Mortgage Free by 40 Challenge!

pencekeeper

katym79 wrote: »

Gladly Chirpchirp!

Looking forward to it

Welshlassie

pammyj74 wrote: »

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

The figure in the last column is the amount you would need to pay off each quarter in order to reach your target date (this won't change throughout the challenge). Remember that this is a long term challenge and circumstances would hopefully change over time and even if you aren't on target now, as time progresses so will your earning potential or disposal income etc that will mean you can pay off more.

I have no hope of paying off the amount I need each quarter to read my target at the moment, but know I have things coming up in the next few years that will hopefully exceed my target for a period of time.

On the update form you can either give the amount your mortgage is now or the amount you have paid off (or both) I can then work out what your position is.

Hope this helps. I'll be having a big look at this later this evening to update the first few posts.

mortgagenomore_2

Hi just clocking in with my current amount being £31,850.00 so pleased to have past another milestone under the 32k! i have cc debts of approx 13k which i am trying to bring down parallel with paying as much as i can into my mortgage so not managing as much as i would like but every little helps as they say!

IF OFFSET 0.55% above base rate!

Well done to all we are all doing so well!

cake21

Just saw this challenge in pammyj74's signature :T would love to join please! This is my personal challenge, so far on target for getting it paid off at the age of 39 years and 10 months :j
(have completed google form)
Thanks for setting this up Welshlassie.

u02ja3

Hi all! Great to read that other people are making great progress! :jBecoming a bit obsessed now with overpaying, just want it gone! Should be under 90k after this months payments, a nice mental boost. I don't think I filled out the form properly to start with, have done an update form, hopefully that'll fix it?
Now go just over 90k to pay, on SVR at 3.5%, but according to martins calculator it could be paid off in about 9 years at this rate if only interest rates would stay low for a bit longer!
Out of interest, how much do you guys keep in a rainy day/emergency fund? We've got about 3k, in case the boiler goes/car needs replaced etc, is that enough? Or should i put some into the mortgage?

pencekeeper

u02ja3 wrote: »

Hi all! Great to read that other people are making great progress! :jBecoming a bit obsessed now with overpaying, just want it gone! Should be under 90k after this months payments, a nice mental boost. I don't think I filled out the form properly to start with, have done an update form, hopefully that'll fix it?
Now go just over 90k to pay, on SVR at 3.5%, but according to martins calculator it could be paid off in about 9 years at this rate if only interest rates would stay low for a bit longer!
Out of interest, how much do you guys keep in a rainy day/emergency fund? We've got about 3k, in case the boiler goes/car needs replaced etc, is that enough? Or should i put some into the mortgage?

For me it's the mortgage payment time of the month - yay. Looking forward to seeing the balance go down.

I fully identify with being obsessed and impatient to get rid of it. I keep around £1500 - £2000 handy in case, which would last me 3 months or so if I lost my job.

pencekeeper

New mortgage balance today (well, the balance changes everyday but you know what I mean)

Worked hard to reach a special milestone today, and decided to cash in my £1K of premium bonds to do it. They only gave me £75 over 9 years so they weren't exactly doing me much good anyway.


£1,000 premium bonds + £1,500 overpayment + £380 mortgage payment (£35 of which is interest):

Old Mortgage balance: £17,300
New Mortgage balance: £14,400

Milestone achieved: "Pence interest per day" - <£1 (was £1.18, now 99p!) :)
Milestone achieved: <£15K outstanding

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

shangaijimmy

Not sure where this challenge is upto for dates to report in. So for a quick update from us - things are going really well and we've moved below the 155K mark thhis month.

Welshlassie

Hi guys,
Firstly big apology, I'm really sorry I haven't deserted you. Reason I have been AWOL is because I've been quite poorly for the last couple of months as I'm 12 weeks pregnant. Have been very tired and struggling with a lot of pelvic pain. Hopefully now on the up though so should be able to focus on this more in the coming weeks.
TTFN

wantabetterlife

Congratulations Welshlassie. Thats brilliant news :j:D:j