Mortgage Free by 40 Challenge!

Norman_Bean

miss_corerupted wrote: »

omg that's brilliant!

i've had a bit off good luck as well i've had my ppi back from northern rock (£2600ish) only had to send 1 letter so dead chuffed.

that will come off my cc but that brings my plans forward by about 9 months so woohoo!!

:jThat's great news :money:
Well done!

MarieAAP

OMG

I just got a statement through the post, and as of 28.02.2010, I only owe £2,710.81. Repayment admin fee is £175 = £2,885.81, with 14 years and 1 mth left.

I think I should change this challenge to be MF by 2011 :rotfl:

M

pammyj74

No 17 saying hi guys

wow thats a great amount to have left Marie, I challenge you to pay it off by xmas! no make that summer :rotfl:

well done miss_corerupted on your ppi claim, I am going through the same myself but the person that is helping me isn't being that helpful and I am wondering whether to just do it myself! You'll hear me scream if it all goes through as it will be a few grand!

Sorry just saw this thread and that my name had been added I remember showing an interest in your other thread.

my mortgage at the moment is £80, 655
Am hoping that I can OP at least £200 next month to get it below £80k :j

Oh and I have just worked out on the rate I am on at the moment SVR 3.5% I would have to pay £850 a month to reach my target. Doubt I could keep that up for the next 9 years!!!

MarieAAP

I know its amazing, I couldn't believe it when I saw the amount.

pammyj74 wrote: »

wow thats a great amount to have left Marie, I challenge you to pay it off by xmas! no make that summer :rotfl:

Unfortunately Pammy, we get married in woot 4 weeks and 3 days, so we are still franctically saving up for a honeymoon. :j

And after that, the car will need replacing, and as the OH is aiming to be learning to drive by the end of the summer, we need to get something a little bigger than my rusty clio.

So being mortgage free by the end of the year, will make it a little too tight, so by our first anniversary, would be a good date to aim for - thx for the idea

M

Welshlassie

A very quick post to welcome our newest recruits

31 u02ja3
32 cherylypop
33 lil.mouse

After Wednesday work finally goes back to normal so I'll be able to have a good look at the spreadsheets and thread to get it back up to speed.

pencekeeper

OK, some bad news and some good news.

Bad news: work look likely to say no to my request for private car allowance rather than stick with my current 4 year old company car (I'd have been much better off)
Good news: this means i can put the money I'd set aside to buy car into the mortgage

£4,200 car money + £1,600 overpayment + £375 mortgage payment (£48 of which is interest):

Old Mortgage balance: £23,400
New Mortgage balance: £17,300

Milestone achieved: Now under 1 year remaining at current repayment rate
Milestone achieved: In the teens
Milestone achieved: <£1.50 interest a day (was £1.60, now £1.18)

New target: Repay mortgage by end of calendar year which is just possible assuming keep job etc (Old target was May 2011)

skaps

How to you work out the interest per day on your mortgage?

chirpchirp

Lol just did this on another thread. Interest rate x amount outstanding divided by 365

skaps

My interest is scary its £51 per day!!!!!

pencekeeper

skaps wrote: »

My interest is scary its £51 per day!!!!!

Are you sure that's right? That's over £1,500 a month which isn't impossible but pretty high!

Edit: Though I've seen you mortgage when you joined the challenge was £236,000 which @ around 7.7% or so would give you that figure. Is your mortgage rate that high?

Added incentive for overpaying