Mortgage Free by 40 Challenge!

MarieAAP

Congrats Welshlassie!!!

cha97michelle

Congratulations Welshlassie. Hopefully you will start to feel a little better now you are past 12 weeks.

skaps

I have got a new job which starts in September so am hoping that I will be able to put more money into the mortgage after this.

Norman_Bean

Welshlassie wrote: »

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

Hi Welshlassie - I've just seen your news ..... Massive Congratulations x x
I hope you're feeling better x

Am I correct in thinking you want our first updates end of May?

We have done really well this quarter being really frugal and tight :A and we have had a windfall of H's inheritence from his mum (who ISN'T dead!) so result all round.

We are saving lump sums and paying off each individual mortgage (we have 3) as we save enough money - on target to pay first in December so shall I just enter the amount we have put by?

Sorry for all the thicko questions!

Norman x

Off to try and work out filling in form.

Norman_Bean

skaps wrote: »

I have got a new job which starts in September so am hoping that I will be able to put more money into the mortgage after this.

Congratulations on the new job Skaps! :j

skaps

Thanks I am so happy. Still have not found out what my payrise will be but something will be going towards the mortgage, plus its a great career move for me.

Norman_Bean

Well done and fingers crossed for a MASSIVE payrise

Just noticed we're MFby40 neighbours! Looking forawrd to seeing your update.

Norman

skaps

Its not much only£854.40 off the total. Am just hoping the svr stays low when i get off my fixed rate next September so that i may actually be able to be mf by 40.

Norman_Bean

Every little helps! Well done x

pencekeeper

OK, some bad news and some good news.

Bad news: work look likely to get rid of me soon, or make me part time both of which will of course drastically affect my mortgage repayment plans
Good news: unexpected bonus this month, and the end is in sight.

£800 savings + £1,600 bonus + £1,400 overpayment + £375 mortgage payment (£29 of which is interest):

Old Mortgage balance: £14,400
New Mortgage balance: £10,200 (£17K paid off since start of year)

Milestone achieved: Now 6 months remaining at current repayment rate
Milestone achieved: Out of the teens (<£13K)
Milestone achieved: <£0.70 interest a day (was 99p, now 69p)

New target: Repay mortgage by end of November. (there is now a very real chance this won't happen due to job)