Mortgage Free by 40 Challenge!

hillcats

Just noticed the close username, but no posts from hillycats? An error maybe ?

Welshlassie wrote: »

This is the official "Mortgage Free by 40 " challenge thread.

Below is the list of challengers, their allocated challenge number, .........

4 hillcats - November 2015 - £88,987

6 hillycats - Jan 2017 - £160,400 ???????????????

Thanks all, looking forward to getting to know you and clearing these mortgages. :j

skaps

pencekeeper wrote: »

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

It is that high - so am overpaying a little at the moment.

I need my mortgage to go down by £5000 every quarter - its more likely to be £700.

chirpchirp

Skaps, I'm guessing you are on a fixed rate. Is it possible to to come off it? It's possible that paying the ERC would benefit you. Check Martin's ditch your fix calculator.

skaps

I have tried to come off it but as my LTV rate is very high I wont be able to find another mortgage. Thanks anyway. Am stuck on this rate till October 2011.

pencekeeper

skaps wrote: »

I have tried to come off it but as my LTV rate is very high I wont be able to find another mortgage. Thanks anyway. Am stuck on this rate till October 2011.

Nevermind - at least you are aware of how much it's costing you a day, and I'm sure you'll take opporunities as they come up.

That's alot more than what most people with a mortgage do

pammyj74

skaps wrote: »

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

blimey :eek: how much is your MP?? thats shocking!

am just about to fill in the progress form and it asks for amount OP this quarter is that April/May/June?

edit sorry should read more before I ask March April May!

pammyj74

Welshlassie wrote: »

This page will hold the link to the current challenge sheet, this lists all the current challengers, with their start date, end date, mortgage amount they will be paying off. I have used the first day of your end month for ease of calculations and to preserve your complete birth date to reduce the risk of ID theft

This challenge will be run on a quarterly update basis with the first quarter running from 1 March 2010 to 30 May 2010. The final column in the challenge sheet therefore is the amount you would need to reduce your mortgage by each quarter in order to reach your target.

Progress sheets will be published quarterly by the 15th of the month following the end of the quarter, meaning the first progress sheet will be published on 15th June 2010. Updates can be provided by using this form preferably.

Challenge sheet

As the weeks and months go on I will tweak the sheets to show how we are progressing so will hold off publishing a link for the progress charts for the time being, but promise it will follow soon.

Sorry if I am being really thick here but the last column figure is stumping me
Does this figure mean how much we have reduced the mortgage by? or the amount we have paid in total with OP or the amount just OP'd?

sorry if this is a daft question!

I think I see it as the capital come off the balance so my start in March was £80,655 and its now £80,099 so the last figure paid off would be £556? Is that right?
This then means that I am not on target as I need to have a balance difference each month of £720

katym79

Hi there. When i signed up to this i quickly put down a rough estimate of what I owed on the mortgage - however got my actual balance today and it stands at £100,804.70.
Can it be amended on the form? Might dance a little jig when the balance drops under 100k!!

chirpchirp

Will you put the jig on youtube so we can see it?:j

katym79

Gladly Chirpchirp!