Mortgage Free ASAP

pammyj74

OH MY WORD :j :j :j
That is truly fantastic, I am soooo thrilled for you. An AMAZING achievement.
Hope you will still pop in to us mere mortals still struggling along :rofl:

Fingers crossed you land on your feet with your new career too

CathT

Absolutely brilliant, what a fab way to start 2011!

Queen-Bee_2

@ Pammy - thank you. Everyone is so nice on here... I'd miss you all if I disappeared... given my derisory pension arrangements (I had an Equitable Life pension and lost £££s on what I'd invested in it :mad:), my next step - once I have improved the house a bit - will be the acquisition of a 2x bed flat as a buy-to-let (which I'll need to save hard for). At least my future will then be under my control and not a bunch of financial charlatans!!

@ CathT - yep, I can't wait! :T All I'll need then is a job in my new field and to start thinking about my next goal (see above). My days of 24/7 working however, are definitely over. I'm looking forward to a more relaxed lifestyle
QB

Lynn11

Good luck on your MFW date being brought forward to this January - not long now. Fingers crossed 2011 is a great year for you ie paying off your mortgage and trying to get a decent job which you like.

Queen-Bee_2

@ Lynn - thank you. The last couple of years have been very tough, so yes, I'm looking forward to better things in 2011 - paying off the mortgage will be a great start! QB

Queen-Bee_2

OK, the end is in sight!! This month's figures are as follows:
Actual payments: Jan, £3,980; Feb, £3,980; Mar, £3,980; Apr, £8,900; May, £4,058; Jun, £3,980; Jul, £3,980; Aug, £3,980; Sep, £3,980; Oct, £3,980; Nov, £3,980 (Total = £48,810 for year to date)
Original scheduled payments: Jan, £645; Feb, £645; Mar, £645; Apr, £645; May, £645; Jun, £645; Jul, £645; Aug, £645; Sep, £645; Oct, £645; Nov, £645 (Total = £7,100 for year to date)
Payment over/above original estimate: Jan, £3,338; Feb, £3,338; Mar, £3,338; Apr, £8,254: May, £3,338; Jun, £3,980; Jul, £3,980; Aug, £3,980; Sep, £3,980; Oct, £3,980; Nov, £3,980 (Total = £41,700 for year to date)
Interest per day: Jan, £6.55; Feb, £6.13; Mar, £5.47; Apr, £4.37; May, £3.88; Jun, £3.39; Jul, £2.90; Aug, £2.41; Sep, £2.07; Oct, £1.43; Nov, £1.05
Mortgage balance: Jan, £51,230: Feb, £47,430; Mar, £43,620; Apr, £35,260; May £30,919; Jun, £27,050; Jul, £23,145; Aug, £19,250; Sep, £15,320; Oct, £11,350; Nov, £7,426
% of mortgage now paid off: Jan, 48.77%; Feb 52.57%; Mar, 56.38%; Apr, 65.41%; May, 69.08%; Jun, 72.95%; Jul, 76.86%; Aug, 80.76%; Sep, 84.68%; Oct, 88.62%; Nov, 92.57%
% of house now owned outright: Jan, 91.74%; Feb 92.35%; Mar, 92.97%; Apr, 94.31%; May, 95.01%; Jun, 95.64%; Jul, 96.27%; Aug, 96.90%; Sep, 97.53%; Oct, 98.16%; Nov, 98.8%

The home leg... I'm getting excited, but this excitement is tempered by the bigger picture, extensive cuts within my sector and the need to secure a job. An expensive month coming up though, and given the work situation, I need to be very, very careful with my finances. Will make mini updates over the next few weeks as I approach my mortgage free date.
QB

LilacPixie

you are doing so fantastically well

pammyj74

That is truly the most amazing figures I have seen on this board and I am utterly astounded!!
Almost £49k payments so far is amazing!

A big well done to you :T

Queen-Bee_2

Thanks LP, Thanks Pammy

My rationale has always been to get rid of my mortgage asap to feel more financially secure. Once the mortgage is gone, I can start to address other areas of need, such as my pension, which has been moved to the back burner for a while.

Of primary importance however, is the need to secure work - and that is proving a challenge!

I started a part time Masters a little over a year ago, to facilitate my moving from one sector (which more of less evaporated in the early days of the credit crunch), to another, but the Government cuts are having a catastrophic impact in my new field, where blood's being let left, right and centre. Consequently, I'm concerned that my studies might be taking me down another dead end.

If things continue in this vein for much longer, I am seriously considering a reversion to Plan A, which I documented at the start of my diary...

This would involve a return to university to retrain yet again for a very different career. Given my age and the fact that I'm currently pursuing a Masters in a completely different field, this is not my preferred option, but the way things are going at present, it seems I may have no choice.
QB

pammyj74

With your mortgage paid off, getting a job in ANY field would be better than none at all while you study.
Good luck with whatever you decide
x