2010 MF Wannabes

wynnvegas

Morning Pencekeeper,

I've been looking forward to that post for a good while now and your stat attack did not fail to impress. My heartfelt congratulations and best wishes for everything the future holds. From those of us that are AGES away from paying our mortgages off, we salute you!!

Cheers,

Billy

pencekeeper

Thanks for all the positive replies - they've made my morning even better

black taxi:

£91K over 20 months averages over £4500 payment a month (not including interest). That plus other bills and living expenses would need a 6 figure salary (I'm not half way to 6 figures!).

So I did use some savings that had built up which now means I don't have much left (enough to live on for 4-5 months though).

gratefulforhelp:

What now? Um, enjoy the weekend surprising my family as they know my general goal but not how close I've been. Compose something for the MF roll! And boring but build up some savings whilst I still have a job but maybe with slightly slackened wallet strings :P

wynnvegas:

Cheers mate. Don't worry, you'll get there 1 day! In fact I'd be surprised if you didn't post in the MF roll before me!

Kerry_Woman

Pencekeeper - Congrats on your great news.

black_taxi_2

just use your full isa allowance £10680-£890 a month -into stock an shares

ftse250 accum units tracker fund 0.27% t.e.r.

thats what im dong when im MF

ElusiveLucy

Well done pencekeeper - you lucky thing, it's a great achievement.

#192 here with October's update. I was hoping to pay more than my "standard" OP of £500 this month, but haven't got round to it.

Still, I am now well on target to reach my original goal for 2010 (£5,000) :j and am hoping to make it a total of £6,500 by the end of the year. It might be a bit ambitious though with xmas coming up!

kizzie01

No 90 checking in.

Payment for October £421.82

Might be less next month with Christmas to start paying for.

Cheers

froddington

No 128 - OP of £220 made today

Congrats to pencekeeper :T

wynnvegas

Afternoon All,

Wynnvegas signing off! After a protracted battle with HSBC who will soon have me as an ex-customer after failing to show the requisite amount of enthusiasm in the most recent phone call, I'm delighted to follow Pencekeeper in announcing that our mortgage has now also finally gone away. over the last 22 months, we've managed to live frugally enough to knock off the £70,000 that was outstanding plus all the accrued interest in that time. The plan is now to have a bit of a blowout for November before getting down to a few niceties about the house, planning Vegas 2011 and beginning our hunt for a nice bit of land to build the big fancy house that we've decided we really need. I may yet need another mortgage in time but it is very nice to know that we have pretty much guaranteed ourselves financial freedom and flexibility well ahead of schedule.

Here comes the maths bit!

Mortgage Payment - October 2010 £0 - 2010 - £8,270.60
Interest Payment - October 2010 £2.57 - 2010 - £224.01
Overpayment - October 2010 £2,500 - 2010 - 23,450.84
Mortgage Outstanding - £0

This is officially 19 years, 5 months and 2 days early as at our original 25 year term but it's probably 11 years ahead of our intended schedule when we first got the mortgage. We fancied being mortgage free (as a notion) at 40 and we've managed it at 29. There's a long-winded Wynnvegas diary kicking about somewhere which goes on about the varying degrees of sacrifice and commitment to the cause but there was no great secret to it unfortunately - work hard and pay off as much as possible every month - dull but effective in the end.

I'd like to thank everyone on this thread for all the support and encouragement that flies about for the good and bad news. I can particularly think of babies, promotions, illnesses, a cancer scare, hundreds of thousands of pounds worth of overpayments and millions of tips about how to make every penny stretch that wee bit further. Without the encouragement of like minded nutters, I don't think today would have been quite the same! Cheers to you all and all the best for the remainder of 2010 and beyond.

Cheers,

Billy (#17)

Luv2Budget

I just want to say congratulations to pencekeeper and wynnvegas - what a fantastic achievement!

I'm hoping to join you in just over 3 years time.

I

nellis10

Congratulations to Pencekeeper and Wynnvegas!!! More inspiration motivation for me to get on the MF Road too!!

Talking of which....is anyone starting up a 2011 Challenge yet? I need 2 months to get meself sorted and I want to be ready for action January 2011!!!