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Originalmiscellany's MF dreams
Comments
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Hi OM,
I have an offset mortgage with FD, we have a fixed rate until October 2012. The term of the mortgage is 15yrs.
My understanding is that we can "take back" any of the mortgage money at any point of the 15 years but once the fix ends it will be at the SVR. We can also pay off the mortgage (and close it) with no penalty once the fix ends.
I imagine any additional borrowing will be at the rate of the day.
Hope that helps!Saving for an early retirement!0 -
Yes Imelda, something like that is what I thought - but it's always nice to use the wisdom of crowds to ensure I am thinking on the right lines...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
A little overpayment of £250 made tonight..Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
And being "rock and roll", I've spent a few hours working on google spreadsheets designing and creating tracking spreadsheets to replace cake's spreadsheet and also to get one up and running for next year for someone on this board. Really wild life I lead isn't it
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Thanks for picking up the baton on the 2011 challenge OM. I found it really useful last year in particular, but my focus is more on the MFi3 as I get closer to the finishing line. For those starting off and maybe not yet in the dedicated stage it is great to chart progress in small steps.
Good luck with your own journey, looks like you are almost there, so whats the grand plan for you?Completely Debt Free 2009:j
Completely Mortgage Free 2013:j0 -
No prob Someday Soon - LIke you I've found it really beneficial to have a spreadsheet to give some focus to your saving desires.
Plan is to finish this year with a bit more paid off, then clear my stoozed credit card, then clear the mortgage by August 2012. Still got the joy of a little baby coming along too which will totally change everything!
I think it's get things in place to give some freedom in our bills to allow us to enjoy the baby.
That's for 2012 though... Getting through this week is the short term objective
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Last payment from me for the month - £350 off. Am hoping to get a little more money out of the wife tonight, in order to top up Nov's payments too...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
And I've opened an e-saver with first direct. They boast a great saving rate for the next 12 months and it took 1 minute to apply online as I bank with them. Let's see how I can start saving a little bit, alongside clearing the mortgage which will take more of a back seat next year.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »Am hoping to get a little out of the wife tonight
:eek::rotfl::eek:
Good luck A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
It worked! £400 from MOM - just the job Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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