Mortgage Free in 10 Years - My MFW Diary

Hurdler

One of my dissenters is recently reconnected family member who was affected a lot when his parents (my uncle and his first wife) divorced. He feels he didn't get the same opportunities that the rest of the family got but he acts like those of us who went to university had our degrees drop in our laps and doesn't seem to realise that we all had to work very hard!!! I never realised this but apparantly my job in IT is tantamount to shooting puppies!!!! Who knew that tapping on a keyboard and obsessing over straight lines in architecture diagrams was so hazardous!!!

The other dissenter is a friend who seems to have a lot of problems with pretty much ANYTHING I do these days .. So I'm not really paying her much mind now. Ironically SHE has an issue with my looking to be a journo and probably dropping salary to about a third of what I am on now!!!

Talk about extremes of views!!!!

MFW_10YRS_4

Hurdler wrote: »

One of my dissenters is recently reconnected family member who was affected a lot when his parents (my uncle and his first wife) divorced. He feels he didn't get the same opportunities that the rest of the family got but he acts like those of us who went to university had our degrees drop in our laps and doesn't seem to realise that we all had to work very hard!!! I never realised this but apparantly my job in IT is tantamount to shooting puppies!!!! Who knew that tapping on a keyboard and obsessing over straight lines in architecture diagrams was so hazardous!!!

The other dissenter is a friend who seems to have a lot of problems with pretty much ANYTHING I do these days .. So I'm not really paying her much mind now. Ironically SHE has an issue with my looking to be a journo and probably dropping salary to about a third of what I am on now!!!

Talk about extremes of views!!!!

Its depressing when people are like this, but we have to remind ourselves that it's their problem not ours. I know people are hurting in these difficult times, bit its not our fault if house prices are so high that ordinary people are priced out, it's not our fault that interest rates are so low that people are getting zero return on their savings, it's not our fault that the credit crunch means that some people are struggling to get mortgages. We are just ordinary people who are trying to do the best for our families financially and to build some sort of security into our lives. If people have a problem with that, then maybe they really need to take a long hard look at themselves.

Hurdler

Yep ... I like to think that after some tough times recently, having an opportunity to clear this last debt is finally some good karma!!!!

MFW_10YRS_4

Lois_E wrote: »

Leave it over there and tell us about your mortgage.

I'm not sure if I dare, because I will be accused of 'bragging' because I mentioned how much I have overpaid on my mortgage.

Anyway, the plan is to blitz the mortgage while it is in a 3 year discounted tracker and then to fix with perhaps a 5 or 10 year mortgage that has an overpayment facility. Most allow 10% OPs which is quite a significant amount on a mortgage the size of mine, so should be sufficient.

I'm hopefull of paying off my mortgage within the remaining 9 years of my challenge but it's going to be a toughie.

Lois_E

So how far through the 3 years of your tracker are you? Did it start in May 2010? What rate are you getting on it?

And tell us a little about yourself - you say "we" are hoping to repay etc. Have you a partner? Kids? Even if you said all of that ages ago under your previous ID, it would be great to have it again for the benefit of the large number of new board members who've joined recently.

What are your favourite strategies for your MFW efforts? Do you prefer to focus on increasing income or decreasing spending?

mcc100

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MFW_10YRs
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Mortgage Free in 10 Years - My MFW Diary!

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Our Aim is to completely pay off my mortgage in 10 years. We bought the house in May 2010 and have lived there 1 year already, so we have 9 years left to go!

The first year in our house was spent repairing, renovating and decorating and doing some overpaying. The remaining 10 years will be spent doing all three but with more of an emphasis on overpaying!

10 years is a long time (but then we have a very large mortgage) so I will have smaller milestone challenges along the way. The first milestone started when I bought the house in May 2010 and it was started initially to help lower my mortgage Loan To Value (LTV) so that I could get a decent mortgage rate when my current mortgage period was up in 3 years. I decided that a 50% APR would be a good target to aim for because even if I missed a little bit, I would still have pretty much all mortgage products available to me to choose from.

My 3Yr 50% Equity Challenge (May 2010 - May 2013)
Date.... .. Valuation..Mortgage..Equity..... Equity%
May 2010..£450,000...£300,000.... £150,000...33.33%
May 2011..£450,000...£270,000.... £180,000...40.00%
May 2012..£450,000...£----,----.... £----,

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..---.--%
May 2013..£450,000...£----,----.... .£----,

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..---.--%
Last edited by MFW_10YRs; Today at 11:51 AM.

Strange ......