It did not take 8 years, it took 5 years 8 months

mintymoneysaver

Well done! Hope this isn't too nosy, but that must have been a huge mortgage or a smaller mortgage but over a much smaller time frame...

susank

I refused the chaps payment and used online banking over 2 days (from my account in another bank) to pay mine off and they were not pleased at all but I was not paying for chaps.- in the end there was a credit balance of £25.00 or so so was credited to my other account in the same branch.
Again well done you.

lil_me

Wow well done, the monthly £2763 is one stonking payment to say the least, hope you enjoy the difference it makes

halloweenqueen_2

Well done funky!

Thefunkygibbons

mintymoneysaver wrote:

Well done! Hope this isn't too nosy, but that must have been a huge mortgage or a smaller mortgage but over a much smaller time frame...

I had to edit some threads as I originally thought it was £135,000 but in looking for the paperwork for cancelling the insurance, it was actually £175,000 a figure that the wife confirms, so much for me being the financial wizard

So it was £175,000 taken out in December 2000, and cleared in August 2006, thanks to regular overpayments (just by being a tightwad) and in the end some share options growing due to a merger at work

esthomizzy

What are you going to do with all your wonga now funkygibbons?

and well done btw

Susan_C_4

FunkyGibbons - you are an inspiration!

Best wishes to you and your family.

Sue

CheeseOnToast

Well done mate.

Do you mind me asking how old you are? and what you do for a living?

I bought my first family home last year (aged 21) but I took it out over 40 years. I am going to start overpaying by £50 every month I can now which would bring it down to 29.2 years, which is at least a little bit less scary!

I too though want to pay off as much as I can and build a nice comfy life for the missus and baby but I can't see how I can do it with any oomph yet. I mean we want to move again in 3 years (better area for the baby to go to school), the houses in the area are going to be around 150-175K so.

Anyway, just thought I'd give you some background as you've inspired me too. As long as I keep moving up the managerial chain I should be able to swing something! lol

Redbedhead

Well done - bet it feels wonderful being mortgage free!

Thefunkygibbons

CheeseOnToast wrote:

Well done mate.

Do you mind me asking how old you are? and what you do for a living?

I bought my first family home last year (aged 21) but I took it out over 40 years. I am going to start overpaying by £50 every month I can now which would bring it down to 29.2 years, which is at least a little bit less scary!

I too though want to pay off as much as I can and build a nice comfy life for the missus and baby but I can't see how I can do it with any oomph yet. I mean we want to move again in 3 years (better area for the baby to go to school), the houses in the area are going to be around 150-175K so.

Anyway, just thought I'd give you some background as you've inspired me too. As long as I keep moving up the managerial chain I should be able to swing something! lol

I am 38

I think I have said before that I did not have the best of starts, and was the oldest of six (five at the time) living with my mum on benefits. Therefore I have always had a strong security need and have been careful with money

I trained as a Chartered Accountant, so I admit that I am well paid compared to most people

However, I work with people who earn as much or more than me, but because they do the keeping up with the Jones piece, that they not only have a mortygage that will last 25 years, but some of them have other debts on the side

As I have said before, this is the third house (and the last one until the kids move out) and with the first the overpayments started at £50 a month, but it does all help

The key is to think hard with every payrise as to how much can go off the mortgage, use a mortgage pig or mortgage matrix if those help, and remember the Grand Purpose, as this will help you stay on the straight and narrow

Best of luck