My quest to be mortgage free by the end of 2012

mummyofonechild

Hi,

Having been inspired by lots of reading, I too have plans to be mortgage free by the end of 2012 (she hopes) As previously stated I was made redundant at Christmas 2008 but found a new job within 6 weeks. We currently owe about £21000 and had an endowment valued at £11000. I have cashed this in and am waiting for the payment which will then leave a balance outstanding of £10000. By keeping my original mortgage payments, over payment of £100 and redirecting the endowment monthly premium towards whats left of the mortgage, I hope to be mortgage free by the end of 2012.

My first £100 overpayment for 2010 has been made

It is only your stories on this forum which have given me the idea and the determination to carry this through so Thank You.

:T

kittiej

Well done mummyooc

You're so lucky to be in a position to pay off you mortgage in the next few years.

Keep us posted :j

mummyofonechild

Thank You Kittiej

Every year when the mortgage statement came the balance did not seem to be reducing. I found this website whilst unemployed for a short while. At that stage paying the mortgage off completely was the last thing on my mind. A year later things are better but something had to change to reduce the time and money spent on paying the mortgage, so here I am, without an endowment policy, but alot closer to paying it off.
We shall see what happens.
The best laid plans and all that...

setmefree2

mummyofonechild

Thank You Setmefree2 :beer:

mummyofonechild

Have just written a cheque to the mortgage company for £11230. This is from the endowment policy I cashed in last week. Reduces mortage down to £9950. Cant class it as an overpayment though but delighted all the same :j

setmefree2

mummyofonechild wrote: »

Have just written a cheque to the mortgage company for £11230. This is from the endowment policy I cashed in last week. Reduces mortage down to £9950. Cant class it as an overpayment though but delighted all the same :j

Nice one :T:T:T:T

Norman_Bean

Wow! That's fantastic - good luck x
We are also planning on being MF by end of 2012 (fingers crossed) but have a bit more than you to pay off <whispers> €80,000 <whispers>

Keep up the good work

Norman x

mummyofonechild

Thank You Norman, my target is also with fingers crossed but have kept mortage payments at current levels and endowment amount is also paid to the mortgage company so it is money we shouldnt miss. Good Luck with your quest and please let me know how you get on. It was only through reading other posts that I got the inspiration to join the challenge :beer:

Norman_Bean

will do :beer: We only decided to go for it in Nov so have spent the last month or so doing spreadsheets and crunching numbers.

I would never have even dreamt of overpaying the mortgage if it wasn't for MSE! It feels a bit scary actually writing it down in black and white on your thread so thanks for that x

Looking forward to following your progress

Norman x

mummyofonechild

Hi

Happy Easter everyone and hope you haven't eaten too many eggs :rotfl:
Time for a quick update. I am still making a small overpayment every month as I am not in a highly paid job. Little and often it will have to be. As at the beginning of April our mortgage is now down to approximately £9000. So as in the story of the tortoise and the hare, I am most definitely a tortoise, but will get there in the end :beer: