

LM

Kaz2904

Ooh, I'd not seen the first direct mortgages.
I'm a bit gutted that my mortgage company is one of the ones offering to release you fee free from your mortgage. I will have £3600 redemption penalty to pay up until June or July next year. Never mind. I wanted a 5 year fix for the peace of mind which I've had. Despite watching the rates drop constantly since I got the darn thing!

travellady

Little_Mama wrote: »

So are we at the beginning of next month....I'm so excited! (How sad am I?:o) We're coming down from a fix of 6.25% but like you we are not changing the monthly payments. :j

LM

Yes ours is the end of the fixed term this month and going to the variable rate with C&G so will go from 5.79 to 3.5%. We should have 16yrs left on our mortgage- originally we took out a 25yr mortgage 5 yrs ago, this time we are reducing our term to 10yrs which should still see us have money left to overpay too....

maz123_2

I'm paying the ERP its come to £1090 but the flexibility of being able to O/P by more than £500 is appealing. My current deal doesn't end till October 2010 but with the move i'm going to save £70/month so that will be a little better, ( 23 months remaining * £70 = £1610) i think the extra flexibility and lower payments will mean that i can O/P the £500 currently allowed with N/wide, ( and managing) + £70 saved by changing mortgage + £80 child benefit (currently accumulating) and any extra i manage to beg borrow or steal!
I'm basically planning on throwing everything i can at the mortgage, i've done some stoozing only small amounts and i'm hoping to take this to the next level as well.
I am going to regularly claim back my mileage from work as well as i'm a pain for forgetting to do this and now have 3 months to claim back, this'll prob be about £200 that i don't budget in so these extra's can start going into the mortgage.
I'm 40 in 2012 as well so that's extra motivation!:eek:

Kaz2904

Kaz2904 wrote: »

Ooh, I'd not seen the first direct mortgages.
I'm a bit gutted that my mortgage company is one of the ones offering to release you fee free from your mortgage. I will have £3600 redemption penalty to pay up until June or July next year. Never mind. I wanted a 5 year fix for the peace of mind which I've had. Despite watching the rates drop constantly since I got the darn thing!

D'oh, obviously, I meant Is not!