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

loopy-juice

I over pay approx £900 per month. The NW took £1000 on the 25th Dec but it has not yet come of the mortgage. That is now 2 + 1 days later. I have mailed them to go back to the date they took the money and adjust the capital so that I have not paid them any extra in interest. Only pennies I know but better in my bank than on the mortgage.

chirpchirp

First overpayment for the challenge will leave my account on the 30th but I will be without internet access then. I calculate it to be £1107.03. My payments during the challenge will almost certainly imply that I'm not meeting my target and I'm still unsure how to get around this. This is because I am paying some money directly to the mortgage ( amount as given above for this month), some money into a S&S ISA which I won't cash in until I am near my mortgage free date, this is £300 a month which I think is a significant amount not to be calculating and other monies into savings.

I'm in a quandry about what to calculate, as until the money is paid off the mortgage I don't feel able to count it in case something really major crops up and I need to use the money for that not that I can actually think of any possibilities apart from a new car which hopefully won't be for a few years yet. Meanwhile I keep a reserve in my current account which should cover anything up to £3000!

However, I'm logging £207,000 here as my net debt which takes into account all regular savings, approximated S&S values and actual mortgage amount at the start of the challenge, 12.12.09. This is so I have an amount to compare with in three years time. If using this figure then I would like my amount to be down to £123,251.

Daisy_Duck

Good morning!

Could I join in please?

I'll look up our current mortgage balance and post back with it later

Hope everyone has had happy holidays!

DD

RoxieW

hi all - failed miserably up to december but am classing that as a practice run Current balance outstanding is £44000.
Goal to pay off in 2010 - £7000. Which should be achievable - hopefully lol

egon

Hi,

I haven't posted in ages, as life is just to hectic.

But I've now sat down over Christmas with a new spread sheet and now I am hoping to say hello more often!

Egon

must_stop_spending_2

Hi all,

Festivities over, its time to knuckle down, so I'd like to join this challenge too. New mortgage following a move in November - first payment goes out 1st Jan 2010, so ideal time to do this - had been planning on being mortgage free in 5 years, but this will give us a kick start.

Current mortgage £73k
Plan to reduce it to £20k by 12/12/12

First overpayment going out this week - £6k

:beer:

financialbliss

Hi all,
Just added 3 new challengers in to this quest today:

196 Daisy Duck
197 FreedomGirl
198 must stop spending

and I've PM'd you too.

Remember, entry to challenge only open until 31st December, so not long now...

Financial Bliss / Maz123.

shaz_mum_of__2

Hi guys

Just back from the H/fax and the lady was so helpful we have reduce the term of our mortgage to 7 years from 13 making our repayments just over £100pcm ( we had offered £200 pcm but she advised would better allow for interest rates going up!) also found out the different components of our mortgage 15,000 of it is subject to no overpayment penalties and is on a great tracker rate the fixed part is on a rubbish rate which ends in 18 months and has a 10% maximum overpayment restriction. (when we can overpay as much as we like)

We are planning a 5K overpayment in the next week or so off the main chunk then pay smaller amounts as and when during the year off the bit with no restrictions

Bit waffly but i know where i am now!

Good luck to everyone else ..we can do it!

shala_moo

Hi everyone, number 70 checking in.

Hope everyone had a great christmas:beer:

I've had some great news at work, i've now changed contracts which means i now get paid overtime, only about £40 a month but every bit helps doesn't it.. i have however succumbed to the Jan sales and managed to end up buying some furniture - £380 (including 9% cashback and 6% discount):rolleyes:

This is going to affect my overpayment for this month somewhat, however, i'm determined to overpay something even if its only £50!

Hope everyone has a great New Year!!!

loopy-juice

Right! Lets get this party started in here!!

£1,600 op today.

Balance left on millstone = £49,859.82

Where did the extra dough come from?

Emptied my paypal account of £180
Overtime for months salary of £400
Chucked the extra 20 in to make it up to £600

FEEEEEEELS SOOOOOOOO GOOOOOOD!