The £100,000+ Mortgage Club

tleefox

Perfect timing for me as we move into a new house on Monday, so I'll join in.

Age: 26
(New) Mortgage Balance @ 14/11/11: £238,500
Term Remaining: 35 years

We have the option to repay by 10% per month / annum without charge which is what we're aiming to do.

dark^knight

Hi,

I'd like to join the club as well.

Original mortgage amount: £168,998.37
Amount remaining: £157,398.37
Projected MF Date: 01/07/2023

Fortunately, I have been Debt Free for over 12 months, and have overpaid the mortgage by £11,600.00 this year already.

Wish me luck!

fletch049

Hi,

I've got a mortgage for £110,0000 in 2006 coming to the end of my 5 year fix rate and still haven't even got below the 100k mark. I'm gonna try and paymy mortgage of with in nine years by over paying but i'll prob not make it as i've just had a baby who i think i'll be spending all my money on but i'm definately going to try and get mortgage free asap.

Peonie

fletch049 wrote: »

I've got a mortgage for £110,0000 in 2006 coming to the end of my 5 year fix rate and still haven't even got below the 100k mark.

Hi Fletch, good luck with your target.
Can I ask, what's your balance now, what's your official mortgage term and when do you think you will go below £100k?

Doshwaster

OK, I'll join in

User Name : Doshwaster
Original Mortgage Amount : £115,000 (74%, June 2010)
Overpayments made : £11,305 (max 10%, May 2011)
Outstanding Balance : £95,200

I was fortunate enough to come into some money earlier this year so I paid down the maximum 10% overpayment in May and I have enough leftover after some home improvements to make another 10% in Jan 2012 since my overpayments are limited by the calendar year.

As I'm approaching 40 I really don't want this mortgage hanging around for the next 23 years so I'm aiming to get it paid off in 10-12 years. My fixed term expires in June 2010 so by then I should be close to a 50% LTV which hopefully should give me a nice low rate with plenty of opportunity to overpay on a reduced term.

shala_moo

Hi all, would love to join you guys..

Daryl, we're in much the same position - we have two houses at the moment - one waiting to be sold (£90k ish mortgage) and our family/forever home (£166k mortgage). We're hoping the sale of our current house goes through ok but you just never know, so we may be renting this out at some stage.

I'll just keep a note of the biggest mortgage here and hope to g0d that the sale for our smaller house goes through - all other mortgage/loan details on my signature.

User Name : shala_moo
Original Mortgage Amount : £166,050
Overpayments made : £0.00
Outstanding Balance : £166,050
Thread : https://forums.moneysavingexpert.com/discussion/3537953

Hoping to pay mortgage off by the time i'm 50 (14 years) so i'll be here for the forseeable future or ??? :rotfl:

Peonie

How much do you think the £100k + mortgage club owes so far?

I'm going to guess it's the above £5 million.

Any other takers?

unkle

Technically i'm in the £100K+ club but only on paper but may give an incentive to you all.

Feb 2008 - moved house and mortgage went from £77k to £206k. Offset mortgage so technically that balance doesn't really reduce although I make a nominal £125 payment into it each month and a bit here and there.

Since then i've been madly putting as much as possible into my offset accounts and topping up each month by what i'm saving in interest. After nearly 4 years i'm down to just over £70k. I did inherit nearly £30k not long after moving which helped but the rest is just fro income.

I'm hoping to be effectively mortgage free in 2.5 years (the kids are getting older and more expensive!), then again I may remortgage for a buy to let and the wife's talking about moving..........

Twiddy

Peonie wrote: »

How much do you think the £100k + mortgage club owes so far?

I'm going to guess it's the above £5 million.

Any other takers?

Maybe with Tony running this little thread, he should do the Maths!! It'd be a good figure to track tbh....

Cheers
T

Catslovelycats

Hurdler wrote: »

I like that ... The £100K club ...

Ha ha hurdler. Yes, though people might think we're trying to save £100K in 2012.

Anyone who knows me knows that is a total impossibility on SO many levels!:D



I'm in on this. Like others of you, this is a long haul thing!
I'll put mortgage details in my signature. My current discount rate is due to end soon so watch this space for what happens next!



Mortgage at start: £130,000
Due to end July 2033
Hoping to reduce the term!